RUTLAND, VT–(Marketwire -02/29/12)- Casella Waste Systems, Inc. (NASDAQ: CWSTNews), a regional vertically-integrated solid waste, recycling and resource management services company, today reported financial results for its third quarter fiscal year 2012, and provided updated guidance for its 2012 fiscal year.

Highlights for the quarter included:

  • Revenue growth of 2.6 percent over the same quarter last year.
  • Overall solid waste pricing growth of 0.8 percent was primarily driven by collection pricing growth of 2.1 percent as a percentage of collection revenues.
  • Adjusted EBITDA* was $ 22.2 million for the quarter, down $ 0.2 million from same quarter last year.

For the quarter ended January 31, 2012, revenues were $ 114.6 million, up $ 3.0 million or 2.6 percent from the same quarter last year. Operating income was $ 4.4 million for the quarter, down $ 1.9 million from the same quarter last year. The company’s net loss attributable to common shareholders was ($ 24.6) million, or ($ 0.92) per common share for the quarter, compared to a net loss of ($ 6.4) million, or ($ 0.24) per share for the same quarter last year.

US GreenFiber LLC incurred a ($ 10.2) million non-cash goodwill impairment charge during the quarter. The company’s 50 percent share of this charge was recorded as a ($ 5.1) million pre-tax charge to loss from equity method investments. The company also recognized a ($ 10.7) million non-cash impairment of equity method investment charge during the quarter to write down the book value of its investment in US GreenFiber.

“Most of the core fundamentals of the business were positive in the quarter, with higher collection pricing, improving landfill volumes, and continued customer adoption of Zero-Sort® Recycling services driving higher recycling volumes,” said John W. Casella, chairman and CEO of Casella Waste Systems. “However, lower energy prices and weaker recycling commodity prices were a significant offset to our fundamental strengths.”

“As a result of the sharp drop in natural gas prices in the late fall, energy prices fell over $ 30 per megawatt hour at our waste-to-energy facility, leading to a $ 1.4 million decline in operating income year-over-year,” Casella said. “Recycling commodity prices also declined last quarter, with commodity prices down 13 percent year-over-year and down 25 percent from our second quarter to third quarter. While our hedging strategies worked as expected and absorbed much of the pricing pressure, the lower prices negatively impacted operating income by $ 0.7 million year-over-year. Commodity prices have rebounded from the December lows, but we still expect pricing comparisons to remain negative for the next 2 to 3 quarters.”

“Over the past couple of months we have completed important long-term strategic initiatives,” Casella said. “These accomplishments include:

  • “On February 8, 2012, the Massachusetts DEP issued a permit to increase the annual limit at the Southbridge Sanitary Landfill to 300,000 tons per year of municipal solid waste (MSW) from the previous annual limit of 180,960 tons per year. Also, in January we started to sell electricity from our newly constructed 1.6 megawatt per hour landfill gas-to-energy facility at the site.
  • “On February 22, 2012, the Massachusetts Supreme Judicial Court reissued an opinion dismissing an appeal filed by several 10-citizen groups contesting the 2008 Site Assignment for Southbridge Sanitary Landfill. The Massachusetts Supreme Judicial Court dismissed the appeal on its merits and stated that their decision brings final resolution to the case.
  • “On January 17, 2012, the Town of Bethlehem, New Hampshire voters approved a zoning change and resultant settlement of on-going litigation, allowing an expansion of approximately 1.5 million tons at our North Country Environmental Services landfill. This expansion capacity nearly doubles the remaining airspace at the facility.”

Fiscal 2012 Outlook
Due to the negative impact of drastically lower energy prices and protracted weakness in special waste landfill volumes, the company adjusted its fiscal year guidance in the following categories:

  • Revenues between $ 476.0 million and $ 482.0 million.
  • Adjusted EBITDA* between $ 100.0 million and $ 103.0 million.
  • Free Cash Flow* between $ 0.0 million and $ 3.0 million.

*Non-GAAP Financial Measures
In addition to disclosing financial results prepared in accordance with Generally Accepted Accounting Principles in the United States (GAAP), the company also discloses earnings before interest, taxes, depreciation and amortization, adjusted for accretion, depletion of landfill operating lease obligations, gain on sale of assets, development project charge write-off, as well as legal settlement charge (Adjusted EBITDA) which is a non-GAAP measure. The company also discloses Free Cash Flow, which is defined as net cash provided by operating activities, less capital expenditures attributable to growth and maintenance, less payments on landfill operating leases, less assets acquired through financing leases, plus proceeds from the sales of assets and property and equipment, plus contributions from non-controlling interest holder, which is a non-GAAP measure. Adjusted EBITDA is reconciled to net income (loss), while Free Cash Flow is reconciled to net cash provided by operating activities.

The company presents Adjusted EBITDA and Free Cash Flow because it considers them important supplemental measures of its performance and believes they are frequently used by securities analysts, investors and other interested parties in the evaluation of the company’s results. Management uses these non-GAAP measures to further understand the company’s “core operating performance.” The company believes its “core operating performance” represents its on-going performance in the ordinary course of operations. The company believes that providing Adjusted EBITDA and Free Cash Flow to investors, in addition to corresponding income statement and cash flow statement measures, affords investors the benefit of viewing its performance using the same financial metrics that the management team uses in making many key decisions and understanding how the core business and its results of operations may look in the future. The company further believes that providing this information allows its investors greater transparency and a better understanding of its core financial performance. In addition, the instruments governing the company’s indebtedness use EBITDA (with additional adjustments) to measure its compliance with covenants such as interest coverage, leverage and debt incurrence.

Non-GAAP financial measures are not in accordance with or an alternative for GAAP. Adjusted EBITDA and Free Cash Flow should not be considered in isolation from or as a substitute for financial information presented in accordance with GAAP, and may be different from Adjusted EBITDA or Free Cash Flow presented by other companies.

About Casella Waste Systems, Inc.
Casella Waste Systems, Inc., headquartered in Rutland, Vermont, provides solid waste management services consisting of collection, transfer, disposal, and recycling services in the northeastern United States. For further information, contact Ned Coletta, vice president of finance and investor relations at (802) 772-2239, or Ed Johnson, chief financial officer at (802) 772-2241, or visit the company’s website at http://www.casella.com.

Conference call to discuss quarter
The Company will host a conference call to discuss these results on Thursday, March 1, 2012 at 10:00 a.m. ET. Individuals interested in participating in the call should dial (877) 548-9590 or (720) 545-0037 at least 10 minutes before start time. The call will also be webcast; to listen, participants should visit Casella Waste Systems’ website at http://ir.casella.com and follow the appropriate link to the webcast. A replay of the call will be available on the company’s website, or by calling (855) 859-2056 or (404) 537-3406 (Conference ID 52843471) until 11:59 p.m. ET on Thursday, March 8, 2012.

Safe Harbor Statement
Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by the context of the statements, including words such as “believe,” “expect,” “anticipate,” “plan,” “may,” “will,” “would,” “intend,” “estimate,” “guidance” and other similar expressions, whether in the negative or affirmative. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management’s beliefs and assumptions. We cannot guarantee that we actually will achieve the plans, intentions, expectations or guidance disclosed in the forward-looking statements made. Such forward-looking statements, and all phases of our operations, involve a number of risks and uncertainties, any one or more of which could cause actual results to differ materially from those described in our forward-looking statements. Such risks and uncertainties include or relate to, among other things: current economic conditions that have adversely affected and may continue to adversely affect our revenues and our operating margin; we may be unable to reduce costs or increase pricing or volumes sufficiently to achieve estimated Adjusted EBITDA and other targets; landfill operations and permit status may be affected by factors outside our control; we may be required to incur capital expenditures in excess of our estimates; fluctuations in energy pricing or the commodity pricing of our recyclables may make it more difficult for us to predict our results of operations or meet our estimates; and we may incur environmental charges or asset impairments in the future. There are a number of other important risks and uncertainties that could cause our actual results to differ materially from those indicated by such forward-looking statements. These additional risks and uncertainties include, without limitation, those detailed in Item 1A, “Risk Factors” in our Form 10-K for the year ended April 30, 2011.

We undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

 

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except amounts per share)

Three Months Ended Nine Months Ended
------------------------ ------------------------
January 31, January 31, January 31, January 31,
2012 2011 2012 2011
----------- ----------- ----------- -----------

Revenues $ 114,578 $ 111,627 $ 371,637 $ 356,515

Operating expenses:
Cost of operations 81,398 76,933 253,248 237,584
General and
administration 13,933 14,832 46,202 46,446
Depreciation and
amortization 14,827 13,573 44,394 44,776
Legal settlement - - 1,359 -
Development project
charge - - 131 -
Gain on sale of
assets - - - (3,502)
----------- ----------- ----------- -----------
110,158 105,338 345,334 325,304
----------- ----------- ----------- -----------

Operating income 4,420 6,289 26,303 31,211

Other
expense/(income),
net:
Interest expense, net 11,508 11,648 33,865 35,032
Loss (gain) from
equity method
investments 6,383 (102) 10,163 2,536
Impairment of equity
method investment 10,680 - 10,680 -
Loss on debt
modification - 115 - 115
Other income (117) (78) (549) (490)
----------- ----------- ----------- -----------
28,454 11,583 54,159 37,193
----------- ----------- ----------- -----------

Loss from continuing
operations before
income taxes and
discontinued operations (24,034) (5,294) (27,856) (5,982)
Provision for income
taxes 601 1,079 1,330 2,139
----------- ----------- ----------- -----------

Loss from continuing
operations before
discontinued operations (24,635) (6,373) (29,186) (8,121)

Discontinued operations:
Income (loss) from
discontinued
operations, net of
income taxes (1) - 1,376 - (316)
(Loss) gain on
disposal of
discontinued
operations, net of
income taxes (1) - (1,368) 725 (1,984)
----------- ----------- ----------- -----------

Net loss attributable to
common stockholders $ (24,635) $ (6,365) $ (28,461) $ (10,421)
=========== =========== =========== ===========

Common stock and common
stock equivalent shares
outstanding, assuming
full dilution 26,822 26,115 26,715 26,026
=========== =========== =========== ===========

Net loss per common
share attributable to
common stockholders $ (0.92) $ (0.24) $ (1.07) $ (0.40)
=========== =========== =========== ===========

Adjusted EBITDA (2) $ 22,175 $ 22,408 $ 81,369 $ 80,985
=========== =========== =========== ===========

 

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

January 31, April 30,
ASSETS 2012 2011
------------- -------------

CURRENT ASSETS:
Cash and cash equivalents $ 1,131 $ 1,817
Restricted cash 76 76
Accounts receivable - trade, net of
allowance for doubtful accounts 48,032 54,914
Other current assets 15,556 15,598
------------- -------------
Total current assets 64,795 72,405

Property, plant and equipment, net of
accumulated depreciation 461,904 453,361
Goodwill 101,773 101,204
Intangible assets, net 3,139 2,455
Restricted assets 400 334
Notes receivable - related party/employee 721 1,297
Investments in unconsolidated entities 21,753 38,263
Other non-current assets 19,884 21,262
------------- -------------

Total assets $ 674,369 $ 690,581
============= =============

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Current maturities of long-term debt and
capital leases $ 1,213 $ 1,217
Current maturities of financing lease
obligations 332 316
Accounts payable 45,252 42,499
Other accrued liabilities 37,393 39,889
------------- -------------
Total current liabilities 84,190 83,921

Long-term debt and capital leases, less current
maturities 470,837 461,418
Financing lease obligations, less current
maturities 1,904 2,156
Other long-term liabilities 51,078 49,099

Total Casella Waste Systems, Inc. and
Subsidiaries stockholders' equity 64,916 93,987
Noncontrolling interest 1,444 -
------------- -------------
Total stockholders' equity 66,360 93,987

Total liabilities and stockholders' equity $ 674,369 $ 690,581
============= =============

 

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Nine Months Ended
------------------------
January 31, January 31,
2012 2011
----------- -----------
Cash Flows from Operating Activities:
Net loss attributable to common stockholders $ (28,461) $ (10,421)
Loss from discontinued operations, net of income
taxes - 316
(Gain) loss on disposal of discontinued operations,
net of income taxes (725) 1,984
Adjustments to reconcile net loss to net cash
provided by operating activities -
Gain on sale of assets - (3,502)
Gain on sale of property and equipment (902) (399)
Depreciation and amortization 44,394 44,776
Depletion of landfill operating lease obligations 6,570 6,013
Interest accretion on landfill and environmental
remediation liabilities 2,613 2,487
Development project charge 131 -
Amortization of premium on senior subordinated
notes - (584)
Amortization of discount on term loan and second
lien notes 712 683
Loss from equity method investments 10,163 2,536
Impairment of equity method investment 10,680 -
Loss on debt modification - 115
Stock-based compensation 1,307 2,052
Excess tax benefit on the vesting of share based
awards (254) (122)
Deferred income taxes 1,548 1,827
Changes in assets and liabilities, net of effects
of acquisitions and divestitures 1,966 (1,903)
Net Cash Provided by Operating Activities 49,742 45,858
----------- -----------
Cash Flows from Investing Activities:
Acquisitions, net of cash acquired (2,102) -
Additions to property, plant and equipment
attributable to acquisitions (168) -
Additions to property, plant and equipment
- growth (9,833) (1,175)
- maintenance (39,279) (40,268)
Payments on landfill operating lease contracts (6,052) (4,977)
Proceeds from sale of assets - 7,533
Proceeds from sale of property and equipment 1,337 631
Investments in unconsolidated entities (4,146) -
----------- -----------
Net Cash Used In Investing Activities (60,243) (38,256)
----------- -----------
Cash Flows from Financing Activities:
Proceeds from long-term borrowings 127,900 134,100
Principal payments on long-term debt (119,433) (136,349)
Payments of financing costs (142) (340)
Proceeds from exercise of share based awards 337 412
Excess tax benefit on the vesting of share based
awards 254 122
Contributions from noncontrolling interest holder 174 -
----------- -----------
Net Cash Provided By (Used In) Financing
Activities 9,090 (2,055)
----------- -----------
Cash Provided By (Used In) Discontinued Operations 725 (2,051)
----------- -----------
Net increase in cash and cash equivalents (686) 3,496
Cash and cash equivalents, beginning of period 1,817 2,035
----------- -----------
Cash and cash equivalents, end of period $ 1,131 $ 5,531
=========== ===========

Supplemental Disclosures:
Cash interest $ 31,952 $ 32,124
Cash income taxes, net of refunds $ 5,314 $ 142

 
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands)

Note 1: Discontinued Operations
On January 23, 2011, we entered into a purchase and sale agreement and related agreements to sell non-integrated recycling assets and select intellectual property assets to a new company (the “Purchaser”) formed by Pegasus Capital Advisors, L.P. and Intersection LLC for $ 130,400 in gross proceeds. Pursuant to these agreements, we divested non-integrated recycling assets located outside our core operating regions of New York, Massachusetts, Vermont, New Hampshire, Maine and northern Pennsylvania, including 17 Material Recovery Facilities (“MRFs”), one transfer station and certain related intellectual property assets. Following the transaction, we retained four integrated MRFs located in our core operating regions. As a part of the disposition, we also entered into a ten-year commodities marketing agreement with the Purchaser to market 100% of the tonnage from three of our remaining integrated MRFs.

We completed the transaction on March 1, 2011 for $ 134,195 in gross cash proceeds. This included an estimated $ 3,795 working capital and other purchase price adjustment, which was subject to further adjustment, as defined in the purchase and sale agreement. The final working capital adjustment, along with additional legal expenses related to the transaction, of $ 646 was recorded to gain (loss) on disposal of discontinued operations, net of income taxes in the first quarter of fiscal year 2012.

In the second quarter of fiscal year 2012, we recorded an additional working capital adjustment of $ 79 to gain (loss) on disposal of discontinued operations, net of income taxes, which related to our subsequent collection of receivable balances that were released to us for collection by the Purchaser.

During the third quarter of fiscal year 2011, we also completed the sale of the assets of the Trilogy Glass business for cash proceeds of $ 1,840.

The operating results of these operations, which relate only to prior fiscal year periods, have been reclassified from continuing to discontinued operations in the accompanying unaudited consolidated financial statements. Revenues and loss before income tax provision attributable to discontinued operations for the three and nine months ended January 31, 2011 were $ 20,159, $ 1,369, $ 56,122, and ($ 323), respectively.

We allocate interest expense to discontinued operations. We have also eliminated certain immaterial inter-company activity associated with discontinued operations.

Note 2: Non – GAAP Financial Measures
In addition to disclosing financial results prepared in accordance with Generally Accepted Accounting Principles (GAAP), we also disclose earnings before interest, taxes, depreciation and amortization, adjusted for accretion, depletion of landfill operating lease obligations, gain on sale of assets, development project charge write-off, as well as legal settlement charges (Adjusted EBITDA) which is a non-GAAP measure. We also disclose Free Cash Flow, which is defined as net cash provided by operating activities, less capital expenditures attributable to growth and maintenance, less payments on landfill operating leases, less assets acquired through financing leases, plus proceeds from the sale of assets and property and equipment, plus contributions from the noncontrolling interest holder, which is a non-GAAP measure. Adjusted EBITDA is reconciled to net income (loss), while Free Cash Flow is reconciled to net cash provided by operating activities.

We present Adjusted EBITDA and Free Cash Flow because we consider them important supplemental measures of our performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of our results. Management uses these non-GAAP measures to further understand our “core operating performance.” We believe our “core operating performance” represents our on-going performance in the ordinary course of operations. We believe that providing Adjusted EBITDA and Free Cash Flow to investors, in addition to corresponding income statement and cash flow statement measures, provides investors the benefit of viewing our
performance using the same financial metrics that the management team uses in making many key decisions and understanding how the core business and its results of operations may look in the future. We further believe that providing this information allows our investors greater transparency and a better understanding of our core financial performance. In addition, the instruments governing our indebtedness use EBITDA (with additional adjustments) to measure our compliance with covenants such as interest coverage, leverage and debt incurrence.

Non-GAAP financial measures are not in accordance with, or an alternative for, GAAP in the U.S. Adjusted EBITDA and Free Cash Flow should not be considered in isolation from or as a substitute for financial information presented in accordance with GAAP in the U.S., and may be different from Adjusted EBITDA or Free Cash Flow presented by other companies.

 

Following is a reconciliation of Adjusted EBITDA to Net Loss Attributable
to Common Stockholders:

Three Months Ended Nine Months Ended
------------------------ ------------------------
January 31, January 31, January 31, January 31,
2012 2011 2012 2011
----------- ----------- ----------- -----------

Net Loss Attributable to
Common Stockholders $ (24,635) $ (6,365) $ (28,461) $ (10,421)
(Income) loss from
discontinued
operations, net of
income taxes - (1,376) - 316
Loss (gain) on
disposal of
discontinued
operations, net of
income taxes - 1,368 (725) 1,984
Provision for income
taxes 601 1,079 1,330 2,139
Interest expense, net 11,508 11,648 33,865 35,032
Depreciation and
amortization 14,827 13,573 44,394 44,776
Other expense
(income), net 16,946 (65) 20,293 2,161
Legal settlement - - 1,359 -
Development project
charge - - 131 -
Gain on sale of assets - - - (3,502)
Depletion of landfill
operating lease
obligations 2,055 1,714 6,570 6,013
Interest accretion on
landfill and
environmental
remediation
liabilities 873 832 2,613 2,487
----------- ----------- ----------- -----------
Adjusted EBITDA (2) $ 22,175 $ 22,408 $ 81,369 $ 80,985
=========== =========== =========== ===========

Following is a
reconciliation of Free
Cash Flow to Net Cash
Provided by Operating
Activities:
Three Months Ended Nine Months Ended
------------------------ ------------------------
January 31, January 31, January 31, January 31,
2012 2011 2012 2011
----------- ----------- ----------- -----------
Net Cash Provided by
Operating Activities $ 8,264 $ 11,702 $ 49,742 $ 45,858
Capital expenditures -
growth and maintenance (13,310) (10,669) (49,112) (41,443)
Payments on landfill
operating lease
contracts (2,738) (2,727) (6,052) (4,977)
Proceeds from sale of
assets and property and
equipment 167 76 1,337 8,164
Contributions from
noncontrolling interest
holder 174 - 174 -
----------- ----------- ----------- -----------
Free Cash Flow (2) $ (7,443) $ (1,618) $ (3,911) $ 7,602
=========== =========== =========== ===========

 

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
SUPPLEMENTAL DATA TABLES
(Unaudited)
(In thousands)
Amounts of our total revenues attributable to services provided for the
three and nine months ended January 31, 2012 and 2011 are as follows:

Three Months Ended January 31,
------------------------------------------
% of % of
Total Total
2012 Revenue 2011 Revenue
---------- --------- ---------- ---------
Collection $ 48,875 42.7% $ 48,068 43.1%
Disposal 30,220 26.4% 26,889 24.1%
Power generation 3,182 2.8% 3,891 3.5%
Processing and organics 12,231 10.7% 12,035 10.8%
---------- --------- ---------- ---------
Solid waste operations 94,508 82.6% 90,883 81.5%
Major accounts 9,198 7.9% 9,906 8.8%
Recycling 10,872 9.5% 10,838 9.7%
---------- --------- ---------- ---------
Total revenues $ 114,578 100.0% $ 111,627 100.0%
========== ========= ========== =========

Nine Months Ended January 31,
------------------------------------------
% of % of
Total Total
2012 Revenue 2011 Revenue
---------- --------- ---------- ---------
Collection $ 157,265 42.3% $ 152,628 42.8%
Disposal 96,645 26.0% 93,548 26.2%
Power generation 9,415 2.5% 9,848 2.8%
Processing and organics 40,961 11.1% 38,255 10.7%
---------- --------- ---------- ---------
Solid waste operations 304,286 81.9% 294,279 82.5%
Major accounts 29,756 8.0% 30,447 8.6%
Recycling 37,595 10.1% 31,789 8.9%
---------- --------- ---------- ---------
Total revenues $ 371,637 100.0% $ 356,515 100.0%
========== ========= ========== =========

Components of revenue growth for the three months ended January 31, 2012
compared to the three months ended January 31, 2011 are as follows:

% of % of Solid % of
Related Waste Total
Amount Business Operations Company
--------- --------- ---------- ---------
Solid Waste Operations:
Collection $ 1,013 2.1% 1.1% 0.9%
Disposal (318) -1.2% -0.3% -0.3%
--------- ---------- ---------
Solid Waste Yield 695 0.8% 0.6%

Collection (678) -0.8% -0.6%
Disposal 2,792 3.1% 2.5%
Processing and organics 95 0.1% 0.1%
--------- ---------- ---------
Solid Waste Volume 2,209 2.4% 2.0%

Commodity price & volume (631) -0.7% -0.6%
Acquisitions & divestitures 1,329 1.5% 1.2%
Closed landfill 23 0.0% 0.0%
--------- ---------- ---------
Total Solid Waste 3,625 4.0% 3.2%
--------- ========== =========

Major Accounts (708) -0.6%
--------- =========

Recycling Operations: % of
Recycling
Operations
----------
Commodity price (1,404) -13.0% -1.3%
Commodity volume 1,438 13.3% 1.3%
--------- ---------- ---------
Total Recycling 34 0.3% 0.0%
--------- ========== =========

Total Company $ 2,951 2.6%
========= =========

Solid Waste Internalization
Rates by Region:

Three Months Ended Nine Months Ended
January 31, January 31,
-------------------- --------------------
2012 2011 2012 2011
--------- --------- --------- ---------
Eastern region 51.9% 58.0% 55.4% 54.4%
Western region 77.5% 72.2% 76.8% 74.6%
Solid waste internalization 65.3% 65.6% 66.7% 65.2%

 

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
SUPPLEMENTAL DATA TABLES
(Unaudited)
(In thousands)

GreenFiber Financial Statistics
- as reported (1):

Three Months Ended Nine Months Ended
January 31, January 31,
-------------------- --------------------
2012 2011 2012 2011
--------- --------- --------- ---------
Revenues $ 23,460 $ 28,470 $ 61,317 $ 66,488
Net (loss) income (12,818) 205 (20,382) (5,071)
Cash flow (used in) provided by
operations (2,971) 434 (5,229) (2,604)
Net working capital changes (2,602) (2,324) (1,877) (5,016)
Adjusted EBITDA $ (369) $ 2,758 $ (3,352) $ 2,412

As a percentage of revenues:

Net (loss) income -54.6% 0.7% -33.2% -7.6%
Adjusted EBITDA -1.6% 9.7% -5.5% 3.6%

(1) We hold a 50% interest in US Green Fiber, LLC ("GreenFiber"), a joint
venture that manufactures, markets and sells cellulose insulation made
from recycled fiber.

Components of Growth and Maintenance Capital Expenditures (1):

Three Months Ended Nine Months Ended
January 31, January 31,
--------------------- ---------------------
2012 2011 2012 2011
---------- ---------- ---------- ----------
Growth capital expenditures:
Landfill development $ 414 $ 182 $ 658 $ 409
Landfill gas to energy project 208 - 1,367 -
MRF equipment upgrades 97 - 3,104 -
Other 2,704 4 4,704 766
---------- ---------- ---------- ----------
Total Growth Capital
Expenditures 3,423 186 9,833 1,175
---------- ---------- ---------- ----------

Maintenance capital
expenditures:
Vehicles, machinery / equipment
and containers $ 5,164 $ 4,390 $ 15,472 $ 14,677
Landfill construction &
equipment 3,845 5,040 20,614 22,870
Facilities 711 704 2,701 1,852
Other 167 349 492 869
---------- ---------- ---------- ----------
Total Maintenance Capital
Expenditures 9,887 10,483 39,279 40,268
---------- ---------- ---------- ----------

Total Capital Expenditures $ 13,310 $ 10,669 $ 49,112 $ 41,443
========== ========== ========== ==========

(1) Our capital expenditures are broadly defined as pertaining to either
growth, maintenance or acquisition activities. Growth capital expenditures
are defined as costs related to development of new airspace, permit
expansions, and new recycling contracts along with incremental costs of
equipment and infrastructure added to further such activities. Growth
capital expenditures include the cost of equipment added directly as a
result of organic business growth as well as expenditures associated with
increasing infrastructure to increase throughput at transfer stations and
recycling facilities. Maintenance capital expenditures are defined as
landfill cell construction costs not related to expansion airspace, costs
for normal permit renewals, and replacement costs for equipment due to age
or obsolescence.

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