Casella Waste announces second quarter fiscal
Casella Waste Systems, Inc. (CWSI),
a regional, non-hazardous solid waste services company, reported
financial results for the second quarter and first six months
of its 2006 fiscal year.
Second Quarter Results
For the quarter ended October 31, 2005, the company
reported revenues of $136.8 million, up $10.4 million, or 8.2
percent over the same quarter last year. The Company’s net
income per common share was $0.13, up $0.03 over the same quarter
last year. Operating income for the quarter was $13.7 million,
up $950,000, or 7.4 percent over the same quarter last year. Cash
provided by operating activities in the quarter was $14.0 million,
down $2.2 million, or 13.3 percent compared to the same quarter
last year. The Company’s earnings before interest, taxes,
depreciation and amortization (EBITDA) were $30.6 million*, essentially
unchanged from the same quarter last year.
For the six months ended October
31, 2005, the company reported revenues of $268.8 million. The
Company’s net income per common share was $0.22. Operating
income for the six month period was $26.8 million. Cash provided
by operating activities for the period was $36.6 million. The
company’s earnings before interest, taxes, depreciation
and amortization (EBITDA) were $59.8 million*.
Highlights of the Quarter
“Our internal growth was solid, even taking into
account the fuel and energy headwinds that everyone is facing,”
John W. Casella, chairman and chief executive officer, said.
“Business conditions continue
to present a mixed set of challenges,” Casella said. “Margin
improvement continues to be challenged mainly due to higher transportation
and fuel costs.
“The company also began
operating the Chemung County landfill during the quarter. This
is a superb facility right in the heart of our western New York
“The landfill’s current
utilization rate is 120,000 tons of municipal solid waste (MSW)
per year, and we’ve begun efforts to increase the facility’s
capacity in accordance with the host community agreement and the
public- private partnership,” Casella said.
The Company said it also believes
it will meet the low end of the range of its fiscal year 2006
EBITDA* guidance of $112.0 million to $116.0 million.