Casella Waste reports second quarter results
Casella Waste Systems, Inc. reported financial results for its second quarter fiscal year 2012.
Highlights for the quarter included:
- Revenue growth of 5.7 percent over the same quarter last year.
- Overall solid waste pricing growth of 1.6 percent was primarily driven by strong collection pricing growth of 3.4 percent as a percentage of collection revenues.
- Adjusted EBITDA was $30.5 million for the quarter, down $0.3 million from same quarter last year.
- Free cash flow was $6.0 million for the quarter and $3.4 million year-to-date.
For the quarter ended October 31, 2011, revenues were $129.9 million, up $7.0 million or 5.7 percent from the same quarter last year. Operating income was $11.6 million for the quarter, down $0.7 million from the same quarter last year. Excluding the non-recurring $0.4 million legal settlement charge and the $0.1 million development project charge in the current quarter, operating income was down $0.2 million from the same quarter last year.
The company’s net loss attributable to common shareholders was ($0.8) million, or ($0.03) per common share for the quarter, compared to a net loss of ($1.2) million, or ($0.04) per share for the same quarter last year.
“We continued to make great progress during the second quarter improving the fundamentals of our core business,” said John W. Casella, chairman and CEO of Casella Waste Systems. “Collection price was up 3.4 percent from the same quarter last year, a big improvement from the muted pricing we realized last year. The strong pricing is a reflection of the hard work by our divisional teams to move pricing from an annual event to a core process, their efforts to intelligently manage yield in their markets through the use of the customer profitability analytics, and our constant drive to create value for our customers through resource solutions.”
“We are also driving increased collection volumes through our ability to differentiate our service offerings with resource solutions, such as Zero-Sort® Recycling, and our heightened focus on customer care,” Casella said. “In spite of the stagnant economic environment, MSW and C&D landfill volumes were up for the quarter, while historically lumpy special waste volumes were down this quarter at most of our sites.”