MARCH 2012

Revenue up for Waste Connections

Waste Connections, Inc. reported its results for the fourth quarter of 2011. Revenue totaled $379.8 million, a 13.0 percent increase over revenue of $336.0 million in the year ago period. Operating income was $74.4 million, versus $67.7 million in the fourth quarter of 2010. Net income attributable to Waste Connections in the quarter was $38.0 million, or $0.34 per share on a diluted basis of 112.4 million shares.

Adjusted net income attributable to Waste Connections in the quarter was $38.8 million, or $0.35 per share, adjusting for a loss on disposal of assets and acquisition-related costs. Adjusted net income attributable to Waste Connections in the prior year period was $36.7 million, or $0.32 per share.

Non-cash costs for equity-based compensation and amortization of acquisition-related intangibles were $8.2 million ($5.1 million net of taxes, or approximately $0.05 per share) in the quarter compared to $6.6 million in the year ago period.

For the year ended December 31, 2011, revenue was $1.51 billion, a 14.1 percent increase over revenue of $1.32 billion in the prior year. Operating income in 2011 was $317.1 million, up 16.4 percent from $272.4 million in the prior year. Net income attributable to Waste Connections in 2011 was $165.2 million, or $1.45 per share on a diluted basis of 113.6 million shares.