Casella Waste Systems’ first fiscal quarterly results
Casella Waste Systems, Inc. reported financial results
for the first quarter of its 2010 fiscal year.
Free cash flow for the quarter was $5.1 million,
up $12.7 million from the same quarter last year;
Adjusted EBITDA for the quarter was $31.4 million;
Solid waste operations continue to produce strong
cash flows through the economic slowdown.
For the quarter ended July 31, 2009, the Company reported
revenues of $135.9 million, down $22.0 million or 14.0
percent from the same quarter last year. Approximately
63 percent of the decline was due to a drop in processing
and recycling revenues, down $13.8 million from the same
quarter last year primarily as the result of lower commodity
Solid waste revenues were down $14.0 million or 11.9
percent over the same quarter last year with price up
1.8 percent, fuel and oil recovery fees down 3.2 percent,
volume down 9.0 percent, and commodity price and volume
down 1.8 percent. Solid waste volume was down 6.3 percent
excluding revenue losses due to the planned end-of-life
decline of landfill volumes at the Pine Tree landfill
in Hampden, Maine; the planned closure of the Colebrook,
New Hampshire landfill in early August 2008; and the
idling of a C&D processing facility in October 2008.
FCR revenues were down $9.0 million or 28.8 percent over
the same quarter last year with price down 24.3 percent
and volume down 4.5 percent.
The Company’s net loss applicable to common shareholders
was ($2.8) million, or ($0.11) per common share in the
quarter, compared to net income of $2.2 million, or $0.08
per share for the same quarter last year.