Casella Waste Systems’ first fiscal quarterly results

Casella Waste Systems, Inc. reported financial results for the first quarter of its 2010 fiscal year.

Highlights include:

• 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; and
• 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 prices.

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.