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Casella Waste Sells
Commodities Brokerage Operation to Employees
Rutland, VT— Casella Waste Systems, Inc., a regional,
non-hazardous solid waste services company, announced that it expects
to complete the sale of its non-core recycled commodities brokerage businesses
located in Passaic, New Jersey, shortly.
“Given our strategic approach to building stability and predictability
into our business and focusing on core solid waste operations, we’re
pleased with this divestiture,” John W. Casella, chairman and chief
executive officer of Casella Waste Systems, said.
The company is selling the brokerage operation to employees who currently
operate the business. The agreement is expected to be executed this week,
the company said.
The company said that the audit of its fiscal year 2003 results has been
substantially completed by PricewaterhouseCoopers. However, this transaction
has made it necessary for the company to reclassify the commercial recycling
facility of the brokerage business as a continuing operation in fiscal
year 2003 and the prior two fiscal years. Pursuant to applicable accounting
requirements, a reaudit of the company’s 2001 results is required,
as the company’s former auditor, Arthur Andersen, is no longer in
operation and, therefore, is unable to opine.
As a result, the company’s fourth quarter and year-end earnings
release and conference call, scheduled for after the close of the market
on June 11 and the morning of June 12, respectively, will be rescheduled;
the company will update the timing of these events after further consultation
with PricewaterhouseCoopers on the expected completion date of its audit.