Casella Waste Systems, Inc. Announces Fourth Quarter and Fiscal Year 2013 Results; Provides Fiscal Year 2014 Guidance
Highlights for the quarter included:
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Revenue growth of 2.2 percent over the same quarter last year.
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Overall solid waste pricing growth of 0.7 percent was primarily driven by collection pricing growth of 1.5 percent as a percentage of collection revenues.
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Adjusted EBITDA* was
$19.4 million for the quarter.
For the quarter ended
The company's net loss attributable to common stockholders was
The current quarter includes a
Excluding the unusual charges identified in the prior paragraph from each period and assuming no tax impact, the company's net loss attributable to common shareholders was
Operating income was
"In early March, we announced our comprehensive plan to improve the operating performance of the business, and I am happy to report that we are making excellent progress," said
"During the first two months of our fourth quarter we continued to experience negative year-over-year results as our enhanced focus on these operational areas had not yet shown results; however, in April our Adjusted EBITDA was up
Fiscal Year 2013 Financial Results
For the fiscal year ended
The company's net loss attributable to common stockholders was
The current fiscal year includes a
By comparison, the fiscal year ended
Excluding the unusual charges from each period identified in the two preceding paragraphs and assuming no tax impact, the company's net loss attributable to common shareholders was
Operating income was
Fiscal 2014 Outlook
"For our fiscal year 2014 budget we applied a conservative and consistent framework for all assumptions outside of our direct control, such as new landfill volumes. Our plan for the fiscal year assumes that economic activity in the northeast remains soft with limited GDP growth, landfill volumes decline further in
The company provided guidance for its fiscal year 2014, which began
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Revenues between
$465.0 million and$475.0 million (representing growth of 2.1 percent to 4.3 percent);
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Adjusted EBITDA* between
$91.0 million and$95.0 million ; and
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Free
Cash Flow * between$4.0 million and$8.0 million .
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Capital Expenditures of roughly between
$42.0 million and$44.0 million .
The company provided the following assumptions that are built into its fiscal year 2014 outlook:
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No material changes in the regional economy from fiscal year 2013.
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In the solid waste business, revenue growth of between 2.8 percent and 5.1 percent, with price growth from 1.0 percent to 1.5 percent; volumes from a (0.3) percent decline to 1.5 percent growth; and the roll-over impact of acquisitions contributing 2.1 percent.
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In the recycling business, overall revenue declines of between 2.0 percent and 3.5 percent, with price declines on lower commodity pricing and flat volumes.
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In the Other segment, revenue growth of between 2.0 percent and 4.2 percent, principally due to increased volumes in the Customer Resource Solutions group, formerly known as the company's Major Accounts group.
- No acquisitions beyond the above-mentioned roll-over impact of the acquisitions completed during fiscal year 2013 are included.
*Non-GAAP Financial Measures
In addition to disclosing financial results prepared in accordance with Generally Accepted Accounting Principles in
The company presents Adjusted EBITDA, Adjusted Operating Income, and Free Cash Flow because it considers them important supplemental measures of its performance and believes they are frequently used by securities analysts, investors and other interested parties in the evaluation of the company's results. Management uses these non-GAAP measures to further understand the company's "core operating performance." The company believes its "core operating performance" represents its on-going performance in the ordinary course of operations. The company believes that providing Adjusted EBITDA, Adjusted Operating Income, and Free Cash Flow to investors, in addition to corresponding income statement and cash flow statement measures, affords investors the benefit of viewing its performance using the same financial metrics that the management team uses in making many key decisions and understanding how the core business and its results of operations may look in the future. The company further believes that providing this information allows its investors greater transparency and a better understanding of its core financial performance. In addition, the instruments governing the company's indebtedness use EBITDA (with additional adjustments) to measure its compliance with covenants such as interest coverage, leverage and debt incurrence.
Non-GAAP financial measures are not in accordance with or an alternative for GAAP. Adjusted EBITDA, Adjusted Operating Income, and Free Cash Flow should not be considered in isolation from or as a substitute for financial information presented in accordance with GAAP, and may be different from Adjusted EBITDA, Adjusted Operating Income, or Free Cash Flow presented by other companies.
About
Conference call to discuss quarter
The Company will host a conference call to discuss these results on
Safe Harbor Statement
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by the context of the statements, including words such as "believe," "expect," "anticipate," "plan," "may," "will," "would," "intend," "estimate," "guidance" and other similar expressions, whether in the negative or affirmative. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's beliefs and assumptions. We cannot guarantee that we actually will achieve the plans, intentions, expectations or guidance disclosed in the forward-looking statements made. Such forward-looking statements, and all phases
of our operations, involve a number of risks and uncertainties, any one or more of which could cause actual results to differ materially from those described in our forward-looking statements. Such risks and uncertainties include or relate to, among other things: current economic conditions that have adversely affected and may continue to adversely affect our revenues and our operating margin; we may be unable to increase volumes at our landfills; our need to service our indebtedness may limit our ability to invest in our business; we may be unable to reduce costs or increase pricing or volumes sufficiently to achieve estimated Adjusted EBITDA and other targets; landfill operations and permit status may be affected by factors outside our control; we may be required to incur capital expenditures in excess of our estimates; fluctuations in energy pricing or the commodity pricing of our
recyclables may make it more difficult for us to predict our results of operations or meet our estimates; we may incur environmental charges or asset impairments in the future; and we may not fully recognize the expected financial benefits from the BBI acquisition due to the an inability to recognize operational cost savings, general and administration cost savings, or landfill or recycling facility internalization benefits. There are a number of other important risks and uncertainties that could cause our actual results to differ materially from those indicated by such forward-looking statements. These additional risks and uncertainties include, without limitation, those detailed in Item 1A, "Risk Factors" in our Form 10-K for the year ended
We undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
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| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| (Unaudited) | ||||
| (In thousands, except amounts per share) | ||||
| Three Months Ended | Fiscal Year Ended | |||
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| 2013 | 2012 | 2013 | 2012 | |
| Revenues | $ 108,694 | $ 106,375 | $ 455,335 | $ 467,950 |
| Operating expenses: | ||||
| Cost of operations | 78,147 | 74,757 | 323,014 | 318,068 |
| General and administration | 14,804 | 14,414 | 58,205 | 60,264 |
| Depreciation and amortization | 13,332 | 14,137 | 56,576 | 58,415 |
| Severance and reorganization costs | 246 | -- | 3,709 | -- |
| Expense from divestiture, acquisition and financing costs | 408 | -- | 1,410 | -- |
| Reversal of loss on divestiture | (353) | -- | -- | -- |
| Asset impairment charge | -- | 40,746 | -- | 40,746 |
| Legal settlement | -- | -- | -- | 1,359 |
| Development project charge | -- | -- | -- | 131 |
| 106,584 | 144,054 | 442,914 | 478,983 | |
| Operating income (loss) | 2,110 | (37,679) | 12,421 | (11,033) |
| Other expense/(income), net: | ||||
| Interest expense, net | 9,081 | 11,548 | 41,429 | 44,966 |
| Loss (gain) from equity method investments | 1,131 | (169) | 4,441 | 9,994 |
| Impairment of equity method investment | -- | -- | -- | 10,680 |
| Loss on derivative instruments | 640 | -- | 4,512 | -- |
| Loss on debt extinguishment | -- | 300 | 15,584 | 300 |
| Other income | (298) | (313) | (1,036) | (863) |
| Other expense, net | 10,554 | 11,366 | 64,930 | 65,077 |
| Loss from continuing operations before income taxes and discontinued operations | (8,444) | (49,045) | (52,509) | (76,110) |
| Provision (benefit) for income taxes | 1,373 | (54) | (2,526) | 1,593 |
| Loss from continuing operations before discontinued operations | (9,817) | (48,991) | (49,983) | (77,703) |
| Discontinued operations: | ||||
| Loss from discontinued operations, net of income taxes (1) | (3,700) | (140) | (4,480) | (614) |
| Gain on disposal of discontinued operations, net of income taxes (1) | -- | -- | -- | 725 |
| Net loss | (13,517) | (49,131) | (54,463) | (77,592) |
| Less: Net loss attributable to noncontrolling interests | (120) | (6) | (321) | (6) |
| Net loss attributable to common stockholders | $ (13,397) | $ (49,125) | $ (54,142) | $ (77,586) |
| Weighted average common shares outstanding | 39,515 | 26,851 | 34,015 | 26,749 |
| Net loss per common share | $ (0.34) | $ (1.83) | $ (1.59) | $ (2.90) |
| Adjusted EBITDA (2) | $ 19,355 | $ 19,982 | $ 87,842 | $ 101,578 |
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| CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| (Unaudited) | ||
| (In thousands) | ||
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|
| ASSETS | 2013 | 2012 |
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $ 1,755 | $ 4,534 |
| Restricted cash | 76 | 76 |
| Accounts receivable - trade, net of allowance for doubtful accounts | 48,689 | 47,472 |
| Other current assets | 10,533 | 15,274 |
| Total current assets | 61,053 | 67,356 |
| Property, plant and equipment, net of accumulated depreciation and amortization | 422,502 | 414,666 |
| Goodwill | 115,928 | 101,706 |
| Intangible assets, net | 11,674 | 2,970 |
| Restricted assets | 545 | 424 |
| Notes receivable - related party | 147 | 144 |
| Investments in unconsolidated entities | 20,252 | 22,781 |
| Other non-current assets | 27,526 | 23,696 |
| Total assets | $ 659,627 | $ 633,743 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| CURRENT LIABILITIES: | ||
| Current maturities of long-term debt and capital leases | $ 857 | $ 1,228 |
| Current maturities of financing lease obligations | 361 | 338 |
| Accounts payable | 51,974 | 46,709 |
| Other accrued liabilities | 34,906 | 32,971 |
| Total current liabilities | 88,098 | 81,246 |
| Long-term debt and capital leases, less current maturities | 493,531 | 473,381 |
| Financing lease obligations, less current maturities | 1,456 | 1,818 |
| Other long-term liabilities | 61,091 | 59,067 |
| Total stockholders' equity | 15,451 | 18,231 |
| Total liabilities and stockholders' equity | $ 659,627 | $ 633,743 |
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| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
| (Unaudited) | ||
| (In thousands) | ||
| Fiscal Year Ended | ||
|
|
|
|
| 2013 | 2012 | |
| Cash Flows from Operating Activities: | ||
| Net loss | $ (54,463) | $ (77,592) |
| Loss from discontinued operations, net | 4,480 | 614 |
| Gain on disposal of discontinued operations, net | -- | (725) |
| Adjustments to reconcile net loss to net cash provided by operating activities -- | ||
| Gain on sale of property and equipment | (407) | (1,004) |
| Depreciation and amortization | 56,576 | 58,415 |
| Depletion of landfill operating lease obligations | 9,372 | 8,482 |
| Interest accretion on landfill and environmental remediation liabilities | 3,675 | 3,479 |
| Asset impairment charge | -- | 40,746 |
| Development project charge | -- | 131 |
| Amortization of discount on second lien notes and senior subordinated notes | 626 | 964 |
| Loss from equity method investments | 4,441 | 9,994 |
| Impairment of equity method investment | -- | 10,680 |
| Loss on derivative instruments, net | 4,512 | -- |
| Loss on debt extinguishment | 15,584 | 300 |
| Stock-based compensation expense and related severance expense | 2,516 | 1,855 |
| Excess tax benefit on the vesting of share based awards | (96) | (254) |
| Deferred income taxes | (3,543) | 1,824 |
| Changes in assets and liabilities, net of effects of acquisitions and divestitures | 588 | 6,262 |
| Net Cash Provided by Operating Activities | 43,861 | 64,171 |
| Cash Flows from Investing Activities: | ||
| Acquisitions, net of cash acquired | (25,225) | (2,102) |
| Additions to property, plant and equipment - acquisitions | (1,746) | (529) |
| - growth | (12,192) | (12,211) |
| - maintenance | (40,823) | (45,463) |
| Payments on landfill operating lease contracts | (6,261) | (6,616) |
| Payment for capital related to divestiture | (618) | -- |
| Investments in unconsolidated entities | (3,207) | (5,045) |
| Proceeds from sale of property and equipment | 883 | 1,492 |
| Net Cash Used In Investing Activities | (89,189) | (70,474) |
| Cash Flows from Financing Activities: | ||
| Proceeds from long-term borrowings | 376,346 | 163,500 |
| Principal payments on long-term debt | (360,858) | (152,806) |
| Payment of tender premium and costs on second lien notes | (10,743) | -- |
| Payments of financing costs | (4,609) | (1,592) |
| Net proceeds from the sale of Class A common stock | 42,184 | -- |
| Proceeds from the exercise of share based awards | -- | 337 |
| Excess tax benefit on the vesting of share based awards | 96 | 254 |
| Contributions from noncontrolling interest holders | 2,531 | 536 |
| Net Cash Provided By Financing Activities | 44,947 | 10,229 |
| Net Cash Used In Discontinued Operations | (2,398) | (1,209) |
| Net decrease (increase) in cash and cash equivalents | (2,779) | 2,717 |
| Cash and cash equivalents, beginning of period | 4,534 | 1,817 |
| Cash and cash equivalents, end of period | $ 1,755 | $ 4,534 |
| Supplemental Disclosures: | ||
| Cash interest | $ 41,348 | $ 40,710 |
| Cash income tax (refunds) payments, net | $ (253) | $ 5,048 |
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| NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| Note 1: Divestiture and Discontinued Operations | ||||||||
| Maine Energy Divestiture | ||||||||
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In the first quarter of fiscal year 2013, we executed a purchase and sale agreement with the |
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| Discontinued Operations | ||||||||
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In the fourth quarter of fiscal year 2013, we initiated a plan to dispose of |
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In the third quarter of fiscal year 2011, we entered into a purchase and sale agreement and related agreements to sell non-integrated recycling assets and select intellectual property assets. Pursuant to these agreements, we divested non-integrated recycling assets located outside our core operating regions of |
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We completed the transaction in the fourth quarter of fiscal year 2011 for |
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In the second quarter of fiscal year 2012, we recorded an additional working capital adjustment of |
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The operating results of these operations for the three and twelve months ended |
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Three Months Ended |
Fiscal Year Ended |
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| 2013 | 2012 | 2013 | 2012 | |
| Revenues | $ 2,143 | $ 2,803 | $ 12,033 | $ 12,865 |
| Loss before income taxes | $ (3,700) | $ (234) | $ (4,480) | $ (1,025) |
| Note 2: Non - GAAP Financial Measures | ||||||||
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In addition to disclosing financial results prepared in accordance with Generally Accepted Accounting Principles in |
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| We present Adjusted EBITDA, Adjusted Operating Income, and Free Cash Flow because we consider them important supplemental measures of our performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of our results. We use these non-GAAP measures to further understand our "core operating performance." We believe our "core operating performance" represents our on-going performance in the ordinary course of operations. We believe that providing Adjusted EBITDA, Adjusted Operating Income, and Free Cash Flow to investors, in addition to corresponding income statement and cash flow statement measures, affords investors the benefit of viewing our performance using the same financial metrics that our management team uses in making many key decisions and understanding how the core business and our results of operations may look in the future. We further believe that providing this information allows our investors greater transparency and a better understanding of our core financial performance. In addition, the instruments governing our indebtedness use EBITDA (with additional adjustments) to measure our compliance with covenants such as interest coverage, leverage and debt incurrence. | ||||||||
| Non-GAAP financial measures are not in accordance with or an alternative for GAAP. Adjusted EBITDA, Adjusted Operating Income, and Free Cash Flow should not be considered in isolation from or as a substitute for financial information presented in accordance with GAAP, and may be different from Adjusted EBITDA, Adjusted Operating Income, or Free Cash Flow presented by other companies. | ||||||||
| Following is a reconciliation of Adjusted EBITDA and Adjusted Operating Income to Net Loss: | ||||
| Three Months Ended | Fiscal Year Ended | |||
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| 2013 | 2012 | 2013 | 2012 | |
| Net Loss | $ (13,517) | $ (49,131) | $ (54,463) | $ (77,592) |
| Loss from discontinued operations, net | 3,700 | 140 | 4,480 | 614 |
| Gain on disposal of discontinued operations, net | -- | -- | -- | (725) |
| Provision (benefit) for income taxes | 1,373 | (54) | (2,526) | 1,593 |
| Other expense (income), net | 1,473 | (182) | 23,501 | 20,110 |
| Interest expense, net | 9,081 | 11,548 | 41,429 | 44,966 |
| Expense from divestiture, acquisition and financing costs | 408 | -- | 1,410 | -- |
| Depreciation and amortization | 13,332 | 14,137 | 56,576 | 58,415 |
| Severance and reorganization costs | 246 | -- | 3,709 | -- |
| Tax settlement costs | 679 | -- | 679 | -- |
| Reversal of loss on divestiture | (353) | -- | -- | -- |
| Asset impairment charge | -- | 40,746 | -- | 40,746 |
| Legal settlement | -- | -- | -- | 1,359 |
| Development project charge | -- | -- | -- | 131 |
| Depletion of landfill operating lease obligations | 2,014 | 1,912 | 9,372 | 8,482 |
| Interest accretion on landfill and environmental remediation liabilities | 919 | 866 | 3,675 | 3,479 |
| Adjusted EBITDA (2) | $ 19,355 | $ 19,982 | $ 87,842 | $ 101,578 |
| Depreciation and amortization | (13,332) | (14,137) | (56,576) | (58,415) |
| Depletion of landfill operating lease obligations | (2,014) | (1,912) | (9,372) | (8,482) |
| Interest accretion on landfill and environmental remediation liabilities | (919) | (866) | (3,675) | (3,479) |
| Adjusted Operating Income (2) | $ 3,090 | $ 3,067 | $ 18,219 | $ 31,202 |
| Following is a reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities: | ||||
| Three Months Ended | Fiscal Year Ended | |||
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| 2013 | 2012 | 2013 | 2012 | |
| Net Cash Provided by Operating Activities | $ 12,690 | $ 14,172 | $ 43,861 | $ 64,171 |
| Capital expenditures - growth and maintenance | (10,418) | (9,688) | (53,015) | (57,674) |
| Payments on landfill operating lease contracts | (535) | (564) | (6,261) | (6,616) |
| Proceeds from sale of property and equipment | 102 | 155 | 883 | 1,492 |
| Contributions from noncontrolling interest holders | 1,336 | 362 | 2,531 | 536 |
|
Free |
$ 3,175 | $ 4,437 | $ (12,001) | $ 1,909 |
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| SUPPLEMENTAL DATA TABLES | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
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Amounts of our total revenues attributable to services provided for the three and twelve months ended |
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Three Months Ended |
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| 2013 | % of Total Revenue | 2012 | % of Total Revenue | |||||
| Collection | $ 51,848 | 47.7% | $ 48,038 | 45.2% | ||||
| Disposal | 24,481 | 22.5% | 26,969 | 25.4% | ||||
| Power generation | 2,498 | 2.3% | 2,479 | 2.3% | ||||
| Organics and processing | 11,885 | 11.0% | 10,004 | 9.4% | ||||
| Solid waste operations | 90,712 | 83.5% | 87,490 | 82.3% | ||||
| Customer resource solutions | 8,159 | 7.5% | 8,546 | 8.0% | ||||
| Recycling | 9,823 | 9.0% | 10,339 | 9.7% | ||||
| Total revenues | $ 108,694 | 100.0% | $ 106,375 | 100.0% | ||||
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Fiscal Year Ended |
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| 2013 | % of Total Revenue | 2012 | % of Total Revenue | |||||
| Collection | $ 208,973 | 45.9% | $ 205,296 | 43.9% | ||||
| Disposal | 115,049 | 25.3% | 123,620 | 26.4% | ||||
| Power generation | 11,354 | 2.4% | 11,894 | 2.6% | ||||
| Organics and processing | 45,373 | 10.0% | 40,904 | 8.7% | ||||
| Solid waste operations | 380,749 | 83.6% | 381,714 | 81.6% | ||||
| Customer resource solutions | 35,455 | 7.8% | 38,302 | 8.2% | ||||
| Recycling | 39,131 | 8.6% | 47,934 | 10.2% | ||||
| Total revenues | $ 455,335 | 100.0% | $ 467,950 | 100.0% | ||||
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Components of revenue growth for the three months ended |
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| Amount | % of Related Business | % of Solid Waste Operations |
% of |
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| Solid Waste Operations: | ||||||||
| Collection | $ 702 | 1.5% | 0.8% | 0.7% | ||||
| Disposal | (108) | -0.4% | -0.1% | -0.1% | ||||
| Solid Waste Yield | 594 | 0.7% | 0.6% | |||||
| Collection | (1,105) | -1.3% | -1.0% | |||||
| Disposal | (489) | -0.5% | -0.5% | |||||
| Processing and organics | 551 | 0.6% | 0.5% | |||||
| Solid Waste Volume | (1,043) | -1.2% | -1.0% | |||||
| Fuel surcharge | 65 | 0.1% | 0.1% | |||||
| Commodity price & volume | 1,791 | 2.0% | 1.7% | |||||
| Acquisitions, net divestitures | 3,463 | 4.0% | 3.2% | |||||
| Closed landfill | (1,647) | -1.9% | -1.6% | |||||
| Total Solid Waste | 3,222 | 3.7% | 3.0% | |||||
| Customer Resource Solutions | (387) | -0.4% | ||||||
| Recycling Operations: | % of Recycling Operations | |||||||
| Commodity price | (1,375) | -13.3% | -1.3% | |||||
| Commodity volume | 859 | 8.3% | 0.8% | |||||
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(516) | -5.0% | -0.5% | |||||
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$ 2,319 | 2.2% | ||||||
| Solid Waste Internalization Rates by Region: | ||||||||
|
Three Months Ended |
Fiscal Year Ended |
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| 2013 | 2012 | 2013 | 2012 | |||||
| Eastern region | 55.8% | 52.9% | 54.3% | 54.9% | ||||
| Western region | 72.5% | 74.5% | 73.3% | 76.3% | ||||
| Solid waste internalization | 64.2% | 64.4% | 64.5% | 66.2% | ||||
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| SUPPLEMENTAL DATA TABLES | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| GreenFiber Financial Statistics (1): | ||||||||
|
Three Months Ended |
Fiscal Year Ended |
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| 2013 | 2012 | 2013 | 2012 | |||||
| Revenues | $ 16,859 | $ 16,228 | $ 67,062 | $ 77,544 | ||||
| Net loss | (1,097) | (2,108) | (8,810) | (20,003) | ||||
| Cash flow provided by (used in) operations | 101 | 2,517 | (1,050) | (2,712) | ||||
| Net working capital changes | (425) | 2,707 | (496) | 831 | ||||
| Adjusted EBITDA | $ 526 | $ (190) | $ (554) | $ (3,543) | ||||
| As a percentage of revenues: | ||||||||
| Net loss | -6.5% | -13.0% | -13.1% | -25.8% | ||||
| Adjusted EBITDA | 3.1% | -1.2% | -0.8% | -4.6% | ||||
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(1) We hold a 50% interest in |
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| Components of Growth and Maintenance Capital Expenditures (1): | ||||||||
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Three Months Ended |
Fiscal Year Ended |
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| 2013 | 2012 | 2013 | 2012 | |||||
| Growth capital expenditures: | ||||||||
| Landfill development | $ 366 | $ 372 | $ 955 | $ 1,030 | ||||
| Water treatment facility | 135 | -- | 5,010 | -- | ||||
| Transfer station construction | 396 | -- | 3,605 | -- | ||||
| Landfill gas-to-energy project | -- | 1,133 | -- | 2,500 | ||||
| MRF equipment upgrades | -- | -- | -- | 3,104 | ||||
| Other | 880 | 873 | 2,622 | 5,577 | ||||
| Total Growth Capital Expenditures | 1,777 | 2,378 | 12,192 | 12,211 | ||||
| Maintenance capital expenditures: | ||||||||
| Vehicles, machinery / equipment and containers | $ 2,121 | $ 2,931 | $ 8,552 | $ 18,117 | ||||
| Landfill construction & equipment | 5,962 | 3,466 | 29,617 | 24,080 | ||||
| Facilities | 535 | 833 | 2,254 | 2,699 | ||||
| Other | 23 | 80 | 400 | 567 | ||||
| Total Maintenance Capital Expenditures | 8,641 | 7,310 | 40,823 | 45,463 | ||||
| Total Growth and Maintenance Capital Expenditures | $ 10,418 | $ 9,688 | $ 53,015 | $ 57,674 | ||||
| (1) Our capital expenditures are broadly defined as pertaining to either growth, maintenance or acquisition activities. Growth capital expenditures are defined as costs related to development of new airspace, permit expansions, and new recycling contracts along with incremental costs of equipment and infrastructure added to further such activities. Growth capital expenditures include the cost of equipment added directly as a result of organic business growth as well as expenditures associated with increasing infrastructure to increase throughput at transfer stations and recycling facilities. Maintenance capital expenditures are defined as landfill cell construction costs not related to expansion airspace, costs for normal permit renewals, and replacement costs for equipment due to age or obsolescence. Acquisition capital expenditures are defined as costs of equipment added directly as a result of new business growth related to an acquisition. | ||||||||
CONTACT: Investors:
Ned Coletta
Chief Financial Officer
(802) 772-2239
Media:
Joseph Fusco
Vice President
(802) 772-2247
http://www.casella.com
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