Casella Waste Systems, Inc. Reports Third Quarter Fiscal Year 2014 Results
Key numbers for the quarter included:
-
Revenue growth of
$5.7 million , or 5.1 percent, from the same quarter last year.
-
Adjusted EBITDA* was
$18.1 million for the quarter, down$1.7 million from the same quarter last year.
- The company reaffirms Revenue, Adjusted EBITDA and Free Cash Flow* guidance ranges for fiscal year 2014.
For the quarter ended
Operating loss was
Excluding these charges, Adjusted Operating Income* in the current quarter was
"The positive trends we experienced in the first six months of the fiscal year were interrupted in our third quarter, mainly due to negative impacts from inclement weather, which remains severe and persistent even by northeastern U.S. standards," said
"The challenging environment in which we operated in December and January had a broad, negative impact on productivity and volumes in our collection, disposal and recycling businesses," Casella said. "Overall, we estimate that weather negatively impacted Adjusted EBITDA by approximately
"As always, we continue to focus intensely on what we can control," Casella said. "We have responded to this challenge by flexing our costs beyond what we normally manage for seasonality, and we continue to aggressively sell our services to drive revenue growth."
The Company's net loss attributable to common stockholders was
In addition to the unusual items identified above, the current quarter ended
Nine Months Financial Results
Key numbers for the nine months ended
-
Revenue growth of
$32.1 million , or 9.3 percent, from the same period last year.
-
Adjusted EBITDA was
$76.1 million , up$7.6 million , or 11.1 percent, from the same period last year.
-
Adjusted Operating Income* was
$20.0 million , up$4.9 million , or 32.5 percent, from the same period last year.
For the nine months ended
Fiscal 2014 Outlook
The company reaffirmed its fiscal year guidance in the following categories:
-
Revenues between
$480.0 million and$490.0 million .
-
Adjusted EBITDA between
$95.0 million and$98.0 million .
-
Free
Cash Flow between$4.0 million and$8.0 million .
*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: adverse weather conditions that have negatively impacted and may continue to negatively impact our revenues and our operating margin; 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 or improve our route profitability; 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; and we may incur environmental charges or asset impairments in the future. 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 for per share data) | ||||
| Three Months Ended | Nine Months Ended | |||
|
|
|
|
|
|
| 2014 | 2013 | 2014 | 2013 | |
| Revenues | $ 117,852 | $ 112,167 | $ 378,706 | $ 346,641 |
| Operating expenses: | ||||
| Cost of operations | 87,602 | 81,436 | 266,565 | 244,867 |
| General and administration | 15,361 | 14,328 | 46,864 | 43,401 |
| Depreciation and amortization | 14,396 | 13,964 | 45,261 | 43,244 |
| Development project charge | 1,440 | -- | 1,440 | -- |
| Environmental remediation charge | 250 | -- | 400 | -- |
| Expense from divestiture, acquisition and financing costs | 101 | 372 | 126 | 1,003 |
| Severance and reorganization costs | -- | 1,636 | 161 | 3,463 |
| Loss on divestiture (1) | -- | 353 | -- | 353 |
| 119,150 | 112,089 | 360,817 | 336,331 | |
| Operating (loss) income | (1,298) | 78 | 17,889 | 10,310 |
| Other expense/(income): | ||||
| Interest expense, net | 9,459 | 9,159 | 28,340 | 32,347 |
| Loss from equity method investments | 112 | 1,436 | 998 | 3,311 |
| Gain on sale of equity method investment (1) | (593) | -- | (593) | -- |
| Loss (gain) on derivative instruments | 233 | (24) | 208 | 3,871 |
| Loss on debt extinguishment | -- | 5,914 | -- | 15,584 |
| Other income | (132) | (298) | (662) | (737) |
| Other expense, net | 9,079 | 16,187 | 28,291 | 54,376 |
| Loss from continuing operations before income taxes and discontinued operations | (10,377) | (16,109) | (10,402) | (44,066) |
| Provision (benefit) for income taxes | 656 | (4,963) | 1,275 | (3,899) |
| Loss from continuing operations before discontinued operations | (11,033) | (11,146) | (11,677) | (40,167) |
| Discontinued operations: | ||||
| (Loss) income from discontinued operations, net of income taxes (1) | -- | (328) | 284 | (779) |
| Loss on disposal of discontinued operations, net of income taxes (1) | -- | -- | (378) | -- |
| Net loss | (11,033) | (11,474) | (11,771) | (40,946) |
| Less: Net loss attributable to noncontrolling interests | (283) | (67) | (490) | (199) |
| Net loss attributable to common stockholders | $ (10,750) | $ (11,407) | $ (11,281) | $ (40,747) |
| Weighted average common shares outstanding | 39,882 | 39,230 | 39,789 | 32,365 |
| Net loss per common share | $ (0.27) | $ (0.29) | $ (0.28) | $ (1.26) |
| Adjusted EBITDA (2) | $ 18,124 | $ 19,781 | $ 76,070 | $ 68,488 |
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| CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| (In thousands) | ||
|
|
|
|
| ASSETS | 2014 | 2013 |
| (Unaudited) | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $ 2,712 | $ 1,755 |
| Restricted cash | 76 | 76 |
| Accounts receivable - trade, net of allowance for doubtful accounts | 50,330 | 48,689 |
| Other current assets | 18,499 | 14,025 |
| Total current assets | 71,617 | 64,545 |
| Property, plant and equipment, net of accumulated depreciation and amortization | 420,769 | 422,502 |
| Goodwill | 119,064 | 115,928 |
| Intangible assets, net | 14,172 | 11,674 |
| Restricted assets | 675 | 545 |
| Notes receivable - related party | -- | 147 |
| Investments in unconsolidated entities | 16,752 | 20,252 |
| Other non-current assets | 24,830 | 27,526 |
| Non-current assets of disoontinued operations | 1,563 | -- |
| Total assets | $ 669,442 | $ 663,119 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| CURRENT LIABILITIES: | ||
| Current maturities of long-term debt and capital leases | $ 434 | $ 857 |
| Current maturities of financing lease obligations | 380 | 361 |
| Accounts payable | 41,999 | 51,974 |
| Other accrued liabilities | 42,843 | 34,906 |
| Total current liabilities | 85,656 | 88,098 |
| Long-term debt and capital leases, less current maturities | 509,759 | 493,531 |
| Financing lease obligations, less current maturities | 1,169 | 1,456 |
| Other long-term liabilities | 66,445 | 64,583 |
| Total stockholders' equity | 6,413 | 15,451 |
| Total liabilities and stockholders' equity | $ 669,442 | $ 663,119 |
|
|
|||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
| (Unaudited) | |||
| (In thousands) | |||
| Nine Months Ended | |||
|
|
|
||
| 2014 | 2013 | ||
| Cash Flows from Operating Activities: | |||
| Net loss | $ (11,771) | $ (40,946) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||
| (Income) loss from discontinued operations, net (1) | (284) | 779 | |
| Loss on disposal of discontinued operations, net (1) | 378 | -- | |
| Gain on sale of property and equipment | (608) | (408) | |
| Depreciation and amortization | 45,261 | 43,244 | |
| Depletion of landfill operating lease obligations | 7,710 | 7,358 | |
| Interest accretion on landfill and environmental remediation liabilities | 3,084 | 2,756 | |
| Loss on divestiture (1) | -- | 353 | |
| Development project charge | 1,440 | -- | |
| Amortization of discount on second lien notes and senior subordinated notes | 180 | 568 | |
| Loss from equity method investment | 998 | 3,311 | |
| Impairment of equity method investment | -- | -- | |
| Gain on sale of equity method investment (1) | (593) | -- | |
| Loss on derivative instruments | 208 | 3,871 | |
| Loss on debt extinguishment | -- | 15,584 | |
| Stock-based compensation and related severance expense | 1,851 | 1,840 | |
| Excess tax benefit on the vesting of share based awards | -- | (98) | |
| Deferred income taxes | 1,088 | (4,057) | |
| Changes in assets and liabilities, net of effects of acquisitions and divestitures | (11,264) | (2,984) | |
| Net Cash Provided by Operating Activities | 37,678 | 31,171 | |
| Cash Flows from Investing Activities: | |||
| Acquisitions, net of cash acquired | (8,519) | (25,106) | |
| Additions to property, plant and equipment | - acquisition | (2,440) | (528) |
| - growth | (4,309) | (10,356) | |
| - maintenance | (29,922) | (32,432) | |
| Payments on landfill operating lease contracts | (6,052) | (5,726) | |
| Payment for capital related to divestiture | -- | (618) | |
| Investments in unconsolidated entities | (2,107) | (1,000) | |
| Proceeds from sale of equity method investment | 2,845 | -- | |
| Proceeds from sale of property and equipment | 1,248 | 781 | |
| Net Cash Used In Investing Activities | (49,256) | (74,985) | |
| Cash Flows from Financing Activities: | |||
| Proceeds from long-term borrowings | 120,890 | 334,497 | |
| Principal payments on long-term debt | (107,834) | (320,483) | |
| Change in restricted cash | -- | -- | |
| Payment of tender premium and costs on second lien notes | -- | (10,743) | |
| Payments of financing costs | (404) | (4,572) | |
| Net proceeds from the sale of Class A common stock | -- | 42,184 | |
| Proceeds from the exercise of share based awards | -- | -- | |
| Excess tax benefit on the vesting of share based awards | -- | 98 | |
| Contributions from noncontrolling interest holders | -- | 1,195 | |
| Net Cash Provided By Financing Activities | 12,652 | 42,176 | |
| Net Cash Used In Discontinued Operations | (117) | (1,784) | |
| Net increase (decrease) in cash and cash equivalents | 957 | (3,422) | |
| Cash and cash equivalents, beginning of period | 1,755 | 4,534 | |
| Cash and cash equivalents, end of period | $ 2,712 | $ 1,112 | |
| Supplemental Disclosures: | |||
| Cash interest | $ 19,506 | $ 26,390 | |
| Cash income tax payments, net | $ 649 | $ 97 | |
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(In thousands)
Note 1: Divestiture and Discontinued Operations
Maine Energy Divestiture
In the first quarter of fiscal year 2013, we executed a purchase and sale agreement with the
As a part of the closure and decommissioning of the Maine Energy facility, we have withdrawn from a multiemployer pension plan to which we have made contributions for the benefit of Maine Energy employees covered under a collective bargaining agreement. We have a potential liability associated with our withdrawal from the multiemployer pension plan based on the value of the plan's unfunded vested benefits. In accordance with FASB ASC 715-80, in a situation with unfunded vested benefits, a liability is not recorded by a participating employer as no single employer has an identifiable share of the actuarial obligation of the multiemployer pension plan. In accordance with FASB ASC 450-20, we accrue for an obligation when an obligation becomes probable and reasonably estimable. We currently believe that an obligation associated with withdrawal from the multiemployer pension plan is
probable, but we cannot reasonably estimate the amount of loss or possible range of loss due to a lack of information being made available by the fund administrator in regards to the unfunded vested benefits. The fund administrator will quantify our withdrawal liability based on the unfunded vested benefits as of the plan year preceding actual withdrawal. As we withdrew from the plan in the first quarter of fiscal year 2014, we expect the plan administrator to base our obligation on the plan year ended
Sale of
In fiscal year 2001, we entered into a joint venture agreement with Louisiana-Pacific Corporation ("LP") to combine our respective cellulose insulation businesses into a single operating entity,
Discontinued Operations
In the fourth quarter of fiscal year 2013, we initiated a plan to dispose of
|
Three Months Ended |
Nine Months Ended |
|||
| 2014 | 2013 | 2014 | 2013 | |
| Revenues | $ -- | $ 2,835 | $ 3,316 | $ 9,890 |
| (Loss) income before income taxes | $ -- | $ (328) | $ 284 | $ (779) |
Note 2: Non - GAAP Financial Measures
In addition to disclosing financial results prepared in accordance with Generally Accepted Accounting Principles in
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 | Nine Months Ended | |||
|
|
|
|
|
|
| 2014 | 2013 | 2014 | 2013 | |
| Net Loss | $ (11,033) | $ (11,474) | $ (11,771) | $ (40,946) |
| Loss (income) from discontinued operations, net (1) | -- | 328 | (284) | 779 |
| Loss on disposal of discontinued operations, net (1) | -- | -- | 378 | -- |
| Provision (benefit) for income taxes | 656 | (4,963) | 1,275 | (3,899) |
| Other (income) expense, net | (380) | 7,028 | (50) | 22,030 |
| Interest expense, net | 9,459 | 9,159 | 28,340 | 32,347 |
| Expense from divestiture, acquisition and financing costs | 101 | 372 | 126 | 1,003 |
| Depreciation and amortization | 14,396 | 13,964 | 45,261 | 43,244 |
| Severance and reorganization costs | -- | 1,636 | 161 | 3,463 |
| Tax settlement costs | -- | -- | -- | -- |
| Loss on divestiture (1) | -- | 353 | -- | 353 |
| Development project charge | 1,440 | -- | 1,440 | -- |
| Environmental remediation charge | 250 | -- | 400 | -- |
| Development project charge | -- | -- | -- | -- |
| Depletion of landfill operating lease obligations | 2,219 | 2,480 | 7,710 | 7,358 |
| Interest accretion on landfill and environmental remediation liabilities | 1,016 | 898 | 3,084 | 2,756 |
| Adjusted EBITDA (2) | $ 18,124 | $ 19,781 | $ 76,070 | $ 68,488 |
| Depreciation and amortization | (14,396) | (13,964) | (45,261) | (43,244) |
| Depletion of landfill operating lease obligations | (2,219) | (2,480) | (7,710) | (7,358) |
| Interest accretion on landfill and environmental remediation liabilities | (1,016) | (898) | (3,084) | (2,756) |
| Adjusted Operating Income (2) | $ 493 | $ 2,439 | $ 20,015 | $ 15,130 |
| Following is a reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities: | ||||
| Three Months Ended | Nine Months Ended | |||
|
|
|
|
|
|
| 2014 | 2013 | 2014 | 2013 | |
| Net Cash Provided by Operating Activities | $ 9,559 | $ 8,403 | $ 37,678 | $ 31,171 |
| Capital expenditures - growth and maintenance | (8,172) | (9,814) | (34,231) | (42,788) |
| Payments on landfill operating lease contracts | (2,581) | (2,428) | (6,052) | (5,726) |
| Proceeds from sale of property and equipment | 319 | 238 | 1,248 | 781 |
| Contributions from noncontrolling interest holders | -- | -- | -- | 1,195 |
| Assets acquired through financing leases | -- | -- | -- | -- |
|
Free |
$ (875) | $ (3,601) | $ (1,357) | $ (15,367) |
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| SUPPLEMENTAL DATA TABLES | ||||
| (Unaudited) | ||||
| (In thousands) | ||||
|
Amounts of our total revenues attributable to services provided for the three and nine months ended |
||||
|
Three Months Ended |
||||
|
2014 |
% of Total Revenue |
2013 |
% of Total Revenue |
|
| Collection | $ 54,276 | 46.1% | $ 51,459 | 45.9% |
| Disposal | 28,907 | 24.5% | 27,219 | 24.3% |
| Power generation | 2,791 | 2.4% | 3,400 | 3.0% |
| Processing | 1,806 | 1.5% | 2,111 | 1.9% |
| Solid waste operations | 87,780 | 74.5% | 84,189 | 75.1% |
| Organics | 8,777 | 7.4% | 8,725 | 7.8% |
| Customer solutions | 11,135 | 9.4% | 8,551 | 7.6% |
| Recycling | 10,160 | 8.7% | 10,702 | 9.5% |
| Total revenues | $ 117,852 | 100.0% | $ 112,167 | 100.0% |
|
Nine Months Ended |
||||
|
2014 |
% of Total Revenue |
2013 |
% of Total Revenue |
|
| Collection | $ 171,520 | 45.3% | $ 157,124 | 45.3% |
| Disposal | 101,404 | 26.8% | 90,569 | 26.1% |
| Power generation | 6,813 | 1.8% | 8,856 | 2.6% |
| Processing | 7,169 | 1.9% | 5,150 | 1.5% |
| Solid waste operations | 286,906 | 75.8% | 261,699 | 75.5% |
| Organics | 28,128 | 7.4% | 25,972 | 7.5% |
| Customer solutions | 30,822 | 8.1% | 27,296 | 7.9% |
| Recycling | 32,850 | 8.7% | 31,674 | 9.1% |
| Total revenues | $ 378,706 | 100.0% | $ 346,641 | 100.0% |
|
Components of revenue growth for the three months ended |
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|
Amount |
% of Related Business |
% of Solid Waste Operations |
% of Total Company |
|
| Solid Waste Operations: | ||||
| Collection | $ 485 | 0.9% | 0.6% | 0.4% |
| Disposal | (112) | -0.4% | -0.1% | -0.1% |
| Solid Waste Yield | 373 | 0.5% | 0.3% | |
| Collection | 798 | 1.0% | 0.7% | |
| Disposal | 2,028 | 2.4% | 1.8% | |
| Processing | (337) | -0.4% | -0.3% | |
| Solid Waste Volume | 2,489 | 3.0% | 2.2% | |
| Fuel and oil recovery fee | (341) | -0.4% | -0.3% | |
| Commodity price & volume | 260 | 0.3% | 0.3% | |
| Acquisitions, net divestitures | 810 | 0.9% | 0.7% | |
| Total Solid Waste | 3,591 | 4.3% | 3.2% | |
| Organics | 52 | 0.1% | ||
| Customer Solutions | 2,584 | 2.3% | ||
| Recycling Operations: |
% of Recycling Operations |
|||
| Commodity price | 263 | 2.5% | 0.2% | |
| Commodity volume | (906) | -8.5% | -0.8% | |
| Commodity acquisition | 101 | 0.9% | 0.1% | |
|
|
(542) | -5.1% | -0.5% | |
|
|
$ 5,685 | 5.1% | ||
| Solid Waste Internalization Rates by Region: | ||||
|
Three Months Ended |
Nine Months Ended |
|||
| 2014 | 2013 | 2014 | 2013 | |
| Eastern region | 49.0% | 54.0% | 52.3% | 53.8% |
| Western region | 76.2% | 74.0% | 74.9% | 73.6% |
| Solid waste internalization | 62.0% | 64.8% | 63.6% | 64.5% |
|
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| SUPPLEMENTAL DATA TABLES | ||||
| (Unaudited) | ||||
| (In thousands) | ||||
| Components of Growth and Maintenance Capital Expenditures (1): | ||||
|
Three Months Ended |
Nine Months Ended |
|||
| 2014 | 2013 | 2014 | 2013 | |
| Growth capital expenditures: | ||||
| Landfill development | $ 161 | $ -- | $ 215 | $ 589 |
| Water treatment facility | -- | 207 | -- | 4,875 |
| Transfer station construction | -- | 1,775 | 174 | 3,209 |
| Other | 899 | 176 | 3,920 | 1,683 |
| Total Growth Capital Expenditures | $ 1,060 | $ 2,158 | $ 4,309 | $ 10,356 |
| Maintenance capital expenditures: | ||||
| Vehicles, machinery / equipment and containers | $ 1,051 | $ 1,007 | $ 6,489 | $ 6,821 |
| Landfill construction & equipment | 4,594 | 5,561 | 19,894 | 23,655 |
| Facilities | 1,066 | 984 | 2,764 | 1,579 |
| Other | 401 | 104 | 775 | 377 |
| Total Maintenance Capital Expenditures | $ 7,112 | $ 7,656 | $ 29,922 | $ 32,432 |
| Total Growth and Maintenance Capital Expenditures | $ 8,172 | $ 9,814 | $ 34,231 | $ 42,788 |
| (1) We identify and group our capital expenditures into one of three broadly defined categories: growth, maintenance or acquisition. 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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