Casella Waste Systems, Inc. (NASDAQ: CWST), a regional
vertically-integrated solid waste, recycling and resource
management services company, today reported financial results for
its second quarter fiscal year 2012, and provided updated guidance
for its 2012 fiscal year.
Highlights for the quarter included:
- Revenue growth of 5.7 percent over the same
quarter last year.
- Overall solid waste pricing growth of 1.6
percent was primarily driven by strong collection pricing growth of
3.4 percent as a percentage of collection revenues.
- Adjusted EBITDA* was $30.5 million for the
quarter, down $0.3 million from same quarter last year.
- Free cash flow* was $6.0 million for the
quarter and $3.4 million year-to-date.
- Company reaffirms Revenue, Adjusted EBITDA and
Free Cash Flow guidance ranges for fiscal year 2012.
For the quarter ended October 31, 2011, revenues were $129.9
million, up $7.0 million or 5.7 percent from the same quarter last
year. Operating income was $11.6 million for the quarter, down $0.7
million from the same quarter last year. Excluding the
non-recurring $0.4 million legal settlement charge and the $0.1
million development project charge in the current quarter,
operating income was down $0.2 million from the same quarter last
year.
The company's net loss attributable to common shareholders was
($0.8) million, or ($0.03) per common share for the quarter,
compared to a net loss of ($1.2) million, or ($0.04) per share for
the same quarter last year.
"We continued to make great progress during the second quarter
improving the fundamentals of our core business," said John W.
Casella, chairman and CEO of Casella Waste Systems. "Collection
price was up 3.4 percent from the same quarter last year, a big
improvement from the muted pricing we realized last year. The
strong pricing is a reflection of the hard work by our divisional
teams to move pricing from an annual event to a core process, their
efforts to intelligently manage yield in their markets through the
use of the customer profitability analytics, and our constant drive
to create value for our customers through resource solutions."
"We are also driving increased collection volumes through our
ability to differentiate our service offerings with resource
solutions, such as Zero-Sort® Recycling, and our heightened focus
on customer care," Casella said. "In spite of the stagnant economic
environment, MSW and C&D landfill volumes were up for the
quarter, while historically lumpy special waste volumes were down
this quarter at most of our sites."
"In late August and early September, the Northeast was hit with
two major storms, Irene and Lee, that destroyed local roads and
bridges and devastated hundreds of homes and businesses," Casella
said. "Our people were prepared for the storms, and with their
foresight we avoided major damage to our facilities and equipment.
In fact, we were able to get our customer care center operational
and our trucks running the day after the storms to meet the needs
of our customers and our communities. As a result of the storm
clean-up, we realized higher roll-off pulls and landfill volumes at
several sites; however much of this benefit was offset by increased
operating costs due to the storms."
Fiscal 2012 Outlook
The company reaffirmed its fiscal year guidance in the following
categories:
- Revenues between $475.0 million and $487.0 million.
- Adjusted EBITDA* between $105.0 million and $110.0
million.
- Free Cash Flow* between $2.0 million and $7.0 million.
*Non-GAAP Financial Measures
In addition to disclosing financial results prepared in
accordance with Generally Accepted Accounting Principles in the
United States (GAAP), the company also discloses earnings before
interest, taxes, depreciation and amortization, adjusted for
accretion, depletion of landfill operating lease obligations, gain
on sale of assets, development project charge write-off, as well as
legal settlement charge (Adjusted EBITDA) which is a non-GAAP
measure. The company also discloses Free Cash Flow, which is
defined as net cash provided by operating activities, less capital
expenditures, less payments on landfill operating leases, less
assets acquired through financing leases, plus proceeds from the
sales of assets and property and equipment, which is a non-GAAP
measure. Adjusted EBITDA is reconciled to net income (loss), while
Free Cash Flow is reconciled to Net Cash Provided by Operating
Activities.
The company presents Adjusted EBITDA 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 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 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 or Free Cash Flow presented by other
companies.
About Casella Waste Systems, Inc.
Casella Waste Systems, Inc., headquartered in Rutland, Vermont,
provides solid waste management services consisting of collection,
transfer, disposal, and recycling services in the northeastern
United States. For further information, contact Ned Coletta, vice
president of finance and investor relations at (802) 772-2239, or
Ed Johnson, chief financial officer at (802) 772-2241, or visit the
company's website at http://www.casella.com.
Conference call to discuss quarter
The Company will host a conference call to discuss these results
on Thursday, December 1, 2011 at 10:00 a.m. ET. Individuals
interested in participating in the call should dial (877) 548-9590
or (720) 545-0037 at least 10 minutes before start time. The call
will also be webcast; to listen, participants should visit Casella
Waste Systems' website at http://ir.casella.com and follow the
appropriate link to the webcast. A replay of the call will be
available on the company's website, or by calling (855) 859-2056 or
(404) 537-3406 (Conference ID 22675023) until 11:59 p.m. ET on
Thursday, December 8, 2011.
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 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 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 April 30, 2011.
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.
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except amounts per share)
Three Months Ended Six Months Ended
------------------------ ------------------------
October 31, October 31, October 31, October 31,
2011 2010 2011 2010
----------- ----------- ----------- -----------
Revenues $ 129,866 $ 122,895 $ 257,059 $ 244,887
Operating expenses:
Cost of operations 86,627 79,313 171,851 160,652
General and
administration 16,062 15,696 32,268 31,613
Depreciation and
amortization 15,061 15,620 29,567 31,203
Legal settlement 359 - 1,359 -
Development project
charge 131 - 131 -
Gain on sale of assets - - - (3,502)
----------- ----------- ----------- -----------
118,240 110,629 235,176 219,966
----------- ----------- ----------- -----------
Operating income 11,626 12,266 21,883 24,921
Other expense/(income),
net:
Interest expense, net 11,207 11,619 22,357 23,384
Loss from equity
method investments 1,523 506 3,781 2,638
Other income (327) (317) (432) (412)
----------- ----------- ----------- -----------
12,403 11,808 25,706 25,610
----------- ----------- ----------- -----------
(Loss) income from
continuing operations
before income taxes and
discontinued operations (777) 458 (3,823) (689)
Provision for income
taxes 67 281 728 1,060
----------- ----------- ----------- -----------
(Loss) income from
continuing operations
before discontinued
operations (844) 177 (4,551) (1,749)
Discontinued operations:
Loss from discontinued
operations, net of
income taxes (1) - (767) - (1,692)
Gain (loss) on
disposal of
discontinued
operations, net of
income taxes (1) 79 (564) 725 (615)
----------- ----------- ----------- -----------
Net loss attributable to
common stockholders $ (765) $ (1,154) $ (3,826) $ (4,056)
=========== =========== =========== ===========
Common stock and common
stock equivalent shares
outstanding, assuming
full dilution 26,759 26,788 26,661 25,981
=========== =========== =========== ===========
Net loss per common
share attributable to
common stockholders $ (0.03) $ (0.04) $ (0.14) $ (0.16)
=========== =========== =========== ===========
Adjusted EBITDA (2) $ 30,532 $ 30,804 $ 59,194 $ 58,577
=========== =========== =========== ===========
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
October 31, April 30,
ASSETS 2011 2011
--------------- ---------------
CURRENT ASSETS:
Cash and cash equivalents $ 4,421 $ 1,817
Restricted cash 76 76
Accounts receivable - trade, net of
allowance for doubtful accounts 56,984 54,914
Other current assets 14,989 15,598
--------------- ---------------
Total current assets 76,470 72,405
Property, plant and equipment, net of
accumulated depreciation 461,359 453,361
Goodwill 101,329 101,204
Intangible assets, net 2,468 2,455
Restricted assets 403 334
Notes receivable - related party/employee 720 1,297
Investments in unconsolidated entities 34,906 38,263
Other non-current assets 20,285 21,262
--------------- ---------------
Total assets $ 697,940 $ 690,581
=============== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt and
capital leases $ 1,297 $ 1,217
Current maturities of financing lease
obligations 327 316
Accounts payable 51,758 42,499
Other accrued liabilities 41,047 39,889
--------------- ---------------
Total current liabilities 94,429 83,921
Long-term debt and capital leases, less
current maturities 461,915 461,418
Financing lease obligations, less current
maturities 1,989 2,156
Other long-term liabilities 47,012 49,099
Total Casella Waste Systems, Inc. and
Subsidiaries stockholders' equity 91,325 93,987
Noncontrolling interest 1,270 -
--------------- ---------------
Total stockholders' equity 92,595 93,987
Total liabilities and stockholders' equity $ 697,940 $ 690,581
=============== ===============
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Six Months Ended
--------------------------------
October 31, October 31,
2011 2010
--------------- ---------------
Cash Flows from Operating Activities:
Net loss attributable to common
stockholders $ (3,826) $ (4,056)
Loss from discontinued operations, net of
income taxes - 1,692
(Gain) loss on disposal of discontinued
operations, net of income taxes (725) 615
Adjustments to reconcile net loss to net
cash
provided by operating activities -
Gain on sale of assets - (3,502)
Gain on sale of property and equipment (754) (302)
Depreciation and amortization 29,567 31,203
Depletion of landfill operating lease
obligations 4,514 4,299
Interest accretion on landfill and
environmental remediation liabilities 1,740 1,656
Development project charge 131 -
Amortization of premium on senior
subordinated notes - (386)
Amortization of discount on term loan
and second lien notes 467 450
Loss from equity method investments 3,781 2,638
Stock-based compensation 1,366 1,347
Excess tax benefit on the vesting of
share based awards (219) (117)
Deferred income taxes 1,008 1,185
Changes in assets and liabilities, net
of effects of acquisitions and
divestitures 4,428 (2,566)
--------------- ---------------
46,029 35,905
--------------- ---------------
Net Cash Provided by Operating
Activities 41,478 34,156
--------------- ---------------
Cash Flows from Investing Activities:
Acquisitions, net of cash acquired (715) -
Additions to property, plant and
equipment - growth (6,410) (990)
- maintenance (29,560) (29,779)
Payments on landfill operating lease
contracts (3,314) (2,250)
Proceeds from sale of assets - 7,533
Proceeds from sale of property and
equipment 1,170 555
Investments in unconsolidated entities (935) -
--------------- ---------------
Net Cash Used In Investing Activities (39,764) (24,931)
--------------- ---------------
Cash Flows from Financing Activities:
Proceeds from long-term borrowings 82,100 76,900
Principal payments on long-term debt (82,146) (83,966)
Payments of financing costs (184) (357)
Proceeds from exercise of share based
awards 176 160
Excess tax benefit on the vesting of
share based awards 219 117
--------------- ---------------
Net Cash Provided By (Used In)
Financing Activities 165 (7,146)
--------------- ---------------
Cash Provided By (Used In) Discontinued
Operations 725 (70)
--------------- ---------------
Net increase in cash and cash equivalents 2,604 2,009
Cash and cash equivalents, beginning of
period 1,817 2,035
--------------- ---------------
Cash and cash equivalents, end of period $ 4,421 $ 4,044
=============== ===============
Supplemental Disclosures:
Cash interest $ 20,531 $ 21,344
Cash income taxes, net of refunds $ 5,281 $ 117
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands)
Note 1: Discontinued Operations
On January 23, 2011, we entered into a purchase and sale
agreement and related agreements to sell non-integrated recycling
assets and select intellectual property assets to a new company
(the "Purchaser") formed by Pegasus Capital Advisors, L.P. and
Intersection LLC for $130,400 in gross proceeds. Pursuant to these
agreements, we divested non-integrated recycling assets located
outside our core operating regions of New York, Massachusetts,
Vermont, New Hampshire, Maine and northern Pennsylvania, including
17 Material Recovery Facilities ("MRFs"), one transfer station and
certain related intellectual property assets. Following the
transaction, we retained four integrated MRFs located in our core
operating regions. As a part of the disposition, we also entered
into a ten-year commodities marketing agreement with the Purchaser
to market 100% of the tonnage from three of our remaining
integrated MRFs.
We completed the transaction on March 1, 2011 for $134,195 in
gross cash proceeds. This included an estimated $3,795 working
capital and other purchase price adjustment, which was subject to
further adjustment, as defined in the purchase and sale agreement.
The final working capital adjustment, along with additional legal
expenses related to the transaction, of $646 was recorded to gain
(loss) on disposal of discontinued operations, net of income taxes
in the first quarter of fiscal year 2012.
In the three months ended October 31, 2011, we recorded an
additional working capital adjustment of $79 to gain (loss) on
disposal of discontinued operations, net of income taxes, which
related to our subsequent collection of receivable balances that
were released to us for collection by the Purchaser.
During the third quarter of fiscal year 2011, we also completed
the sale of the assets of the Trilogy Glass business for cash
proceeds of $1,840.
The operating results of these operations, which relate only to
prior fiscal year periods, have been reclassified from continuing
to discontinued operations in the accompanying unaudited condensed
consolidated financial statements. Revenues and loss before income
tax provision attributable to discontinued operations for the three
and six months ended October 31, 2010 were $18,114, ($767),
$35,693, and ($1,692), respectively.
We allocate interest expense to discontinued operations. We have
also eliminated certain immaterial inter-company activity
associated with discontinued operations.
Note 2: Non - GAAP Financial Measures
In addition to disclosing financial results prepared in
accordance with Generally Accepted Accounting Principles (GAAP), we
also disclose earnings before interest, taxes, depreciation and
amortization, adjusted for accretion, depletion of landfill
operating lease obligations, gain on sale of assets, development
project charge write-off, as well as legal settlement charges
(Adjusted EBITDA) which is a non-GAAP measure. We also disclose
Free Cash Flow, which is defined as net cash provided by operating
activities, less capital expenditures, less payments on landfill
operating leases, less assets acquired through financing leases,
plus proceeds from the sale of assets and property and equipment,
which is a non-GAAP measure. Adjusted EBITDA is reconciled to net
income (loss), while Free Cash Flow is reconciled to Net Cash
Provided by Operating Activities.
We present Adjusted EBITDA 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. Management uses 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 and Free Cash Flow to investors, in addition to
corresponding income statement and cash flow statement measures,
provides investors the benefit of viewing our 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. 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 in the U.S. Adjusted EBITDA and Free Cash
Flow should not be considered in isolation from or as a substitute
for financial information presented in accordance with GAAP in the
U.S., and may be different from Adjusted EBITDA or Free Cash Flow
presented by other companies.
Following is a reconciliation of Adjusted EBITDA to Net Loss Attributable
to Common Stockholders:
Three Months Ended Six Months Ended
------------------------ ------------------------
October 31, October 31, October 31, October 31,
2011 2010 2011 2010
----------- ----------- ----------- -----------
Net Loss Attributable to
Common Stockholders $ (765) $ (1,154) $ (3,826) $ (4,056)
Loss from discontinued
operations, net of
income taxes - 767 - 1,692
(Gain) loss on disposal
of discontinued
operations, net of
income taxes (79) 564 (725) 615
Provision for income
taxes 67 281 728 1,060
Interest expense, net 11,207 11,619 22,357 23,384
Depreciation and
amortization 15,061 15,620 29,567 31,203
Other expense, net 1,196 189 3,349 2,226
Legal settlement 359 - 1,359 -
Development project
charge 131 - 131 -
Gain on sale of assets - - - (3,502)
Depletion of landfill
operating lease
obligations 2,484 2,107 4,514 4,299
Interest accretion on
landfill and
environmental
remediation
liabilities 871 811 1,740 1,656
----------- ----------- ----------- -----------
Adjusted EBITDA (2) $ 30,532 $ 30,804 $ 59,194 $ 58,577
=========== =========== =========== ===========
Following is a reconciliation of Free Cash Flow to Net Cash Provided by
Operating Activities:
Three Months Ended Six Months Ended
------------------------ ------------------------
October 31, October 31, October 31, October 31,
2011 2010 2011 2010
----------- ----------- ----------- -----------
Net Cash Provided by
Operating Activities $ 27,538 $ 22,793 $ 41,478 $ 34,156
Capital expenditures (21,102) (15,902) (35,970) (30,769)
Payments on landfill
operating lease
contracts (1,456) (1,461) (3,314) (2,250)
Proceeds from sale of
assets and property and
equipment 971 247 1,170 8,088
----------- ----------- ----------- -----------
Free Cash Flow (2) $ 5,951 $ 5,677 $ 3,364 $ 9,225
=========== =========== =========== ===========
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
SUPPLEMENTAL DATA TABLES
(Unaudited)
(In thousands)
Amounts of our total revenues attributable to services provided for the
three and six months ended October 31, 2011 and 2010 are as follows:
Three Months Ended October 31,
-----------------------------------------------
% of Total % of Total
2011 Revenue 2010 Revenue
----------- ---------- ----------- ----------
Collection $ 54,764 42.2% $ 52,058 42.4%
Disposal 31,104 24.0% 31,075 25.3%
Power generation 6,340 4.9% 6,273 5.1%
Processing and organics 13,992 10.8% 12,972 10.6%
----------- ---------- ----------- ----------
Solid waste operations 106,200 81.9% 102,378 83.4%
Major accounts 9,847 7.5% 10,140 8.2%
Recycling 13,819 10.6% 10,377 8.4%
----------- ---------- ----------- ----------
Total revenues $ 129,866 100.0% $ 122,895 100.0%
=========== ========== =========== ==========
Six Months Ended October 31,
-----------------------------------------------
% of Total % of Total
2011 Revenue 2010 Revenue
----------- ---------- ----------- ----------
Collection $ 108,390 42.2% $ 104,560 42.7%
Disposal 60,422 23.5% 60,630 24.8%
Power generation 12,237 4.8% 11,986 4.9%
Processing and organics 28,730 11.2% 26,220 10.7%
----------- ---------- ----------- ----------
Solid waste operations 209,779 81.7% 203,396 83.1%
Major accounts 20,557 7.9% 20,540 8.3%
Recycling 26,723 10.4% 20,951 8.6%
----------- ---------- ----------- ----------
Total revenues $ 257,059 100.0% $ 244,887 100.0%
=========== ========== =========== ==========
Components of revenue growth for the three months ended October 31, 2011
compared to the three months ended October 31, 2010 are as follows:
% of % of Solid
Related Waste % of Total
Amount Business Operations Company
----------- ---------- ---------- ----------
Solid Waste Operations:
Collection $ 1,783 3.4% 1.7% 1.5%
Disposal (240) -0.8% -0.2% -0.2%
Power operations 102 1.6% 0.1% 0.1%
Processing and organics - 0.0% 0.0% 0.0%
----------- ---------- ----------
Solid Waste Yield 1,645 1.6% 1.4%
Volume (211) -0.2% -0.2%
Commodity price & volume 1,063 1.0% 0.9%
Acquisitions & divestitures 1,329 1.3% 1.1%
Closed landfill (4) 0.0% 0.0%
----------- ---------- ----------
Total Solid Waste 3,822 3.7% 3.2%
----------- ========== ==========
Major Accounts (293) -0.2%
----------- ----------
Recycling Operations: % of
Recycling
Operations
----------
Commodity price 3,749 36.1% 3.1%
Commodity volume (307) -2.9% -0.2%
----------- ---------- ----------
Total Recycling 3,442 33.2% 2.9%
----------- ========== ==========
Total Company $ 6,971 5.7%
=========== ==========
Solid Waste Internalization Rates by Region:
Three Months Ended Six Months Ended
October 31, October 31,
-------------------- --------------------
2011 2010 2011 2010
--------- --------- --------- ---------
Eastern region 59.7% 54.9% 56.9% 52.8%
Western region 77.0% 75.1% 76.6% 75.7%
Solid waste internalization 68.9% 66.1% 67.3% 65.1%
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
SUPPLEMENTAL DATA TABLES
(Unaudited)
(In thousands)
GreenFiber Financial Statistics - as reported (1):
Three Months Ended Six Months Ended
October 31, October 31,
---------------------- ----------------------
2011 2010 2011 2010
---------- ---------- ---------- ----------
Revenues $ 21,841 $ 20,581 $ 37,856 $ 38,018
Net loss (3,049) (1,012) (7,564) (5,276)
Cash flow used in operations (949) (3,414) (2,258) (3,038)
Net working capital changes (149) (4,856) 726 (2,692)
Adjusted EBITDA $ (800) $ 1,442 $ (2,984) $ (346)
As a percentage of revenues:
Net loss -14.0% -4.9% -20.0% -13.9%
Adjusted EBITDA -3.7% 7.0% -7.9% -0.9%
(1) We hold a 50% interest in US Green Fiber, LLC ("GreenFiber"), a joint
venture that manufactures, markets and sells cellulose insulation made from
recycled fiber.
Components of Growth and Maintenance Capital Expenditures (1):
Three Months Ended Six Months Ended
October 31, October 31,
--------------------- ---------------------
2011 2010 2011 2010
---------- ---------- ---------- ----------
Growth capital expenditures:
Landfill development $ 203 $ - $ 244 $ 227
Landfill gas to energy project 792 - 1,159 -
MRF equipment upgrades 2,498 - 3,007 -
Other 1,774 108 2,000 763
---------- ---------- ---------- ----------
Total Growth Capital
Expenditures 5,267 108 6,410 990
---------- ---------- ---------- ----------
Maintenance capital
expenditures:
Vehicles, machinery / equipment
and containers $ 3,901 $ 3,930 $ 10,341 $ 10,332
Landfill construction &
equipment 9,907 10,778 16,904 17,830
Facilities 1,815 976 1,990 1,148
Other 212 110 325 469
---------- ---------- ---------- ----------
Total Maintenance Capital
Expenditures 15,835 15,794 29,560 29,779
---------- ---------- ---------- ----------
Total Capital Expenditures $ 21,102 $ 15,902 $ 35,970 $ 30,769
========== ========== ========== ==========
(1) Our capital expenditures are broadly defined as pertaining to either
growth or maintenance 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 new
business 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.
Contact Information Ned Coletta Vice President of Finance and
Investor Relations (802) 772-2239 Ed Johnson Chief Financial
Officer (802) 772-2241 http://www.casella.com
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