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Casella Waste Systems, Inc. Announces First Quarter Fiscal Year 2014 Results; And Revises Fiscal Year 2014 Guidance Upward

RUTLAND, Vt., Aug. 28, 2013 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc. (Nasdaq:CWST), a regional solid waste, recycling and resource management services company, today reported financial results for its first quarter fiscal year 2014, and revised its guidance for its fiscal year 2014.

Highlights for the quarter included:
  • Revenue growth of 9.3 percent over the same quarter last year.
  • Adjusted EBITDA* was $28.7 million for the quarter, up $4.4 million from the same quarter last year.
  • Adjusted Operating Income* was $9.9 million for the quarter, up $3.5 million from the same quarter last year.
  • Income from continuing operations before income taxes and discontinued operations was $0.2 million for the quarter.
  • Revenue and Adjusted EBITDA guidance revised upward for fiscal year 2014.

For the quarter ended July 31, 2013, revenues were $128.6 million, up $10.9 million, or 9.3 percent, from the same quarter last year, with revenue growth mainly driven by higher volumes across all lines-of business, acquisition activity, and higher solid waste collection pricing. Overall solid waste pricing growth of 0.5 percent was primarily driven by residential and commercial pricing growth of 1.9 percent as a percentage of segment revenues.

The company's net loss attributable to common stockholders was ($0.2) million, or ($0.00) per share for the quarter, compared to net loss of ($8.4) million, or ($0.31) per share for the same quarter last year.

Operating income was $9.7 million for the quarter, up $3.9 million from the same quarter last year. The current quarter includes a $0.1 million severance and reorganization charge related to general realignment activities and by comparison, the quarter ended July 31, 2012 included $0.6 million of expenses related to divestiture and financing costs. Excluding these charges, Adjusted Operating Income* in the current quarter was $9.9 million, up $3.5 million from same quarter last year.

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