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

Stocks in this article: CWST

RUTLAND, Vt., Dec. 5, 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 second quarter fiscal year 2014, and revised its guidance for its fiscal year 2014.

Highlights for the quarter included:

  • Revenue growth of $15.5 million, or 13.2 percent, from the same quarter last year.
  • Adjusted EBITDA* was $29.2 million for the quarter, up $4.8 million, or 19.8 percent, from the same quarter last year.
  • Adjusted Operating Income* was $9.7 million for the quarter, up $3.4 million, or 53.4 percent, from the same quarter last year.
  • Revenue and Adjusted EBITDA guidance is revised upward for fiscal year 2014; the second upward revision this fiscal year.

For the quarter ended October 31, 2013, revenues were $132.3 million, up $15.5 million, or 13.2 percent, from the same quarter last year, with revenue growth mainly driven by higher disposal volumes, acquisition activity, and higher solid waste collection pricing. Overall solid waste pricing growth of 1.0 percent was primarily driven by residential and commercial pricing growth of 1.7 percent as a percentage of segment revenues.

The company's net loss attributable to common stockholders was ($0.3) million, or ($0.01) per share for the quarter, compared to ($21.0) million, or ($0.68) per share for the same quarter last year.

Operating income was $9.5 million for the quarter, up $5.0 million from the same quarter last year. The current quarter includes a $0.2 million environmental remediation charge and a $0.1 million severance and reorganization charge related to general realignment activities, whereas, the quarter ended October 31, 2012 included a $1.8 million severance and reorganization charge and a $0.1 million expense related to divestiture, acquisition and financing costs.

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