SOURCE: Casella Waste Systems, Inc.

Casella Waste Systems, Inc.

December 02, 2009 16:05 ET

Casella Waste Systems, Inc. Announces Second Quarter Fiscal Year 2010 Results

RUTLAND, VT--(Marketwire - December 2, 2009) - Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, today reported financial results for the second quarter of its 2010 fiscal year.

Highlights of the quarter include:

  • Free cash flow* for the quarter was up $3.7 million from the same quarter last year;
  • Adjusted EBITDA* for the quarter was $34.7 million, with Adjusted EBITDA margin of 25.9 percent up 170 basis points from the same quarter last year;
  • Recycling commodity prices strengthened sequentially for the third straight quarter; successful solid waste operating efficiency programs continued to offset volume weakness from economic slowdown.

"With the solid waste group generating stable cash flows and the recycling group rebounding with strengthening commodity prices, our business continues to exhibit resiliency through the economic downturn," John W. Casella, chairman and CEO of Casella Waste Systems, said.

"Our successful solid waste operating efficiency initiatives are helping to offset continued weakness in economically sensitive volumes, with solid waste Adjusted EBITDA margins up over the same period last year," Casella said. "Roll-off pulls and construction and demolition waste were down against tough first half year-over-year comparisons. These volumes have generally stabilized, and are following the typical seasonal trends through the first half of the fiscal year."

"Our recycling group's performance improved again sequentially in the second quarter as a result of higher commodity prices and cost efficiencies gained through best practice initiatives," Casella said. "On average, commodity prices are up 16 percent from the first quarter of our fiscal year 2010, but are still down 41 percent from the second quarter of our fiscal year 2009 when commodity prices were at multi-year highs. Our successful risk programs continue to mitigate recycling cash flow volatility with floating revenue shares, variable tipping fees, index purchases, financial hedges, floor prices, and fixed price contracts."

Second Quarter Financial Results

For the quarter ended October 31, 2009, the Company reported revenues of $133.7 million, down $23.8 million or 15.1 percent from the same quarter last year.

Solid waste revenues were down $15.7 million or 13.4 percent over the same quarter last year with price up 1.5 percent, fuel and oil recovery fees down 2.7 percent, volume down 9.5 percent, and commodity price and volume down 3.0 percent. Solid waste collection price was up 4.3 percent as a percentage of collection revenues over the same quarter last year. The decline in solid waste volumes was the result of a 4.5 percent decline in collection volumes, a 3.2 percent decline in disposal volumes, a 0.3 percent decline in power generation, and a 1.5 percent decline in processing and recycling volumes. FCR revenues were down $9.0 million or 28.3 percent over the same quarter last year with price down 22.1 percent and volume down 6.2 percent.

The Company's net loss applicable to common shareholders was ($1.6) million, or ($0.06) per common share in the quarter, compared to net income of $2.1 million, or $0.08 per share for the same quarter last year. Operating income was $13.9 million for the quarter, down $2.1 million from the same quarter last year.

Net cash provided by operating activities in the quarter was $15.9 million, down $3.5 million from the same quarter last year. The Company's Adjusted EBITDA* was $34.7 million for the quarter, down $3.4 million from the same quarter last year. Adjusted EBITDA margin was 25.9 percent for the quarter up 170 basis points from the same quarter last year. The Company's free cash flow* in the quarter was ($1.5) million, up $3.7 million from the same quarter last year.

Six Months Financial Results

For the six months ended October 31, 2009, the company reported revenues of $266.8 million, down 15.4 percent from the same period last year. The Company's net loss applicable to common shareholders was ($4.3) million, or ($0.17) per common share for the six month period, compared to net income of $4.2 million, or $0.16 per share for the same period last year.

Net cash provided by operating activities for the six month period was $40.6 million, up $1.4 million compared to the same period last year. Adjusted EBITDA was $66.1 million for the six month period, down $9.6 million from the same period last year. The company's free cash flow for six months period was $3.6 million, up $16.3 million from the same period last year.

Fiscal 2010 Outlook

The Company reconfirms its June 15, 2009 estimated fiscal year guidance ranges for revenues, free cash flow, and capital expenditures; and reconfirms its September 2, 2009 estimated fiscal year guidance range for Adjusted EBITDA.

*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 (EBITDA), adjusted for accretion, depletion of landfill operating lease obligations, severance and reorganization charges, goodwill impairment, environmental remediation charge, and development project charges (Adjusted EBITDA) and free cash flow, which are non-GAAP measures. In the future we may modify items considered in defining free cash flow and adjusted EBITDA if we believe it will help the understanding of our financial performance.

These measures are provided because we understand that certain investors use this information when analyzing the financial position of companies in the solid waste industry, including us. Historically, these measures have been key in comparing the operating efficiency of publicly traded companies in the solid waste industry, and assist investors in measuring our ability to meet capital expenditures, payments on landfill operating lease contracts, and working capital requirements. For these reasons we utilize these non-GAAP metrics to measure our performance at all levels. Free cash flow, EBITDA and Adjusted EBITDA are not intended to replace "Net Cash Provided by Operating Activities," which is the most comparable GAAP financial measure. Moreover, these measures do not necessarily indicate whether cash flow will be sufficient for such items as capital expenditures, payments on landfill operating lease contracts, or working capital, or to react to changes in our industry or to the economy generally. Because these measures are not calculated by all companies in the same fashion, they may not be comparable to similarly titled measures reported by other companies.

For further information, contact Ned Coletta, director of finance and investor relations at (802) 772-2239, or visit the Company's website at http://www.casella.com.

The Company will host a conference call to discuss these results on Thursday, December 3, 2009 at 10:00 a.m. ET. Individuals interested in participating in the call should dial (877) 397-0297 at least 10 minutes before start time. The call will also be webcast; to listen, participants should visit Casella Waste Systems' website at http://www.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 719-457-0820 or 888-203-1112 (conference code #5472791), until 11:59 p.m. ET on Thursday, December 10, 2009.

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 the Company "believes," "expects," "anticipates," "plans," "may," "will," "would," "intends," "estimates" 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 or expectations 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: we may be unable to reduce costs or increase revenues 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 Annual Report on Form 10-K/A for the year ended April 30, 2009. 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
                  CONSOLIDATED STATEMENTS OF OPERATIONS
                                Unaudited
                 (In thousands, except amounts per share)


                           Three Months Ended         Six Months Ended
                        ------------------------  ------------------------
                        October 31,  October 31,  October 31,  October 31,
                            2008         2009         2008         2009
                        -----------  -----------  -----------  -----------

Revenues                $   157,538  $   133,733  $   315,442  $   266,833

Operating expenses:
  Cost of operations        103,728       86,674      208,170      174,560
  General and
   administration            18,299       14,818       36,739       31,106
  Depreciation and
   amortization              19,505       18,347       38,975       37,876
                        -----------  -----------  -----------  -----------
                            141,532      119,839      283,884      243,542
                        -----------  -----------  -----------  -----------

Operating income             16,006       13,894       31,558       23,291

Other expense/(income),
 net:
  Interest expense, net      10,253       14,978       20,227       24,790
  Loss on debt
   modification                   -            -            -          511
  Loss from equity
   method investments         1,045          159        2,173        1,378
  Other income                  (64)        (247)        (152)        (291)
                        -----------  -----------  -----------  -----------
                             11,234       14,890       22,248       26,388
                        -----------  -----------  -----------  -----------

(Loss) income from
 continuing operations
 before income taxes
 and discontinued
 operations                   4,772         (996)       9,310       (3,097)
Provision for income
 taxes                        2,706          555        5,023        1,232
                        -----------  -----------  -----------  -----------

(Loss) income from
 continuing operations
 before discontinued
 operations                   2,066       (1,551)       4,287       (4,329)

Discontinued
 Operations:
  Loss from discontinued
   operations, net of
   income taxes (1)               -            -          (11)           -
  Loss on disposal of
   discontinued
   operations, net of
   income taxes (1)               -            -          (34)           -
                        -----------  -----------  -----------  -----------

Net (loss) income
 available to common
 stockholders           $     2,066  $    (1,551) $     4,242  $    (4,329)
                        ===========  ===========  ===========  ===========

Common stock and common
 stock equivalent
 shares outstanding,
 assuming full dilution      25,745       25,733       25,720       25,711
                        ===========  ===========  ===========  ===========

Net (loss) income per
 common share           $      0.08  $     (0.06) $      0.17  $     (0.17)
                        ===========  ===========  ===========  ===========

Adjusted EBITDA (2)     $    38,140  $    34,665  $    75,663  $    66,070
                        ===========  ===========  ===========  ===========




               CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
                  CONDENSED CONSOLIDATED BALANCE SHEETS
                                Unaudited
                              (In thousands)


                                                    April 30,   October 31,
                   ASSETS                             2009         2009
                                                    ----------- -----------

CURRENT ASSETS:
  Cash and cash equivalents                         $     1,838 $     2,004
  Restricted cash                                           508          76
  Accounts receivable - trade, net of allowance for
   doubtful accounts                                     51,296      56,179
  Other current assets                                   23,093      20,645
                                                    ----------- -----------
Total current assets                                     76,735      78,904

Property, plant and equipment, net of accumulated
 depreciation                                           490,360     487,003
Goodwill                                                125,709     125,709
Intangible assets, net                                    2,635       2,377
Restricted cash                                             127         211
Investments in unconsolidated entities                   41,798      41,472
Other non-current assets                                 13,598      22,472
                                                    ----------- -----------

Total assets                                        $   750,962 $   758,148
                                                    =========== ===========

      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Current maturities of long-term debt and capital
   leases                                           $     1,718 $     1,827
  Current maturities of financing lease obligations       1,344       1,418
  Accounts payable                                       34,623      34,270
  Other accrued liabilities                              39,350      39,904
                                                    ----------- -----------
Total current liabilities                                77,035      77,419

Long-term debt and capital leases, less current
 maturities                                             547,145     555,743
Financing lease obligations, less current
 maturities                                              12,281      11,570
Other long-term liabilities                              48,191      53,324

Stockholders' equity                                     66,310      60,362
                                                    ----------- -----------

Total liabilities and stockholders' equity          $   750,962 $   758,418
                                                    =========== ===========




               CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                Unaudited
                              (In thousands)

                                                      Six Months Ended
                                                  ------------------------
                                                  October 31,  October 31,
                                                      2008         2009
                                                  -----------  -----------
Cash Flows from Operating Activities:
Net (loss) income                                 $     4,242  $    (4,329)
Loss from discontinued operations, net                     11            -
Loss on disposal of discontinued operations, net           34            -
Adjustments to reconcile net (loss) income
 to net cash provided by operating activities -
  Gain on sale of equipment                              (577)        (916)
  Depreciation and amortization                        38,975       37,876
  Depletion of landfill operating lease
   obligations                                          3,520        3,165
  Interest accretion on landfill and
   environmental remediation liabilities                1,603        1,738
  Income from assets under contractual obligation        (114)        (150)
  Amortization of premium on senior notes                (331)        (356)
  Amortization of discount on term loan and
   second lien notes                                        -          626
  Loss from equity method investments                   2,173        1,378
  Loss on debt modification                                 -          511
  Stock-based compensation                                954        1,040
  Excess tax benefit on the exercise of stock
   options                                               (157)           -
  Deferred income taxes                                 4,647        1,088
  Changes in assets and liabilities, net of
   effects of acquisitions and divestitures           (15,763)      (1,119)
                                                  -----------  -----------
                                                       34,930       44,881
                                                  -----------  -----------
    Net Cash Provided by Operating Activities          39,217       40,552
                                                  -----------  -----------
Cash Flows from Investing Activities:
  Acquisitions, net of cash acquired                     (458)           -
  Additions to property, plant and equipment
   - growth                                             (8,232)     (2,643)
   - maintenance                                       (29,964)    (29,757)
  Payments on landfill operating lease
   obligations                                         (1,825)      (4,538)
  Proceeds from divestitures                              670            -
  Other                                                (1,501)       2,647
                                                  -----------  -----------
    Net Cash Used In Investing Activities             (41,310)     (34,291)
                                                  -----------  -----------
Cash Flows from Financing Activities:
  Proceeds from long-term borrowings                   60,000      413,144
  Principal payments on long-term debt                (59,104)    (405,344)
  Payment of financing costs                                -      (13,980)
  Proceeds from exercise of stock options               1,289           85
  Excess tax benefit on the exercise of stock
   options                                                157            -
                                                  -----------  -----------
    Net Cash (Used in) Provided by Financing
     Activities                                         2,342       (6,095)
                                                  -----------  -----------
Cash Provided by Discontinued Operations                   47            -
                                                  -----------  -----------
Net increase in cash and cash equivalents                 296          166
Cash and cash equivalents, beginning of period          2,814        1,838
                                                  -----------  -----------
Cash and cash equivalents, end of period          $     3,110  $     2,004
                                                  ===========  ===========
Supplemental Disclosures:
Cash interest                                     $    20,463  $    17,212
Cash income taxes, net of refunds                 $       258  $       550




               CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                Unaudited
                              (In thousands)

Note 1:  The Company completed the divestiture of its FCR Greenville
operation in the three months ended July 31, 2008 for cash proceeds of
$670.  The company recorded a loss on disposal of discontinued operations
(net of tax) of $34. The operating results of this operation for the six
months ended October 31, 2008 have been reclassified from continuing to
discontinued operations in the accompanying consolidated financial
statements.  Revenues and loss attributable to discontinued operations for
the six months ended October 31, 2008 were $282 and $11 (net of tax),
respectively.

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 (EBITDA),
adjusted for accretion, depletion of landfill operating lease obligations,
severance and reorganization charges, goodwill impairment charge,
environmental remediation charge as well as development project charges
(Adjusted EBITDA) and free cash flow, which are non-GAAP measures.

    These measures are provided because we understand that certain
investors use this information when analyzing the financial position
of the solid waste industry, including us. Historically, these measures
have been key in comparing operating efficiency of publicly traded
companies within the industry, and assist investors in measuring our
ability to meet capital expenditures, payments on landfill operating lease
contracts and working capital requirements. For these reasons, we utilize
these non-GAAP metrics to measure our performance at all levels. EBITDA,
Adjusted EBITDA and Free Cash Flow are not intended to replace "Net Cash
Provided by Operating Activities", which is the most comparable GAAP
financial measure. Moreover, these measures do not necessarily indicate
whether cash flow will be sufficient for such items as working capital,
payments on landfill operating lease contracts or capital expenditures, or
to react to changes in our industry or to the economy generally. Because
these measures are not calculated by all companies in the same fashion,
they may not be comparable to similarly titled measures reported by other
companies.

  Following is a reconciliation of Adjusted EBITDA and EBITDA to Net Cash
   Provided by Operating Activities:


                           Three Months Ended         Six Months Ended
                        ------------------------  ------------------------
                        October 31,  October 31,  October 31,  October 31,
                            2008         2009         2008         2009
                        -----------  -----------  -----------  -----------

Net Cash Provided by
 Operating Activities   $    19,430  $    15,851  $    39,217  $    40,552
Changes in assets and
 liabilities, net of
 effects of
 acquisitions and
 divestitures                 7,973        4,260       15,763        1,119
Stock-based
 compensation, net of
 excess tax benefit on
 exercise of options           (439)        (510)        (797)      (1,040)
Provision for income
 taxes, net of deferred
 taxes                          494           87          376          144
Net interest expense
 plus amortization of
 premium/discount            10,421       14,652       20,558       24,520
Severance and
 reorganization charges           7            -            7            -
Gain on sale of
 equipment and other            254          325          539          775
                        -----------  -----------  -----------  -----------
Adjusted EBITDA (2)          38,140       34,665       75,663       66,070
Interest accretion on
 landfill and
 environmental
 remediation
 liabilities                   (825)        (779)      (1,603)      (1,738)
Depletion of landfill
 operating lease
 obligations                 (1,797)      (1,645)      (3,520)      (3,165)
Severance and
 reorganization charges          (7)           -           (7)           -
                        -----------  -----------  -----------  -----------
EBITDA (2)              $    35,511  $    32,241  $    70,533  $    61,167
                        ===========  ===========  ===========  ===========


  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,
                           2008         2009         2008         2009
                        -----------  -----------  -----------  -----------
Net Cash Provided by
 Operating Activities   $    19,430  $    15,851  $    39,217  $    40,552
Capital expenditures        (15,768)     (14,154)     (38,196)     (32,400)
Payments on landfill
 operating leases            (1,373)      (3,211)      (1,825)      (4,538)
Assets acquired through
 financing leases            (7,487)           -      (11,940)           -
                        -----------  -----------  -----------  -----------
Free Cash Flow          $    (5,198) $    (1,514) $   (12,744) $     3,614
                        ===========  ===========  ===========  ===========




               CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
                         SUPPLEMENTAL DATA TABLES
                                (Unaudited)
                              (In thousands)

Amounts of the Company's total revenues attributable to services provided
 are as follows:


                           Three Months Ended     Six Months Ended
                              October 31,           October 31,
                          --------------------  --------------------
                            2008       2009       2008       2009
                          ---------  ---------  ---------  ---------
Collection                $  57,356  $  52,319  $ 115,698  $ 104,407
Disposal                     33,691     28,633     66,051     58,375
Power/LFGTE                   7,230      7,159     14,100     13,528
Processing and
 recycling                   18,536     13,033     38,709     25,830
                          ---------  ---------  ---------  ---------
Solid waste operations      116,813    101,144    234,558    202,140
Major accounts                8,807      9,695     17,619     19,487
FCR recycling                31,918     22,894     63,265     45,206
                          ---------  ---------  ---------  ---------
Total revenues            $ 157,538  $ 133,733  $ 315,442  $ 266,833
                          =========  =========  =========  =========


Components of revenue growth for the three months ended October 31, 2009
 compared to the three months ended October 31, 2008:

Solid waste operations (1)  Core price                  1.5%
                            Fuel recovery fee          -2.7%
                            Volume                     -9.5%
                            Commodity price and
                             volume                    -3.0%
                                                   --------
Total growth - Solid waste operations                 -13.7%
                                                  =========

FCR  operations (1)         Price                     -22.1%
                            Volume                     -6.2%
                                                  ---------
Total growth - FCR operations                         -28.3%
                                                  =========

Acquisitions                                            0.3%
Total revenue growth (2)                              -15.1%

(1) - Calculated as a percentage of segment revenues.
(2) - Calculated as a percentage of total revenues.


Solid Waste Internalization Rates by Region (1):


                           Three Months Ended     Six Months Ended
                              October 31,            October 31,
                          --------------------  --------------------
                             2008       2009       2008       2009
                          ---------  ---------  ---------  ---------
Eastern region                 59.6%      56.6%      59.0%      50.5%
Central region                 83.0%      80.2%      80.0%      78.4%
Western region                 62.9%      64.6%      65.6%      68.0%
Solid waste
 internalization               68.1%      65.6%      63.9%      64.8%


(1) In the quarter ended July 31, 2009, the Company revised its
internalization rate calulation to include third party waste
received at its transfer facilities and disposed at its own landfills.
The prior year internalization rates have been revised accordingly.




            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,
                     ------------------  ------------------
                       2008      2009      2008      2009
                     --------  --------  --------  --------
Revenues             $ 35,496  $ 28,897  $ 65,729  $ 50,016
Net loss               (2,090)     (318)   (4,347)   (2,756)
Cash flow from
 operations            (1,472)    3,095    (4,150)    5,991
Net working capital
 changes               (2,345)      566    (5,698)    2,628
Adjusted EBITDA      $    873  $  2,529  $  1,548  $  3,363

As a percentage of
 revenue:

Net loss                 -5.9%     -1.1%     -6.6%     -5.5%
Adjusted EBITDA           2.5%      8.8%      2.4%      6.7%


(1) The Company holds  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,
                               ------------------  -------------------
                                 2008      2009      2008        2009
                               --------  --------  --------  ----------
Growth Capital Expenditures:
  Landfill Development         $  2,823  $    801  $  6,642  $    1,026
  MRF Equipment Upgrades              -         -       455           -
  Other                             685     1,001     1,135       1,617
                               --------  --------  --------  ----------
Total Growth Capital
 Expenditures                     3,508     1,802     8,232       2,643
                               --------  --------  --------  ----------

Maintenance Capital
 Expenditures:
  Vehicles, Machinery
   / Equipment and Containers     3,750     3,035     9,057       8,434
  Landfill Construction &
   Equipment                      6,753     7,886    18,206      18,951
  Facilities                        900     1,170     1,654       1,899
  Other                             856       261     1,047         473
                               --------  --------  --------  ----------
Total Maintenance Capital
 Expenditures                    12,259    12,352    29,964      29,757
                               --------  --------  --------  ----------

Total Capital Expenditures     $ 15,767  $ 14,154  $ 38,196  $   32,400
                               ========  ========  ========  ==========

(1) The Company’s 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,
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.  Growth capital expenditures also include those outlays
associated with acquiring landfill operating leases, which do not meet the
operating lease payment definition, but which were included as a commitment
in the successful bid.  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

  • For further information, contact:
    Ned Coletta
    Director of Finance and Investor Relations
    (802) 772-2239
    http://www.casella.com