SOURCE: Casella Waste Systems, Inc.

December 05, 2007 16:30 ET

Casella Waste Systems, Inc. Announces Second Quarter Fiscal Year 2008 Results

RUTLAND, VT--(Marketwire - December 5, 2007) - 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 2008 fiscal year.

Second Quarter Financial Results

For the quarter ended October 31, 2007, the company reported revenues of $151.4 million, up $8.9 million, or 6.2 percent over the same quarter last year. The company's net income available to common shareholders was $2.8 million, or $0.11 per common share, compared to net income of $1.5 million, or $0.06 per share in the same quarter last year. Operating income for the quarter was $15.3 million, up $0.7 million over the same quarter last year. Cash provided by operating activities in the quarter was $15.8 million, down $5.4 million compared to the same quarter last year. The company's earnings before interest, taxes, depreciation and amortization (EBITDA)* was $35.5 million, up $1.8 million, or 5.3 percent from the same quarter last year.

The after-tax loss from discontinued operations of $0.3 million includes the divestiture of the Buffalo, NY transfer station, hauling operation and related equipment in the second quarter of fiscal 2008 and the divestiture of the Holliston transfer station in the fourth quarter of fiscal 2007. The after-tax loss on the disposal of discontinued operations for the divestiture of the Buffalo operations was $0.4 million. Excluding these non-recurring charges, the net income for the quarter amounted to $3.5 million, or $0.14 per common share.

The company said its GreenFiber unit continues to be severely impacted by the slowdown in the housing market. GreenFiber's net income was down $4.2 million compared to the same quarter last year, resulting in an after tax impact for the company's 50% ownership of negative $0.05 per share.

The second quarter of fiscal 2007 included the final accounting for the completion of the Brockton landfill closure project. The adjustments included the reversing of deferred revenues at Brockton adding $2.1 million of revenue, partially offset by capping and closure accruals, resulting in operating income of $0.7 million and EBITDA of $1.7 million. Excluding this one-time gain in the second quarter last year, EBITDA was up $3.5 million or 10.9 percent over the same quarter last year.

Six Months Financial Results

For the six months ended October 31, 2007, the Company reported revenues of $301.4 million. The Company's net income per common share was $0.18. Operating income for the six month period was $29.1 million. Cash provided by operating activities for the period was $35.7 million. The Company's EBITDA was $69.3 million for the six month period.

Highlights of the Quarter

"During the second quarter we made great progress towards the development, operations, and divestiture goals that we outlined early this fiscal year," John W. Casella, chairman and chief executive officer, said. "Our people are committed to achieving this plan, which focuses on cost reductions and profitable revenue growth, to increase shareholder returns and generate free cash flow to repay debt."

"The most notable achievements during the quarter were the 151,200 ton per year permit expansion at the Hakes landfill; the 305,700 ton per year permit expansion at the Ontario landfill; and the substantial completion of our divestiture program with the sale of the non-strategic Buffalo operations," Casella said. "With the annual permit expansions at the Hakes and Ontario landfills, we have achieved roughly one-half of our targeted goal to increase annual landfill capacity."

"The economy remains quite soft in the northeastern U.S.," Casella said. "Our pricing programs and robust commodity pricing, along with our efforts to reduce costs through increased productivity, realigning markets, and more efficient purchasing, have helped to offset much of the economic drag."

Company's Chief Financial Officer to Retire in January 2008

The Company announced today that Richard A. Norris, the company's senior vice president, chief financial officer & treasurer, has advised the company that he plans to retire in January of 2008. Mr. Norris will continue to work with the company on a consulting basis to ensure a successful transition.

"Over the past seven and a half years Richard has built a first-class financial organization and his contributions will continue long after his retirement," Casella said. "Richard's intelligence, ethics, and commitment to our people and our shareholders symbolize our company's culture and will endure with the talented finance team at Casella."

*Non-GAAP Financial Measures

In addition to disclosing financial results prepared in accordance with Generally Accepted Accounting Principles (GAAP), we also disclose free cash flow and earnings before interest, taxes, depreciation and amortization (EBITDA), which are non-GAAP measures.

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 operating efficiency of publicly traded companies in the solid waste industry, and assist investors in measuring our ability to meet capital expenditure and working capital requirements. For these reasons we utilize these non-GAAP metrics to measure our performance at all levels. These measures do not represent, and should not be considered as alternatives to cash provided by operating activities as determined in accordance with GAAP. Moreover, these measures do not necessarily indicate whether cash flow will be sufficient for such items as working capital 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.

Casella Waste Systems, headquartered in Rutland, Vermont, provides solid waste management services consisting of collection, transfer, disposal, and recycling services primarily in the eastern United States.

For further information, contact Richard Norris, chief financial officer; Ned Coletta, director of investor relations at (802) 775-0325, 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 6, 2007 at 10:00 a.m. ET. Individuals interested in participating in the call should dial (888) 349-9587 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 #2977424), until 11:59 p.m. ET on Thursday, December 13, 2007.

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 sufficiently to achieve estimated EBITDA and other targets; anticipated revenue may not materialize; landfill operations and permit status may be affected by factors outside our control, continuing weakness in general economic conditions and poor weather conditions may affect our revenues; we may be required to incur capital expenditures in excess of our estimates; and 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. 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 risks and uncertainties include, without limitation, those detailed in Item 1A, "Risk Factors" in our Form 10-K for the year ended April 30, 2007. We do not necessarily intend 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    October    October    October
                                   31,        31,        31,        31,
                                  2006       2007       2006       2007
                                ---------  ---------  ---------  ---------
Revenues                        $ 142,505  $ 151,395  $ 280,798  $ 301,440

Operating expenses:
 Cost of operations (1) (2)        89,890     96,928    181,199    195,075
 General and administration (1)    18,944     18,996     39,361     37,110
 Depreciation and amortization     19,048     20,174     36,743     40,123
                                ---------  ---------  ---------  ---------
                                  127,882    136,098    257,303    272,308
                                ---------  ---------  ---------  ---------

Operating income                   14,623     15,297     23,495     29,132

Other expense/(income), net:
 Interest expense, net (3)          9,276     10,872     18,267     21,571
 Loss (income) from equity
  method investments                 (867)     1,487       (990)     3,638
 Other income (2)                    (248)        35       (302)    (2,361)
                                ---------  ---------  ---------  ---------
                                    8,161     12,394     16,975     22,848
                                ---------  ---------  ---------  ---------

Income from continuing
 operations before income taxes
 and discontinued operations        6,462      2,903      6,520      6,284
Provision (benefit) for income
 taxes                              3,726       (638)     3,394        464
                                ---------  ---------  ---------  ---------

Income from continuing
 operations before discontinued
 operations                         2,736      3,541      3,126      5,820

Discontinued Operations:
 Loss from discontinued
  operations, net of income
  taxes (4) (5)                      (346)      (274)      (790)      (811)
 Loss on disposal of
  discontinued operations, net
  of income taxes (5)                   -       (437)         -       (437)
                                ---------  ---------  ---------  ---------

Net income                          2,390      2,830      2,336      4,572

Preferred stock dividend              892          -      1,772          -
                                ---------  ---------  ---------  ---------

Net income available to common
 stockholders                   $   1,498  $   2,830  $     564  $   4,572
                                =========  =========  =========  =========

Common stock and common stock
 equivalent shares outstanding,
 assuming full dilution            25,510     25,652     25,667     25,592
                                =========  =========  =========  =========

Net income per common share     $    0.06  $    0.11  $    0.02  $    0.18
                                =========  =========  =========  =========


                                ---------  ---------  ---------  ---------
EBITDA (6)                      $  33,671  $  35,471  $  60,238  $  69,255
                                =========  =========  =========  =========





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


                                                    April 30,   October 31,
                         ASSETS                        2007        2007
                                                    ----------- -----------

CURRENT ASSETS:
  Cash and cash equivalents                         $    12,366 $     2,168
  Restricted cash                                            73          94
  Accounts receivable - trade, net of allowance for
   doubtful accounts                                     61,246      65,879
  Other current assets                                   21,115      30,486
                                                    ----------- -----------
Total current assets                                     94,800      98,627

Property, plant and equipment, net of accumulated
 depreciation                                           483,277     487,034
Goodwill                                                171,735     171,336
Intangible assets, net                                    2,217       1,923
Restricted cash                                          12,734      13,078
Investments in unconsolidated entities                   49,969      46,533
Other non-current assets                                 19,361      13,515
                                                    ----------- -----------

Total assets                                        $   834,093 $   832,046
                                                    =========== ===========

            LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Current maturities of long-term debt              $     1,215 $     2,067
  Current maturities of capital lease obligations         1,104         827
  Series A redeemable, convertible preferred stock
   (2)                                                   74,018           -
  Accounts payable                                       51,440      48,396
  Other accrued liabilities                              60,375      58,316
                                                    ----------- -----------
Total current liabilities                               188,152     109,606

Long-term debt, less current maturities                 476,225     547,751
Capital lease obligations, less current maturities          650         379
Other long-term liabilities                              39,570      38,516

Stockholders' equity                                    129,496     135,794
                                                    ----------- -----------

Total liabilities and stockholders' equity          $   834,093 $   832,046
                                                    =========== ===========






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

                                                       Six Months Ended
                                                    ----------------------
                                                      October     October
                                                        31,         31,
                                                       2006        2007
                                                    ----------  ----------
 Cash Flows from Operating Activities:
 Net income                                         $    2,336  $    4,572
 Loss from discontinued operations, net                    790         811
 Loss on disposal of discontinued operations, net            -         437
 Adjustments to reconcile net income (loss)
  to net cash provided by operating activities -
   Depreciation and amortization                        36,743      40,123
   Depletion of landfill operating lease obligations     3,861       3,348
   Income from assets under contractual obligation(2)        -      (1,367)
   Preferred stock dividend                                  -       1,038
   Maine Energy settlement                                   -      (2,142)
   Loss (income) from equity method investments           (990)      3,638
   Gain on sale of equipment                              (439)       (418)
   Stock-based compensation                                321         505
   Excess tax benefit on the exercise of stock
    options                                               (141)        (16)
   Deferred income taxes                                 1,077         691
   Changes in assets and liabilities, net of
    effects of acquisitions and divestitures            (3,269)    (15,582)
                                                    ----------  ----------
                                                        37,163      29,818
                                                    ----------  ----------
   Net Cash Provided by Operating Activities            40,289      35,638
                                                    ----------  ----------
 Cash Flows from Investing Activities:
  Acquisitions, net of cash acquired                    (1,034)        (93)
  Additions to property, plant and equipment
   - growth                                            (18,220)     (7,965)
   - maintenance                                       (41,183)    (35,025)
  Payments on landfill operating lease contracts        (2,033)     (2,413)
  Restricted cash from revenue bond issuance             5,535           -
  Other                                                    858       2,554
                                                    ----------  ----------
   Net Cash Used In Investing Activities               (56,077)    (42,942)
                                                    ----------  ----------
 Cash Flows from Financing Activities:
  Proceeds from long-term borrowings                   188,900     221,605
  Principal payments on long-term debt                (171,097)   (149,775)
  Redemption of Series A redeemable, convertible
   preferred stock                                           -     (75,057)
  Proceeds from exercise of stock options                  900         286
  Excess tax benefit on the exercise of stock
   options                                                 141          16
                                                    ----------  ----------
   Net Cash (Used in) Provided by Financing
    Activities                                          18,844      (2,925)
                                                    ----------  ----------
 Cash Provided by (Used in) Discontinued Operations     (1,741)         31
                                                    ----------  ----------
 Net increase in cash and cash equivalents               1,315     (10,198)
 Cash and cash equivalents, beginning of period          7,429      12,366
                                                    ----------  ----------
 Cash and cash equivalents, end of period           $    8,744  $    2,168
                                                    ==========  ==========




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

Note 1:   The Company has made reclassifications in the Company's
Statements of Operations to conform prior year information with the
Company's current period presentation.  During the fourth quarter of fiscal
year 2007, the Company began recording personnel costs associated with
engineering and permitting activities as a cost of operations where
previously these costs had been recorded as general and administration.
This resulted in costs reclassified amounting to $458 and $924 for the
three months and six months ended October 31, 2006, respectively.

Note 2:   The Company has made reclassifications in the Company's
Consolidated Statements of Operations and Consolidated Statements of Cash
Flows to conform information for six months ended October 31, 2007 to the
Company's current period presentation.  During the quarter ended October
31, 2007, the Company began classifying income from assets under
contractual obligation as a component of operating income where previously
this income had been recorded as other income.  This resulted in income
reclassified amounting to $738 for the six months ended October 31, 2007.

Note 3:   The Company's Series A redeemable, convertible preferred stock
("Series A preferred) contained a mandatory redemption provision effective
August 11, 2007.  As the Company did not anticipate that the Series A
preferred would be converted to Class A Common Stock by the redemption
date, the Company reflected the redemption value of the Series A preferred
as a current liability at April 30, 2007.  Consistent with this
presentation, the Company has recorded the Series A preferred dividend as
interest expense in the three and six months ended October 31, 2007.
The Series A preferred was redeemed effective August 11, 2007 at an
aggregate redemption price of $75,057.

Note 4:   The company divested the assets of the Holliston Transfer Station
("Holliston Transfer") during the quarter ended April 30, 2007.  The
transaction required discontinued operations treatment under SFAS No.
144, therefore the operating results of Holliston Transfer have been
reclassified from continuing to discontinued operations for the three
and six months ended October 31, 2006.

Note 5:   The company divested its Buffalo, N.Y. transfer station, hauling
operation and related equipment during the quarter ended October 31, 2007.
The transaction required discontinued operations treatment under SFAS No.
144, therefore the operating results of these operations have been
reclassified from continuing to discontinued operations for the three
and six months ended October 31, 2006 and 2007.

Note 6:   Non - GAAP Financial Measures

     In addition to disclosing financial results prepared in accordance
with Generally Accepted Accounting Principles (GAAP), we also disclose
EBITDA (earnings before interest, taxes and depreciation and amortization)
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 expenditure and working capital requirements. For these reasons,
we utilize these non-GAAP metrics to measure our performance at all levels.
These measures do not represent, and should not be considered as
alternatives to net cash provided by operating activities as determined
in accordance with GAAP.  Moreover, these measures do not necessarily
indicate whether cash flow will be sufficient for such items as working
capital 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 EBITDA to Net Cash Provided by
 Operating Activities:

                                    Three Months Ended   Six Months Ended
                                    ------------------  ------------------
                                    October   October   October   October
                                      31,       31,       31,       31,
                                      2006      2007      2006      2007
                                    --------  --------  --------  --------

Net Cash Provided by Operating
 Activities                         $ 21,168  $ 15,771  $ 40,289  $ 35,638

Changes in assets and liabilities,
 net of effects of acquisitions and
 divestitures                          3,847    10,337     3,269    15,582
Deferred income taxes                 (2,212)      165    (1,077)     (691)
Stock-based compensation                (187)     (289)     (321)     (505)
Excess tax benefit on the exercise
 of stock options                          -        16       141        16
Provision (benefit) for income
 taxes                                 3,726      (638)    3,394       464
Interest expense, net                  9,276    10,872    18,267    21,571
Preferred stock dividend                   -      (113)        -    (1,038)
Depletion of landfill operating
 lease obligations                    (1,937)   (1,491)   (3,861)   (3,348)
Income from assets under
 contractual obligations                   -       629         -     1,367
Gain on sale of equipment                183       177       439       418
Other income                            (193)       35      (302)     (219)
                                    --------  --------  --------  --------
EBITDA                              $ 33,671  $ 35,471  $ 60,238  $ 69,255
                                    ========  ========  ========  ========







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



Following is a reconciliation of Free Cash Flow to Net Cash Provided by
 Operating Activities:


                                    Three Months Ended   Six Months Ended
                                    ------------------  ------------------
                                    October   October   October   October
                                      31,       31,       31,       31,
                                      2006      2007      2006      2007
                                    --------  --------  --------  --------


EBITDA                              $ 33,671  $ 35,471  $ 60,238  $ 69,255
Add (deduct): Cash interest          (12,460)  (14,558)  (15,579)  (19,326)
              Capital expenditures   (27,389)  (20,642)  (59,403)  (42,990)
              Cash taxes                (936)   (1,459)   (1,592)   (1,770)
              Depletion of landfill
               operating lease
               obligations             1,937     1,491     3,861     3,348
              Change in working
               capital, adjusted
               for non-cash items     (1,164)   (1,936)   (5,145)   (9,881)
                                    --------  --------  --------  --------

FREE CASH FLOW                        (6,341)   (1,633)  (17,620)   (1,364)

Add (deduct): Capital expenditures    27,389    20,642    59,403    42,990
              Other                      120    (3,238)   (1,494)   (5,988)
                                    --------  --------  --------  --------
Net Cash Provided by Operating
 Activities                         $ 21,168  $ 15,771  $ 40,289  $ 35,638
                                    ========  ========  ========  ========



               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,
                                    ------------------- -------------------
                                       2006      2007      2006      2007
                                    --------- --------- --------- ---------
Collection                          $  68,539 $  69,178 $ 136,852 $ 138,331
Landfill / disposal facilities         30,031    28,966    58,407    58,169
Transfer                                6,559     7,691    13,826    15,038
Recycling                              37,376    45,560    71,713    89,902
                                    --------- --------- --------- ---------
Total revenues                      $ 142,505 $ 151,395 $ 280,798 $ 301,440
                                    ========= ========= ========= =========




Components of revenue growth for the three months ended October 31, 2007
compared to the three months ended October 31, 2006:

                                                                Percentage
                                                                ----------
Solid Waste Operations (1)   Price                                     0.1%
                             Volume                                   -0.9%
                             Solid waste commodity price
                              and volume                               0.4%
                                                                ----------
Total growth - Solid Waste Operations                                 -0.4%
                                                                ==========

FCR  Operations (1)          Price                                    26.2%
                             Volume                                    2.6%
                                                                ----------
Total growth - FCR Operations                                         28.8%
                                                                ==========

Rollover effect of acquisitions (as a percentage of total
 revenues)                                                             0.4%

Total revenue growth                                                   6.2%

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





Solid Waste Internalization Rates by Region:


                                          Three Months
                                             Ended        Six Months Ended
                                          October 31,       October 31,
                                        ----------------  ----------------
                                        2006 (1)  2007    2006 (1)  2007
                                        -------  -------  -------  -------
North Eastern region                       57.8%    61.6%    57.6%    59.0%
South Eastern region                       29.7%    29.8%    28.4%    28.0%
Central region                             76.2%    82.8%    77.6%    79.0%
Western region                             57.1%    60.0%    57.4%    60.5%
Solid Waste internalization                58.5%    62.1%    58.6%    60.2%

(1)  Internalization rates for the three and six months ended October 31,
2006 have been revised to exclude the activity associated with the
Holliston Transfer Station as well as Buffalo Hauling and Buffalo Transfer.
The Company divested the assets of the Holliston Transfer Station during
the quarter ended April 30, 2007.  The Company divested the Buffalo
operations during the quarter ended October 31, 2007.





US GreenFiber (50% owned) Financial Statistics:


                                    Three Months Ended   Six Months Ended
                                        October 31,         October 31,
                                    ------------------  ------------------
                                      2006      2007      2006      2007
                                    --------  --------  --------  --------
Revenues                            $ 52,094  $ 41,995  $ 96,490  $ 75,494
Net Income                             2,370    (1,816)    2,784    (5,409)
Cash flow from operations              1,619     3,580     9,798     3,580
Net working capital changes           (3,544)    2,481     1,936     3,231
EBITDA                              $  5,163  $  1,099  $  7,862  $    349

As a percentage of revenue:

Net income                               4.5%     -4.3%      2.9%     -7.2%
EBITDA                                   9.9%      2.6%      8.1%      0.5%





Components of Growth versus Maintenance Capital Expenditures (1):


                                          Three Months    Six Months Ended
                                        Ended October 31,    October 31,
                                        ----------------- -----------------
                                          2006     2007     2006     2007
                                        -------- -------- -------- --------
Growth Capital Expenditures:
 Landfill Development                   $  5,461 $      - $ 11,483 $  5,123
 MRF Equipment Upgrades                    2,412      194    3,257      329
 Other                                     1,859    1,141    3,480    2,513
                                        -------- -------- -------- --------
Total Growth Capital Expenditures          9,732    1,335   18,220    7,965

Maintenance Capital Expenditures:
 Vehicles, Machinery / Equipment and
  Containers                               4,941    3,484   18,514    8,151
 Landfill Construction & Equipment        11,474   11,366   19,551   20,722
 Facilities                                  982    3,940    2,021    5,253
 Other                                       260      517    1,097      899
                                        -------- -------- -------- --------
Total Maintenance Capital Expenditures    17,657   19,307   41,183   35,025
                                        -------- -------- -------- --------

Total Capital Expenditures              $ 27,389 $ 20,642 $ 59,403 $ 42,990
                                        ======== ======== ======== ========

(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:
    Richard Norris
    Chief Financial Officer
    Ned Coletta
    Director of Investor Relations
    (802) 775-0325
    http://www.casella.com