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Casella Waste Systems, Inc. (CWST), a regional solid waste,
recycling and resource management services company, today reported
financial results for its first quarter fiscal year 2013.
Highlights for the quarter included:
-- Pricing growth of 1.0 percent in the collection line-of-business; 13
consecutive quarters of positive collection pricing growth.
-- Robust volume growth of 4.4 percent in the recycling line-of-business
driven by continued adoption of Zero-Sort(R) Recycling.
For the quarter ended July 31, 2012, revenues were $121.2 million, down
$6.0 million or 4.7 percent from the same quarter last year, with
positive collection pricing more than offset by lower solid waste
volumes and lower recycling commodity prices.
The company’s net loss attributable to common shareholders was ($8.4)
million, or ($0.31) per common share for the quarter, compared to net
loss of ($3.1) million, or ($0.12) per share for the same quarter
last year.
Operating income was $5.8 million for the quarter, down $4.5 million
from the same quarter last year. The current quarter includes a $0.6
million expense related to the pending sale of the Maine Energy
Recovery Company and certain financing costs. The quarter ended July
31, 2011 included a $1.0 million legal settlement charge. Adjusted
EBITDA* was $24.3 million for the quarter, down $4.4 million from
same quarter last year.
"During our first quarter recycling commodity prices weakened and we
continued to experience declines in special waste volumes at our
western New York landfills mainly due to decreased Marcellus Shale
drilling activity," said John W. Casella, chairman and CEO of Casella
Waste Systems. "Despite these headwinds, I believe that we are
executing well against factors that we can control in this
challenging economic environment, such as:
-- "As announced on August 10, we took a number of steps to realign our
operations to streamline support functions and to eliminate
approximately $6.5 million of annualized costs. We expect these
permanent cost savings to partially offset the cyclical revenue
declines from lower recycling commodity pricing and lower landfill
special waste volumes. Further, these steps position us well to
leverage a lower cost structure as cyclical revenues return in the
future.
-- "In early August we signed a purchase and sale agreement to sell our
waste-to-energy facility to the City of Biddeford, ME. We are
expecting to complete the sale by December 2012.
-- "Despite a stagnant economy, we have grown our residential and
commercial customer counts year-over year, 6 percent and 1 percent,
respectively, and have delivered positive pricing gains in each
segment. We attribute this to our strategy of offering differentiated
resource solutions that allow us to stand out in our markets as a
service provider that creates value for our customers.
"Weakness in the roll-off collection line-of-business offset much of
gains we had in the residential and commercial lines-of-business,"
Casella said. "The roll-off line-of-business was down in the quarter
due to: pull forward of work into our fourth quarter with the early
spring in the northeast, continued pressure on roll-off work because
of depressed construction activity, and a tough comparison to the
first quarter last year when we saw increased demand from flooding
activity."
"Nevertheless, we’ve reduced costs and realigned the way we operate,
making us more efficient and more customer service-oriented, and
putting us in a great position to prosper when economic conditions
improve," Casella said.
The company reaffirms guidance issued on August 10, 2012 for its
fiscal year 2013, which began May 1, 2012, by estimating results in
the following ranges:
-- Revenues between $475.0 million and $485.0 million;
-- Adjusted EBITDA* between $101.0 million and $105.0 million;
The above guidance does not include the financial impacts from the
potential sale of Maine Energy or the potential refinancing of the
11.0 percent $180.0 million second lien notes due July 2014 during
fiscal year 2013.
*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-offs, legal settlement charges, bargain purchase gains, asset
impairment charges, environmental remediation charges, as well as
severance and reorganization charges (Adjusted EBITDA) which is a
non-GAAP measure. The company also discloses earnings before
interest, taxes, adjusted for gain on sale of assets, development
project charge write-off, legal settlement charges, bargain purchase
gains, asset impairment charges, environmental remediation charges,
as well as severance and reorganization charges (Adjusted Operating
Income) 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 attributable to growth and
maintenance (excluding acquisition related capital), less payments on
landfill operating leases, less assets acquired through financing
leases, plus proceeds from the sale of property and equipment, plus
contributions from non-controlling interest holder, 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, Adjusted Operating Income, 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,
Adjusted Operating Income, 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, Adjusted Operating Income, 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, Adjusted Operating
Income, 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,
investors contact Ned Coletta, vice president of finance and investor
relations at (802) 772-2239, media contact Joseph Fusco, vice
president at (802) 772-2247, 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, August 30, 2012
at 10:00 a.m. ET. Individuals interested in participating in the call
should dial (877) 548-9590 or for international participants (914)
495-8541 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 21047750) until 11:59 p.m. ET on Thursday, September 6, 2012.
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 energy pricing or the commodity
pricing of our recyclables may make it more difficult for us to
predict our results of operations or meet our estimates; we may incur
environmental charges or asset impairments in the future; and we may
be unable to sell our waste-to-energy facility and shift waste
volumes to other landfill sites. 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, 2012.
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
(Unaudited)
(In thousands, except amounts per share)
Three Months Ended
--------------------------
July 31, July 31,
2012 2011
------------ ------------
Revenues $ 121,195 $ 127,193
Operating expenses:
Cost of operations 84,811 85,224
General and administration 15,324 16,207
Depreciation and amortization 14,756 14,506
Expense from divestiture and financing costs 553 -
Legal settlement - 1,000
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115,444 116,937
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Operating income 5,751 10,256
Other expense/(income), net:
Interest expense, net 11,844 11,151
Loss from equity method investment 1,766 2,257
Other income (130) (105)
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13,480 13,303
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Loss from continuing operations before income
taxes and discontinued operations (7,729) (3,047)
Provision for income taxes 650 661
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Loss from continuing operations before
discontinued operations (8,379) (3,708)
Discontinued operations:
Gain on disposal of discontinued operations,
net of income taxes (1) - 646
------------ ------------
Net loss (8,379) (3,062)
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Less: Net loss attributable to noncontrolling
interest (8) -
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Net loss attributable to common stockholders $ (8,371) $ (3,062)
============ ============
Common stock and common stock equivalent shares
outstanding, assuming full dilution 26,992 26,564
============ ============
Net loss per common share $ (0.31) $ (0.12)
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Adjusted EBITDA (2) $ 24,315 $ 28,661
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CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
July 31, April 30,
ASSETS 2012 2012
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CURRENT ASSETS:
Cash and cash equivalents $ 3,505 $ 4,534
Restricted cash 76 76
Accounts receivable - trade, net of allowance
for doubtful accounts 53,432 47,472
Other current assets 15,539 15,274
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Total current assets 72,552 67,356
Property, plant and equipment, net of
accumulated depreciation 422,096 416,717
Goodwill 102,516 101,706
Intangible assets, net 3,487 2,970
Restricted assets 419 424
Notes receivable - related party/employee 723 722
Investments in unconsolidated entities 21,234 22,781
Other non-current assets 20,247 21,067
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Total assets $ 643,274 $ 633,743
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LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt and
capital leases $ 1,232 $ 1,228
Current maturities of financing lease
obligations 344 338
Accounts payable 48,729 46,709
Other accrued liabilities 39,987 40,060
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Total current liabilities 90,292 88,335
Long-term debt and capital leases, less current
maturities 487,501 473,381
Financing lease obligations, less current
maturities 1,729 1,818
Other long-term liabilities 54,196 51,978
Total stockholders’ equity 9,556 18,231
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Total liabilities and stockholders’ equity $ 643,274 $ 633,743
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CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Three Months Ended
--------------------------
July 31, July 31,
2012 2011
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Cash Flows from Operating Activities:
Net loss $ (8,379) $ (3,062)
Gain on disposal of discontinued operations, net - (646)
Adjustments to reconcile net loss to net cash
provided by operating activities -
Gain on sale of equipment (46) (192)
Depreciation and amortization 14,756 14,506
Depletion of landfill operating lease
obligations 2,288 2,030
Interest accretion on landfill and
environmental remediation liabilities 933 869
Amortization of discount on second lien notes 259 230
Loss from equity method investment 1,766 2,257
Stock-based compensation 675 649
Excess tax benefit on the vesting of share
based awards (205) (246)
Deferred income taxes 565 939
Changes in assets and liabilities, net of
effects of acquisitions and divestitures (5,091) (3,394)
------------ ------------
Net Cash Provided by Operating Activities 7,521 13,940
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Cash Flows from Investing Activities:
Acquisitions, net of cash acquired (3,150) (715)
Additions to property, plant and equipment
- acquisitions (288) -
- growth (2,002) (1,143)
- maintenance (14,394) (13,725)
Payment for capital related to divestiture (618) -
Payments on landfill operating lease contracts (1,814) (1,858)
Proceeds from sale of property and equipment 265 199
Investments in unconsolidated entities (1,000) (650)
------------ ------------
Net Cash Used In Investing Activities (23,001) (17,892)
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Cash Flows from Financing Activities:
Proceeds from long-term borrowings 62,310 48,500
Principal payments on long-term debt (48,689) (44,439)
Payment of financing costs (96) (90)
Proceeds from exercise of share based awards - 176
Excess tax benefit on the vesting of
restricted stock 205 246
Contributions from noncontrolling interest
holder 721 -
------------ ------------
Net Cash Provided By Financing Activities 14,451 4,393
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Net Cash Provided By Discontinued Operations - 646
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Net (decrease) increase in cash and cash
equivalents (1,029) 1,087
Cash and cash equivalents, beginning of period 4,534 1,817
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Cash and cash equivalents, end of period $ 3,505 $ 2,904
============ ============
Supplemental Disclosures:
Cash interest $ 11,391 $ 11,189
Cash income taxes, net of refunds $ (26) $ 2,159
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(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 on disposal
of discontinued operations, net of income taxes in the three months
ended July 31, 2011.
Note 2: Non - GAAP Financial Measures
In addition to disclosing financial results prepared in accordance
with Generally Accepted Accounting Principles in the United States
(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-offs, legal settlement charges,
bargain purchase gains, asset impairment charges, environmental
remediation charges, severance and reorganization charges, as well as
expenses from divestiture and financing costs (Adjusted EBITDA) which
is a non-GAAP measure. We also disclose earnings before interest,
taxes, adjusted for gain on sale of assets, development project
charge write-offs, legal settlement charges, bargain purchase gains,
asset impairment charges, environmental remediation charges,
severance and reorganization charges, as well as expenses from
divestiture and financing costs (Adjusted Operating Income) 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 attributable to growth and maintenance (excluding
acquisition related capital), less payments on landfill operating
leases, less assets acquired through financing leases, plus proceeds
from the sale of property and equipment, plus contributions from
non-controlling interest holder, 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, Adjusted Operating Income, 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. We use 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,
Adjusted Operating Income, and Free Cash Flow to investors, in
addition to corresponding income statement and cash flow statement
measures, affords investors the benefit of viewing our performance
using the same financial metrics that our management team uses in
making many key decisions and understanding how the core business and
our 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. Adjusted EBITDA, Adjusted Operating Income, 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, Adjusted Operating
Income, or Free Cash Flow presented by other companies.
Following is a reconciliation of Adjusted EBITDA and Adjusted Operating
Income to Net Loss:
Three Months Ended
--------------------------
July 31, July 31,
2012 2011
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Net Loss $ (8,379) $ (3,062)
Gain on disposal of discontinued operations,
net - (646)
Provision for income taxes 650 661
Other expense, net 1,636 2,152
Interest expense, net 11,844 11,151
Legal settlement - 1,000
Expense from divestiture and financing costs 553 -
Depreciation and amortization 14,756 14,506
Severance and reorganization charges 34 -
Depletion of landfill operating lease
obligations 2,288 2,030
Interest accretion on landfill and
environmental remediation liabilities 933 869
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Adjusted EBITDA (2) $ 24,315 $ 28,661
Depreciation and amortization (14,756) (14,506)
Depletion of landfill operating lease
obligations (2,288) (2,030)
Interest accretion on landfill and
environmental remediation liabilities (933) (869)
------------ ------------
Adjusted Operating Income (2) $ 6,338 $ 11,256
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Following is a reconciliation of Free Cash Flow
to Net Cash Provided by Operating Activities:
Three Months Ended
--------------------------
July 31, July 31,
2012 2011
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Net Cash Provided by Operating Activities $ 7,521 $ 13,940
Capital expenditures - growth and maintenance (16,396) (14,868)
Payments on landfill operating lease contracts (1,814) (1,858)
Proceeds from sale of property and equipment 265 199
Contributions from noncontrolling interest
holder 721 -
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Free Cash Flow (2) $ (9,703) $ (2,587)
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CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
SUPPLEMENTAL DATA TABLES
(Unaudited)
(In thousands)
Amounts of our total revenues attributable to services provided for the
three months ended July 31, 2012 and 2011 are as follows:
Three Months Ended July 31,
------------------------------------------
% of % of
Total Total
2012 Revenue 2011 Revenue
---------- --------- ---------- ---------
Collection $ 53,043 43.8% $ 53,626 42.2%
Disposal 30,967 25.5% 32,173 25.3%
Power generation 2,663 2.2% 3,042 2.4%
Processing and organics 14,633 12.1% 14,738 11.6%
---------- --------- ---------- ---------
Solid waste operations 101,306 83.6% 103,579 81.5%
Major accounts 9,524 7.9% 10,711 8.4%
Recycling 10,365 8.5% 12,903 10.1%
---------- --------- ---------- ---------
Total revenues $ 121,195 100.0% $ 127,193 100.0%
========== ========= ========== =========
Components of revenue growth for the three months ended July 31, 2012
compared to the three months ended July 31, 2011 are as follows:
% of % of Solid % of
Related Waste Total
Amount Business Operations Company
--------- --------- ---------- ---------
Solid Waste Operations:
Collection $ 541 1.0% 0.5% 0.4%
Disposal (375) -1.2% -0.3% -0.3%
--------- ---------- ---------
Solid Waste Yield 166 0.2% 0.1%
Collection (1,799) -1.7% -1.4%
Disposal (890) -0.9% -0.7%
Processing and organics 37 0.0% 0.0%
--------- ---------- ---------
Solid Waste Volume (2,652) -2.6% -2.1%
Fuel surcharge (174) -0.2% -0.1%
Commodity price & volume (693) -0.7% -0.5%
Acquisitions 1,096 1.1% 0.8%
Closed landfill (16) 0.0% 0.0%
--------- ---------- ---------
Total Solid Waste (2,273) -2.2% -1.8%
--------- ========== =========
Major Accounts (1,187) -0.9%
--------- =========
Recycling Operations: % of
Recycling
Operations
----------
Commodity price (3,101) -24.0% -2.4%
Commodity volume 563 4.4% 0.4%
--------- ---------- ---------
Total Recycling (2,538) -19.6% -2.0%
--------- ========== =========
Total Company $ (5,998) -4.7%
========= =========
Solid Waste Internalization
Rates by Region:
Three Months Ended
July 31,
--------------------
2012 2011
--------- ---------
Eastern region 53.8% 54.1%
Western region 72.5% 76.1%
Solid waste internalization 63.9% 65.6%
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
SUPPLEMENTAL DATA TABLES
(Unaudited)
(In thousands)
GreenFiber Financial Statistics (1):
Three Months Ended
July 31,
--------------------------
2012 2011
------------ ------------
Revenues $ 13,101 $ 16,016
Net loss (3,569) (4,515)
Cash flow provided by (used in) operations 225 (1,278)
Net working capital changes 1,935 906
Adjusted EBITDA $ (1,710) $ (2,184)
As a percentage of revenues:
Net loss -27.2% -28.2%
Adjusted EBITDA -13.1% -13.6%
(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
July 31,
--------------------------
2012 2011
------------ ------------
Growth capital expenditures:
Landfill development $ 332 $ 41
Water treatment facility 760 -
Landfill gas-to-energy project - 367
MRF equipment upgrades - 509
Other 910 226
------------ ------------
Total Growth Capital Expenditures 2,002 1,143
------------ ------------
Maintenance capital expenditures:
Vehicles, machinery / equipment and containers $ 3,053 $ 6,440
Landfill construction & equipment 10,922 6,997
Facilities 279 175
Other 140 113
------------ ------------
Total Maintenance Capital Expenditures 14,394 13,725
------------ ------------
Total Growth and Maintenance Capital
Expenditures $ 16,396 $ 14,868
============ ============
(1) Our capital expenditures are broadly defined as pertaining to either
growth, maintenance or acquisition 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 organic business growth 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. Acquisition capital expenditures are defined as costs of
equipment added directly as a result of new business growth related to an
acquisition.
Investors:
Ned Coletta
Vice President of Finance and Investor Relations
(802) 772-2239
Media:
Joseph Fusco
Vice President
(802) 772-2247
http://www.casella.com
SOURCE: Casella Waste Systems, Inc
http://www.casella.com/
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