Casella reports third quarter lossStaff Report | March 04,2013Casella Waste Systems on Monday reported a third quarter loss of $11.4 million, or 29 cents per share, compared to a loss of $24.6 million, or 92 cents per share for the same quarter last year.
For the quarter ended Jan. 31, revenues were $115 million, up $400,000 from the same quarter a year ago. The company said revenue growth was mainly driven by higher solid waste collection pricing and acquisitions.
The quarter included a $1.6 million severance and reorganization charge related to the sale of Maine Energy Recovery Company facility and other realignment activities, $800,000 in expenses related to the divestiture of Maine Energy and the acquisition of Blow Bros., and a $5.9 million loss on the extinguishment of debt related to the repurchase of the company's second lien notes in November.
"We continued to face operating challenges throughout our business in the third quarter," said John Casella, chairman and CEO of Casella Waste Systems. "Landfill volumes at our western New York landfills, volumes in our collection line-of-business, and the ramp-up of several projects all underperformed our expectations in the quarter and, as such, we have lowered our guidance for the current fiscal year."
Casella said the company accomplished several important goals in the quarter including the sale of the Maine waste-to-energy plant, the acquisition of BBI in Maine and New Hampshire and the issuance of a permit to expand its Southbridge landfill in Massachusetts.
Due primarily to the negative impact of lower than expected landfill volumes, softness in the collection line-of-business, and project delays, Casella adjusted its fiscal year guidance with revenues between $462 million and $472 million and adjusted EBITDA between $87 million and $90 million.MORE IN This Just InBALTIMORE — A night of violence gave way to a day of mourning Sunday for a man who died... Full StoryWHITE RIVER JUNCTION — A Chester woman was arraigned late last week for the third time in two... Full Story
- Most Popular
- Most Emailed
- RICHARD'S POOR ALMANACK: On this day 1739, 'Richard Palmer' identified in prison at York Castle as the notorious outlaw DICK TURPIN; IN 1836, Battle of the Alamo begins near San Antonio de Bexar, Texas; 1896, the Tootsie Roll invented by LEO HIRSCHFELD.
- RICHARD'S POOR ALMANACK: On this day in 1472, Orkney, Shetland islands put up as collateral by Norway to Scotland in lieu of dowry for MARGARET OF DENMARK on her marriage with JAMES III, king of Scotland; 1962, JOHN GLENN first American to orbit Earth.
- TOMORROW'S HEADLINES TODAY: City mayoral candidates debate campaign issues; Hartford, Conn., woman still missing; Neal Goswami reports attempts to legislate suicide; local woman loses 100 pounds through TOPS program.
- RICHARD'S POOR ALMANACK: On this day in 1878, JOHN TUNSTALL murdered near Lincoln, New Mexico, by the outlaw JESSE EVANS; in 1930, ELM FARM OLLIE first cow to fly in aircraft, first to be milked airborne; 1955, nuke test WASP; '79, snow in Sahara.
- TOMORROW'S HEADLINES TODAY: Rutland Herald News Editor Alan J. Keays and staff writer Gordon Dritschilo discuss stories planned for the February 18, 2015, edition of the newspaper: Winter budgets maxed, legal marijuana, Springfield bank job, USPS slowdown
- RICHARD'S POOR ALMANACK: On this day in 1249 AD, ANDRE of LONGJUMEAU is dispatched by LOUIS IX of France to meet the KHAGAN, ruler of the Mongol Empire; in 1804, during 1st Barbary War, STEPHEN DECATUR scuttles the pirate-held USS Philadelphia in Tripoli.