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 RUTLAND, VT–(Marketwire – March 01, 2011) – Casella Waste Systems, Inc. Casella Waste Systems Inc,Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, today reported financial results for its third quarter fiscal year 2011. For the quarter ended January 31, 2011, revenues were $111.6 million, up $1.7 million or 1.6 percent over the same quarter last year, driven mainly by solid waste volume growth and higher commodity prices. Operating income was $6.3 million for the quarter, down $1.1 million from the same quarter last year. The company’s net loss applicable to common shareholders was ($6.4) million, or ($0.24) per common share for the quarter, compared to ($4.4) million, or ($0.17) per share for the same quarter last year. Adjusted EBITDA* for the quarter was $22.4 million, down $1.6 million from same quarter last year. “While our third quarter results were below last year’s performance and our plan, the underperformance was mainly driven by adverse weather and non-recurring events,” said John W. Casella, chairman and CEO of Casella Waste Systems. “The bad winter weather during the quarter impacted operational performance, with lower than projected productivity throughout the solid waste business and lower waste volumes. Our landfill volumes were lower year-over-year by 4.4 percent, with the negative variance attributable to reaching annual permit limits at several key sites in early December and lower volumes in January due to the bad weather.””As expected in the quarter, the lower energy prices at Maine Energy, the final closure of the Pine Tree landfill in Q3 fiscal year 2010, and the sale of the Cape Cod assets in Q1 fiscal year 2011 led to a negative $0.6 million year-over-year Adjusted EBITDA variance,” Casella said. “Excluding these explainable negative impacts and divestiture transaction costs in the quarter that were not allocated to discontinued operations, Adjusted EBITDA was down $0.8 million year-over-year.””Since last quarter our team has done an excellent job completing important long-term strategic goals aimed at improving our balance sheet today and better positioning us for the future,” Casella said. “These strategic accomplishments include:”We successfully divested our non-integrated recycling facilities for $134.1 million, with net proceeds of approximately $120.0 million used to permanently pay-off our Term Loan B.”We refinanced our $195.0 million 9.75% Senior Subordinated Notes due 2013 with new $200.0 million 7.75% Senior Subordinated Notes due 2019, yielding significant interest savings.”We acquired a municipal solid waste landfill in McKean County, PA out of bankruptcy proceedings for $0.5 million in cash and the assumption of certain contractual obligations.”Nine Months Financial ResultsFor the nine months ended January 31, 2011, revenues were $356.5 million, up $11.6 million or 3.4 percent over the same period last year. Operating income was $31.2 million for the nine month period, up $6.1 million from the same period last year, including a $3.5 million gain on sale of assets. The company’s net loss applicable to common shareholders was ($10.4) million, or ($0.40) per common share for the nine month period, compared to ($8.7) million, or ($0.34) per share for the same period last year. Adjusted EBITDA was $84.5 million for the nine month period, up $2.4 million from same period last year. While the actual completion of the divestiture of the non-integrated recycling assets occurred during the fourth quarter on March 1, 2011, the third quarter and nine month year to date results reflect discontinued operations treatment for these assets in accordance with GAAP.Fiscal 2011 OutlookThe following ranges reflect updated guidance for fiscal year 2011, including discontinued operations treatment for the divestiture of the non- integrated recycling facilities in the fourth quarter. Revenues between $460.0 million and $468.0 million;Adjusted EBITDA* between $102.0 million and $106.0 million; andCapital expenditures between $51.0 million and $55.0 million.In recognition of the value created through the successful divestiture of the non-integrated recycling assets and the steps taken to recapitalize our balance sheet at lower interest rates, the board approved a $3.5 million discretionary bonus to management, which is reflected in the above guidance. Management will not receive a cash incentive bonus in addition to this discretionary bonus for this fiscal year. Since bonuses were not accrued for during the 9 months year-to-date period, the discretionary bonus will be fully expensed in the fourth quarter. We plan to announce fiscal year 2012 guidance on our year end conference call in June.*Non-GAAP Financial MeasuresIn addition to disclosing financial results prepared in accordance with Generally Accepted Accounting Principles (GAAP), the company also discloses earnings before interest, taxes, depreciation and amortization, adjusted for accretion, depletion of landfill operating lease obligations, severance and reorganization charges, a goodwill impairment charge, an environmental remediation charge as well as development project charges (Adjusted EBITDA) 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, less payments on landfill operating leases, less assets acquired through financing leases, plus proceeds from sales of property and equipment, 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 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. Management uses 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 and Free Cash Flow to investors, in addition to corresponding income statement and cash flow statement measures, provides investors the benefit of viewing our 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. 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, generally accepted accounting principles in the U.S. Adjusted EBITDA and Free Cash Flow should not be considered in isolation from or as a substitute for financial information presented in accordance with generally accepted accounting principles in the U.S., and may be different from Adjusted EBITDA 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, contact Ned Coletta, vice president of finance and investor relations at (802) 772-2239, or Ed Johnson, chief financial officer at (802) 772-2241, or visit the company’s website at http://www.casella.com(link is external).Conference call to discuss third quarterCasella will host a conference call to discuss these results on Wednesday, March 2, 2011 at 10:00 a.m. ET. Individuals interested in participating in the call should dial (877) 548-9590 or (720) 545-0037 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(link is external) and follow the appropriate link to the webcast. A replay of the call will be available on the website, or by calling (800) 642-1687 or (706) 645-9291 (passcode 44979174) until 11:59 p.m. ET on Thursday, March 10, 2011.Safe Harbor StatementCertain 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 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 Form 10-K for the year ended April 30, 2010.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 Nine Months Ended ———————- ———————- January 31, January 31, January 31, January 31, 2011 2010 2011 2010 ———- ———- ———- ———-Revenues $ 111,627 $ 109,884 $ 356,515 $ 344,947Operating expenses: Cost of operations 76,933 73,724 237,584 226,986 General and administration 14,832 14,900 46,446 43,554 Depreciation and amortization 13,573 13,850 44,776 49,327 Gain on sale of assets – – (3,502) – ———- ———- ———- ———- 105,338 102,474 325,304 319,867 ———- ———- ———- ———-Operating income 6,289 7,410 31,211 25,080Other expense/(income), net: Interest expense, net 12,174 12,520 36,603 33,657 (Gain) loss from equity method investment (102) (73) 2,536 1,305 Loss on debt modification 115 – 115 511 Other income (78) (195) (490) (487) ———- ———- ———- ———- 12,109 12,252 38,764 34,986 ———- ———- ———- ———-Loss from continuing operations before income taxes and discontinued operations (5,820) (4,842) (7,553) (9,906)Provision for income taxes 1,079 572 2,139 941 ———- ———- ———- ———-Loss from continuing operations before discontinued operations (6,899) (5,414) (9,692) (10,847)Discontinued Operations: Income from discontinued operations, net of income taxes (1) 1,902 799 1,255 1,814 (Loss) income on disposal of discontinued operations, net of income taxes (1) (1,368) 239 (1,984) 328 ———- ———- ———- ———-Net loss applicable to common stockholders $ (6,365) $ (4,376) $ (10,421) $ (8,705) ========== ========== ========== ==========Common stock and common stock equivalent shares outstanding, assuming full dilution 26,115 25,748 26,026 25,705 ========== ========== ========== ==========Net loss per common share $ (0.24) $ (0.17) $ (0.40) $ (0.34) ========== ========== ========== ==========Adjusted EBITDA (2) $ 22,408 $ 24,040 $ 84,487 $ 82,089 ========== ========== ========== ========== CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) January 31, April 30, ASSETS 2011 2010 ———– ———CURRENT ASSETS: Cash and cash equivalents $ 5,531 $ 2,035 Restricted cash 76 76 Accounts receivable – trade, net of allowance for doubtful accounts 47,603 51,370 Other current assets 29,998 28,583 ———– ———Total current assets 83,208 82,064Property, plant and equipment, net of accumulated depreciation 455,265 457,670Goodwill 100,430 100,430Intangible assets, net 2,221 2,404Restricted assets 317 228Investments in unconsolidated entities 39,228 40,965Other non-current assets 64,490 71,053 ———– ———Total assets $ 745,159 $ 754,814 =========== ========= LIABILITIES AND STOCKHOLDERS’ EQUITYCURRENT LIABILITIES: Current maturities of long-term debt and capital leases $ 2,411 $ 1,929 Current maturities of financing lease obligations 311 1,045 Accounts payable 34,859 35,056 Other accrued liabilities 49,263 52,050 ———– ———Total current liabilities 86,844 90,080Long-term debt and capital leases, less current maturities 562,998 556,130Financing lease obligations, less current maturities 2,236 7,902Other long-term liabilities 49,665 50,406Stockholders’ equity 43,416 50,296 ———– ———Total liabilities and stockholders’ equity $ 745,159 $ 754,814 =========== ========= CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) Nine Months Ended ———————- January 31, January 31, 2011 2010 ———- ———- Cash Flows from Operating Activities: Net loss $ (10,421) $ (8,705) (Income) from discontinued operations, net (1,255) (1,814) Loss (income) on disposal of discontinued operations, net 1,984 (328) Adjustments to reconcile net loss to net cash provided by operating activities – Gain on sale of assets (3,502) – Gain on sale of equipment (399) (1,099) Depreciation and amortization 44,776 49,327 Depletion of landfill operating lease obligations 6,013 4,936 Interest accretion on landfill and environmental remediation liabilities 2,487 2,668 Amortization of premium on senior notes (584) (540) Amortization of discount on term loan and second lien notes 1,650 1,141 Loss from equity method investments 2,536 1,305 Loss on debt modification 115 511 Stock-based compensation 2,052 1,598 Excess tax benefit on the vesting of stock options (122) – Deferred income taxes 1,827 2,016 Changes in assets and liabilities, net of effects of acquisitions and divestitures (1,903) (7,314) ———- ———- 54,946 54,549 ———- ———- Net Cash Provided by Operating Activities 45,254 43,702 ———- ———- Cash Flows from Investing Activities: Additions to property, plant and equipment – growth (1,175) (2,914) – maintenance (40,268) (35,532) Payments on landfill operating lease contracts (4,977) (7,803) Proceeds from divestiture 7,533 – Proceeds from sale of equipment 631 2,782 Investment in unconsolidated entities – (20) ———- ———- Net Cash Used In Investing Activities (38,256) (43,487) ———- ———- Cash Flows from Financing Activities: Proceeds from long-term borrowings 134,100 450,644 Principal payments on long-term debt (132,957) (440,033) Payment of financing costs (340) (14,072) Proceeds from exercise of stock options 412 260 Excess tax benefit on the vesting of restricted stock 122 – ———- ———- Net Cash Provided By (Used In) Financing Activities 1,337 (3,201) ———- ———- Cash (Used In) Provided By Discontinued Operations (4,839) 3,319 ———- ———- Net increase in cash and cash equivalents 3,496 333 Cash and cash equivalents, beginning of period 2,035 1,838 ———- ———- Cash and cash equivalents, end of period $ 5,531 $ 2,171 ========== ========== Supplemental Disclosures: Cash interest $ 32,381 $ 25,746 Cash income taxes, net of refunds $ 142 $ 345 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (In thousands)Note 1: Discontinued OperationsOn January 23, 2011 we entered into a purchase and sale agreement andrelated agreements to sell select non-integrated FCR recycling assets andselect intellectual property assets to a new company formed by PegasusCapital Advisors, L.P. and Intersection, LLC (the “Purchaser”) for $134,100in gross proceeds (the “FCR Divestiture”). This resulted in a loss ondisposal of discontinued operations (net of tax) of $1,404 and $2,020 inthe three and nine months ended January 31, 2011, respectively. Income fromdiscontinued operations (net of tax) for the three and nine months endedJanuary 31, 2011 and 2010 amounted to $2,115, $1,017, $2,098 and $2,152,respectively.We completed the divestiture of the assets of our FCR Trilogy Glassoperation in the third quarter of fiscal year 2011 for $1,840 in cash.This resulted in a gain on disposal of discontinued operations amounting to$36 (net of tax) in the three and nine months ended January 31, 2011. Lossfrom discontinued operations (net of tax) for the three and nine monthsended January 31, 2011 and 2010 amounted to $213, $205, $844 and $551,respectively.In fiscal year 2010, we completed divestitures and closed operationsresulting in a gain on disposal of discontinued operations (net of tax)amounting to $239 and $328 in the three and nine months ended January 31,2010, respectively.The operating results of these operations for the three and nine monthsended January 31, 2011 and 2010 have been reclassified from continuing todiscontinued operations in our consolidated financial statements. Revenuesand income before income tax benefit attributable to discontinuedoperations for the three and nine months ended January 31, 2011 and 2010are as follows: Three Months Ended Nine Months Ended January 31, January 31, ——————- ——————- 2011 2010 2011 2010 ——— ——— ——– ———Revenues $ 20,159 $ 16,446 $ 56,122 $ 48,217Income (loss) before income taxes $ 491 $ 1,397 $ (771) $ 3,215 ——— ——— ——– ———Note 2: Non – GAAP Financial MeasuresIn addition to disclosing financial results prepared in accordance withGenerally Accepted Accounting Principles (GAAP), we also disclose earningsbefore interest, taxes, depreciation and amortization, adjusted foraccretion, depletion of landfill operating lease obligations, severance andreorganization charges, goodwill impairment charges, environmentalremediation charges as well as development project charges (AdjustedEBITDA) which is a non-GAAP measure. We also disclose Free Cash Flow,which is defined as net cash provided by operating activities, less capitalexpenditures, less payments on landfill operating leases, less assetsacquired through financing leases, plus proceeds from sales of property andequipment, which is a non-GAAP measure. Adjusted EBITDA is reconciled toNet loss, while Free Cash Flow is reconciled to Net Cash Provided byOperating Activities.We present Adjusted EBITDA and Free Cash Flow because we consider themimportant supplemental measures of our performance and believe they arefrequently used by securities analysts, investors and other interestedparties in the evaluation of our results. Management uses these non-GAAPmeasures to further understand our “core operating performance.” We believeour “core operating performance” represents our on-going performance in theordinary course of operations. We believe that providing Adjusted EBITDAand Free Cash Flow to investors, in addition to corresponding incomestatement and cash flow statement measures, provides investors the benefitof viewing our performance using the same financial metrics that themanagement team uses in making many key decisions and understanding how thecore business and its results of operations may look in the future. Wefurther believe that providing this information allows our investorsgreater transparency and a better understanding of our core financialperformance. In addition, the instruments governing our indebtedness useEBITDA (with additional adjustments) to measure our compliance withcovenants such as interest coverage, leverage and debt incurrence.Non-GAAP financial measures are not in accordance with, or an alternativefor, GAAP in the U.S. Adjusted EBITDA and Free Cash Flow should not beconsidered in isolation from or as a substitute for financial informationpresented in accordance with GAAP in the U.S., and may be different fromAdjusted EBITDA or Free Cash Flow presented by other companies.Following is a reconciliation of Adjusted EBITDA to Net Loss: Three Months Ended Nine Months Ended ——————– ——————– January January January January 31, 2011 31, 2010 31, 2011 31, 2010 ——— ——— ——— ———Net Loss Applicable to Common Stockholders $ (6,365) $ (4,376) $ (10,421) $ (8,705) Income from discontinued operations, net (1,902) (799) (1,255) (1,814) Loss (income) on disposal of discontinued operations, net 1,368 (239) 1,984 (328) Provision for income taxes 1,079 572 2,139 941 Interest expense, net 12,174 12,520 36,603 33,657 Depreciation and amortization 13,573 13,850 44,776 49,327 Other (income) expense, net (65) (268) 2,161 1,329 Severance and reorganization charges – 78 – 78 Depletion of landfill operating lease obligations 1,714 1,771 6,013 4,936 Interest accretion on landfill and environmental remediation liabilities 832 931 2,487 2,668 ——— ——— ——— ———Adjusted EBITDA (2) $ 22,408 $ 24,040 $ 84,487 $ 82,089 ========= ========= ========= =========Following is a reconciliation of Free Cash Flow to Net Cash Provided byOperating Activities: Three Months Ended Nine Months Ended ——————– ——————– January January January January 31, 2011 31, 2010 31, 2011 31, 2010 ——— ——— ——— ———Net Cash Provided by Operating Activities $ 8,804 $ 7,232 $ 45,254 $ 43,702Capital expenditures (10,669) (6,284) (41,443) (38,446)Payments on landfill operating lease contracts (2,727) (3,265) (4,977) (7,803)Proceeds from divestiture and sale of property and equipment 143 285 8,164 2,782Assets acquired through financing leases – (404) – (404) ——— ——— ——— ———Free Cash Flow (2) $ (4,449) $ (2,436) $ 6,998 $ (169) ========= ========= ========= ========= CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES SUPPLEMENTAL DATA TABLES (Unaudited) (In thousands)Amounts of our total revenues attributable to services provided for thethree and nine months ended January 31, 2011 and 2010 are as follows: Three Months Ended January 31, —————————————— % of % of Total Total 2011 Revenue 2010 Revenue ——— ——— ——— ———Collection $ 48,068 43.0% $ 49,127 44.7%Disposal 23,610 21.2% 23,992 21.8%Power/LFGTE 7,170 6.4% 7,314 6.7%Processing and recycling 13,962 12.5% 12,602 11.5% ——— ——— ——— ———Solid waste operations 92,810 83.1% 93,035 84.7%Major accounts 9,906 8.9% 9,414 8.5%Recycling 8,911 8.0% 7,435 6.8% ——— ——— ——— ———Total revenues $ 111,627 100.0% $ 109,884 100.0% ========= ========= ========= ========= Nine Months Ended January 31, —————————————— % of % of Total Total 2011 Revenue 2010 Revenue ——— ——— ——— ———Collection $ 152,628 42.8% $ 155,587 45.1%Disposal 84,240 23.6% 82,367 23.9%Power/LFGTE 19,156 5.4% 20,842 6.0%Processing and recycling 43,424 12.2% 36,379 10.5% ——— ——— ——— ———Solid waste operations 299,448 84.0% 295,175 85.5%Major accounts 30,447 8.5% 28,901 8.4%Recycling 26,620 7.5% 20,871 6.1% ——— ——— ——— ———Total revenues $ 356,515 100.0% $ 344,947 100.0% ========= ========= ========= =========Components of revenue growth for the three months ended January 31, 2011compared to the three months ended January 31, 2010: % of % of % of Related Solid Waste Total Amount Business Operations Company ——— ——— ——— ———Solid Waste Operations:Collection $ 238 0.5% 0.3% 0.2%Disposal 171 0.7% 0.2% 0.2%Power/LFGTE (314) -4.3% -0.4% -0.3%Processing and recycling 59 0.5% 0.1% 0.0% ——— ——— ———Solid Waste Yield 154 0.2% 0.1%Volume 2,131 2.3% 1.9%Commodity price & volume 147 0.2% 0.1%Fuel surcharges 75 0.1% 0.1%Acquisitions & divestitures (1,476) -1.6% -1.3%Closed landfill (1,255) -1.4% -1.1% ——— ——— ———Total Solid Waste (224) -0.2% -0.2% ========= ========= =========Major Accounts 492 0.4% ========= =========Recycling Operations: % of Recycling Operations ———Commodity price 2,075 27.9% 1.9%Commodity volume (599) -8.0% -0.5% ——— ——— ———Total Recycling 1,476 19.9% 1.4% ========= ========= ========= ——— ———Total Company $ 1,743 1.6% ========= =========Solid Waste Internalization Rates by Region: Three Months Ended Nine Months Ended January 31, January 31, ——————– ——————– 2011 2010 2011 2010 ——— ——— ——— ———Eastern region 58.0% 61.0% 54.4% 52.5%Central region 81.5% 78.7% 81.8% 77.5%Western region 58.4% 65.1% 64.4% 68.4%Solid waste internalization 65.6% 66.8% 65.2% 65.0% CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES SUPPLEMENTAL DATA TABLES (Unaudited) (In thousands)GreenFiber Financial Statistics – as reported (1): Three Months Ended Nine Months Ended January 31, January 31, —————— —————— 2011 2010 2011 2010 ——– ——– ——– ——–Revenues $ 28,470 $ 32,528 $ 66,488 $ 82,545Net income (loss) 205 146 (5,071) (2,610)Cash flow from operations 434 (749) (2,604) 5,241Net working capital changes (2,324) (3,719) (5,016) (1,092)Adjusted EBITDA $ 2,758 $ 2,970 $ 2,412 $ 6,333As a percentage of revenue:Net income (loss) 0.7% 0.4% -7.6% -3.2%Adjusted EBITDA 9.7% 9.1% 3.6% 7.7%(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 Nine Months Ended January 31, January 31, —————— ——————- 2011 2010 2011 2010 ——– ——– ——– ———Growth Capital Expenditures: Landfill Development $ 182 $ – $ 409 $ 1,026 Other 4 280 766 1,888 ——– ——– ——– ———Total Growth Capital Expenditures 186 280 1,175 2,914 ——– ——– ——– ———Maintenance Capital Expenditures: Vehicles, Machinery / Equipment and Containers 4,390 904 14,677 8,794 Landfill Construction & Equipment 5,040 4,147 22,870 23,469 Facilities 704 737 1,852 2,586 Other 349 216 869 683 ——– ——– ——– ———Total Maintenance Capital Expenditures 10,483 6,004 40,268 35,532 ——– ——– ——– ———Total Capital Expenditures $ 10,669 $ 6,284 $ 41,443 $ 38,446 ======== ======== ======== =========(1) Our capital expenditures are broadly defined as pertaining to eithergrowth or maintenance activities. Growth capital expenditures are definedas costs related to development of new airspace, permit expansions, newrecycling contracts along with incremental costs of equipment andinfrastructure added to further such activities. Growth capitalexpenditures include the cost of equipment added directly as a result ofnew business as well as expenditures associated with increasinginfrastructure to increase throughput at transfer stations and recyclingfacilities. Maintenance capital expenditures are defined as landfill cellconstruction costs not related to expansion airspace, costs for normalpermit renewals and replacement costs for equipment due to age orobsolescence. CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except amounts per share) Three Months Ended ———————————————————- October July 31, April 30, January October July 31, 31, 2010 2010 2010 31, 2010 31, 2009 2009 ——– ——– ——– ——– ——– ——–Revenues $122,895 $121,992 $112,695 $109,884 $118,035 $117,028Operating expenses: Cost of operations 79,313 81,338 76,413 73,724 76,151 77,111 General and administration 15,697 15,916 14,001 14,900 13,769 14,885 Depreciation and amortization 15,620 15,584 14,291 13,850 17,148 18,329 Gain on sale of assets – (3,502) – – – – Environmental remediation charge – – 335 – – – 110,630 109,336 105,040 102,474 107,068 110,326 ——– ——– ——– ——– ——– ——–Operating income 12,265 12,656 7,655 7,410 10,968 6,702Other expense/(income), net: Interest expense, net 12,146 12,282 12,364 12,520 12,636 8,502 Loss (gain) from equity method investment 506 2,132 1,385 (73) 159 1,219 Loss on debt modification – – – – – 511 Other income (318) (94) (359) (195) (247) (45) ——– ——– ——– ——– ——– ——– 12,334 14,320 13,390 12,252 12,548 10,187 ——– ——– ——– ——– ——– ——–Loss from continuing operations before income taxes and discontinued operations (69) (1,664) (5,735) (4,842) (1,580) (3,485)Provision for income taxes 281 779 563 572 284 84 ——– ——– ——– ——– ——– ——–Loss from continuing operations before discontinued operations (350) (2,443) (6,298) (5,414) (1,864) (3,569)Discontinued Operations: (Loss) income from discontinued operations, net of income taxes (240) (407) 293 799 265 750 (Loss) income on disposal of discontinued operations, net of income taxes (564) (51) 852 239 48 41 ——– ——– ——– ——– ——– ——–Net loss applicable to common stockholders $ (1,154) $ (2,902) $ (5,153) $ (4,376) $ (1,551) $ (2,778) ======== ======== ======== ======== ======== ========Common stock and common stock equivalent shares outstanding, assuming full dilution 26,058 25,905 25,810 25,748 25,733 25,688 ======== ======== ======== ======== ======== ========Net loss per common share $ (0.04) $ (0.11) $ (0.20) $ (0.17) $ (0.06) $ (0.11) ======== ======== ======== ======== ======== ========Adjusted EBITDA $ 30,804 $ 31,276 $ 25,158 $ 24,040 $ 30,539 $ 27,510 ======== ======== ======== ======== ======== ======== Following is a reconciliation of Adjusted EBITDA to Net Loss: Three Months Ended ———————————————————- October July 31, April 30, January October July 31, 31, 2010 2010 2010 31, 2010 31, 2009 2009 ——– ——– ——– ——– ——– ——–Net Loss Applicable to Common Stock Holders $ (1,154) $ (2,902) $ (5,153) $ (4,376) $ (1,551) $ (2,778) Income from discontinued operations, net 240 407 (293) (799) (265) (750) Loss (income) on disposal of discontinued operations, net 564 51 (852) (239) (48) (41) Provision for income taxes 281 779 563 572 284 84 Interest expense, net 12,146 12,282 12,364 12,520 12,636 8,502 Depreciation and amortization 15,620 15,584 14,291 13,850 17,148 18,329 Other expense (income), net 188 2,038 1,026 (268) (88) 1,685 Environmental remediation charge – – 335 – – – Severance and reorganization charges – – 107 78 – – Depletion of landfill operating lease obligations 2,107 2,192 1,931 1,771 1,645 1,520 Interest accretion on landfill and environmental remediation liabilities 812 844 839 931 778 959 ——– ——– ——– ——– ——– ——–Adjusted EBITDA (2) $ 30,804 $ 31,276 $ 25,158 $ 24,040 $ 30,539 $ 27,510 ======== ======== ======== ======== ======== ======== read more