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Casella Waste Systems, Inc. (CWST) announced its financial results on Wednesday for the first quarter ended July 31, 2009.
The Company reported revenues of $135.9 million, down $22.0 million or 14.0 percent from the same quarter last year. Approximately 63 percent of the decline was due to a drop in processing and recycling revenues, down $13.8 million from the same quarter last year primarily as the result of lower commodity prices. Free cash flow for the quarter was $5.1 million, up $12.7 million from the same quarter last year.
The Company's net loss applicable to common shareholders was ($2.8) million, or ($0.11) per common share in the quarter, compared to net income of $2.2 million, or $0.08 per share for the same quarter last year. This missed analysts' estimates for a loss of ($0.02) per share.
John Casella, Chairman and CEO of Casella Waste Systems, commented in a conference call, "Our business continues to perform well in this economic downturn. The solid waste group is generating strong cash flows and the recycling group is benefiting from a moderate strengthening in commodity prices. Through the first three months of the fiscal year, we are tracking well against our FY10 guidance ranges. Revenues are slightly lower than planned, with landfill/transfer revenues weaker and recycling revenues stronger."
He added, "We have the capital structure in place to allow us to execute our immediate strategy to reduce debt leverage and increase shareholder returns. Over the next 3-5 years, we have targeted a leverage of 3 to 3.5 times debt-to-EBITDA."
James Bohlig, SVP and Chief Development Officer, concluded, "Over the balance of the year, we expect to see positive benefits from commodity price increases. We expect to see flat to rising volumes as the economy recovers."
He added, "We also believe that the current $5 billion federal stimulus package, which has now been distributed to the states, will begin to impact our business platform."
Casella Waste Systems reconfirmed its June 15, 2009 estimated guidance ranges for revenues between $510.0 million and $530.0 million; Free Cash Flow between $0.0 million and $6.0 million; and Capital Expenditures between $48.0 million and $54.0 million.
The Company now expects FY10 adjusted EBITDA between $120.0 million and $126.0 million, reflecting the non-cash add-back of approximately $9.0 million of accretion and depletion of landfill operating leases to the original EBITDA guidance range of $111.0 million to $117.0 million.
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