Casella reports quarter results, revenues up

first_imgCASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESRECONCILIATION OF CERTAIN NON-GAAP MEASURES(Unaudited)(In thousands) 593 Deferred income taxes284 106,276 2016 49.2%Western region73.2% Adjusted Net Income (Loss) Attributable to Common Stockholders$10,801 Price2,277 $144,670 $35,585 $270,103 41,064 $— Operating expenses: 9.8%Recycling32,846 (363) 2016 $631,512 2016 $59,229 Depreciation and amortization15,868 $5,195 12,663 9.5% 185,606 1.7% 0.7%Solid Waste Price2,809 Three Months Ended June 30, 18,084 — 1.6%Volume1,118 1,622 2016 15,596 53.0% Other non-current assets13,612 Total current liabilities78,044 0.5% 25.5% Facilities585 (13,612) Six Months EndedJune 30, 593 Following is a reconciliation of Adjusted Net Income (Loss) Attributable to Common Stockholders to Net (loss) income attributable to common stockholders: — — $18,394 (405) Six Months Ended June 30, 64,114 Adjusted Diluted Weighted Average Common Shares Outstanding42,948 2017 2016Net cash provided by operating activities$29,333 5,422 (53,489) 44,997 Other534 $2,544 0.7%Total Recycling3,395 — 2,720 (504)Loss on debt extinguishment46 (2,439)Acquisition related additions to property, plant and equipment(176) (3) 41,698 % of SolidWasteOperations Other current assets14,202 Diluted earnings per common share$(1.28) $0.14 8.7%Total revenues$287,818 71.0% Other expense (income): (2,422)Less: Net loss attributable to noncontrolling interests— $866 1.2%Processing3,796 19,911 Change in restricted cash— — 1,165 $121,536 $24,372 (Loss) income before income taxes(53,281) Cash and cash equivalents, end of period$2,685 (0.1)% In June 2017, we initiated the plan to cease operations of our Southbridge landfill. Accordingly, in the three months ended June 30, 2017, we recorded a charge associated with the closure of our Southbridge landfill as follows: December 31,2016ASSETS(Unaudited) 41,064 Accounts receivable – trade, net of allowance for doubtful accounts65,766 (0.9)%Provision for income taxes394 20.6% 43.8% $0.12 (520)Southbridge landfill non-cash closure charge (1)63,526 Total current assets82,653 Three Months EndedJune 30, Following is a reconciliation of Adjusted EBITDA and Adjusted Operating Income to Net (loss) income: 2,493 $(0.05) $47,999 23,454 $(53,900) 545 —% Cost method investments12,333 199,060 LIABILITIES AND STOCKHOLDERS’ DEFICIT 30,255 Total assets$588,877 2016 0.4% (24,550)Total liabilities and stockholders’ deficit$588,877 Tax effect (i)316 Property, plant and equipment, net of accumulated depreciation and amortization349,345 Changes in assets and liabilities, net of effects of acquisitions and divestitures(10,382) 0.4% % ofRelatedBusiness $5,195 — 11,457 73.7%Organics20,219 Non-current assets obtained through long-term obligations$2,813 — 13,407 General and administration18,794 1,939 Three Months EndedJune 30, (2,341)Provision for income taxes394 Six Months EndedJune 30, 60.9% 517 Net (loss) income(53,675) $1,955 19,870 303 517 4,443 $0.26 Six Months EndedJune 30, Amortization of debt issuance costs and discount on long-term debt1,320 (28,306)Cash Flows from Financing Activities: (38)Additions to property, plant and equipment(24,372) $63,685 2016Diluted earnings per common share$(1.28) 7,670 0.9%Recycling Operations: Loss on debt extinguishment517 Following is a reconciliation of Free Cash Flow and Normalized Free Cash Flow to Net cash provided by operating activities: 74.3%Solid waste internalization63.7% 588 $33,861 957 1,002 Restricted assets1,065 19,870 Other income(326) 81 $5,192 71,637 (i) The aggregate tax effect of the adjustments, including any impact of deferred tax adjustments. (15,802) 8,341 Depletion of landfill operating lease obligations2,409 126,000 328,532 27.2%Power generation1,554 7,344 4 75.6% Legal and transaction costs (4)588 2.3%Total Company$9,346 — 598 (4,173) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESSUPPLEMENTAL DATA TABLES(Unaudited)(In thousands) 1.4% 896 41,598 1.0% Proceeds from long-term borrowings117,000 3,150 0.01 $203 2016 Net cash used in financing activities(9,831) Other income(326) 1,782 72.8% June 30,2017 CURRENT ASSETS: 3,167 $15,596 Project development charge (2)9,148 2017 Intangible assets, net8,169 (1,939) 119,899 1.2%Disposal1,015 95,188 Goodwill121,700 $(0.06) Net loss$(53,900) 2017 Depreciation and amortization29,717 4,173 526 $(1,864)Diluted weighted average common shares outstanding41,811 — Free Cash Flow$11,693 32,743 12,663 (3,177) 64,114 — 64,114 — 9,148 0.3%Acquisitions, net divestitures535 Six Months EndedJune 30, $(1.29) Replacement Capital Expenditures: 2017 2016Net (loss) income$(53,675) $(2,413)Basic weighted average common shares outstanding41,811 $(2,422)Net (loss) income as a percentage of revenues(34.9)% (1,782)Adjusted Operating Income$16,835 Cost of operations102,519 7,696 Cash and cash equivalents$2,685 44.0%Disposal42,172 411 Principal payments on long-term debt(126,238) $11,049 1.53 0.9% (7,209)Net increase in cash and cash equivalents141 $— 15,802 8.4%Customer solutions14,629 Interest expense, net6,282 1.7% 545 (18.7)% $(1.29) — 17,570 — Interest accretion on landfill and environmental remediation liabilities1,939 Six Months EndedJune 30, 13,528 82,426 1.3%Solid waste operations112,171 (310)Proceeds from the exercise of share based awards858 14,848 Adjusted Diluted Earnings Per Common Share$0.25 30,255 2017 7.8%Customer solutions28,452 Three Months EndedJune 30, 2017 $18,021 % of RecyclingOperations (2,826) 4 Three Months EndedJune 30, (23,460)Payments on landfill operating lease contracts(3,177) 20.0%Depreciation and amortization(15,868) 5,192 6.5% Interest expense, net6,282 1.2%Processing36 70center_img (363) 2017 $18,021 $0.26 (3,326)Proceeds from sale of property and equipment298 $23,400 1.0%Solid waste operations206,301 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(In thousands, except for per share data) — 8.1% Six Months EndedJune 30, Southbridge landfill closure charge (1)64,114 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(In thousands) 9.3%Recycling16,211 2.6% — 0.02 4.1%Organics(1,166) $40,009 (2,502)Net cash provided by operating activities40,009 $(2,413)Loss on debt extinguishment46 Depreciation and amortization15,868 45.0%Disposal73,454 2017 Total Replacement Capital Expenditures14,765 Current maturities of long-term debt and capital leases$5,016 Basic earnings per common share$(1.28) Solid waste internalization rates by region for the three and six months ended June 30, 2017 and 2016 are as follows: 1.3% 41,132 — $9,756 2,312 1,132 Long-term debt and capital leases, less current maturities497,592 230 9,944 Gain on sale of property and equipment(97) 10.5% 12,333 2.1% $5,792 Components of revenue growth for the three months ended June 30, 2017 compared to the three months ended June 30, 2016 are as follows: 36,672 Supplemental Disclosure of Cash Flow Information: Dilutive effect of options and restricted / performance stock units1,137 1,460 Cash Flows from Investing Activities: $0.14 $(53,900) Three Months EndedJune 30, Amounts of total revenues attributable to services provided for the three and six months ended June 30, 2017 and 2016 are as follows: 2016Cash Flows from Operating Activities: (40,714) 382 2017 100.0% 2017 $(0.06)Loss on debt extinguishment— 2,079 Cash and cash equivalents, beginning of period2,544 Depletion of landfill operating lease obligations4,173 $(0.05) 0.01 Cash income taxes, net of refunds$189 Southbridge landfill closure charge1.52 (29,717) 1.0%Processing2,137 7.0% 26,483 — (0.8)%Customer Solutions1,222 — — $64,114 61,196 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands) $9,756 588 $2,116 % of TotalRevenue 517 3.6% Note 1:  Southbridge Landfill Closure Charge Accounts payable43,539 Interest accretion on landfill and environmental remediation liabilities974 2017 $4,686 26.5% — Landfill closure, site improvement and remediation expenditures (i)588 252,533 Loss on debt extinguishment46 $13,612 (30,255)Depletion of landfill operating lease obligations(2,409) Components of capital expenditures (ii) for the three and six months ended June 30, 2017 and 2016 are as follows: 29,717 2016 (1)We performed a test of recoverability under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360, which indicated that the carrying value of our asset group that includes the Southbridge landfill was no longer recoverable and, as a result, the asset group was assessed for impairment with an impairment charge allocated to the long-lived assets of Southbridge landfill in accordance with FASB ASC 360.(2)We wrote-off deferred costs associated with landfill permitting activities no longer deemed viable.(3)We recorded an environmental remediation charge associated with the future installation of a municipal waterline.(4)We incurred legal and other transaction costs associated with various matters as part of the Southbridge landfill closure. Operating (loss) income(47,279) 150 Casella Waste Systems Inc,Vermont Business Magazine Casella Waste Systems, Inc (NASDAQ:CWST(link is external)), a regional solid waste, recycling and resource management services company based in Rutland, on Wednesday reported its financial results for the three-month period ended June 30, 2017. In addition, the company expects its revenue, Adjusted EBITDA*, and Normalized Free Cash Flow* results to be towards the upper-end of its previously announced guidance ranges for the fiscal year ending December 31, 2017. Shares were down about 5 percent Thursday to $15.79 in early trading (52-week range: $8.75 – $17.73).Highlights for the Three Months Ended June 30, 2017:Revenues were $154.0 million for the quarter, up $9.3 million, or 6.5%, from the same period in 2016.Net loss was $(53.7) million for the quarter, as compared to net income of $5.2 million for the same period in 2016. The Company recognized a $64.1 million Southbridge landfill closure charge during the quarter.Adjusted Net Income (Loss) Attributable to Common Stockholders* was $10.8 million for the quarter, as compared to $5.8 million for the same period in 2016.Adjusted EBITDA was $36.1 million for the quarter, up $1.3 million, or 3.7%, from the same period in 2016.Operating loss was $(47.3) million for the quarter, as compared to operating income of $15.6 million for the same period in 2016.Adjusted Operating Income* was $16.8 million for the quarter, up $1.2 million, or 7.9%, from the same period in 2016.Overall solid waste pricing for the quarter was up 2.6%, driven by strong landfill pricing up 3.0% and robust residential and commercial collection pricing up 3.0%.“Our team has worked hard over the last 14 years to develop an environmentally sound disposal facility in Southbridge to serve the needs of our customers throughout Massachusetts,” said John W. Casella, Chairman and CEO of Casella Waste Systems, Inc. “However, given the innumerable regulatory and political roadblocks we have faced over the last three years as we have worked to develop additional capacity at the site, and expect we would continue to face, we do not believe that further development at the existing landfill site will generate an adequate risk adjusted return. As such, during the second quarter we adopted a plan to close the Southbridge landfill when the current permitted airspace is fully consumed, with the site expected to close by December 31, 2018.”“We had a solid operational quarter, as we continued to execute well against our key management strategies despite several uncontrollable cost headwinds,” Casella said. “We remain focused on creating shareholder value through increasing landfill returns, improving collection profitability, creating incremental value through resource solutions, improving returns in our recycling business, and reducing leverage through strict capital discipline and debt repayment. The progress we have made on our strategies clearly drove positive financial results in the second quarter. While operating loss was $(47.3) million, reflecting the impact of the Southbridge landfill closure charge,  Adjusted Operating Income was up $1.2 million year-over-year, or up 7.9%, despite $2.2 million of higher healthcare costs and $1.0 million of higher landfill leachate costs year-over-year as we experienced an exceptionally rainy spring in the northeast.”“From an operating standpoint, our disciplined solid waste pricing programs continued to add value, driven by strong landfill pricing which was up 3.0% and robust residential and commercial pricing which was up 3.0%,” Casella said. “This strong pricing was coupled with 2.1% solid waste volume growth in the second quarter, mainly driven by 4.8% growth in landfill volumes as we continued to source new volumes in the tightening northeastern disposal markets.”“Further, our efforts to reduce operating costs and drive efficiencies continued in the second quarter, with these efforts offset by 117% higher healthcare costs year-over-year,” Casella said. “This substantial increase in our healthcare costs in the second quarter was mainly due to higher than normal large claims activity, and we believe that activity and costs should normalize to our historical averages through the remainder of the year. We have worked hard over the last three years to reduce healthcare inflation and improve our healthcare offerings to our employees. Through these efforts we have experienced roughly 1.2% per year of healthcare inflation as compared to 5 to 7% per year nationally.”For the quarter, revenues were $154.0 million, up $9.3 million, or 6.5%, from the same period in 2016, with revenue growth mainly driven by: robust collection, disposal and recycling commodity pricing; higher collection, disposal, recycling and customer solutions volumes; and the roll-over impact from acquisitions.Net loss attributable to common stockholders was $(53.7) million, or $(1.28) per diluted common share for the quarter, as compared to net income attributable to common stockholders of $5.2 million, or $0.12 per diluted common share for the same period in 2016. Adjusted Net Income Attributable to Common Stockholders was $10.8 million for the quarter, or an Adjusted Diluted Earnings Per Common Share* of $0.25 for the quarter, as compared to Adjusted Net Income Attributable to Common Stockholders of $5.8 million, or an Adjusted Diluted Earnings Per Common Share of $0.14 for the same period in 2016.Operating loss was $(47.3) million for the quarter, as compared to operating income of $15.6 million for the same period in 2016. Adjusted Operating Income was $16.8 million for the quarter, up $1.2 million from the same period in 2016. Adjusted EBITDA was $36.1 million for the quarter, up $1.3 million from the same period in 2016, with growth mainly driven by improved performance in the Company’s disposal and recycling lines-of-business.The Company decided after due consideration of all facts and circumstances before it, that it is no longer likely that further development at the existing landfill site will generate an adequate risk adjusted return at the Southbridge landfill, and that it will accordingly cease operations at the Southbridge landfill when no further capacity is available, expected by no later than December 31, 2018. Accordingly, in the three months ended June 30, 2017, it recorded a charge of $64.1 million associated with the determination that operations would cease at the Southbridge landfill, including an asset impairment charge of $48.0 million related to the asset group that includes Southbridge landfill; a project development charge of $9.1 million related to the write-off of deferred costs associated with landfill permitting activities no longer deemed viable; an environmental remediation charge of $6.4 million associated with the future installation of a municipal waterline; and a charge of $0.6 million for legal and transaction costs associated with various matters as part of the Southbridge landfill closure.Net cash provided by operating activities was $29.3 million for the quarter, as compared to $33.9 million for the same period in 2016. Net cash by operating activities was negatively impacted in the quarter by $(7.9) million of higher cash outflows associated with changes in assets and liabilities year-over-year, with the $(7.1) million of this negative variance driven by a lower interest accrual at June 30th this year as compared to last year. The lower interest accrual is associated with the timing of interest payments, combined with lower average debt balances and changes to the Company’s capitalization structure that resulted in interest expense, net decreasing $(3.7) million from the same period in 2016.Free Cash Flow* was $11.7 million for the quarter, as compared to $18.0 million for the same period in 2016. Normalized Free Cash Flow was $12.3 million for the quarter, as compared to $18.0 million for the same period in 2016.Highlights for the Six Months Ended June 30, 2017:Revenues were $287.8 million year-to-date, up $17.7 million, or 6.6%, from the same period in 2016.Net loss was $(53.9) million year-to-date, an increase in net loss of $(51.5) million, as compared to a net loss of $(2.4) million for the same period in 2016.Adjusted Net Income (Loss) Attributable to Common Stockholders was $11.0 million year-to-date, as compared to $(1.9) million for the same period in 2016.Adjusted EBITDA was $59.2 million year-to-date, up $5.2 million, or 9.6%, from the same period in 2016.Operating loss was $(40.7) million year-to-date, as compared to operating income of $17.6 million for the same period in 2016.Adjusted Operating Income was $23.4 million year-to-date, up $5.8 million, or 33.2%, from the same period in 2016.Net cash provided by operating activities was $40.0 million year-to-date, up $4.4 million from the same period in 2016.Normalized Free Cash Flow was $13.4 million year-to-date, up $3.7 million from the same period in 2016.For the six months ended June 30, 2017, revenues were $287.8 million, up $17.7 million, or 6.6%, from the same period in 2016, mainly driven by robust collection, disposal and recycling pricing; higher collection, commodity, and customer solutions volumes; and the acquisition of two hauling companies, partially offset by lower disposal and organics volumes.Net loss attributable to common stockholders was $(53.9) million, or $(1.29) per diluted common share year-to-date, as compared to $(2.4) million, or $(0.06) per diluted common share for the same period in 2016. Adjusted Net Income Attributable to Common Stockholders was $11.0 million year-to-date, or an Adjusted Diluted Earnings Per Common Share of $0.26 year-to-date, as compared to Adjusted Net Loss Attributable to Common Stockholders of $(1.9) million, or an Adjusted Diluted Earnings Per Common Share of $(0.05) for the same period in 2016.Operating loss was $(40.7) million year-to-date, as compared to operating income of $17.6 million for the same period in 2016. Adjusted Operating Income was $23.4 million year-to-date, up $5.8 million from the same period in 2016. Adjusted EBITDA was $59.2 million year-to-date, up $5.2 million from the same period in 2016.Net cash provided by operating activities was $40.0 million year-to-date, as compared to $35.6 million for the same period in 2016. Free Cash Flow was $12.8 million year-to-date, as compared to $9.8 million for the same period in 2016. Normalized Free Cash Flow was $13.4 million year-to-date, as compared to $9.8 million for the same period in 2016.OutlookGiven the Company’s strong pricing and operational performance during the first six months of the year and increased visibility into the remainder of the year, the Company indicated that it expects its revenue, Adjusted EBITDA, and Normalized Free Cash Flow results to be towards the upper-end of its previously announced guidance ranges for the fiscal year ending December 31, 2017.  The estimated ranges are as follows:Revenues between $577 million and $587 million;Adjusted EBITDA between $124 million and $128 million; andNormalized Free Cash Flow between $32 million and $36 million.The Company does not provide reconciling information of non-GAAP financial measures on a forward-looking basis because such information is not available without an unreasonable effort. The Company believes that such information is not significant to an understanding of its non-GAAP financial measures for forward-looking periods because its methodology for calculating such non-GAAP financial measures is based on sensitivity analysis compared to budget at the business unit level rather than on differences from Generally Accepted Accounting Principles in the United States (“GAAP”) financial measures.Conference call to discuss quarterThe Company will host a conference call to discuss these results on Wednesday, August 2, 2017 at 5:00 p.m. Eastern Time. Individuals interested in participating in the call should dial (877) 838-4153 or for international participants (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 Company’s website, or by calling (855) 859-2056 or (404) 537-3406 (Conference ID 53829727) until 10:00 p.m. ET on August 9, 2017.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, Chief Financial Officer 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(link is external).*Non-GAAP Financial MeasuresIn addition to disclosing financial results prepared in accordance with GAAP, the Company also discloses earnings before interest, taxes, and depreciation and amortization, adjusted for accretion, depletion of landfill operating lease obligations, the Southbridge landfill closure charge, gains on asset sales, development project charge write-offs, contract settlement charges, legal settlement costs, tax settlement costs, bargain purchase gains, asset impairment charges, environmental remediation charges, severance and reorganization costs, expenses from divestiture, acquisition and financing costs, gains on the settlement of acquisition related contingent consideration, fiscal year-end transition costs, proxy contest costs, as well as impacts from divestiture transactions (“Adjusted EBITDA”), which is a non-GAAP financial measure.The Company also discloses earnings before interest and taxes, adjusted for the Southbridge landfill closure charge, gains on asset sales, development project charge write-offs, contract settlement charges, legal settlement costs, tax settlement costs, bargain purchase gains, asset impairment charges, environmental remediation charges, severance and reorganization costs, expenses from divestiture, acquisition and financing costs, gains on the settlement of acquisition related contingent consideration, fiscal year-end transition costs, proxy contest costs, the Southbridge landfill closure charge, as well as impacts from divestiture transactions (“Adjusted Operating Income”), which is a non-GAAP financial measure.The Company also discloses net (loss) income attributable to common stockholders, adjusted for the Southbridge landfill closure charge, gains on asset sales, development project charge write-offs, contract settlement charges, legal settlement costs, tax settlement costs, bargain purchase gains, asset impairment charges, environmental remediation charges, severance and reorganization costs, expenses from divestiture, acquisition and financing costs, gains on the settlement of acquisition related contingent consideration, fiscal year-end transition costs, proxy contest costs, impacts from divestiture transactions, losses on debt modifications, as well as impairment of investments (“Adjusted Net Income (Loss) Attributable to Common Stockholders”), which is a non-GAAP financial measure.The Company also discloses Adjusted Diluted Earnings Per Common Share, which is Adjusted Net Income (Loss) Attributable to Common Stockholders divided by Adjusted Diluted Weighted Average Shares Outstanding, which includes the dilutive effect of options and restricted / performance stock units despite the net (loss) income position during the period.The Company also discloses net cash provided by operating activities, less capital expenditures (excluding acquisition related capital expenditures), less payments on landfill operating lease contracts, plus proceeds from divestiture transactions, plus proceeds from the sale of property and equipment, plus proceeds from property insurance settlement, plus (less) contributions from (distributions to) noncontrolling interest holders (“Free Cash Flow”), which is a non-GAAP financial measure.The Company also discloses Free Cash Flow plus certain cash outflows associated with landfill closure, site improvement and remediation expenditures, plus certain cash outflows associated with new contract and project capital expenditures, (less) plus cash (inflows) outflows associated with certain business dissolutions, plus cash interest outflows associated with the timing of refinancing transactions (“Normalized Free Cash Flow”), which is a non-GAAP financial measure.Adjusted EBITDA and Adjusted Operating Income are reconciled to net (loss) income, while Adjusted Net Income (Loss) Attributable to Common Stockholders is reconciled to net (loss) income attributable to common stockholders, Adjusted Diluted Earnings Per Common Share is reconciled to diluted earnings per common share, and Free Cash Flow and Normalized Free Cash Flow are reconciled to net cash provided by operating activities.The Company presents Adjusted EBITDA, Adjusted Operating Income, Adjusted Net Income (Loss) Attributable to Common Stockholders, Adjusted Diluted Earnings Per Common Share, Free Cash Flow, and Normalized 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 financial measures to further understand its “core operating performance.” The Company believes its “core operating performance” is helpful in understanding its ongoing performance in the ordinary course of operations. The Company believes that providing Adjusted EBITDA, Adjusted Operating Income,  Adjusted Net Income (Loss) Attributable to Common Stockholders, Adjusted Diluted Earnings Per Common Share, Free Cash Flow, and Normalized 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 has performed. 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.Non-GAAP financial measures are not in accordance with or an alternative for GAAP. Adjusted EBITDA, Adjusted Operating Income, Adjusted Net Income (Loss) Attributable to Common Stockholders, Adjusted Diluted Earnings Per Common Share, Free Cash Flow, and Normalized 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,  Adjusted Net Income (Loss) Attributable to Common Stockholders, Adjusted Diluted Earnings Per Common Share, Free Cash Flow, or Normalized Free Cash Flow presented by other companies.Safe Harbor StatementCertain matters discussed in this press release, including, but not limited to, the statements regarding financial results and guidance, 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,” “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 the Company operates and management’s beliefs and assumptions. The Company cannot guarantee that it actually will achieve the financial results, plans, intentions, expectations or guidance disclosed in the forward-looking statements made. Such forward-looking statements, and all phases of the Company’s 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 its forward-looking statements. Such risks and uncertainties include or relate to, among other things: costs associated with the planned capping and closure of the Southbridge landfill and the pending litigation relating to the Southbridge landfill; adverse weather conditions that have negatively impacted and may continue to negatively impact its revenues and its operating margin; current economic conditions that have adversely affected and may continue to adversely affect its revenues and its operating margin; the Company may be unable to increase volumes at its landfills or improve its route profitability; the Company’s need to service its indebtedness may limit its ability to invest in its business; the Company 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 its control; the Company may be required to incur capital expenditures in excess of its estimates; fluctuations in energy pricing or the commodity pricing of its recyclables may make it more difficult for the Company to predict its results of operations or meet its estimates; the Company may incur environmental charges or asset impairments in the future; and the Company’s credit facility agreement requires it to meet a number of financial ratios and covenants. There are a number of other important risks and uncertainties that could cause the Company’s 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 the Company’s Form 10-K for the fiscal year ended December 31, 2016 and in other filings that the Company may make with the Securities and Exchange Commission in the future.The Company undertakes 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. 29,717 35,585 63.7% $0.13 $34,787 $13,430 (9)Net (loss) income attributable to common stockholders$(53,675) (i) Includes cash outlays associated with the Southbridge landfill closure. 73.5%Organics11,005 6.5% $17,570 41,064 $(53,900) 957 (0.1)%Commodity price & volume449 43.1% Capital expenditures(15,738) Stock-based compensation2,912 27.4% (24,372) (132,716)Payments of debt issuance costs(1,451) 1.0% Adjusted Diluted Earnings Per Common Share$0.25 593 $— (504)Other expense, net6,002 Six Months EndedJune 30, 499 100.0% 4,443 7.2% Acquisitions, net of cash acquired(2,694) 545 12,171 69,675 — $287,818 12,816 6,379 81 Following is a reconciliation of Adjusted Diluted Earnings Per Common Share to Diluted earnings per common share: Supplemental Disclosure of Non-Cash Investing and Financing Activities: (3,326)Proceeds from sale of property and equipment382 42,830 Normalized Free Cash Flow$12,281 2016 2016 24.0% $12,842 Other accrued liabilities29,489 Southbridge landfill closure charge$64,114 197,063 2016Total Growth Capital Expenditures$973 $2,382 41,598 2017 Southbridge landfill closure charge64,114 2017 Other long-term liabilities87,874 821 100.0% 100.0% (53,900) 9.9% 12,775 % of TotalCompanySolid Waste Operations: 398,466 11.4% 0.3%Disposal1,772 2017 (23,460)Payments on landfill operating lease contracts(2,200) Total stockholders’ deficit(74,633) $270,103 30,255 Cash interest$14,079 % of TotalRevenueCollection$66,308 (405) 52.0% 21,106 Collection$1,794 2.8% 503,961 78,588 Adjusted Operating Income as a percentage of revenues10.9% $— $144,670 411 26.5%Power generation2,906 0.01 1,747 2017 $3,462 230 Six Months EndedJune 30, Southbridge landfill closure charge64,114 1.6%Fuel surcharge(170) 39,384 37,638 $(1.29) 11,496 129,074 $(2,422)Adjustments to reconcile net loss to net cash provided by operating activities: 5.5% 545 % of TotalRevenue 1,782 10,174 2016Revenues$154,016 17.8% 8.7% 2017 41,064 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)(In thousands) 2.6% (682)Payments of debt extinguishment costs— (896) 19,998 — 2017 2016Net (loss) income attributable to common stockholders$(53,675) Landfill development9,276 2016Eastern region55.8% Three Months EndedJune 30, 41,698 % of TotalRevenueCollection$126,145 41,698 Adjusted EBITDA as a percentage of revenues23.4% $54,050 — 60.8% 15,802 201,295 10.8% Six Months EndedJune 30, 2017 318 1.9%Collection464 Three Months EndedJune 30, 0.1%Solid Waste Volume2,272 0.4%Total Solid Waste5,895 Environmental remediation charge (3)6,379 $0.12 Adjusted EBITDA$36,086 8.8%Total revenues$154,016 12,090 Tax effect0.01 Vehicles, machinery, equipment and containers4,370 41,598 Three Months EndedJune 30, (4,443)Interest accretion on landfill and environmental remediation liabilities(974) 71.7% CURRENT LIABILITIES: 2016 $631,512 $(0.06)Diluted weighted average common shares outstanding41,811 Amount 680 517 2016Asset impairment charge (1)$47,999 (2,493) 22,417 2017 Total Growth and Replacement Capital Expenditures$15,738 Net cash used in investing activities(30,037) 9,944 $23,460 (ii)The Company’s capital expenditures are broadly defined as pertaining to either growth, replacement 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 adding infrastructure to increase throughput at transfer stations and recycling facilities. Replacement 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, which are not included in the table above, are defined as costs of equipment added directly as a result of new business growth related to an acquisition. Source: RUTLAND, Vt., Aug. 02, 2017 (GLOBE NEWSWIRE) — Casella Waste Systems, Inc www.casella.com(link is external)VBM vermontbiz.comlast_img read more

Through costume drive, SM North community provides Halloween fun to nearly 600 kids

first_imgNearly 450 kids came through Merriam Park Elementary on Friday for the costume open house. Photos courtesy Dustin Springer.Halloween is among the highlights of the year on a kid’s calendar. But when financial hardships make it difficult for parents to get their child a costume, it cake make a normally fun season one that provokes discomfort.As a way to try to ensure that area kids were able to enjoy the Halloween season, Merriam Park Elementary for the second year organized a costume drive, asking all SM North area schools to help collect new or gently used costumes. Neighboring schools pitched in as well, with communities in Olathe and from local parochial schools contributing to the donation drive as well. On Friday, when Shawnee Mission schools were out of session, Merriam Park held a costume open house, where families from all over the metro could come and select a costume for their kids.Last year, the first year for the drive, the school gave away about 150 costumes. This year, that figure more than tripled. The community donated nearly 600 costumes, and all but about 30 of them had been given away toward the end of the day. Organizers estimate that they had around 450 kids come through the building.“They came from KCK, KCMO, Olathe, SMSD, and DeSoto,” said Dustin Springer, the instructional coach at Merriam Park. “It was an incredible showing of love and generosity from the community.last_img read more

Mixed-Use: Celebrity City

first_imgCELEBRITY CITYDeveloper: Old World CommunitiesGeneral contractor: TBDArchitect: CCBG ArchitectsLocation:  NWC 32nd & Van Buren streets, PhoenixSize: 1.3 MSFThe 10-year, multi-phased plan calls for 640 residential units within five multi-story buildings; an 820-room hotel; 177,000 SF of retail space; and 380,000 SF of office space within two mid-rise towers. Construction is estimated to begin in the latter part of 2010 or 2011.last_img

NAI Horizon Sale and Lease Transactions

first_imgNAI Horizon Sales:>> Lane Neville, Brad Ranly, Barbara Lloyd, and Hunter Null negotiated the sale of a 148,797 SF retail building representing the sellers, C-III Asset Management, for $12.95M. The property is at 7760 S. Priest Dr. in Tempe.>> Lane Neville, Brad Ranly, Barbara Lloyd, and Hunter Null negotiated the sale of a 54,065 SF retail building representing the seller, C-III Asset Management, for $7M. The property is at 4623-4747 E. Elliot Rd. in Phoenix (above photo).>> Lane Neville, Brad Ranly, Barbara Lloyd, and Hunter Null negotiated the sale of a 83,436 SF retail building representing the seller, C-III Asset Management for $6.5M. The property is at 20283 N. Lake Pleasant Rd. in Peoria.>> Lane Neville, Brad Ranly, Barbara Lloyd, and Hunter Null negotiated the sale of a 20,661 SF retail building representing the seller, C-III Asset Management for $1.85M. The property is at 16650 E. Palisades Blvd. in Fountain Hills.>> Mike Myrick and Alexandra Loye negotiated the sale of a 2,378 SF office building representing the buyer, Gauthier IP2 for $179,000. The property is at 2330 W. Ray Rd. in Chandler. Ross Gutler with ROI Properties represented the seller, CML-AZ West Ray Road.NAI Horizon Leases:>> Jeff Adams represented the landlord, Dreyfus Enterprises, L.L.C., in a 36-month industrial lease transaction for a 11,920 SF property at 1841 S. Horne St. in Mesa. Rustin Randall with HUB-Realty Inc. represented the tenant, Brahma Group, Inc.>> Peggy Johnson represented the tenant, Your Source Financial, PLC., in a 42-month office lease transaction for a 2,466 SF property at 7150 E. Camelback Rd. in Scottsdale. Chris Latvaaho with Cushman & Wakefield represented the landlord, Scottsdale Fashion Square, LLC.>> Barbara Lloyd represented the landlord, Presson Corporation, in a 32-month office lease transaction for a 1,940 SF property at 40 W. Baseline Rd. in Tempe.>> Laurel Lewis represented the tenant, Comprehensive Recruiting in a 36-month office lease transaction for a 1,570 SF property at 1208 E. Broadway Rd. in Tempe.>> Tom Bean represented the landlord, DeVictoria, LLC., in a 25-month office lease transaction for a 1,264 SF property at 908 W. Chandler Blvd. in Chandler.>> Barbara Lloyd represented the landlord, Presson Corporation in a 24-month office lease transaction for a 1,100 SF property at 40 W. Baseline Rd. in Tempe. Gregg Kafka with Lee & Associates represented the tenant, Regis Development, Inc.last_img read more

The Science of Getting Over It

first_img… [6] Another study, this one focusing on end-of-life professionals such as hospice workers, found that firsthand exposure to death left these people more likely to “live in the present, cultivate a spiritual life and reflect deeply on the continuity of life.” Despite our commitment to 24/7 news, unlimited-data plans, and bottomless mimosas, nothing lasts forever. So how should we handle life’s endings and last hurrahs? Should we rage against the dying of the light, or be content to let things go? center_img Read the whole story: The Atlanticlast_img

Pangborn Corp. Appoints New President and CEO

first_imgLSI President Brett Tennar says, “Steve’s success in developing operational strategies that improves the bottom line, builds teamwork, reduces waste and ensures quality product development and distribution checks many of the boxes of what we were looking for in a COO. This, coupled with his career in the Air Force working with highly technical systems and his in-depth understanding of Lean Six Sigma and Business Process Management sealed our offer. As our tagline states, our products are Powered by Science. This data driven approach is one reason why our company has grown exponentially as we employ the most advanced technology to product development. I am confident that Steve is the right person to drive operational strategy for our diverse and growing brands.” Advertisement DeMoulpied has a Bachelor of Science degree in Engineering Management from the United States Air Force Academy and a Master of Business Administration degree from the University of Dayton in Marketing and International Business. He served six years with the USAF overseeing the development of technology used on fighter aircraft and the E-3 Surveillance aircraft, finishing his career honorably as Captain. HAGERSTOWN, MD — Pangborn Corp., a global manufacturer of surface preparation equipment and service provider for the metals industry, has appointed Randy Hudson as its new president and CEO. Hudson replaces Ron Stewart who will assume the role of vice chairman. Stewart will also act as a liaison for the board of directors. AdvertisementClick Here to Read MoreAdvertisement Hudson joined Pangborn five years ago as executive vice president and CFO. He has been active across all segments of the business for the last several years. Prior to joining Pangborn, Hudson served as a CFO in several other industries including consumer products, computer services, food and metal working. He also owned a metal working and finishing company. Pangborn Corp., based in Hagerstown, Md., celebrated its 100th anniversary in 2004. _______________________________________ Click here to view the rest of today’s headlines.,Lubrication Specialties Inc. (LSI), manufacturer of Hot Shot’s Secret brand of performance additives and oils, recently announced the expansion of senior leadership. Steve deMoulpied joins LSI as the company’s chief operating officer (COO). AdvertisementClick Here to Read MoreAdvertisement DeMoulpied comes to LSI from the Private Client Services practice of Ernst & Young where he managed strategy & operations improvement engagements for privately held client businesses. Some of his prior roles include VP of strategic development, director of strategic initiatives, and Lean Six Sigma Master Black Belt at OptumHealth, UnitedHealth Group’s health services business, as well as Lean Six Sigma Black Belt at General Electric, where he applied operations improvement principles to customer service, supply chain and product development. A successful entrepreneur, deMoulpied is also the founder of PrestoFresh, a Cleveland-based e-commerce food/grocery business.  With more than 20 years of experience across multiple industries and functional areas, deMoulpied has particular expertise in organizations with complex technical products. Combined, his prior positions have required a spectrum of skills in corporate strategy, operations improvement, product quality, and revenue cycle management. He has an impressive history of utilizing data driven problem solving (Lean Six Sigma) and project management (PMP and CSM) to achieve strategic goals surrounding customer satisfaction, operational efficiency and improved profit. last_img read more

NWS: Today’s High Near 32; Tonight’s Low Around 15

first_imgThe National Weather Service forecasts today’s high in Los Alamos near 32 with a 20 percent chance of snow showers before 11 a.m., then mostly sunny skies and tonight’s low around 15. Courtesy/NWSlast_img

Ramona Singer’s Apartment Listed

first_img Share On Wednesday, March 6, Pamela Nichols of Douglas Elliman Real Estate and Bravo’s Ramona Singer invited brokers to Singer’s newly listed apartment in New York City, and to celebrate the evening’s premiere of “Real Housewives of New York.”last_img

Praxair talks strategy in Chicago

first_imgGet instant access to must-read content today!To access hundreds of features, subscribe today! At a time when the world is forced to go digital more than ever before just to stay connected, discover the in-depth content our subscribers receive every month by subscribing to gasworld.Don’t just stay connected, stay at the forefront – join gasworld and become a subscriber to access all of our must-read content online from just $270. Subscribelast_img

PHOTO: Aasta Hansteen LQ sail away

first_imgThe photo above, sent to Offshore Energy Today by CKT Projects, shows the living quarters, built for Statoil’s Aasta Hansteen platform, being transported to Ulsan, South Korea.CKT Projects, a Dutch company building accommodation modules for the offshore oil and gas industry, told Offshore Energy Today that the LQ was loaded aboard the heavy lift and transportation vessel Swan, and sent on its way to Korea on Monday, November 30, 2015.According to MarineTraffic.com, the vessel is currently sailing through the English Channel and the estimated arrival time to South Korea is January 7, 2016.Upon arrival to South Korea, the living quarters will be mounted on the Aasta Hansteen topsides at the Hyundai Heavy Industries’ Ulsan shipyard.Built in Rotterdam, the Aasta Hansteen living quarters comprise: cabins for 108 people, a hospital, a kitchen, a restaurant, a fitness room, a recreation room, a sauna, meeting rooms, offices, a control room, a laundry, an elevator, cinema, helicopter traffic control tower and a helicopter deck.As for the platform itself, Hyundai Heavy Industries is building both, the lower hull and the topsides in South Korea. Once done, the two platform parts will be will be shipped to Norway on separate heavy lift vessels, for final assembly.Once assembled, the platform will be moored in the Norwegian Sea, 300 km west of Bodø as the largest spar platform in the world, according to Statoil.Offshore Energy Today Stafflast_img read more