Casella’s Net Loss Shrinks in Fiscal Year 2010

Rutland, Vt.-based Casella Waste Systems posted a net loss of $13.9 million on $522.3 million in revenue during its 2010 fiscal year, which ended on April 30. During its 2009 fiscal year, the firm posted a net loss of $68 million on $552 million in revenue.

“During this past fiscal year we made solid progress against our key strategic initiatives to improve free cash flow and begin the process of delivering our balance sheet,” said John W. Casella, chairman and CEO of Casella Waste Systems. “Our valuation continues to be significantly depressed; however we believe that our strategy to repay debt and reduce leverage over the next two years is the right plan to drive long-term shareholder value. Our team is focused on improving the performance of our base operations and increasing free cash flow through profitable revenue growth, operating efficiency programs, completing landfill development initiatives, and select divestitures.”

TAGS: Financials