Casella Reports Net Loss for Third Quarter

Rutland, Vt.-based Casella Waste Systems reported a net loss of $4.4 million for the third quarter of its 2010 fiscal year. For the same period in fiscal year 2009, the company reported a net loss of $3.8 million. Casella’s third quarter ends on Jan. 31.

However, the firm’s third-quarter revenues increased from $121 million in 2009 to $126.1 million in 2010. “We are encouraged by the overall performance of the business in the third quarter, particularly the return to measurable revenue growth,” said John W. Casella, chairman and CEO of Casella Waste Systems, in a press release. “While it is still too early to say we have reached a turning point in the regional economy, the results reflect strengthening in important aspects of our business. Landfill volumes were up year-over-year, with the increases driven by the hard work of our sales team to attract new long-term contracted volumes to our expanded capacity. This is a key long-term driver in our strategy to harvest the value from our investments in landfill capacity across our integrated footprint.”

For the first nine months of fiscal year 2010, Casella reports a net loss of $8.7 million on $392 million in revenue. During the same period in 2009, the firm reported a net income of $425,000 on $434.7 million in revenue.

TAGS: Financials