Casella Reports Third-Quarter Losses

Casella Waste Systems, Rutland, Vt., has reported a loss of $7 million on revenues of $121 million for the company’s third-quarter 2009 fiscal period, which ended Jan. 31. The company reported a loss of $3.8 million on revenues of $141 million for the same quarter in 2008.

For the year, the company reports a net income of $2.3 million on revenues of $437 million, compared to a net income of $3.1 million on revenues of $440 million for the same period in its 2008 fiscal year.

"The global financial collapse combined with a widening worldwide recession caused a significant downturn in commodity pricing from October 2008 through the end of the quarter," said John Casella, chairman and CEO of Casella, in a press release. "And, while the majority of our residential and commercial solid waste business is recession resistant, we saw lower solid waste volumes in more economically sensitive markets."

TAGS: Financials