Rutland, Vt.-based Casella Waste Systems posted a net loss of $1.2 million on $141 million in revenue during the second quarter of its 2011 fiscal year. During the same period in 2009, Casella posted a net loss of $1.6 million on $133.1 million in revenue.
The firm’s second quarter ends on Oct. 31.
The company attributes the nearly 6 percent increase in revenue to growth in waste volumes and higher prices for recyclables. “We’re pleased with our operating performance in the second quarter, especially at our landfills where tonnages were up 16 percent and adjusted EBITDA was up 24 percent from last year,” said John Casella, chairman and CEO of Casella, in a press release.
“On an annualized basis, our landfills are running at or near their maximum permitted levels, which has allowed us to begin pushing out lower priced tonnages and raising spot prices,” Casella added. “Our team is doing a great job sourcing new landfill contracts and streams of materials to offset continued weakness in the regional economy and construction and demolition volumes.”
For the first six months of its 2011 fiscal year, Casella posted a net loss of $4.1 million on $280.9 million in revenue. During the same period in its 2010 fiscal year, the firm posted a net loss of $4.3 million on $265.6 million in revenue.
Casella also announced in its report that it is in negotiations to divest more than $75 million in assets. “As part of this divestiture work in progress, we incurred $.7 million of transaction costs during the quarter,” John Casella said.