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Casella Waste Reduces Loss in Second Quarter

Article-Casella Waste Reduces Loss in Second Quarter

Casella Waste Systems Inc. lost money in its second quarter, but reduced its net loss from a year ago.

The Rutland, Vt.-based hauler and recycler posted a net loss of $765,000, or 3 cents a share, in the quarter ended Oct. 31.  A year earlier the company lost $1.15 million.

Operating income dropped 5.2 percent to $11.6 million from $12.3 million a year earlier. Revenue for the quarter rose 5.7 percent to $129.9 million from $122.9 million in the 2010 period, the company said in a news release.

"We continued to make great progress during the second quarter improving the fundamentals of our core business," said John W. Casella, chairman and chief executive officer of Casella. "Collection price was up 3.4 percent from the same quarter last year, a big improvement from the muted pricing we realized last year.” He said the company also had increased collection volumes through widened service offerings, such as its Zero-Sort recycling.

Net loss for the first six months totaled $3.83 million, or 14 cents per share, compared with a loss of $4.06 million, or 16 cents a share, a year ago. Revenue for Casella’s first six months rose 5 percent to $257.1 million compared with $244.9 million in 2010.

For fiscal 2012, the company reaffirmed its guidance for the year, of revenues between $475 million and $487 million, and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of between $105 million and $110 million.

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