Casella Waste Posts Fourth-Quarter Loss

Rutland, Vt.-based Casella Waste Systems Inc. posted a loss of $68.5 million on $117.6 million in revenue during the fourth quarter of its 2009 fiscal year, which ended on April 30. For the same period in 2008, the firm reported a loss of $7.8 million on $139.6 million in revenue.

For its 2009 fiscal year, Casella Waste reported a net loss of $68 million on $554.2 million in revenue. In its 2008 fiscal year, Casella posted a net loss of $7.8 million on $117.6 million in revenue.

“In spite of the collapse of the global recycling commodity markets mid-way through our 2009 fiscal year and an extended economic contraction, our team executed well against the factors within our control to meet our original free cash flow goals," said John W. Casella, chairman and CEO of Casella Waste, in a press release. “During the third and fourth quarters we experienced significant declines in commodity pricing and lower solid waste volumes in more economically sensitive markets. To meet our free cash flow target, we acted swiftly and thoughtfully to improve all aspects of our operating structure and daily business practices, and we successfully implemented programs that reduced costs and improved asset utilization.”

TAGS: Financials