August 30, 2012
The Rutland, Vt.-based Casella, which announced a restructuring plan earlier in August, said its net loss for the first quarter ended July 31 totaled $8.38 million, or 31 cents per common share, compared with $3.06 million, or 12 cents per share, in the year-ago period.
Revenue fell 4.7 percent to $121.2 million, compared with $127.2 million in the 2011 first quarter, Casella Waste said in a news release.
"During our first quarter recycling commodity prices weakened, and we continued to experience declines in special waste volumes at our western New York landfills mainly due to decreased Marcellus Shale drilling activity," said John Casella, chairman and CEO of Casella Waste Systems.
Casella said the company is taking the appropriate steps to improve, including its restructuring announced Aug. 10 that will reduce costs by $6.5 million. It also sold its waste-to-energy facility to the city of Biddeford, Maine.