Casella Waste announces divestiture of $134.1 million of non-integrated recycling assets

first_imgRUTLAND, VT–(Marketwire – March 01, 2011) – Casella Waste Systems, Inc. Casella Waste Systems Inc,Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, announced today that it has completed the sale of select non-integrated recycling assets to a new company formed by Pegasus Capital Advisors, L.P. and Intersection, LLC for $134.1 million in gross proceeds, including an estimated $3.7 million working capital adjustment.Highlights include:* Net cash proceeds of approximately $120.0 million to be used to repay Senior Secured Term Loan B borrowings.* Transaction results in pro forma leverage of 4.0x, down 0.4x from the October 31, 2010 leverage of 4.4x, as calculated per Senior Secured Credit Agreement.* The assets sold as part of this transaction contributed $14.0 million consolidated Adjusted EBITDA* for the twelve months ended October 31, 2010.* The divested assets include the FCR recycling assets located outside the company’s core operating region of New York, Massachusetts, Vermont, New Hampshire, Maine and northern Pennsylvania, including 17 material recycling facilities, 1 transfer station and certain related intellectual property assets.* Casella’s business strategy remains focused on providing integrated solid waste, recycling, and resource transformation solutions to its customers throughout the Northeastern U.S.”A little over a year ago we laid out an ambitious plan to drive long-term shareholder value by selling non-integrated assets to reduce leverage and improve our balance sheet,” said John W. Casella, chairman and CEO of Casella Waste Systems. “With the closing of this divestiture we have made substantial progress towards our debt reduction goals, and we are well positioned for the future with a stronger balance sheet and a solid operating platform.”*Non-GAAP Financial MeasuresFor the twelve months ended October 31, 2010, the assets to be sold as part of this transaction contributed $14.0 million consolidated Adjusted EBITDA which can be reconciled to Net Income as follows, $10.3 million of Net Income plus $4.2 million of Depreciation and Amortization less ($0.5) million of Other (Income).In addition to disclosing financial results prepared in accordance with Generally Accepted Accounting Principles (GAAP), the company also discloses earnings before interest, taxes, depreciation and amortization, adjusted for accretion, depletion of landfill operating lease obligations, severance and reorganization charges, a goodwill impairment charge, an environmental remediation charge as well as development project charges (Adjusted EBITDA) which is a non-GAAP measure and can be reconciled to Net Income (Loss).We present Adjusted EBITDA because we consider it to be an important supplemental measure of our performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of our results. Management uses this non-GAAP measure to further understand our “core operating performance.” We believe our “core operating performance” represents our on-going performance in the ordinary course of operations. We believe that providing Adjusted EBITDA to investors, in addition to corresponding income statement measures, provides investors the benefit of viewing our performance using the same financial metrics that the management team uses in making many key decisions and understanding how the core business and its results of operations may look in the future. We further believe that providing this information allows our investors greater transparency and a better understanding of our core financial performance. In addition, the instrument s governing our indebtedness use a bank defined cash flow metric (Adjusted EBITDA with additional adjustments) to measure our compliance with covenants such as interest coverage, leverage and debt incurrence.Non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles in the U.S. Adjusted EBITDA should not be considered in isolation from or as a substitute for financial information presented in accordance with generally accepted accounting principles in the U.S., and may be different from Adjusted EBITDA presented by other companies.About Casella Waste Systems, Inc.Casella Waste Systems, Inc., headquartered in Rutland, Vermont, provides solid waste, recycling and resource management services in the northeastern United States. For further information, contact Ned Coletta, vice president of finance and investor relations at (802) 772-2239, or Ed Johnson, chief financial officer at (802) 772-2241, or visit the company’s website at is external).Safe Harbor StatementCertain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by the context of the statements, including words such as we “believe,” “expect,” “anticipate,” “plan,” “may,” “will,” “would,” “intend,” “estimate” and other similar expressions, whether in the negative or affirmative. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the disposition and the industry and markets in which we operate and management’s beliefs and assumptions. We cannot guarantee that we actually will achieve the plans, intentions or expectations disclosed in the forward-looking statements made. Such forward-looking statements, and all phases of our operations, involve a number of risks and uncertainties, any one or more of whic h could cause actual results to differ materially from those described in our forward-looking statements. Such risks and uncertainties include or relate to, among other things those detailed in Item 1A, “Risk Factors” in our Form 10-K for the year ended April 30, 2010. We undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.last_img read more

Colombian and Honduran Air Forces Conduct Honcol-1 Interdiction Exercise

first_img The Colombian and Honduran Air Forces are successfully carrying out the Honcol-1 interdiction exercise, with the objective of combating situations and activities derived from illegal narcotics trafficking by air and sea. In 2010, the combined forces of the two countries succeeded in detecting, destroying, and immobilizing at least 15 aircraft, and 8 so far this year. For this reason, and with the aim of invigorating both their air and maritime interdiction systems, simulations of real air operations are being conducted during the current exercise. Colombia is participating with the Caribbean Air Group, deploying two OV-10 Bronco planes on the island of San Andrés, while the Honduran aircraft will be deployed from Soto Cano Base in Comayagua. The Honduran aircraft will simulate illegal flights, while the Colombians will try to locate, intercept, and force them to land, immobilizing them. This last action will include the participation of the Colombian police, through the Air Special Forces Group (ACOEA) and the judicial technical police. The exercise will also have the objective of increasing both forces’ capabilities to combat terrorism and illegal arms and ammunition trafficking in the Caribbean, taking advantage of the two countries’ infrastructure and experience for that purpose. Honcol-1 will be conducted in observance of existing air-safety regulations, in order to ensure not only the fulfillment of the planned objectives, but also normal commercial and civilian air traffic. The agreement governing the exercise was signed at the beginning of July by the Air Force commanders of Colombia, Gen. Julio González Ruiz, and Honduras, Col. Ruis Landa Dubón, during the Fifth Aeronautical Fair recently held in Colombia. By Dialogo August 02, 2011last_img read more

Benefits abound for Bar members

first_imgBenefits abound for Bar members Legal research, telcommunications and office products, oh my! The Florida Bar Member Benefits program provides discounts on these items and more to all Bar members. The Bar began offering discounts to members in the mid-1980s on rental cars and magazine subscriptions, but quickly expanded its services to include discounts on most of the things attorneys use in their daily practice. The Member Benefits Committee, chaired by Board of Governors member James Lupino, reviews and evaluates existing benefit programs for Bar members, and makes recommendations to the board on changes or additions to the benefits program. The 18-member panel meets formally at all major Bar meetings and stays in contact through various subcommittee meetings throughout the year. “I think it’s important that the members know and understand that the Bar works very hard to try and get members the best benefits possible in as many areas as we can, whether it’s for health insurance, life insurance or malpractice insurance, to discounts with rental cars,” said Lupino. In the past year, the Bar has added new benefits and expanded existing services to assist members. The credit card program through MBNA has expanded to offer certificates of deposit and money market accounts as part of the package deal for members. Lexis-Nexis, the Bar’s computerized legal research provider, has begun offering Ramp Up, a discounted program for new lawyers, as well as broader general services. The most notable recent benefits package addition is car insurance provider Geico, which has contracted with the Bar to provide special discounts to members, including 24-hour sales, policy and claims service. “I think our Bar is as aggressive as any other bar in terms of trying to get benefits for our members. We have, in trying to get new and different benefits, found that we’re probably more aggressive than most, if not all, bars in trying to get vendors to provide us with special rates,” said Lupino. “I think we do as good of a job, if not better, than other bars.” At present, the committee is producing a pamphlet outlining the benefits available to Bar members in order to increase their awareness of what’s available. “We hope to have that out this spring to send to all members, with the cost being paid for by the vendors,” Lupino said. “It’s in the works right now.” The following is a listing of current member benefits: Benefits abound for Bar members December 15, 2000 Regular Newslast_img read more

Warm up with The Lost Dog’s Hot Cocoa Challenge

first_img“It’s just a little something fun for people to do while you’re out. We know that lot’s of people don’t like to come out in this weather this time of year,” Howard said. “It’s just something fun, so if you’re out, stop in, try the hot chocolate. It’s good for a little smile on a snowy Saturday.” This is the second year for the hot chocolate competition. The challenge boasts eight flavors, ranging from salted caramel and s’mores to peanut butter cup and even gingerbread. Howard told 12 News there has yet to be a person to complete the challenge this year. Nicole Howard, the cafe’s catering manager, told 12 News the idea for the challenge came from an unlikely place. “Believe it or not, it kin of came from the Hallmark channel,” Howard said. “It’s dull this time of year so we thought, ‘Let’s spice it up. Let’s do a hot cocoa challenge’.”center_img BINGHAMTON (WBNG) – If you’re looking to avoid the cold weather this winter, The Lost Dog Cafe may have the solution, as the restaurant is in the heart of its 2020 Cocoa Challenge. Participants who try every flavor and get their challenge card stamped win a free coffee mug from the cafe. The cocoa competition runs till January 31.last_img read more

Tourist guides send open letter to Croatian MEPs

first_imgSincerely, Kristina Nuić Prka, President of the Association of Croatian Tourist Guides ” Tourist guides from other EU member states, especially those with a rich historical and cultural heritage, support the initiative and will also send an open letter to their members of the EU Parliament through their associations. Cover photo: ZDTVH The Association of Croatian Tourist Guides (ZDTVH) has launched an initiative to amend Directive 2005/36 / EC of the European Parliament and of the Council on the recognition of professional qualifications of 7 September 2005 and has sent an open letter to Croatian MEPs. we are addressing you with a request for a reaction, considering that we believe that this is in the Croatian national interest.  Accurate and quality interpretation is key. “Dear,  We are transmitting the open letter of the ZDTVH to the members of the EU Parliament in its entirety. This is not a problem of Croatia, but of all guides and destinations within the EU. For a quality and accurate interpretation, it is not enough to read information from a promotional brochure, and each site has its own specific history and story, which must be interpreted accurately. Everyone must care about a quality and true story that tells the history, heritage, identity, way and culture of life of each tourist destination. Given that during the past period we have not been able to convince the European Commission about the necessary connection of tourist guides and their education to the territory, despite the arguments, please launch an initiative to changeDirective 2005/36 / EC of the European Parliament and of the Council on the recognition of professional qualifications of 7 September 2005. center_img Due to pressure from the European Commission, we are obliged to open the market and allow foreign guides to represent our country, its cultural heritage and history, including the Homeland War, where we are often faced with false and frightening information and disparagement. By the way, the Association of Croatian Tourist Guides (ZDTVH) brings together 19 tourist guide associations from all regions of Croatia. Namely, all colleagues in the world agree that the activity of a tourist guide, such as the legal profession, requires certain specific knowledge, without which cross-border guide services cannot be provided and cannot be compared with medical, construction or pharmaceutical activities without border barriers.  Ultimately, as a compromise solution, it would certainly be good that guides, regardless of which country they come from, which of course applies to tourist guides from Croatia, must undergo training for each destination or locality, so that tourists have an accurate and quality interpretation . In the alternative, please initiate proceedings to derogate from the above Directive, in accordance with the provisions of Article 61 of the Directive in question, on a sensitive issue, as Cyprus has done, thus protecting the interpretation of its history and cultural heritage. The Rulebook on the list of protected localities is being drafted, which will be the only places where our country will be represented by those who were educated in Croatia, for which we have already received several lawsuits.  As Croatian Members of the European Parliament; please respond in order to protect not only jobs but also the interpretation of our cultural heritage and history to foreign tourists, which results in the country’s reputation in the world.  Namely, one of the negative implications in accordance with the amendments to the Law on the provision of services in tourism, and in accordance with EU regulations, is that it allowed foreign tourist guides (as well as Croatian guides in other destinations within the EU) without any control and education on history or they tell a story to a locality that they want, ie they think it is accurate and sufficient.last_img read more

Surabaya pastor named suspect for alleged sexual abuse of a minor

first_imgThe victim, identified as IW, now 26, alleged that HL had sexually abused her from 2005 – when she was only 12 years old – to 2011.East Java police arrested HL on Saturday, two weeks after IW’s family filed a report with the police on Feb. 20. HL had allegedly been planning to flee the country at the time of his arrest.IW’s wedding was what caused her family to report the crime. Her family, who are members of HL’s church, wanted the wedding ceremony to be held at the church. “We have also provided psychological counseling to IW, since the investigation must have reignited her trauma,” Trunoyudho said. Trunoyudho declined to say whether there were any other victims, saying that the investigation was underway. Topics : “It is a procedure in which police determine if a perpetrator of a crime is mentally sound,” Trunoyudho told The Jakarta Post on Thursday. “HL’s psychological examination is also aimed at uncovering the background of his alleged crime.”Trunoyudho acknowledged that HL had confessed to sexually abusing a minor over a period of seven years but added that obtaining a confession was not the police investigators’ goal in carrying out the criminal prosecution. He said collecting evidence was much more significant for the police in handling any criminal case. “We have so far questioned at least six witnesses,” he said.  A pastor at a Protestant church in Surabaya, East Java, has been named a suspect for allegedly sexually abusing a minor, the East Java police confirmed on Thursday.The 50-year-old man, identified by the initials HL, is currently in police custody and has undergone a psychological examination at the East Java police headquarters. East Java police spokesperson Sr. Comr. Trunoyudho Wisnu Andiko said the examination was meant to determine HL’s mental state. last_img read more

Nordic roundup: Norway SWF, Dakota pipeline, DNB, JØP/DIP, PBU

first_imgThe Council on Ethics for Norway’s Government Pension Fund Global (GPFG) is meeting a group of indigenous women from the US today to talk about its investments in the controversial Dakota Access oil pipeline.Eli Ane Lund, head of the Council on Ethics’ secretariat, confirmed that the meeting was taking place this afternoon in Oslo. The council assesses whether the fund’s investments tally with its ethical guidelines.Vibeke Larsen, the president of the Sami Parliament in Norway – which has been supporting the Standing Rock Sioux tribe in the US in its opposition to the construction and operation of the pipeline – will join the US delegation at the bilateral meeting, a parliament spokesman said.The GPFG has around €1.2bn invested in five companies behind the pipeline project, in the form of equities and corporate bonds, according to its published investments. Major Norwegian bank DNB, which has also come under pressure from the Sami Parliament and other stakeholders over the pipeline issue, announced yesterday that it had agreed to sell its share of the Dakota Access Pipeline loan.The decision to divest was made after reviewing various options for its involvement in the project financing, the bank said.Harald Serck-Hanssen, group executive vice president and head of large corporates and international at DNB, said: “By selling our stake, we wish to signal how important it is that the affected indigenous population is involved and that their opinions are heard in these types of projects.”Although the project parties had made attempts at consultation, the outcome of the process suggested that these had been inadequate, he said. The bank’s arm DNB Asset Management sold its mutual fund investments in the companies behind the pipeline back in November 2016.Danish funds sign up to PRIIn other news, Danish professional pension funds JØP and DIP – which cover lawyers and economists (JØP) and engineers (DIP) – have signed up to the UN-backed Principles for Responsible Investment (PRI).The funds said the move was part of their continued work on responsible investing.“JØP has worked on responsibility in our investments for many years, and through our membership of the PRI  we look forward to being able to take part in working groups and networks under the auspices of the PRI, as well as having access to information about responsible investments from PRI,” the fund said.Other Danish funds had previously criticised the PRI’s approach, quitting the organisation in 2013. Last year, ATP, PFA, PKA, and Sampension all rejoined, but Industriens and PensionDanmark have yet to return.Education fund strengthens ethical approachMeanwhile, the Danish pension fund for education practitioners, Pædagogernes Pension (PBU), said it strengthened its focus on ethics and responsibility in 2016.The fund said: “As an active owner, Pædagogernes Pension has voted for shareholder resolutions which support positive development for people, society and [the] environment.”In 2016, the fund ruled that its employees should under no circumstances accept gifts from suppliers or external investment firms.In its annual report, the pension fund said the return on market-rate pensions rose to 8.4% in 2016, up from 3.7% in 2015. Claus Omann Jensen, chairman of the pension fund, said the annual results showed that the change of chief executive that took place during the summer had gone very well.“It has not been an easy year to operate in the pensions market, and at the same time we changed captains in the middle of a storm, so to speak,” he said.Leif Brask-Rasmussen, PBU’s chief executive for more than 25 years, retired in August 2016 and was replaced by Sune Schackenfeldt.last_img read more

Reverend Jean Hyde Frable

first_imgJean Hyde Frable will be remembered for putting heart into all she did and for her commitment to helping others. Born September 1, 1929, in Louisville, KY, she died peacefully with family at her side in Lawrenceburg, IN on July 9, 2016.She spent her early years helping her parents, Brigadiers Gordon Alexander Hyde and Thelma Louise Hyde, ordained ministers in the Salvation Army. Whether it was singing in church, helping feed others, or visiting those in need, she said her parents modeled the values to which she aspired.A valedictorian and first female class president of her high school (1947) in Gaffney, SC, her commencement address “A Look Toward the Future” was the beginning of her journey of service. Jean graduated from the University of Akron in 1952 with a Bachelor of Science in Nursing Education and became a licensed registered nurse. While working at Akron General Hospital, she met her husband Dr. Frank L. Frable Jr. and married on June 27, 1953. Soon after in 1954, the first of seven children was born. With a move to Milan, IN in 1955 to follow Frank’s practice, she focused on caring for the growing family.After moving to Aurora, IN in 1959, Jean became involved with local activities and she and Frank became members of the Aurora First United Methodist Church and later the Greendale Baptist Church. She was active in the church. Jean loved sewing, knitting, gardening, and baking; especially over the holidays. She was a hospice and adult literacy volunteer, and a talented vocalist and musician. Jean gave her heart to raising her children and supported them in so many ways in music, academics, scouts, and sports.A lifelong learner, she returned to school completing a nursing refresher program through several hospitals in the Cincinnati area. She also completed a second bachelor’s degree in Women’s Studies at the College of Mount St. Joseph in Cincinnati, OH. Her longer-term vision was to become a pastor and follow in her father’s and mother’s footsteps. She began that journey at the Southern Baptist Theological Seminary in Louisville, KY, where she was known for her skill in Greek and Hebrew. After earning her Master of Divinity degree, she became active in delivering services at many churches in the area and providing bereavement counseling. After further study at the Louisville Presbyterian Theological Seminary, she was ordained and became the first woman pastor at Richwood Presbyterian Church in Richwood, KY, during 1998. Her passion for pastoral work and helping others had come full circle. As she balanced her role as pastor, she kept her love for horseback riding and her dog “Bear.” She would commit her life to the church and honorably retire in 2008.From 2008 through 2011 she stayed active in community activities with her husband and attended regular services at the First Presbyterian Church of Aurora. She continued her love for singing in the choir. Her desire to help others never ceased. During 2012, she was diagnosed with Alzheimer’s. Jean lived her final years at Legacy, RidgeWood Health community in Lawrenceburg, IN. Jean and Frank celebrated their 63rd wedding anniversary on June 27, 2016.Surviving her are her husband Frank, her seven children Pam Frable and husband Warren Nagumo, Gordon Frable, Rachel Frable Dieterle and husband Paul, Glenn Frable and wife Connie, Guy Frable and wife Patti Szabo, Garth Frable and wife Teresa McMahon, Amy Frable Jones and friend Doug Jones; seven grandchildren Alex Dieterle, Andrew Dieterle, Michael Dieterle, William Jones, Anne Jones, Jason Hall, and Tracy Russell; and five great grandchildren. She is also survived by her six nieces Debbie Caskey (Jay), Cindy Hammond, Tammy Hicklin, Marie McNamara (Brian), Debbie Frable (John), and Geraldine Frable. She was preceded in death by her parents, and sister Lois (Hyde) Hicklin.Visitation at First Presbyterian Church, 215 Fourth Street, Aurora, IN, Tuesday, July 12, from 4:00 p.m. to 8:00 p.m. Funeral service at First Presbyterian Church of Aurora Wednesday, 11:00 a.m., followed by a short reception from 12:00 noon to 1:00 p.m. at the church. A private burial for the family will be at Riverview Cemetery.The family also welcomes any stories and memories you have to share about Jean.In lieu of flowers, donations can be made to the Salvation Army, Alzheimer’s Association, and Our Hospice of South Central Indiana. If unable to attend, please call the office at (812) 926-1450 and we will notify the family of your donation with a card.Visit: www.rullmans.comlast_img read more

Vautour excites Mullins in workout

first_img Press Association Willie Mullins singled out JLT Novices’ Chase hopeful Vautour for special praise after a post-racing workout at Leopardstown. Vautour was one of a trio of Cheltenham Festival-bound runners to strut their stuff for Mullins, with Betfred Gold Cup hopeful Djakadam and Un De Sceaux, who is viewed by many as a banker in the Racing Post Arkle Trophy, also in action. Mullins said: “They worked over more or less a mile and a half and jumped a few fences. I was very pleased with them and they put in a good round of jumping. Vautour was very good.” center_img Meanwhile, Shark Hanlon admits Hidden Cyclone’s Cheltenham engagement is likely to be dictated by the ground after he too worked following the meeting. The 10-year-old bounced back to winning form with a comfortable success in the Tied Cottage Chase at Punchestown last time and retains entries in the Betway Queen Mother Champion Chase and the Ryanair Chase. Hidden Cyclone finished second to Dynaste in the two-mile-five-furlong Ryanair last term but having won over two miles last time, soft ground would tempt Hanlon to take the shorter option of the Queen Mother. He said: “We won’t make a decision yet on him. If it’s soft ground it’ll be more than likely the Queen Mother, but if it’s good I’m thinking strongly about the Ryanair. “Patrick (Mullins) rode him to have someone different on him. I did the same thing last year and he ran well.” last_img read more

Belinda Bencic withdraws from US Open

first_imgNEW YORK: World number eight Belinda Bencic has withdrawn from this year’s US Open, joining a growing list of players who have decided to skip the tournament amid the COVID-19 pandemic.Bencic on Saturday announced her decision on Twitter where she also said she would skip the Western & Southern Open which is being held in New York this year instead of Cincinnati as a lead-up to the Aug. 31-Sept. 13 US Open. “I have made the difficult decision to skip the US swing in New York and will return to the tour starting in Rome next month,” she said. “I am looking forward to returning to New York next year and wish everyone competing there in the coming weeks the best of luck.” The Swiss, who reached the semi-finals of the US Open last year, is the latest top-10 player on the women’s side to skip the major, joining Australian Ash Barty (one), Canadian Bianca Andreescu (six) Ukraine’s Elina Svitolina (five) and Dutchwoman Kiki Bertens (seven). Her decision means three of last year’s semi-finalists have withdrawn, with Serena Williams the only one of the four set to take part at Flushing Meadows. Agencies ALSO WATCH: BREAKFAST NEWS | 17 AUG, 2020last_img read more