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

Monk: Gomis tribute a nice touch

first_img Press Association “I thought that was a really nice touch,” Monk said after the Barclays Premier League spoils were shared. “He is very passionate about his country and where he is from and that showed in his celebration and why he got the flag.” Gomis was deputising for top scorer Bony, who is away on international duty with the Ivory Coast at the African Nations Cup and on the verge of completing a £30million move to Premier League champions Manchester City. The 29-year-old has himself been linked with a move away in the January transfer window after failing to secure a regular first-team place at Swansea since his summer move from Lyon, but Monk insists Gomis is very much part of his plans. “I brought Bafi in the summer and he has worked very well,” Monk said. “He has been frustrated with his game time but the games he has played he has shown his quality. “Now he has the perfect run and you saw against West Ham the quality he has, and in the coming weeks he will be an even better player. “I would give him the goal, it was a great delivery in and a fantastic header which created the situation. “He deserved it for his sheer work. He covered every blade of grass and was determined to help the team. “West Ham always make it a hard game physically but apart from 10 minutes in the first half I thought we controlled the game. “We made the substitutions which gave us a bit more cutting edge and managed to get the well deserved goal.” West Ham assistant Neil McDonald stood in for Sam Allardyce as the Hammers manager was unable to travel to South Wales due to a chest infection. But McDonald revealed that Allardyce had watched the game at home and was in constant contact with the West Ham coaching staff. “He watched the stream on a computer and gave us some tips on the phone,” McDonald said. “He has taken time off to recover and he should be fine for next week.” McDonald felt West Ham deserved more than a point after taking the lead through Andy Carroll’s superb 43rd-minute strike and going close several times in the last 10 minutes following Gomis’ equaliser. “I think we should have won as we created some really good chances,” McDonald said. “Andy’s goal set us up and it was a very pleasing goal because we have worked on his movement in the box. “The first touch was great, he showed fast feet to get half a yard and he sticks it in. “People think he is just a lump but he has more to his game. He has great touch and is a goalscorer with his head or feet.” Gomis rose highest at a 74th-minute corner with his header striking a post and going in off Hammers captain Kevin Nolan for what will probably go down as an own goal. But Gomis wheeled away in delight and ran to the Swansea bench where he was handed a French flag, holding it aloft in respect of the 17 people who lost their lives in the Paris terrorist attacks this week. Swansea manager Garry Monk praised Bafetimbi Gomis for his goal celebration after he rescued a point for his side in a 1-1 home draw with West Ham.last_img read more

Jamie Ward hails boss Michael O’Neill for Northern Ireland revival

first_img “I think he’s proved how good he is. Taking this job he had nothing to lose because did anyone really expect us to do anything? Not really. “He’s helped prove we’re good enough.” Goalkeeper Michael McGovern had an evening to forget against Hungary last month. The Hamilton stopper made an atrocious handling error to gift the opposition the opening goal, and cut a relieved figure when Kyle Lafferty levelled at the death. He is now going head to head with previous number one Roy Carroll, but insists the rivalry is beneficial all round. “The competition is great for all of us, it’s tough but that is what we want,” he said. “To get the nod last time was a big achievement for me. Roy has been excellent since he came back into the squad under Michael and big Alan (Mannus) has been one of the best goalkeepers in Scotland for the past four years. “I have waited a long time to get a chance and all I can do is try to take the opportunity. “Michael watches all of us. It was good to know he was keeping an eye on me, coming to a couple of my games after the last double header, so he was there to see how I reacted after the Hungary game and thankfully my form has been good. “I was disappointed with the goal I conceded in the last game, but as a goalkeeper you have to accept that sometimes that will happen.” And Nottingham Forest forward Ward believes the reasons for that shift in fortune lie largely with the boss. Ward came into the fold under Nigel Worthington, but only became a first-team player when the former Shamrock Rovers boss began freshening up a side that had lost its way and tumbled down the rankings. A fifth-placed finish in O’Neill’s first campaign was an inauspicious start, but the building blocks were in place for what has been a remarkable run of results this time around. “When I first came in results never really went for us, and I was lucky to get a game under Nigel,” he said. “A lot of things have changed since then, we seem to have got some shape about us, we’ve been structured in the way Michael wants us be when we’ve not got the ball. “Younger, fresher legs help too, new blood always does. The place has been freshened up with new players. “Maybe the players who’ve come in have wanted to prove a point that they can play at this level and do a job. “Michael wasn’t afraid to change the squad and bring in new faces, which the previous regime was. Jamie Ward has credited manager Michael O’Neill with taking Northern Ireland to the brink of a first European Championship. The Green and White Army last experienced a major tournament in the 1986 World Cup, but go into their final double header top of Group F. That already guarantees them a play-off, with victory over Greece at Windsor Park on Thursday enough to seal an automatic spot. Press Associationlast_img read more