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 http://www.casella.com(link 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

Frigid November: Energy Assistance can keep Indiana homes warm

INDIANAPOLIS – Inches of snow and temperatures below zero are making it an especially frigid November in Indiana, which translates to higher heating bills.The Energy Assistance Program might be able to help cushion the blow for those who struggle to keep their homes warm.The program provides utility assistance to families with incomes at or below 150 percent of the federal poverty level, said Taura Edwards, director of community programs for the Indiana Housing and Community Development Authority.“They can receive help with their regular utility bill,” she said. “If the family is in crisis or is up for disconnection, has been disconnected or out of deliverable fuel, they can receive a one-time benefit to support that utility cost.”The maximum benefit this year is $395, and last winter the program served more than 130,000 households. From Dec. 1 to March 15, natural gas utilities in the state do not disconnect service to customers enrolled in the program, known as “LIHEAP,” who fall behind on their bill.This is a good time of year for all homeowners to start thinking about energy conservation and ways to keep the cold air outside, Edwards said, adding that a few simple steps can make a difference.“Keep your curtains closed, create a barrier between your house and the window,” she said. “You’ll want to check your window to make sure that there’s no air seeping in within cracks. You’ll also want to look at your door sweeps to make sure there’s no air flowing in from a door.”For those with a fireplace, she suggested keeping the damper closed when not in use to prevent cold air from entering the house. According to the U.S. Department of Energy, turning the thermostat down 15 degrees for eight hours while you are asleep or out of the house can save around 10 percent on heating and cooling bills.Mary Kuhlman read more

No. 3 Boeheim’s Army erupts for 40-10 run to skate past Team FOE, advance to Final Four of The Basketball Tournament

first_img Published on July 23, 2017 at 5:01 pm Contact Tomer: tdlanger@syr.edu | @tomer_langer Facebook Twitter Google+ The comeback from down 25 was gradual, as were the signs of it. It began midway through the second half with a deep James Southerland 3-pointer, which cut the lead to 17. Only Trevor Cooney stood and clapped on the Boeheim’s Army bench.Another Southerland 3 cut the lead to 10. Now the whole bench was standing. The bevy of Syracuse faithful’s raucous “Let’s go Orange” chants made the Steinberg Wellness Center, which has a maximum capacity of 2,500, ring loud.“It was a mini Carrier Dome,” Brandon Triche said with a smile after BA’s 72-67 victory on Sunday.Then Eric Devendorf — who did nearly all of the scoring for Boeheim’s Army in the first 10 minutes of the game — curled in for a layup from the left side to give BA a one-point lead. Team FOE’s bench players, who for most of the game had been laughing and smiling, were stunned. NBA Player and general manager Marcus Morris stood with a blank stare looking across the aisle. AdvertisementThis is placeholder textThe last two wins for Boeheim’s Army hadn’t been very convincing. A double-overtime victory against GaelNation after blowing a 22-point lead and a close win over Team Fancy that wasn’t decided until the final minute. Shooting only 26.7 percent in the first half made it appear that there’d be no more happy endings for Boeheim’s Army.But the storybook run continued for the No. 3 seed. After a horrid first half, Boeheim’s Army stormed back in the second half and won its Elite Eight matchup against No. 4 seed Team FOE at the campus of Long Island University-Brooklyn. BA advanced to its first-ever Final Four in The Basketball Tournament and will play Aug. 1.Southerland took on the bulk of the scoring in the second half. He canned four 3-pointers en route to a game-high 23 points. He had made only one shot in the first half. BA as a team shot just 3-of-15 from deep. But Southerland never thought twice about continuing to pull the trigger.“It just comes (from) having nothing to lose,” Southerland said. “We just needed somebody to come get the squad and today it was me.”“I know I was telling with John (Gillon),” Triche said jokingly, “We want you to shoot … for one, no one else is making shots. So if you miss you’re just going to be part of the group.”Ally Moreo | Photo EditorWhat plagued Boeheim’s Army were careless mistakes turning into easy scores for Team FOE. A blown alley-oop attempt turned into a wide open 3-pointer when BA didn’t recover. Stops and rebounds were rendered useless because of bad outlet passes that resulted in turnovers. Devendrof tried to walk up the ball past one defender to end the half and promptly got the ball stolen as Team FOE scored an easy layup. FOE went to the locker room up 16.The start of the second half looked much like the first. Boeheim’s Army had two assists total midway through the second period, as isolation-heavy sets resulted in missed shots and easy transition opportunities for FOE.When the rally started, it wasn’t just because of Southerland’s hot shooting. Boeheim’s Army pressed. Gillon said that a lot of the FOE players were talking trash to the BA bench, using hand motions to show how they were “dissecting the zone.”“You gotta change up the pace of the game, they were comfortable coming down on our 2-3,” Gilon said. “They weren’t used to that pressure, nor did they expect it.”Gillon, Southerland and Triche each credited the raucous crowd for rattling their opponent and forcing a few turnovers. Regardless of whether it was the press or the noise, FOE cracked.After the game, players harped on the joke that’s followed Syracuse basketball for years. “Cardiac Cuse,” Gillon said with a smile during the press conference. They tried to remember other major comebacks they had while they played at SU. Orange head coach Jim Boeheim fired off a tweet saying that this was one of the best Orange comebacks he’d ever seen.While the comeback felt familiar, the result wasn’t. Because for the first time, Boeheim’s Army has advanced to the Final Four of The Basketball Tournament, two wins away from $2 million. Commentslast_img read more