Casella Waste Systems Inc. delayed the release of its fourth-quarter results to allow for more time to complete the sale of its New Jersey recycled commodities brokerage businesses and the audit of its fiscal 2003 results. The facility is located in Passaic, N.J.
Casella said it expects to complete the sale of the non-core brokerage businesses this week to employees who currently operate the business.
Casella said the timing of the transaction requires it to be reflected in the company's fiscal year 2003 results.
"Given our strategic approach to building stability and predictability into our business and focusing on core solid waste operations, we're pleased with this divestiture," John W. Casella, chairman and chief executive officer of Casella Waste Systems, said.
The company is selling the brokerage operation to employees who currently operate the business. The agreement is expected to be executed this week, the company said.
The company said the audit of its fiscal 2003 results has been substantially completed by PricewaterhouseCoopers. However, the transaction has made it necessary for the company to reclassify the commercial recycling facility of the brokerage business as a continuing operation in fiscal 2003 and the prior two fiscal years. Pursuant to applicable accounting requirements, a re-audit of the company's 2001 results is required.
As a result, Casella's fourth-quarter and year-end earnings release and conference call will be rescheduled to a later date.
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