Casella Reports for Second Quarter

Casella Waste Systems Inc. reported financial results for the second quarter of its 2003 fiscal year.

For the quarter, the company reported earnings before interest, taxes, depreciation and amortization and minority interest of $25.8 million; revenue for the quarter was $114.5 million.

For the first six months EBITDA was $49.6 million; revenues were $230.4 million and pro forma net income was $5.1 million.

“Our constant focus on the basic operational excellence of our core business, as unglamorous as it may seem, continues to be the single largest factor in our successful return to consistent, predictable performance,” said John Casella, chairman and CEO, said. “Clearly, we are seeking to maximize the value of the assets we own while beginning to pursue deliberate, responsible growth opportunities.

“We remain confident through the first six months of our fiscal year that we are on track to meet our 2003 targets,” Casella said.

The company also announced that it has transferred its export recyclable material brokerage to a group of former employees who had been responsible for the operation of that business. As a result, the company will place the business on its balance sheet as a net asset under contractual obligation.

“Although we have transferred this asset, we have put in place an agreement with the new owners allowing the company to retain access to the export market,” Casella said. “This allows us to continue to build in overall financial stability.”