Casella Waste Loses Money for Quarter, Year

Casella Waste Systems Inc. continued to lose money in its fiscal fourth quarter and year, but reduced the loss from the year-earlier periods.

The Rutland, Vt.-based Casella Waste said in a news release that its net loss for the quarter ended April 30 totaled $13.5 million, or 34 cents per common share, compared with $49.1 million, or $1.83 per common share, in the year-ago period.

Revenue rose 2.2 percent to $108.7 million compared with $106.4 million.

For the year, the net loss reached $54.5 million, or $1.59 per common share, compared with $77.6 million, or $2.90 per common share, in the 2012 year.

Revenue fell 2.7 percent for the year to $455.3 million from nearly $468 million 12 months earlier.

"In early March, we announced our comprehensive plan to improve the operating performance of the business, and I am happy to report that we are making excellent progress," said John Casella, chairman and CEO of Casella Waste. "At that time we laid out four specific areas of enhanced focus for the coming next year - sourcing incremental landfill volumes; improving collection route profitability; completing the multi-year eastern region strategy; and placing the right leaders in the right roles."

The company’s guidance for its fiscal year 2014, which began May 1, targets revenue between $465 million and $475 million, and earnings before interest, taxes, depreciation and amortization (EBITDA) of between $91 million and $95 million.