Casella Posts Q1 Losses
Vermont-based Casella Waste Systems Inc., which provides waste management services in several Central Massachusetts towns, posted year-over-year losses for its first quarter of 2013, which ended July 31.
Revenue totaled $121.2 million, down $6 million — or 4.7 percent — from the same quarter last year, according to the company. That translated to a net loss for common shareholders of $8.4 million, or 31 cents per share. Shareholders lost 12 cents per share during the same quarter last year, the company said.
Operating income dropped to $5.8 million, down from $4.5 million in the first quarter of 2012.
Casella CEO John W. Casella attributed losses to weakened recycling commodity prices in the first quarter, as well as declining special waste volumes at the company's New York landfills.
Casella said the company is combating a challenging economic environment by taking steps to control costs, including streamlining operations to eliminate $6.5 million in annualized costs and signing a purchase-and-sale agreement to sell a waste-to-energy facility in Biddeford, Maine.
Residential and customer counts have risen 6 percent and 1 percent respectively, despite losses, according to Casella.
WBJ Web Partners
Most Recent
Most Recent
0 Comments