Casella Waste Systems, Inc. Amends 2009 Annual Report on Form 10-K to Eliminate Going Concern Qualification
July 24 2009 - 12:00PM
Marketwired
Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste,
recycling and resource management services company, announced today
that the company's independent registered public accounting firm,
Caturano and Company, P.C., has eliminated its going concern
opinion from the company's Annual Report. The company filed an
amendment to its Annual Report on Form 10-K for the year ended
April 30, 2009, reflecting both the elimination of the going
concern paragraph as well as the completion of the company's recent
note offering and refinancing.
"Filing the amended 10-K with a clean opinion marks the
culmination of our successful effort to refinance our senior
secured credit facility," John W. Casella, chairman and CEO of
Casella Waste Systems, said. "With the refinancing completed, our
next significant debt maturity is now in December 2012, eliminating
concerns regarding our ability to meet ongoing capital needs."
Following the closing of the amended and restated senior first
lien credit facilities and the closing of the sale of the $180
million aggregate principal amount of senior second lien notes due
2014, Caturano and Company re-audited the company's financial
statements for the fiscal year ended April 30, 2009 and determined
that such an explanatory paragraph was no longer necessary or
appropriate.
"We now have a capital structure in place that allows us to
execute our intermediate strategy to reduce debt leverage and
increase shareholder returns," Casella said. "We plan to meet these
goals by further enhancing operating efficiencies, increasing
pricing and profitably growing revenues, divesting non-core assets,
and selectively investing in resource optimization solutions. These
steps to improve operations and cash flows position us well not
only for the current economic downturn, but also for an anticipated
economic recovery and growth environment."
About Casella Waste Systems, Inc.
Casella Waste Systems is an integrated solid waste and resource
management company headquartered in Rutland, Vermont. For further
information, investors should contact Ned Coletta, director of
investor relations at (802) 772-2239; media should contact Joseph
Fusco, vice president at (802) 772-2247; or visit the company's
website at http://www.casella.com.
Safe Harbor Statement
Certain 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 Casella "believes," "expects,"
"anticipates," "plans," "may," "will," "would," "intends,"
"estimates" and other similar expressions, whether in the negative
or affirmative. All of these forward-looking statements are based
on current expectations, estimates, forecasts and projections about
the industry and markets in which Casella operates and management's
beliefs and assumptions. Casella cannot guarantee that it actually
will achieve the plans, intentions or expectations disclosed in the
forward-looking statements made. Such forward-looking statements,
and all phases of Casella's operations, involve a number of risks
and uncertainties, any one or more of which could cause actual
results to differ materially from those described in its
forward-looking statements. Such risks and uncertainties include or
relate to, among other things: Casella may be unable to reduce
costs or increase revenues sufficiently to achieve estimated EBITDA
and other targets; landfill operations and permit status may be
affected by factors outside its control; Casella may be required to
incur capital expenditures in excess of its estimates; fluctuations
in the commodity pricing of its recyclables may make it more
difficult for Casella to predict its results of operations or meet
its estimates; and Casella may incur environmental charges or asset
impairments in the future. There are a number of other important
risks and uncertainties that could cause Casella's actual results
to differ materially from those indicated by such forward-looking
statements. These additional risks and uncertainties include,
without limitation, those detailed in Item 1A, "Risk Factors" in
Casella's Form 10-K/A for the year ended April 30, 2009. Casella
does not necessarily intend to update publicly any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required.
Contact: Ned Coletta Director of Investor Relations (802)
772-2239 Media Contact: Joseph Fusco Vice President (802)
772-2247
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