Casella Reports Quarterly Figures

Casella Waste Systems, Inc., a regional, non-hazardous solid waste services company, reported financial results for the third quarter of its 2000 fiscal year.

For the quarter ended January 31, 2000, the company reported net income of $2.9 million, versus $879,000 for the same period last year, a 230 percent increase.

Fully diluted earnings per share for the quarter were $0.14.

Revenue for the quarter was $93.0 million versus $44.1 million for the same period a year ago. EBITDA (earnings before interest, taxes, depreciation and amortization) increased 97 percent to $20.1 million, compared to $10.2 million in the same period last year.

For the nine-month period ended January 31, 2000, the company reported net income of $11.8 million; revenues for the period were $204.2 million. EBITDA for the first three quarters of the company's fiscal year 2000 was $54.1 million.

Results for the three- and nine-month periods are pro forma, and exclude the impact of a write-off of unamortized debt acquisition costs; the loss and write-off, primarily non-cash, related to the discontinuation of certain non-core operations; merger costs which occurred in the first quarter; and a gain on the sale of a company metal facility.

"The solid, central premises of our company's growth remain strong," John Casella, president and CEO of Casella Waste Systems, said. "We are leaders in markets marked by strong economic

fundamentals. We have, and continue to put, a solid infrastructure in place to extract all the value possible from the assets we've acquired. We have skilled management at all levels, and continue to derive over 90 percent of our cash flow from traditional solid waste assets.

"We're excited about the opportunities KTI's solid waste assets and the recent acquisition of Allied Waste's eastern Massachusetts divestitures give us to enhance our franchise in the Northeast," Casella said.