Key Developments: Casella Waste Systems Inc (CWST.O)
3.92USD
21 May 2013
$-0.09 (-2.24%)
$4.00
$4.04
$4.04
$3.90
1,466,339
169,881
$5.88
$3.76
Latest Key Developments (Source: Significant Developments)
Casella Waste Systems Inc Issues FY 2013 Guidance; EBITDA Guidance Below Analysts' Estimates
Casella Waste Systems Inc announced that for fiscal 2013, it expects revenues between $462.0 million and $472.0 million and adjusted EBITDA between $87.0 million and $90.0 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $472million and EBITDA of $99 million for fiscal 2013. Full Article
Casella Waste Systems Inc Announces Acquisition Of BBI
Casella Waste Systems Inc announced that it has acquired all of the outstanding capital stock of Blow Bros. (d/b/a Bestway Disposal Services and BBI Waste Industries) (BBI), for a total consideration of up to $20.0 million in cash plus 625,000 shares of the Company's Class A Common Stock. The acquisition closed December 6, 2012. The transaction was structured as a stock purchase agreement for consideration of $20.0 million in cash and 625,000 shares of the Company's Class A Common Stock, with $18.0 million of the cash proceeds paid at closing and $2.0 million withheld in escrow. Half of the escrow amount will be disbursed contingent upon the business achieving a pre-agreed upon minimum revenue level for the 90 days after the sale and for net working capital adjustments during this same period, and the other half of the escrow amount will be held for 12 months to secure the seller's indemnification obligations and certain expense adjustments to the purchase price. The cash paid to the sellers at the closing was adjusted for indebtedness of BBI. The shares issued to the owners of BBI may not be sold for a period of six months following the closing. Full Article
Casella Waste Systems Inc Announces Management Change-Form 8-K
Casella Waste Systems Inc reported in its Form 8-K that on November 29, 2012, the Company and Paul A. Larkin, President and Chief Operating Officer of the Company, mutually agreed to end Mr. Larkin’s service with the Company, effective November 30, 2012. On December 3, 2012, the Company announced that Edwin D. Johnson, age 56, has been appointed President and Chief Operating Officer of the Company, effective December 6, 2012. Mr. Johnson has served as the Company’s Senior Vice President and Chief Financial Officer (CFO) since July 2010. Also on December 3, 2012, the Company announced that Ned Coletta, age 37, has been appointed Senior Vice President, Chief Financial Officer (CFO) and Treasurer of the Company, effective December 6, 2012. Full Article
Casella Waste Systems Inc Prices Public Offering of Class A Common Stock
Casella Waste Systems Inc announced the pricing of an underwritten public offering of 10,000,000 shares of its Class A common stock at a price of $4.00 per share to the public and the granting to the underwriters of a 30-day option to purchase up to an additional 1,500,000 shares of Class A common stock sold in the offering to cover over-allotments, if any. All of the shares in the offering are to be sold by Casella Waste Systems. The gross proceeds to Casella Waste Systems from this offering are expected to be approximately $40 million, before deducting underwriting discounts and commissions, and other estimated offering expenses payable by Casella Waste Systems. The offering is expected to close on or about October 3, 2012. BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers for the offering. Full Article
Casella Waste Systems Inc Announces Proposed Public Offering Of Class A Common Stock
Casella Waste Systems Inc announced that it has commenced an underwritten public offering of Class A common stock. Casella Waste Systems intends to sell up to 10,000,000 shares of Class A common stock and to grant the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of Class A common stock sold in the offering to cover over-allotments. All of the shares in the offering are to be sold by Casella Waste Systems. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers for the offering. Full Article
Casella Waste Systems Inc Purchases Mobile Renewable Power Station From Arista Power
Arista Power, Inc. announced that Casella Waste Systems, Inc has purchased a Mobile Renewable Power Station (MRPS) from Arista Power. The MRPS will be used for mobile power and clean energy marketing at Casella's promotional events. Financial terms were not mentioned. Full Article
Casella Waste Systems Inc Reaffirms FY 2013 Guidance
Casella Waste Systems Inc announced that for fiscal 2013, it expects revenues between $475.0-$485.0 million and adjusted EBITDA between $101.0-$105.0 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $476 million for fiscal 2013. Full Article
Casella Waste Systems Inc Lowers FY 2013 Guidance
Casella Waste Systems Inc announced that for fiscal 2013, it expects revenues between $475.0 million and $485.0 million and adjusted EBITDA between $101.0 million and $105.0 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $490 million and EBITDA of $103 million for fiscal 2013. Full Article
Casella Waste Systems, Inc. Signs Purchase And Sale Agreement To Sell Maine Energy Recovery Facility To City Of Biddeford, Maine
Casella Waste Systems, Inc. announced that it signed a purchase and sale agreement to sell its Maine Energy Recovery facility (MERC) to the City of Biddeford, ME (Biddeford). As per the purchase and sale agreement, Biddeford will pay the Company total consideration of $6.65 million over 20 years, enter into a new 10 year waste handling agreement, and enter into a new 10 year recycling collection agreement. The sale of the facility is set to close by November 15, 2012. Full Article
Casella Waste Systems, Inc. Issues FY 2013 Guidance
Casella Waste Systems, Inc. announced that for fiscal 2013, it expects revenues between $482.0-$492.0 million and Adjusted EBITDA between $104.0-$108.0 million. The above guidance does not include the financial impacts from the potential sale of Maine Energy or the refinancing of the 11.0% $180.0 million second lien notes due July 2014 and No material changes in the regional economy from fiscal year 2012. Full Article
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