Casella Waste Systems (CWST) Q4 2005 earnings summary

Executive summary

• Fiscal 2005 delivered healthy growth consistent with the three-to-five-year strategy, alongside improved operating margins and internalization rates.

• More than 2,600 employees supported the year’s operational and strategic progress.

Financial highlights

• Operating margins and internalization rates improved significantly in fiscal 2005.

• Permit-able disposal capacity rose from just under 30 million tons at FY2003-end to nearly 82 million tons by April 30, 2005.

• Fiscal 2005 financial goals were met or exceeded.

Outlook and guidance

• Fiscal 2006 outlook calls for healthy, predictable growth despite a slow regional economy, with further internalization gains and stronger margins.

• Growth plans emphasize developing disposal capacity, primarily through public partnerships, and linking recycling and sustainable environmental services to community needs.