Exhibit 99.1
Item 6. Selected Financial Data
The following tables set forth our selected consolidated financial data of our continuing operations for the periods indicated and are qualified by reference to, and should be read in conjunction with our Consolidated Financial Statements and the Notes thereto, which are included elsewhere in this annual report, especially Note 4 as it relates to our business combinations, significant asset acquisitions and dispositions, and Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operation”. The financial data as of December 31, 2005, 2004, 2003, 2002 and 2001 and for each of the years then ended have been derived from our audited Consolidated Financial Statements. The selected consolidated financial data as of December 31, 2005, 2004, 2003, 2002 and 2001 and for each of the years then ended have been prepared in accordance with accounting principles generally accepted in the United States. We have classified our Arizona operations, which were acquired from July 2003 onwards, as discontinued operations for all relevant periods presented herein. On June 30, 2006, we effected a reverse one for three split of our common stock, whereby each holder of three outstanding shares of common stock is entitled to one share of common stock. A more detailed discussion of this reverse split is contained in Note 1 to our Consolidated Financial Statements.
For Each of the Years Ended December 31, | ||||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Statement of Operations and Cash Flow Data: | ||||||||||||||||||||
Revenue | $ | 356,056 | $ | 287,105 | $ | 124,985 | $ | 98,846 | $ | 93,241 | ||||||||||
Income (loss) from operations | 10,892 | 8,140 | (4,888 | ) | 9,567 | (8,671 | ) | |||||||||||||
Income (loss) from continuing operations | (50,424 | ) | (47,761 | ) | (22,740 | ) | 2,127 | (19,668 | ) | |||||||||||
Income (loss) from discontinued operations | 134 | (618 | ) | (158 | ) | — | — | |||||||||||||
Income (loss) before cumulative effect of change in accounting principle | (50,290 | ) | (48,379 | ) | (22,898 | ) | 2,127 | (19,668 | ) | |||||||||||
Cumulative effect of change in accounting principle | — | 225 | 518 | — | — | |||||||||||||||
Net income (loss) | (50,290 | ) | (48,154 | ) | (22,380 | ) | 2,127 | (19,668 | ) | |||||||||||
Net loss attributable to common shareholders | (50,290 | ) | (48,154 | ) | (76,952 | ) | (12,590 | ) | (19,668 | ) | ||||||||||
Loss per share, basic and diluted — continuing operations | (1.53 | ) | (1.62 | ) | (5.97 | ) | (1.17 | ) | (4.81 | ) | ||||||||||
Loss per share, basic and diluted — discontinued operations | — | (0.02 | ) | (0.02 | ) | — | — | |||||||||||||
Basic and diluted loss per share before cumulative effect of change in accounting principle | (1.53 | ) | (1.64 | ) | (5.99 | ) | (1.17 | ) | (4.81 | ) | ||||||||||
Cumulative affect of change in accounting principle | — | 0.01 | 0.04 | — | — | |||||||||||||||
Loss per share — basic and diluted | (1.53 | ) | (1.63 | ) | (5.95 | ) | (1.17 | ) | (4.81 | ) | ||||||||||
Weighted average common shares outstanding — basic and diluted | 32,880 | 29,410 | 12,927 | 10,804 | 4,086 | |||||||||||||||
Cash flows from operating activities of continuing operations | 21,822 | 26,741 | 10,024 | 13,654 | 6,685 | |||||||||||||||
Capital expenditures from continuing operations | 28,893 | 37,823 | 22,106 | 12,157 | 3,778 |
As of December 31, | ||||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||
Cash and cash equivalents | $ | 8,886 | $ | 8,476 | $ | 21,048 | $ | 1,775 | $ | 2,469 | ||||||||||
Property, equipment and landfill sites, net | 275,983 | 277,767 | 178,148 | 58,994 | 36,708 | |||||||||||||||
Goodwill and other intangible assets, net | 307,869 | 305,994 | 160,296 | 66,596 | 55,089 | |||||||||||||||
Total assets | 728,389 | 720,583 | 470,998 | 149,022 | 110,652 | |||||||||||||||
Total debt and capital lease obligations (exclusive of cumulative mandatorily redeemable Preferred Stock) | 286,669 | 278,363 | 177,449 | 53,645 | 53,005 | |||||||||||||||
Cumulative mandatorily redeemable Preferred Stock | 84,971 | 64,971 | 48,205 | — | — | |||||||||||||||
Total shareholders’ equity | 264,491 | 298,776 | 201,117 | 77,817 | 45,913 |
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