Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | ||
Oct. 31, 2013 | Nov. 15, 2013 | Nov. 15, 2013 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Oct-13 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Entity Registrant Name | 'CASELLA WASTE SYSTEMS INC | ' | ' |
Entity Central Index Key | '0000911177 | ' | ' |
Current Fiscal Year End Date | '--04-30 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 39,011,087 | 988,200 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $4,953 | $1,755 |
Restricted cash | 76 | 76 |
Accounts receivable - trade, net of allowance for doubtful accounts of $2,054 and $1,332 | 54,275 | 48,689 |
Refundable income taxes | 637 | 128 |
Prepaid expenses | 7,852 | 5,711 |
Inventory | 4,040 | 3,494 |
Deferred income taxes | 3,235 | 3,730 |
Other current assets | 1,009 | 901 |
Current assets of discontinued operations | 364 | 61 |
Total current assets | 76,441 | 64,545 |
Property, plant and equipment, net of accumulated depreciation and amortization of $671,883 and $645,567 | 422,407 | 422,502 |
Goodwill | 118,257 | 115,928 |
Intangible assets, net | 12,430 | 11,674 |
Restricted assets | 645 | 545 |
Notes receivable - related party | 149 | 147 |
Investments in unconsolidated entities | 19,217 | 20,252 |
Other non-current assets | 27,331 | 27,526 |
Non-current assets of discontinued operations | 1,636 | ' |
Total assets | 678,513 | 663,119 |
CURRENT LIABILITIES: | ' | ' |
Current maturities of long-term debt and capital leases | 430 | 857 |
Current maturities of financing lease obligations | 374 | 361 |
Accounts payable | 49,542 | 51,974 |
Accrued payroll and related expenses | 5,131 | 3,983 |
Accrued interest | 6,109 | 6,074 |
Current accrued capping, closure and post-closure costs | 5,281 | 3,835 |
Other accrued liabilities | 22,713 | 21,014 |
Total current liabilities | 89,580 | 88,098 |
Long-term debt and capital leases, less current maturities | 507,159 | 493,531 |
Financing lease obligations, less current maturities | 1,266 | 1,456 |
Accrued capping, closure and post-closure costs, less current portion | 40,700 | 39,335 |
Deferred income taxes | 6,868 | 6,798 |
Other long-term liabilities | 17,100 | 18,450 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
Casella Waste Systems, Inc. stockholders' equity: | ' | ' |
Additional paid-in capital | 337,178 | 335,857 |
Accumulated deficit | -324,908 | -324,377 |
Accumulated other comprehensive loss | -797 | -592 |
Total Casella Waste Systems, Inc. stockholders' equity | 11,873 | 11,285 |
Noncontrolling interests | 3,967 | 4,166 |
Total stockholders' equity | 15,840 | 15,451 |
Total liabilities and stockholders' equity | 678,513 | 663,119 |
Class A Common Stock [Member] | ' | ' |
Casella Waste Systems, Inc. stockholders' equity: | ' | ' |
Common stock | 390 | 387 |
Total stockholders' equity | 390 | 387 |
Class B Common Stock [Member] | ' | ' |
Casella Waste Systems, Inc. stockholders' equity: | ' | ' |
Common stock | 10 | 10 |
Total stockholders' equity | $10 | $10 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable - trade, allowance for doubtful accounts | $2,054 | $1,332 |
Property, plant and equipment, accumulated depreciation and amortization | $671,883 | $645,567 |
Class A Common Stock [Member] | ' | ' |
Common stock, authorized shares | 100,000,000 | 100,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, issued shares | 39,011,000 | 38,662,000 |
Common stock, outstanding shares | 39,011,000 | 38,662,000 |
Class B Common Stock [Member] | ' | ' |
Common stock, authorized shares | 1,000,000 | 1,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, votes (in votes per share) | 10 | 10 |
Common stock, issued shares | 988,000 | 988,000 |
Common stock, outstanding shares | 988,000 | 988,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $132,296 | $116,836 | $260,854 | $234,474 |
Operating expenses: | ' | ' | ' | ' |
Cost of operations | 90,545 | 82,087 | 178,962 | 163,432 |
General and administration | 16,425 | 13,883 | 31,503 | 29,073 |
Depreciation and amortization | 15,669 | 14,570 | 30,866 | 29,279 |
Environmental remediation charge | 150 | ' | 150 | ' |
Severance and reorganization costs | 53 | 1,793 | 161 | 1,827 |
Expense from divestiture, acquisition and financing costs | 4 | 77 | 24 | 631 |
Total operating expenses | 122,846 | 112,410 | 241,666 | 224,242 |
Operating income | 9,450 | 4,426 | 19,188 | 10,232 |
Other expense (income): | ' | ' | ' | ' |
Interest income | -101 | -10 | -113 | -18 |
Interest expense | 9,635 | 11,516 | 18,994 | 23,207 |
(Income) loss from equity method investments | -91 | 109 | 887 | 1,875 |
Loss (gain) on derivative instruments | 629 | 3,896 | -25 | 3,896 |
Loss on debt extinguishment | ' | 9,670 | ' | 9,670 |
Other income | -392 | -311 | -530 | -441 |
Other expense, net | 9,680 | 24,870 | 19,213 | 38,189 |
Loss from continuing operations before income taxes and discontinued operations | -230 | -20,444 | -25 | -27,957 |
Provision for income taxes | 300 | 413 | 619 | 1,063 |
Loss from continuing operations before discontinued operations | -530 | -20,857 | -644 | -29,020 |
Discontinued operations: | ' | ' | ' | ' |
(Loss) income from discontinued operations (net of income tax provision of $0, $0, $0 and $0) | -45 | -235 | 284 | -451 |
Loss on disposal of discontinued operations (net of income tax provision of $0, $0, $0 and $0) | ' | ' | -378 | ' |
Net loss | -575 | -21,092 | -738 | -29,471 |
Less: Net loss attributable to noncontrolling interests | -236 | -125 | -207 | -133 |
Net loss attributable to common stockholders | -339 | -20,967 | -531 | -29,338 |
Amounts attributable to common stockholders: | ' | ' | ' | ' |
Loss from continuing operations before discontinued operations | -294 | -20,732 | -437 | -28,887 |
(Loss) income from discontinued operations, net of tax | -45 | -235 | 284 | -451 |
Loss on disposal of discontinued operations, net of tax | ' | ' | -378 | ' |
Net loss attributable to common stockholders | ($339) | ($20,967) | ($531) | ($29,338) |
Basic and diluted earnings per share: | ' | ' | ' | ' |
Loss from continuing operations before discontinued operations | ($0.01) | ($0.67) | ($0.01) | ($1) |
(Loss) income from discontinued operations, net of tax | $0 | ($0.01) | $0.01 | ($0.01) |
Loss on disposal of discontinued operations, net of tax | ' | ' | ($0.01) | ' |
Net loss per common share | ($0.01) | ($0.68) | ($0.01) | ($1.01) |
Weighted average common shares outstanding | 39,821 | 30,872 | 39,742 | 28,932 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Loss from discontinued operations, income tax provision | $0 | $0 | $0 | $0 |
Loss on disposal of discontinued operations, income tax provision | $0 | $0 | $0 | $0 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net loss | ($575) | ($21,092) | ($738) | ($29,471) |
Other comprehensive income (loss), net of taxes: | ' | ' | ' | ' |
Unrealized loss resulting from changes in fair value of derivative instruments | -279 | -716 | -568 | -2,799 |
Realized loss on derivative instruments reclassified into earnings | 181 | 3,946 | 345 | 3,990 |
Unrealized gain resulting from changes in fair value of marketable securities | 18 | 21 | 18 | 15 |
Other comprehensive (loss) income | -80 | 3,251 | -205 | 1,206 |
Comprehensive loss | -655 | -17,841 | -943 | -28,265 |
Less: Comprehensive loss attributable to noncontrolling interests | -236 | -125 | -207 | -133 |
Comprehensive loss attributable to common stockholders | ($419) | ($17,716) | ($736) | ($28,132) |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Class A Common Stock [Member] | Class B Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] |
In Thousands, except Share data | |||||||
Balance at Apr. 30, 2013 | $15,451 | $387 | $10 | $335,857 | ($324,377) | ($592) | $4,166 |
Balance (in shares) at Apr. 30, 2013 | ' | 38,662,000 | 988,000 | ' | ' | ' | ' |
Net loss | -738 | ' | ' | ' | -531 | ' | -207 |
Other comprehensive loss | -205 | ' | ' | ' | ' | -205 | ' |
Issuances of Class A common stock | 115 | 3 | ' | 112 | ' | ' | ' |
Issuances of Class A common stock, shares | ' | 349,000 | ' | ' | ' | ' | ' |
Stock-based compensation | 1,209 | ' | ' | 1,209 | ' | ' | ' |
Contributions from noncontrolling interest holders | 8 | ' | ' | ' | ' | ' | 8 |
Balance at Oct. 31, 2013 | $15,840 | $390 | $10 | $337,178 | ($324,908) | ($797) | $3,967 |
Balance (in shares) at Oct. 31, 2013 | ' | 39,011,000 | 988,000 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Cash Flows from Operating Activities: | ' | ' |
Net loss | ($738) | ($29,471) |
Adjustments to reconcile net loss to net cash provided by operating activities - | ' | ' |
(Income) loss from discontinued operations, net of tax | -284 | 451 |
Loss on disposal of discontinued operations, net of tax | 378 | ' |
Gain on sale of property and equipment | -389 | -209 |
Depreciation and amortization | 30,866 | 29,279 |
Depletion of landfill operating lease obligations | 5,491 | 4,878 |
Interest accretion on landfill and environmental remediation liabilities | 2,068 | 1,858 |
Amortization of discount on second lien notes and senior subordinated notes | 119 | 502 |
Loss from equity method investments | 887 | 1,875 |
(Gain) loss on derivative instruments | -25 | 3,896 |
Loss on debt extinguishment | ' | 9,670 |
Stock-based compensation | 1,209 | 1,306 |
Excess tax benefit on the vesting of share based awards | ' | -188 |
Deferred income taxes | 504 | 907 |
Changes in assets and liabilities, net of effects of acquisitions and divestitures - | ' | ' |
Accounts receivable | -5,782 | -3,506 |
Accounts payable | -2,432 | 4,617 |
Prepaid expenses, inventories and other assets | -2,997 | -246 |
Accrued expenses and other liabilities | -756 | -2,851 |
Net cash provided by operating activities | 28,119 | 22,768 |
Cash Flows from Investing Activities: | ' | ' |
Acquisitions, net of cash acquired | -2,822 | -4,635 |
Additions to property, plant and equipment - acquisition | -1,365 | -417 |
Additions to property, plant and equipment - growth | -3,249 | -8,198 |
Additions to property, plant and equipment - maintenance | -22,810 | -24,776 |
Payments on landfill operating lease contracts | -3,471 | -3,298 |
Payment for capital related to divestiture | ' | -618 |
Investments in unconsolidated entities | -2,148 | -1,000 |
Proceeds from sale of property and equipment | 929 | 543 |
Net cash used in investing activities | -34,936 | -42,399 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from long-term borrowings | 83,190 | 236,177 |
Principal payments on long-term debt | -72,586 | -227,028 |
Change in restricted cash | ' | -23,579 |
Payment of tender premium and costs on second lien notes | ' | -6,745 |
Payments of financing costs | -388 | -4,329 |
Net proceeds from the sale of Class A common stock | ' | 42,149 |
Excess tax benefit on the vesting of share based awards | ' | 188 |
Contributions from noncontrolling interest holders | ' | 1,195 |
Net cash provided by financing activities | 10,216 | 18,028 |
Discontinued Operations: | ' | ' |
Net cash used in operating activities | -201 | -393 |
Net cash used in investing activities | ' | -637 |
Net cash used in discontinued operations | -201 | -1,030 |
Net increase (decrease) in cash and cash equivalents | 3,198 | -2,633 |
Cash and cash equivalents, beginning of period | 1,755 | 4,534 |
Cash and cash equivalents, end of period | 4,953 | 1,901 |
Cash paid during the period for - | ' | ' |
Interest | 17,577 | 22,234 |
Income taxes, net of refunds | 622 | 71 |
Summary of entities acquired in purchase business combinations - | ' | ' |
Fair value of net assets acquired | 4,594 | 4,761 |
Other non-cash consideration | 245 | ' |
Cash paid, net of cash acquired | 2,793 | 4,635 |
Holdbacks to sellers and contingent consideration | 1,556 | 126 |
Property, plant and equipment acquired through lease obligations | $2,301 | ' |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended | |
Oct. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
1 | BASIS OF PRESENTATION | |
Casella Waste Systems, Inc. (“Parent”), its wholly-owned subsidiaries and certain partially owned entities over which it has a controlling financial interest (collectively, “we”, “us” or “our”) is a regional, vertically-integrated solid waste services company that provides collection, transfer, disposal, landfill, landfill gas-to-energy, recycling and organics services in the northeastern United States. We market recyclable metals, aluminum, plastics, paper and corrugated cardboard, which have been processed at our recycling facilities, as well as recyclables purchased from third parties. We manage our solid waste operations on a geographic basis through two regional operating segments, the Eastern and Western regions, each of which provides a full range of solid waste services, and our larger-scale recycling and commodity brokerage operations through our Recycling segment. Organics services, ancillary operations, major customer accounts, discontinued operations and earnings from equity method investees are included in our Other segment. | ||
The consolidated financial statements as of October 31, 2013 and for the three and six months ended October 31, 2013 and 2012 are unaudited. The accompanying unaudited consolidated financial statements, which include the accounts of the Parent, its wholly-owned subsidiaries and certain partially owned entities over which it has a controlling financial interest, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). All intercompany accounts and transactions are eliminated in consolidation. Investments in entities in which we do not have a controlling financial interest are accounted for under either the equity method or cost method of accounting, as appropriate. Assets and liabilities of discontinued operations and assets held-for-sale are segregated from those of continuing operations and reported in separate captions in the balance sheet, as applicable. The results of operations that have been disposed of or classified as held-for-sale and qualify for discontinued operations accounting are reported in discontinued operations, as applicable. Our significant accounting policies are more fully discussed in Item 8 of our Annual Report on Form 10-K for the year ended April 30, 2013, which was filed with the SEC on June 27, 2013. | ||
Preparation of our unaudited consolidated financial statements in accordance with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision given the available data or simply cannot be readily calculated. In the opinion of management, these unaudited consolidated financial statements include all adjustments, which include normal recurring and nonrecurring adjustments, necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. Interim results may not be indicative of the results for any other interim period or the entire fiscal year. The unaudited consolidated financial statements presented herein should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended April 30, 2013. | ||
Reclassifications | ||
We have made reclassifications to the April 30, 2013 balance sheet, including a reclassification to properly state the current deferred income tax asset and the non-current deferred income tax liability. The reclassifications had no effect on the previously reported results of operations or retained earnings. | ||
New Accounting Pronouncements Pending Adoption | ||
Income Taxes | ||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update for the reporting of an unrecognized tax benefit, or portion thereof, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The update provides an exception, requiring the unrecognized tax benefit to be presented in the financial statements as a liability when the carryforward is not available at the reporting date under the tax laws to settle additional income taxes that would result for the disallowance of a tax provision or the tax laws do not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose. This guidance is effective prospectively, with retrospective application permitted, for annual periods, and interim reporting periods within those years, beginning after December 15, 2013, with early adoption permitted. We do not expect a material impact on our consolidated financial statements as a result of adopting this standard. | ||
Adoption of New Accounting Pronouncements | ||
Comprehensive Income | ||
In February 2013, the FASB issued an accounting standards update for the reporting of reclassifications out of accumulated other comprehensive income (loss). This guidance requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income (loss) on the respective line items in net income (loss) if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income (loss). For other amounts not required under GAAP to be reclassified in their entirety to net income (loss) in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. This guidance is effective prospectively for annual and interim reporting periods within those years, beginning after December 15, 2012. We adopted this guidance effective May 1, 2013 and it has not had, and we believe it will not have, a material impact on our consolidated financial statements. See Note 7 for presentation of the information required by this accounting standards update. | ||
Indefinite-Lived Intangible Assets Impairment Test | ||
In July 2012, the FASB issued an accounting standards update on indefinite-lived intangible assets impairment testing. This guidance permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative impairment test. If after assessing the totality of events or circumstances, an entity determines that it is not more likely than not that the indefinite-lived intangible assets are impaired, then the entity will not need to perform the quantitative impairment test in accordance with FASB Accounting Standards Codification (“ASC”) 350-30. This guidance is effective for annual and interim indefinite-lived assets impairment tests performed for annual reporting periods beginning after September 15, 2012, with early adoption permitted. We adopted this guidance effective May 1, 2013 and it has not had, and we believe it will not have, a material impact on our consolidated financial statements. | ||
Disclosures About Offsetting Assets and Liabilities | ||
In December 2011, the FASB issued an accounting standards update regarding the disclosure of offsetting assets and liabilities in financial statements. This guidance requires an entity to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. In January 2013, the FASB issued an accounting standards update to address implementation issues about the December 2011 accounting standards update by clarifying the scope of the offsetting disclosures. This guidance is effective for annual and interim reporting periods within those years, beginning on or after January 1, 2013. We adopted this guidance effective May 1, 2013 and it has not had, and we believe it will not have, a material impact on our consolidated financial statements. |
Business_Acquisitions
Business Acquisitions | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Business Acquisitions | ' | ||||||||||||||||
2 | BUSINESS ACQUISITIONS | ||||||||||||||||
During the six months ended October 31, 2013, we acquired two solid waste hauling operations in the Western region for total consideration of $1,891 as of the acquisition dates, including $1,473 in cash, $36 of advanced customer billings and $382 in holdbacks to the sellers, and one solid waste hauling operation in the Eastern region for total consideration of $209 as of the acquisition date, consisting solely of the forgiveness of trade receivables and advanced customer billings. We also acquired an industrial environmental service management business in the Other segment for total consideration of $2,494 as of the acquisition date, including $1,320 in cash, $330 in holdbacks to the seller and $844 in consideration, not to exceed $1,000, contingent upon the realization of a measure of operating income associated with certain prospective customer contracts within twelve months of closing. During the six months ended October 31, 2012, we acquired two solid waste hauling operations in the Western region for total consideration of $4,761 as of the acquisition dates, including $4,285 in cash and $476 in holdbacks to the sellers. The operating results of these businesses are included in the accompanying unaudited consolidated statements of operations from each date of acquisition, and the purchase price has been allocated to the net assets acquired based on fair values at each date of acquisition, with the residual amounts recorded as goodwill. Acquired intangible assets other than goodwill that are subject to amortization include client lists and non-compete covenants. These are amortized over a five to ten year period from the date of acquisition. All amounts recorded to goodwill, except amounts related to the acquisition of Bestway Disposal Services and BBI Waste Industries (“BBI”), are expected to be deductible for tax purposes. The purchase price allocated to net assets acquired and the residual amount allocated to goodwill during the six months ended October 31, 2013 and 2012 are as follows: | |||||||||||||||||
Six Months Ended | |||||||||||||||||
October 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Equipment | $ | 495 | $ | 2,349 | |||||||||||||
Goodwill | 2,272 | 1,016 | |||||||||||||||
Intangible assets | 1,865 | 1,486 | |||||||||||||||
Current liabilities | (38 | ) | (90 | ) | |||||||||||||
Total | $ | 4,594 | $ | 4,761 | |||||||||||||
The following unaudited pro forma combined financial information shows the results of our operations for the three and six months ended October 31, 2013 and 2012 as though each of the acquisitions made in the six months ended October 31, 2013 and the twelve months ended April 30, 2013 had occurred as of May 1, 2012. | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenue | $ | 132,857 | $ | 124,091 | $ | 263,134 | $ | 249,062 | |||||||||
Operating income | $ | 9,508 | $ | 4,897 | $ | 19,421 | $ | 11,177 | |||||||||
Net loss attributable to common stockholders | $ | (312 | ) | $ | (21,016 | ) | $ | (426 | ) | $ | (29,442 | ) | |||||
Basic and diluted loss per common share attributable to common stockholders | $ | (0.01 | ) | $ | (0.68 | ) | $ | (0.01 | ) | $ | (1.02 | ) | |||||
Basic and diluted weighted average shares outstanding | 39,821 | 30,872 | 39,742 | 28,932 | |||||||||||||
The pro forma results set forth in the table above have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisitions occurred as of May 1, 2012 or the results of our future operations. Furthermore, the pro forma results do not give effect to all cost savings or incremental costs that may occur as a result of the integration and consolidation of the completed acquisitions. | |||||||||||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 6 Months Ended | ||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||||||||
3 | GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||
The following table shows the activity and balances related to goodwill from April 30, 2013 through October 31, 2013: | |||||||||||||||||||||||
April 30, | Acquisitions | October 31, | |||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||
Eastern region (1) | $ | 16,858 | $ | 133 | $ | 16,991 | |||||||||||||||||
Western region | 86,880 | 467 | 87,347 | ||||||||||||||||||||
Recycling | 12,190 | — | 12,190 | ||||||||||||||||||||
Other | — | 1,729 | 1,729 | ||||||||||||||||||||
Total | $ | 115,928 | $ | 2,329 | $ | 118,257 | |||||||||||||||||
-1 | Included in Eastern region acquisitions activity is a $61 adjustment related to the December 5, 2012 BBI acquisition due to a finalization of the deferred tax liability for BBI at acquisition. | ||||||||||||||||||||||
Intangible assets as of October 31, 2013 and April 30, 2013 consist of the following: | |||||||||||||||||||||||
Covenants | Client | Total | |||||||||||||||||||||
Not-to- | Lists | ||||||||||||||||||||||
Compete | |||||||||||||||||||||||
Balance, October 31, 2013 | |||||||||||||||||||||||
Intangible assets | $ | 17,220 | $ | 13,348 | $ | 30,568 | |||||||||||||||||
Less accumulated amortization | (15,087 | ) | (3,051 | ) | (18,138 | ) | |||||||||||||||||
$ | 2,133 | $ | 10,297 | $ | 12,430 | ||||||||||||||||||
Covenants | Client | Total | |||||||||||||||||||||
Not-to- | Lists | ||||||||||||||||||||||
Compete | |||||||||||||||||||||||
Balance, April 30, 2013 | |||||||||||||||||||||||
Intangible assets | $ | 17,043 | $ | 11,660 | $ | 28,703 | |||||||||||||||||
Less accumulated amortization | (14,800 | ) | (2,229 | ) | (17,029 | ) | |||||||||||||||||
$ | 2,243 | $ | 9,431 | $ | 11,674 | ||||||||||||||||||
Intangible amortization expense for the three months ended October 31, 2013 and 2012 and the six months ended October 31, 2013 and 2012 was $586, $207, $1,109 and $397, respectively. The intangible amortization expense estimated for the five fiscal years following fiscal year 2013 and thereafter is as follows: | |||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | ||||||||||||||||||
$ | 1,204 | $ | 2,379 | $ | 1,889 | $ | 1,546 | $ | 1,404 | $ | 4,008 |
Accrued_Capping_Closure_and_Po
Accrued Capping, Closure and Post Closure | 6 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
Accrued Capping, Closure and Post Closure | ' | ||||||||
4 | ACCRUED CAPPING, CLOSURE AND POST CLOSURE | ||||||||
Accrued capping, closure and post-closure costs include the current and non-current portion of costs associated with obligations for closure and post-closure of our landfills. We estimate our future capping, closure and post-closure costs in order to determine the capping, closure and post-closure expense per ton of waste placed into each landfill. The anticipated timeframe for paying these costs varies based on the remaining useful life of each landfill, as well as the duration of the post-closure monitoring period. The changes to accrued capping, closure and post-closure liabilities for the six months ended October 31, 2013 and 2012 are as follows: | |||||||||
Six Months Ended October 31, | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 43,170 | $ | 39,629 | |||||
Obligations incurred | 1,918 | 1,960 | |||||||
Accretion expense | 1,999 | 1,789 | |||||||
Payments | (1,106 | ) | (2,089 | ) | |||||
Ending balance | $ | 45,981 | $ | 41,289 | |||||
LongTerm_Debt
Long-Term Debt | 6 Months Ended | |
Oct. 31, 2013 | ||
Debt Disclosure [Abstract] | ' | |
Long-Term Debt | ' | |
5 | LONG-TERM DEBT | |
Amendment of Senior Credit Facility | ||
On June 25, 2013, we entered into a third amendment under our revolving credit and letter of credit facility due March 18, 2016 (“Senior Credit Facility”). This amendment adjusted our financial covenants, loosening our minimum interest coverage ratio and our maximum consolidated total funded debt to consolidated EBITDA ratio and reducing our maximum senior funded debt to consolidated EBITDA ratio and maximum allowed fiscal year capital expenditures. As of October 31, 2013, these covenants restrict fiscal year capital expenditures to 1.1 times our consolidated depreciation expense, depletion expense and landfill amortization expense, set a minimum interest coverage ratio of 2.25, a maximum consolidated total funded debt to consolidated EBITDA ratio of 5.85 and a maximum senior funded debt to consolidated EBITDA ratio of 2.50. In addition to the financial covenants described above, the Senior Credit Facility also contains a number of negative covenants, which restrict, among other things, our ability to sell assets, pay dividends, invest in non-wholly owned entities, repurchase stock, incur debt, grant liens and issue preferred stock. As of October 31, 2013, we were in compliance with all covenants under the indenture governing our Senior Credit Facility. We do not believe that these restrictions impact our ability to meet future liquidity needs, except that they may limit our ability to increase our investments in non-wholly owned entities (including the joint ventures to which we are already party). | ||
Loss on Debt Extinguishment | ||
In the three months ended October 31, 2012, we recorded a charge of $9,670 as a loss on debt extinguishment related to the refinancing of our $180,000 11% senior second lien notes due 2014 (“Second Lien Notes”). The loss on debt extinguishment consisted of a $1,667 non-cash write off of deferred financing costs, a $1,258 non-cash write off of the unamortized original issue discount and a $6,745 loss associated with the tender premium and other tender fees associated with the portion of the Second Lien Notes extinguished. |
Contingencies
Contingencies | 6 Months Ended | |
Oct. 31, 2013 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Contingencies | ' | |
6 | CONTINGENCIES | |
Legal Proceedings | ||
In the ordinary course of our business and as a result of the extensive governmental regulation of the solid waste industry, we are subject to various judicial and administrative proceedings involving state and local agencies. In these proceedings, an agency may seek to impose fines or to revoke or deny renewal of an operating permit held by us. From time to time, we may also be subject to actions brought by special interest or other groups, adjacent landowners or residents in connection with the permitting and licensing of landfills and transfer stations, or alleging environmental damage or violations of the permits and licenses pursuant to which we operate. In addition, we have been named defendants in various claims and suits pending for alleged damages to persons and property, alleged violations of certain laws and alleged liabilities arising out of matters occurring during the ordinary operation of the waste management business. | ||
In accordance with FASB ASC 450-20, we accrue for legal proceedings when losses become probable and reasonably estimable. As of the end of each applicable reporting period, we review each of our legal proceedings to determine whether it is probable, reasonably possible or remote that a liability has been incurred and, if it is at least reasonably possible, whether a range of loss can be reasonably estimated under the provisions of FASB ASC 450-20. In instances where we determine that a loss is probable and we can reasonably estimate a range of losses we may incur with respect to such a matter, we record an accrual for the amount within the range that constitutes our best estimate of the possible loss. If we are able to reasonably estimate a range, but no amount within the range appears to be a better estimate than any other, we record an accrual in the amount that is the low end of such range. When a loss is reasonably possible, but not probable, we will not record an accrual, but we will disclose our estimate of the possible range of loss where such estimate can be made in accordance with ASC 450-20. | ||
Environmental Liability | ||
We are subject to liability for environmental damage, including personal injury and property damage, that our solid waste, recycling and power generation facilities may cause to neighboring property owners, particularly as a result of the contamination of drinking water sources or soil, possibly including damage resulting from conditions existing before we acquired the facilities. We may also be subject to liability for similar claims arising from off-site environmental contamination caused by pollutants or hazardous substances if we or our predecessors arrange or arranged to transport, treat or dispose of those materials. | ||
Potsdam Environmental Liability | ||
On December 20, 2000, the State of New York Department of Environmental Conservation (“DEC”) issued an Order on Consent (“Order”) which named Waste-Stream, Inc. (“WSI”), our subsidiary, General Motors Corporation (“GM”) and Niagara Mohawk Power Corporation (“NiMo”) as Respondents. The Order required that the Respondents undertake certain work on a 25-acre scrap yard and solid waste transfer station owned by WSI, including the preparation of a Remedial Investigation and Feasibility Study (“Study”). A draft of the Study was submitted to the DEC in January 2009 (followed by a final report in May 2009). The Study estimated that the undiscounted costs associated with implementing the preferred remedies will be approximately $10,219. On February 28, 2011, the DEC issued a Proposed Remedial Action Plan for the site and accepted public comments on the proposed remedy through March 29, 2011. We submitted comments to the DEC on this matter. In April 2011, the DEC issued the final Record of Decision (“ROD”) for the site. The ROD was subsequently rescinded by the DEC for failure to respond to all submitted comments. The preliminary ROD, however, estimated that the present cost associated with implementing the preferred remedies would be approximately $12,130. The DEC issued the final ROD in June 2011 with proposed remedies consistent with its earlier ROD. An Order on Consent and Administrative Settlement naming WSI and NiMo as Respondents was executed by the Respondents and DEC with an effective date of October 25, 2013. It is unlikely that any costs relating to onsite remediation will be incurred until fiscal year 2015. | ||
WSI is jointly and severally liable for the total cost to remediate and we initially expected to be responsible for approximately 30% upon implementation of a cost-sharing agreement with NiMo and GM. Based on these estimates, we recorded an environmental remediation charge of $2,823 in the third quarter of fiscal year 2009. In the fourth quarter of fiscal year 2009, we recognized an additional charge of $1,532, representing an additional 15% of the estimated costs, in recognition of the deteriorating financial condition and eventual bankruptcy filing of GM. In the fourth quarter of fiscal year 2010, we recognized an additional charge of $335 based on changes in the expected timing of cash outflows. Based on the estimated costs in the ROD, and changes in the estimated timing of cash flows, we recorded an environmental remediation charge of $549 in the fourth quarter of fiscal year 2011. Such charges could be significantly higher if costs exceed estimates. We inflate these estimated costs in current dollars until the expected time of payment and discount the cost to present value using a risk free interest rate (2.70%). As of October 31, 2013 and April 30, 2013, we have recorded liabilities of $5,397 and $5,297, respectively, including the recognition of $34 of accretion expense in the three months ended October 31, 2013 and 2012 and the recognition of $69 of accretion expense in the six months ended October 31, 2013 and 2012. | ||
In September 2011, the DEC settled its environmental claim against the estate of the former GM (known as “Motors Liquidation Trust”) for future remediation costs relating to the WSI site for face value of $3,000. In addition, in November 2011 we settled our own claim against the Motors Liquidation Trust for face value of $100. These claims will be paid by GM in warrants to obtain stock of the reorganized GM. We began receiving the warrants in May 2013 and expect the remainder of the warrants to be issued in fiscal year 2014. We have not assumed that any proceeds from the sale of securities received in payment of these claims will reduce our exposure. | ||
Southbridge Landfill Environmental Liability | ||
On or about August 24, 2013, we experienced the movement of stockpiled earth at our Southbridge, Massachusetts Landfill (“SBL”). The materials stockpiled consisted of soil removed and relocated to create space for the construction of additional landfill airspace at the SBL. The earth had been relocated and stored during the fall, winter and spring construction season of fiscal year 2013. | ||
The movement caused some of the stockpiled earth to enter wetlands on property owned by us. On or about August 29, we notified the Massachusetts Department of Environmental Protection (“MADEP”), and the Towns of Southbridge and Charlton, Massachusetts, of the occurrence of the movement. On or about September 6, 2013, MADEP issued an “Administrative Unilateral Order” (“AUO”) to us, which ordered that we provide MADEP with a plan to clean the wetlands of any materials deposited therein as a result of the movement (“Plan”). On or about October 3, 2013, we submitted the Plan to MADEP, and on or about October 15, 2013, MADEP approved the Plan and verbally issued permission for us to proceed with the execution of the Plan. We are currently engaged, under the supervision of MADEP, in the execution of the Plan. | ||
It is anticipated that execution of the Plan will involve remediation costs in the range of $500 to $1,000. Such charges could be higher if costs exceed estimates. We have provided notice to certain of our contractors and technical advisors that the movement has occurred, that significant remediation costs will be incurred in executing the Plan, and that we expect our contractors and technical advisors to assist in the execution of the Plan, to share in the remediation costs thereof as responsible parties, and to provide notice to their insurers. We believe that a loss in the range of $150 to $400, after considering amounts to be reimbursed, is probable and have therefore recorded a charge of $150 in the three months ended October 31, 2013 as an environmental remediation charge. |
Stockholders_Equity
Stockholders' Equity | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||
7 | STOCKHOLDERS’ EQUITY | ||||||||||||||||
Shares Available For Issuance | |||||||||||||||||
In fiscal year 2007, we adopted the 2006 Stock Incentive Plan (“2006 Plan”). The 2006 Plan was amended in fiscal year 2010. Under the 2006 Plan, we may grant awards up to an aggregate amount of shares equal to the sum of: (i) 2,475 shares of Class A common stock (subject to adjustment in the event of stock splits and other similar events), plus (ii) such additional number of shares of Class A common stock as are currently subject to options granted under our 1993 Incentive Stock Option Plan, 1994 Non-statutory Stock Option Plan, 1996 Option Plan, and 1997 Plan (“Prior Plans”) which are not actually issued under the Prior Plans because such options expire or otherwise result in shares not being issued. As of October 31, 2013, there were 1,104 Class A common stock equivalents available for future grant under the 2006 Plan, inclusive of additional Class A common stock equivalents, which were previously issued under our terminated plans and which have become available for grant because such awards expired or otherwise resulted in shares not being issued. | |||||||||||||||||
Stock Options | |||||||||||||||||
Options granted under the 2006 Plan are granted at a price equal to the prevailing fair market value of our Class A common stock at the date of grant. Generally, options granted have a term not to exceed ten years and vest over a one to four year period from the date of grant. | |||||||||||||||||
A summary of stock option activity for the six months ended October 31, 2013 is as follows: | |||||||||||||||||
Stock Options | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Contractual | |||||||||||||||||
Term (years) | |||||||||||||||||
Outstanding, April 30, 2013 | 1,442 | $ | 8.48 | ||||||||||||||
Granted | — | $ | — | ||||||||||||||
Exercised | — | $ | — | $ | — | ||||||||||||
Forfeited | (36 | ) | $ | 9.92 | |||||||||||||
Outstanding, October 31, 2013 | 1,406 | $ | 8.54 | 5 | $ | 1,251 | |||||||||||
Exercisable, October 31, 2013 | 1,053 | $ | 10.04 | 3.6 | $ | 604 | |||||||||||
During the three months ended October 31, 2013 and 2012 and the six months ended October 31, 2013 and 2012, stock-based compensation expense for stock options was $88, $95, $203 and $162, respectively. | |||||||||||||||||
As of October 31, 2013, total unrecognized stock-based compensation expense related to outstanding stock options was $596, which will be recognized over a weighted average period of 2.0 years. | |||||||||||||||||
Other Stock Awards | |||||||||||||||||
Restricted stock awards, restricted stock units and performance stock units granted under the 2006 Plan are granted at a price equal to the fair market value of our Class A common stock at the date of grant. Restricted stock awards granted to non-employee directors vest incrementally over a three year period beginning on the first anniversary of the date of grant. Restricted stock units vest incrementally over an identified service period beginning on the grant date based on continued employment. Performance stock units vest on April 30 of the third fiscal year end following the grant date and are based on our attainment of a targeted average return on net assets as of the vesting date. | |||||||||||||||||
A summary of restricted stock, restricted stock unit and performance stock unit activity for the six months ended October 31, 2013 is as follows: | |||||||||||||||||
Restricted Stock, | Weighted | Weighted Average | Aggregate | ||||||||||||||
Restricted Stock Units, | Average | Remaining | Intrinsic | ||||||||||||||
and Performance Stock | Grant | Contractual Term | Value | ||||||||||||||
Units (1) | Price | (years) | |||||||||||||||
Outstanding, April 30, 2013 | 1,088 | $ | 5.28 | ||||||||||||||
Granted | 539 | $ | 4.27 | ||||||||||||||
Class A Common Stock Vested | (318 | ) | $ | 4.86 | |||||||||||||
Forfeited | (18 | ) | $ | 4.54 | |||||||||||||
Outstanding, October 31, 2013 | 1,291 | $ | 4.97 | 2.2 | $ | 1,253 | |||||||||||
-1 | Performance stock units are included at the 100% attainment level. Attainment of maximum annual returns on net assets could result in the issuance of an additional 354 shares of Class A common stock. | ||||||||||||||||
During the six months ended October 31, 2013, we awarded certain employees restricted stock units, which vest over designated service periods of up to three years based on continued employment and non-employee directors restricted stock awards, which vest incrementally over a three year period beginning on the first anniversary of the date of grant. We did not grant any performance stock units during the six months ended October 31, 2013. | |||||||||||||||||
During the three and six months ended October 31, 2013 and 2012, stock-based compensation expense related to restricted stock, restricted stock units and performance stock units was $475, $519, $966 and $1,092, respectively. | |||||||||||||||||
As of October 31, 2013, total unrecognized compensation expense related to outstanding restricted stock and restricted stock units was $2,766, which will be recognized over a weighted average period of 2.0 years. Maximum unrecognized stock-based compensation expense at October 31, 2013 related to outstanding performance stock units, and subject to the attainment of targeted maximum annual returns on net assets, was $3,982 to be recognized over a weighted average period of 1.1 years. The unrecognized stock-based compensation expense that we expect to recognize as of October 31, 2013 related to outstanding performance stock units based on our expected attainment levels was $0. | |||||||||||||||||
We also recorded $15, $17, $39 and $52 of stock-based compensation expense related to our Employee Stock Purchase Plan during the three and six months ended October 31, 2013 and 2012, respectively. | |||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||
The changes in the balances of each component of accumulated other comprehensive loss, which is included as a component of our stockholders’ equity, are as follows: | |||||||||||||||||
Marketable | Commodity | ||||||||||||||||
Securities | Hedges | ||||||||||||||||
Beginning balance, April 30, 2013 | $ | 27 | $ | (619 | ) | ||||||||||||
Other comprehensive income (loss) before reclassifications | 18 | (568 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 345 | |||||||||||||||
Net current-period other comprehensive income (loss) | 18 | (223 | ) | ||||||||||||||
Ending balance, October 31, 2013 | $ | 45 | $ | (842 | ) | ||||||||||||
A summary of reclassifications out of accumulated other comprehensive loss for the three and six months ended October 31, 2013 and 2012 is as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
October 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Details about Accumulated Other | Amount Reclassified Out of | Affected Line Item in the Consolidated | |||||||||||||||
Comprehensive Loss Components | Accumulated Other | Statements of Operations | |||||||||||||||
Comprehensive Loss | |||||||||||||||||
Loss on derivative instruments: | |||||||||||||||||
Interest rate contracts | $ | — | $ | (3,625 | ) | Loss on derivative instruments | |||||||||||
Commodity hedges | (181 | ) | (321 | ) | Loss from equity method investments | ||||||||||||
(181 | ) | (3,946 | ) | Loss from continuing operations before income taxes and discontinued operations | |||||||||||||
— | — | Provision for income taxes | |||||||||||||||
$ | (181 | ) | $ | (3,946 | ) | Loss from continuing operations | |||||||||||
Six Months Ended | |||||||||||||||||
October 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Details about Accumulated Other | Amount Reclassified Out of | Affected Line Item in the Consolidated | |||||||||||||||
Comprehensive Loss Components | Accumulated Other | Statements of Operations | |||||||||||||||
Loss on derivative instruments: | |||||||||||||||||
Interest rate contracts | $ | — | $ | (3,625 | ) | Loss on derivative instruments | |||||||||||
Commodity hedges | (345 | ) | (365 | ) | Loss from equity method investments | ||||||||||||
(345 | ) | (3,990 | ) | Loss from continuing operations before income taxes and discontinued operations | |||||||||||||
— | — | Provision for income taxes | |||||||||||||||
$ | (345 | ) | $ | (3,990 | ) | Loss from continuing operations |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
8 | EARNINGS PER SHARE | ||||||||||||||||
The following table sets forth the numerator and denominator used in the computation of basic and diluted earnings per share (“EPS”): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Loss from continuing operations before discontinued operations attributable to common stockholders | $ | (294 | ) | $ | (20,732 | ) | $ | (437 | ) | $ | (28,887 | ) | |||||
Denominator: | |||||||||||||||||
Number of shares outstanding, end of period: | |||||||||||||||||
Class A common stock | 39,011 | 37,950 | 39,011 | 37,950 | |||||||||||||
Class B common stock | 988 | 988 | 988 | 988 | |||||||||||||
Unvested restricted stock | (130 | ) | (134 | ) | (130 | ) | (134 | ) | |||||||||
Effect of weighted average shares outstanding during period | (48 | ) | (7,932 | ) | (127 | ) | (9,872 | ) | |||||||||
Weighted average number of common shares - basic and diluted EPS | 39,821 | 30,872 | 39,742 | 28,932 | |||||||||||||
Number of antidilutive potentially issuable shares not included in the diluted earnings per share calculations due to loss from continuing operations (1) | 2,332 | 2,126 | 2,332 | 2,126 | |||||||||||||
-1 | Performance stock units are included at the expected attainment levels. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
9 | FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||
We use a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. These tiers include: Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; and Level 3, defined as unobservable inputs that are not corroborated by market data. | |||||||||||||
We use valuation techniques that maximize the use of market prices and observable inputs and minimize the use of unobservable inputs. In measuring the fair value of our financial assets and liabilities, we rely on market data or assumptions which we believe market participants would use in pricing an asset or a liability. | |||||||||||||
Assets and Liabilities Accounted for at Fair Value | |||||||||||||
Our financial instruments include cash and cash equivalents, trade receivables, restricted trust and escrow accounts, interest rate derivatives, trade payables and long-term debt. The carrying values of cash and cash equivalents, trade receivables and trade payables approximate their respective fair values due to their short-term nature. The fair value of the restricted trust and escrow accounts are included as restricted assets in the Level 1 tier below. The fair values of the interest rate derivatives, included in the Level 2 tier below, are calculated based on the three month LIBOR yield curve that is observable at commonly quoted intervals for the full term of the swaps, adjusted by the credit risk of our counter-parties and us based on observable credit default swap rates. We recognize all derivatives on the balance sheet at fair value. | |||||||||||||
As of October 31, 2013 our assets and liabilities that are measured at fair value on a recurring basis included the following: | |||||||||||||
Fair Value Measurement at October 31, 2013 Using: | |||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets: | |||||||||||||
Restricted assets | $ | 645 | $ | — | $ | — | |||||||
Liabilities: | |||||||||||||
Interest rate derivatives | $ | — | $ | 3,338 | $ | — | |||||||
As of April 30, 2013 our assets and liabilities that are measured at fair value on a recurring basis included the following: | |||||||||||||
Fair Value Measurement at April 30, 2013 Using: | |||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets: | |||||||||||||
Restricted assets | $ | 545 | $ | — | $ | — | |||||||
Liabilities: | |||||||||||||
Interest rate derivatives | $ | — | $ | 4,229 | $ | — | |||||||
Fair Value of Debt | |||||||||||||
As of October 31, 2013, the fair value of our fixed rate debt, including our 7.75% senior subordinated notes due 2019 (“2019 Notes”), the Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-2 (“FAME Bonds 2005R-2”) and the Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 (“Vermont Bonds”), was approximately $366,437 and the carrying value was $362,400. The fair value of the 2019 Notes is considered to be Level 1 within the fair value hierarchy as the fair value is based off of a quoted market price in an active market. The fair value of the FAME Bonds 2005R-2 is considered to be Level 2 within the fair value hierarchy as the fair value is determined using market approach pricing that utilizes pricing models and pricing systems, mathematical tools and judgment to determine the evaluated price for the security based on the market information of the FAME Bonds 2005R-2 or securities with similar characteristics. The fair value of the Vermont Bonds is considered to be Level 2 within the fair value hierarchy as the fair value is determined based on changes in the pricing of an observable five year municipal bond index. As of October 31, 2013, the fair value of our 2011 senior secured revolving credit facility (“2011 Revolver”) approximated its carrying value of $134,700 based on current borrowing rates for similar types of borrowing arrangements. |
Severance_and_Reorganization
Severance and Reorganization | 6 Months Ended | |
Oct. 31, 2013 | ||
Restructuring And Related Activities [Abstract] | ' | |
Severance and Reorganization | ' | |
10 | SEVERANCE AND REORGANIZATION | |
In the three and six months ended October 31, 2013, we recorded charges of $53 and $161 for severance costs associated with various planned reorganization efforts including the divestiture of Maine Energy Recovery Company LP (“Maine Energy”) discussed further in Note 11. | ||
On August 8, 2012, we realigned our operations in order to streamline functions and improve our cost structure. Through the reorganization we have enhanced certain aspects of the sales function to better facilitate customer service and retention, pricing growth, and support of strategic growth initiatives; better aligned transportation, route management and maintenance functions at the local level; and reduced corporate overhead and staff to match organizational needs and reduce costs. We recorded a severance and reorganization charge of $1,793 in the three months ended October 31, 2012. |
Divestiture_and_Discontinued_O
Divestiture and Discontinued Operations | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
Divestiture and Discontinued Operations | ' | ||||||||||||||||
11 | DIVESTITURE AND DISCONTINUED OPERATIONS | ||||||||||||||||
We review planned business dispositions based on available information and events that have occurred to determine whether or not a business or disposal group qualifies for discontinued operations treatment. The review consists of evaluating whether the business qualifies as a component of an entity for which the operations and cash flows are clearly distinguishable; whether it is anticipated that the cash flows of the component have been or will be eliminated from ongoing operations after the disposal transaction and by the end of the assessment period; and whether we will have any significant continuing involvement in the operations of the component after the disposal transaction. Planned business dispositions are presented as discontinued operations when all three criteria are met. Additionally, we evaluate whether the component has met the criteria to be classified as held-for-sale. To be classified as held-for-sale, the criteria established by FASB ASC 360-10 must be met as of the reporting date, including an active program to market the business and the disposition of the business within one year. A business that has not been disposed of may not be classified as discontinued operations until the held-for-sale criteria are met. No depreciation is recorded during the periods in which a disposal group is classified as held-for-sale. | |||||||||||||||||
Businesses that qualify as held-for-sale are carried at the lower of their carrying value or fair value less costs to sell in the period the held-for-sale criteria are met. For a business that is classified as held-for-sale and meets the discontinued operations criteria, all initial or subsequent adjustments to the carrying value of the component are classified in discontinued operations. | |||||||||||||||||
Discontinued Operations | |||||||||||||||||
In the fourth quarter of fiscal year 2013, we initiated a plan to dispose of KTI Bio Fuels, Inc. (“Bio Fuels”), a construction and demolition material processing facility located in Lewiston, Maine, and as a result, the assets associated with Bio Fuels were classified as held-for-sale and the results of operations were recorded as loss from discontinued operations. Assets of the disposal group previously classified as held-for-sale, and included in discontinued operations as of April 30, 2013, include certain inventory along with plant and equipment. In the first quarter of fiscal year 2014, we executed a purchase and sale agreement with ReEnergy Lewiston LLC (“ReEnergy”), pursuant to which we agreed to sell certain assets of Bio Fuels, which is located in our Eastern region, to ReEnergy. We agreed to sell the Bio Fuels assets for undiscounted purchase consideration of $2,000, which will be paid to us in equal quarterly installments over five years commencing November 1, 2013, subject to the terms of the purchase and sale agreement. We recognized a $378 loss on disposal of discontinued operations in the first quarter of fiscal year 2014 associated with the disposition. Revenues and (loss) income before income taxes attributable to discontinued operations for the three and six months ended October 31, 2013 and 2012, respectively, are as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues | $ | 5 | $ | 3,498 | $ | 3,316 | $ | 7,055 | |||||||||
(Loss) income before income taxes | $ | (45 | ) | $ | (235 | ) | $ | 284 | $ | (451 | ) | ||||||
We allocate interest expense to discontinued operations. We have also eliminated inter-company activity associated with discontinued operations. | |||||||||||||||||
Divestiture Transactions | |||||||||||||||||
In the first quarter of fiscal year 2013, we executed a purchase and sale agreement with the City of Biddeford, Maine, pursuant to which we agreed to sell the real property of Maine Energy, which is located in our Eastern region, to the City of Biddeford, subject to satisfaction of conditions precedent and closing. We agreed to sell Maine Energy for undiscounted purchase consideration of $6,650, which will be paid to us in equal installments over the next 21 years, subject to the terms of the purchase and sale agreement. The transaction closed in November 2012, and we waived certain conditions precedent not satisfied at that time. In December 2012, we closed the Maine Energy facility and initiated the decommissioning process in accordance with the provisions of the agreement. Following the decommissioning of the Maine Energy facility, it is our responsibility to demolish the facility, at our cost, within twelve months of the closing date and in accordance with the terms of the purchase and sale agreement. Demolition is nearly complete, pending final approval of work plans by the United States Environmental Protection Agency, and the time for completion has been consensually extended by Maine Energy and the City of Biddeford. We will continue to finalize estimates and obtain additional information regarding the estimated costs associated with the divestiture. Due to the inherent judgments and estimates regarding the remaining costs to fulfill our obligation under the purchase and sale agreement to demolish the facility and remediate the site, recognition of a loss on divestiture, which we do not expect, or a potential gain on divestiture is possible. | |||||||||||||||||
As a part of the closure and decommissioning of the Maine Energy facility, we have withdrawn from a multiemployer pension plan to which we have made contributions for the benefit of Maine Energy employees covered under a collective bargaining agreement. We have a potential liability associated with our withdrawal from the multiemployer pension plan based on the value of the plan’s unfunded vested benefits. In accordance with FASB ASC 715-80, in a situation with unfunded vested benefits, a liability is not recorded by a participating employer as no single employer has an identifiable share of the actuarial obligation of the multiemployer pension plan. In accordance with FASB ASC 450-20, we accrue for an obligation when an obligation becomes probable and reasonably estimable. We currently believe that an obligation associated with withdrawal from the multiemployer pension plan is probable, but we cannot reasonably estimate the amount of loss or possible range of loss due to a lack of information being made available by the fund administrator in regards to the unfunded vested benefits. The fund administrator will quantify our withdrawal liability based on the unfunded vested benefits as of the plan year preceding actual withdrawal. As we withdrew from the plan in the first quarter of fiscal year 2014, we expect the plan administrator to base our obligation on the plan year ended January 31, 2013. We expect to record an obligation associated with our portion of unfunded vested benefits in fiscal year 2014. As of October 31, 2013, no accrual is established related to withdrawal from the multiemployer pension plan. | |||||||||||||||||
Segment_Reporting
Segment Reporting | 6 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||
12 | SEGMENT REPORTING | ||||||||||||||||||||
We report selected information about operating segments in a manner consistent with that used for internal management reporting. We classify our solid waste operations on a geographic basis through regional operating segments. Revenues are derived mainly from collection, transfer, disposal, landfill, landfill-gas-to energy and recycling services in the northeastern United States. Our revenues in the Recycling segment are derived from municipalities and customers in the form of processing fees, tipping fees and commodity sales. Organics services, ancillary operations, major customer accounts, discontinued operations, and earnings from equity method investees are included in our Other segment. Segment data for the three and six months ended October 31, 2012 has been revised to properly align with internal management reporting, which was modified in the first quarter of fiscal year 2014 to move organics services from the Eastern region to the Other segment to reflect changes in management structure as these services have become integral to service offerings across our broader geographic solid waste footprint. | |||||||||||||||||||||
Three Months Ended October 31, 2013 | |||||||||||||||||||||
Segment | Outside | Inter-company | Depreciation and | Operating | Total assets | ||||||||||||||||
revenues | revenue (1) | amortization | income (loss) | ||||||||||||||||||
Eastern | $ | 40,305 | $ | 10,043 | $ | 6,691 | $ | 2,203 | $ | 205,181 | |||||||||||
Western | 58,224 | 18,892 | 7,311 | 7,211 | 348,223 | ||||||||||||||||
Recycling | 11,506 | (26 | ) | 1,074 | (152 | ) | 49,884 | ||||||||||||||
Other | 22,261 | 491 | 593 | 188 | 75,225 | ||||||||||||||||
Eliminations | — | (29,400 | ) | — | — | — | |||||||||||||||
Total | $ | 132,296 | $ | — | $ | 15,669 | $ | 9,450 | $ | 678,513 | |||||||||||
Three Months Ended October 31, 2012 | |||||||||||||||||||||
Segment | Outside | Inter-company | Depreciation and | Operating | Total assets | ||||||||||||||||
revenues | revenue (1) | amortization | income (loss) | ||||||||||||||||||
Eastern | $ | 33,047 | $ | 7,868 | $ | 6,184 | $ | (1,025 | ) | $ | 167,206 | ||||||||||
Western | 54,386 | 17,189 | 6,695 | 6,793 | 355,619 | ||||||||||||||||
Recycling | 9,810 | 36 | 1,080 | (486 | ) | 52,462 | |||||||||||||||
Other | 19,593 | 1,296 | 611 | (856 | ) | 94,188 | |||||||||||||||
Eliminations | — | (26,389 | ) | — | — | — | |||||||||||||||
Total | $ | 116,836 | $ | — | $ | 14,570 | $ | 4,426 | $ | 669,475 | |||||||||||
Six Months Ended October 31, 2013 | |||||||||||||||||||||
Segment | Outside | Inter-company | Depreciation and | Operating | Total assets | ||||||||||||||||
revenues | revenue | amortization | income (loss) | ||||||||||||||||||
Eastern | $ | 78,926 | $ | 20,474 | $ | 13,072 | $ | 3,829 | $ | 205,181 | |||||||||||
Western | 115,571 | 38,153 | 14,545 | 14,107 | 348,223 | ||||||||||||||||
Recycling | 22,690 | (31 | ) | 2,139 | (195 | ) | 49,884 | ||||||||||||||
Other | 43,667 | 1,003 | 1,110 | 1,447 | 75,225 | ||||||||||||||||
Eliminations | — | (59,599 | ) | — | — | — | |||||||||||||||
Total | $ | 260,854 | $ | — | $ | 30,866 | $ | 19,188 | $ | 678,513 | |||||||||||
Six Months Ended October 31, 2012 | |||||||||||||||||||||
Segment | Outside | Inter-company | Depreciation and | Operating | Total assets | ||||||||||||||||
revenues | revenue (1) | amortization | income (loss) | ||||||||||||||||||
Eastern | $ | 66,855 | $ | 16,004 | $ | 12,720 | $ | (1,602 | ) | $ | 167,206 | ||||||||||
Western | 106,938 | 33,947 | 13,117 | 13,038 | 355,619 | ||||||||||||||||
Recycling | 20,972 | 36 | 2,177 | (487 | ) | 52,462 | |||||||||||||||
Other | 39,709 | 2,511 | 1,265 | (717 | ) | 94,188 | |||||||||||||||
Eliminations | — | (52,498 | ) | — | — | — | |||||||||||||||
Total | $ | 234,474 | $ | — | $ | 29,279 | $ | 10,232 | $ | 669,475 | |||||||||||
Amounts of our total revenue attributable to services provided are as follows: | |||||||||||||||||||||
Three Month Ended | Six Months Ended | ||||||||||||||||||||
October 31, | October 31, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Collection | $ | 58,932 | $ | 52,632 | $ | 117,245 | $ | 105,665 | |||||||||||||
Disposal | 37,374 | 32,382 | 72,497 | 63,349 | |||||||||||||||||
Power generation | 1,980 | 2,793 | 4,022 | 5,456 | |||||||||||||||||
Processing | 2,512 | 1,604 | 5,364 | 3,039 | |||||||||||||||||
Solid waste operations | 100,798 | 89,411 | 199,128 | 177,509 | |||||||||||||||||
Organics | 9,474 | 8,394 | 19,350 | 17,247 | |||||||||||||||||
Customer solutions | 10,518 | 9,221 | 19,686 | 18,746 | |||||||||||||||||
Recycling | 11,506 | 9,810 | 22,690 | 20,972 | |||||||||||||||||
Total revenues | $ | 132,296 | $ | 116,836 | $ | 260,854 | $ | 234,474 | |||||||||||||
Investments_in_Unconsolidated_
Investments in Unconsolidated Entities | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Investments in Unconsolidated Entities | ' | ||||||||||||||||
13 | INVESTMENTS IN UNCONSOLIDATED ENTITIES | ||||||||||||||||
Investments in unconsolidated entities over which we have significant influence over the investees’ operating and financing activities are accounted for under the equity method of accounting. Investments in affiliates in which we do not have the ability to exert significant influence over the investees’ operating and financing activities are accounted for under the cost method of accounting. The following table summarizes our equity and cost method investments as of October 31, 2013 and April 30, 2013: | |||||||||||||||||
October 31, | April 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Equity method investments | $ | 2,731 | $ | 3,766 | |||||||||||||
Cost method investments | 16,486 | 16,486 | |||||||||||||||
Investments in unconsolidated entities | $ | 19,217 | $ | 20,252 | |||||||||||||
Equity Method Investments | |||||||||||||||||
GreenFiber. In fiscal year 2001, we entered into a joint venture agreement with Louisiana-Pacific Corporation (“LP”) to combine our respective cellulose insulation businesses into a single operating entity, US GreenFiber LLC (“GreenFiber”). We account for our 50% membership interest in GreenFiber using the equity method of accounting. | |||||||||||||||||
Our investment in GreenFiber amounted to $2,439 and $3,509 at October 31, 2013 and April 30, 2013, respectively. Summarized financial information for GreenFiber is as follows: | |||||||||||||||||
October 31, | April 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Current assets | $ | 17,854 | $ | 16,644 | |||||||||||||
Noncurrent assets | $ | 26,956 | $ | 28,139 | |||||||||||||
Current liabilities | $ | 16,398 | $ | 19,247 | |||||||||||||
Noncurrent liabilities | $ | 2,097 | $ | 1,227 | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenue | $ | 20,840 | $ | 19,494 | $ | 35,570 | $ | 32,595 | |||||||||
Gross profit | $ | 4,956 | $ | 4,300 | $ | 7,641 | $ | 5,900 | |||||||||
Net income (loss) | $ | 152 | $ | (297 | ) | $ | (1,843 | ) | $ | (3,866 | ) | ||||||
Effective December 1, 2011, we and LP each guaranteed up to $2,200 in support of GreenFiber’s modified and restated loan and security agreement. The guaranty could be drawn on upon an event of default and remained in place through, either payment of the associated term loan under the security agreement or December 1, 2014, the extended term of GreenFiber’s modified and restated loan and security agreement. In March 2013, we received notification that GreenFiber’s term loan had been called for redemption due to an event of default and as a result we recorded a liability of $2,073, included in other accrued liabilities, as an investment in GreenFiber based on our guaranty. In May 2013, we and LP each contributed $2,073 to GreenFiber to satisfy the guaranty and pay off the term loan in full. | |||||||||||||||||
Effective June 28, 2013, we and LP each guaranteed up to $750 in support of GreenFiber’s new term loan associated with an amended loan and security agreement. The guaranty can be drawn on upon an event of default by GreenFiber and remains in place through the earlier of payment of the associated term loan under the security agreement and December 1, 2014, which is the extended term of GreenFiber’s amended loan and security agreement. | |||||||||||||||||
Additionally, as of October 31, 2013, we and LP are each committed to fund any liquidity shortfalls, if any such shortfalls exist, of GreenFiber related to covenant compliance as defined in GreenFiber’s amended loan and security agreement. We have agreed to provide an equity contribution of our pro-rata share of funds, based on ownership percentage, sufficient to cure such shortfall. | |||||||||||||||||
On December 5, 2013, we and LP executed a purchase and sale agreement with a limited liability company formed by Tenex Capital Partners, L.P., pursuant to which we and LP agreed to sell our membership interests in GreenFiber for total cash consideration of $18,000 plus an expected working capital true up less any indebtedness and other unpaid transaction costs of GreenFiber as of the closing date. After recording the impact of our unrealized losses relating to derivative instruments in accumulated other comprehensive loss on our investment in GreenFiber, we expect to record a gain on sale of equity method investment in the third quarter of fiscal year 2014. | |||||||||||||||||
Tompkins. In May 2011, we finalized the terms of a joint venture agreement with FCR, LLC (“FCR”) to form Tompkins County Recycling LLC (“Tompkins”), a joint venture that operates a material recovery facility (“MRF”) located in Tompkins County, NY and processes and sells commodities delivered to the Tompkins MRF. We account for our 50% membership interest in Tompkins using the equity method of accounting. Our investment in Tompkins amounted to $291 and $257 at October 31, 2013 and April 30, 2013, respectively. |
Subsidiary_Guarantors
Subsidiary Guarantors | 6 Months Ended | ||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||||
Subsidiary Guarantors | ' | ||||||||||||||||||||||
14 | SUBSIDIARY GUARANTORS | ||||||||||||||||||||||
Our 2019 Notes are guaranteed jointly and severally, fully and unconditionally, by our significant wholly-owned subsidiaries. The Parent is the issuer and a non-guarantor of the 2019 Notes and the Parent has no independent assets or operations. The information which follows presents the condensed consolidating financial position as of October 31, 2013 and April 30, 2013, the consolidating results of operations and comprehensive loss for the three and six months ended October 31, 2013 and 2012, and the condensed consolidating statements of cash flows for the six months ended October 31, 2013 and 2012 of (a) the Parent company only, (b) the combined guarantors (“Guarantors”), each of which is wholly-owned by the Parent, (c) the combined non-guarantors (“Non-Guarantors”), (d) eliminating entries and (e) the consolidated total. | |||||||||||||||||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||
AS OF OCTOBER 31, 2013 | |||||||||||||||||||||||
(in thousands, except for share and per share data) | |||||||||||||||||||||||
ASSETS | Parent | Guarantors | Non-Guarantors | Elimination | Consolidated | ||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 4,545 | $ | 233 | $ | 175 | $ | — | $ | 4,953 | |||||||||||||
Restricted cash | — | 76 | — | — | 76 | ||||||||||||||||||
Accounts receivable - trade, net | 221 | 53,812 | 242 | — | 54,275 | ||||||||||||||||||
Refundable income taxes | 637 | — | — | — | 637 | ||||||||||||||||||
Prepaid expenses | 2,718 | 5,114 | 20 | — | 7,852 | ||||||||||||||||||
Inventory | — | 3,986 | 54 | — | 4,040 | ||||||||||||||||||
Deferred income taxes | 3,235 | — | — | — | 3,235 | ||||||||||||||||||
Other current assets | 392 | 610 | 7 | — | 1,009 | ||||||||||||||||||
Current assets of discontinued operations | — | 364 | — | — | 364 | ||||||||||||||||||
Total current assets | 11,748 | 64,195 | 498 | — | 76,441 | ||||||||||||||||||
Property, plant and equipment, net | 4,716 | 409,193 | 8,498 | — | 422,407 | ||||||||||||||||||
Goodwill | — | 118,257 | — | — | 118,257 | ||||||||||||||||||
Intangible assets, net | 204 | 12,226 | — | — | 12,430 | ||||||||||||||||||
Restricted assets | — | 645 | — | — | 645 | ||||||||||||||||||
Notes receivable - related party | 149 | — | — | — | 149 | ||||||||||||||||||
Investments in unconsolidated entities | 16,487 | 2,223 | 2,439 | (1,932 | ) | 19,217 | |||||||||||||||||
Investments in subsidiaries | (39,829 | ) | — | — | 39,829 | — | |||||||||||||||||
Other non-current assets | 15,384 | 11,947 | — | — | 27,331 | ||||||||||||||||||
Non-current assets of discontinued operations | — | 1,636 | — | — | 1,636 | ||||||||||||||||||
(2,889 | ) | 556,127 | 10,937 | 37,897 | 602,072 | ||||||||||||||||||
Intercompany receivable | 561,776 | (521,125 | ) | (42,583 | ) | 1,932 | — | ||||||||||||||||
$ | 570,635 | $ | 99,197 | $ | (31,148 | ) | $ | 39,829 | $ | 678,513 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | Parent | Guarantors | Non-Guarantors | Elimination | Consolidated | ||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||
Current maturities of long-term debt and capital leases | $ | 81 | $ | 349 | $ | — | $ | — | $ | 430 | |||||||||||||
Current maturities of financing lease obligations | — | 374 | — | — | 374 | ||||||||||||||||||
Accounts payable | 19,252 | 29,832 | 458 | — | 49,542 | ||||||||||||||||||
Accrued payroll and related expenses | 1,061 | 4,069 | 1 | — | 5,131 | ||||||||||||||||||
Accrued interest | 6,102 | 7 | — | — | 6,109 | ||||||||||||||||||
Current accrued capping, closure and post-closure costs | — | 5,278 | 3 | — | 5,281 | ||||||||||||||||||
Other accrued liabilities | 8,353 | 13,886 | 474 | — | 22,713 | ||||||||||||||||||
Total current liabilities | 34,849 | 53,795 | 936 | — | 89,580 | ||||||||||||||||||
Long-term debt and capital leases, less current maturities | 505,595 | 1,564 | — | — | 507,159 | ||||||||||||||||||
Financing lease obligations, less current maturities | — | 1,266 | — | — | 1,266 | ||||||||||||||||||
Accrued capping, closure and post-closure costs, less current portion | — | 40,661 | 39 | — | 40,700 | ||||||||||||||||||
Deferred income taxes | 6,868 | — | — | — | 6,868 | ||||||||||||||||||
Other long-term liabilities | 11,450 | 5,650 | — | — | 17,100 | ||||||||||||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||||||||||||||
Casella Waste Systems, Inc. stockholders’ equity | 11,873 | (3,739 | ) | (36,090 | ) | 39,829 | 11,873 | ||||||||||||||||
Noncontrolling interests | — | — | 3,967 | — | 3,967 | ||||||||||||||||||
Total stockholders’ equity | 11,873 | (3,739 | ) | (32,123 | ) | 39,829 | 15,840 | ||||||||||||||||
$ | 570,635 | $ | 99,197 | $ | (31,148 | ) | $ | 39,829 | $ | 678,513 | |||||||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||
AS OF APRIL 30, 2013 | |||||||||||||||||||||||
(in thousands, except for share and per share data) | |||||||||||||||||||||||
ASSETS | Parent | Guarantors | Non-Guarantors | Elimination | Consolidated | ||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1,260 | $ | 253 | $ | 242 | $ | — | $ | 1,755 | |||||||||||||
Restricted cash | — | 76 | — | 76 | |||||||||||||||||||
Accounts receivable - trade, net | 571 | 47,644 | 474 | — | 48,689 | ||||||||||||||||||
Refundable income taxes | 128 | — | — | — | 128 | ||||||||||||||||||
Prepaid expenses | 1,471 | 4,240 | — | — | 5,711 | ||||||||||||||||||
Inventory | — | 3,440 | 54 | — | 3,494 | ||||||||||||||||||
Deferred income taxes | 3,730 | — | — | — | 3,730 | ||||||||||||||||||
Other current assets | 366 | 528 | 7 | — | 901 | ||||||||||||||||||
Current assets of discontinued operations | — | 61 | — | — | 61 | ||||||||||||||||||
Total current assets | 7,526 | 56,242 | 777 | — | 64,545 | ||||||||||||||||||
Property, plant and equipment, net | 2,771 | 411,284 | 8,447 | — | 422,502 | ||||||||||||||||||
Goodwill | — | 115,928 | — | — | 115,928 | ||||||||||||||||||
Intangible assets, net | 249 | 11,425 | — | — | 11,674 | ||||||||||||||||||
Restricted assets | — | 545 | — | — | 545 | ||||||||||||||||||
Notes receivable - related party/employee | 147 | — | — | — | 147 | ||||||||||||||||||
Investments in unconsolidated entities | 16,486 | 2,189 | 3,509 | (1,932 | ) | 20,252 | |||||||||||||||||
Investments in subsidiaries | (59,759 | ) | — | — | 59,759 | — | |||||||||||||||||
Other non-current assets | 15,774 | 11,752 | — | — | 27,526 | ||||||||||||||||||
(24,332 | ) | 553,123 | 11,956 | 57,827 | 598,574 | ||||||||||||||||||
Intercompany receivable | 580,328 | (539,752 | ) | (42,508 | ) | 1,932 | — | ||||||||||||||||
$ | 563,522 | $ | 69,613 | $ | (29,775 | ) | $ | 59,759 | $ | 663,119 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | Parent | Guarantors | Non-Guarantors | Elimination | Consolidated | ||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||
Current maturities of long-term debt and capital leases | $ | — | $ | 857 | $ | — | $ | — | $ | 857 | |||||||||||||
Current maturities of financing lease obligations | — | 361 | — | — | 361 | ||||||||||||||||||
Accounts payable | 23,492 | 27,847 | 635 | — | 51,974 | ||||||||||||||||||
Accrued payroll and related expenses | 538 | 3,445 | — | — | 3,983 | ||||||||||||||||||
Accrued interest | 6,071 | 3 | — | — | 6,074 | ||||||||||||||||||
Current accrued capping, closure and post-closure costs | — | 3,832 | 3 | — | 3,835 | ||||||||||||||||||
Other accrued liabilities | 10,001 | 10,896 | 117 | — | 21,014 | ||||||||||||||||||
Total current liabilities | 40,102 | 47,241 | 755 | — | 88,098 | ||||||||||||||||||
Long-term debt and capital leases, less current maturities | 492,965 | 566 | — | — | 493,531 | ||||||||||||||||||
Financing lease obligations, less current maturities | — | 1,456 | — | — | 1,456 | ||||||||||||||||||
Accrued capping, closure and post-closure costs, less current portion | — | 39,298 | 37 | — | 39,335 | ||||||||||||||||||
Deferred income taxes | 6,798 | — | — | — | 6,798 | ||||||||||||||||||
Other long-term liabilities | 12,372 | 6,078 | — | — | 18,450 | ||||||||||||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||||||||||||||
Casella Waste Systems, Inc. stockholders’ equity | 11,285 | (25,026 | ) | (34,733 | ) | 59,759 | 11,285 | ||||||||||||||||
Noncontrolling interests | — | — | 4,166 | — | 4,166 | ||||||||||||||||||
Total stockholders’ equity | 11,285 | (25,026 | ) | (30,567 | ) | 59,759 | 15,451 | ||||||||||||||||
$ | 563,522 | $ | 69,613 | $ | (29,775 | ) | $ | 59,759 | $ | 663,119 | |||||||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||
THREE MONTHS ENDED OCTOBER 31, 2013 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Elimination | Consolidated | |||||||||||||||||||
Revenues | $ | — | $ | 131,729 | $ | 567 | $ | — | $ | 132,296 | |||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of operations | — | 89,740 | 805 | — | 90,545 | ||||||||||||||||||
General and administration | 595 | 15,779 | 51 | — | 16,425 | ||||||||||||||||||
Depreciation and amortization | 225 | 15,251 | 193 | — | 15,669 | ||||||||||||||||||
Environmental remediation charge | — | 150 | — | — | 150 | ||||||||||||||||||
Severance and reorganization costs | — | 53 | — | — | 53 | ||||||||||||||||||
Expense from divestiture, acquisition and financing costs | — | 4 | — | — | 4 | ||||||||||||||||||
820 | 120,977 | 1,049 | — | 122,846 | |||||||||||||||||||
Operating income (loss) | (820 | ) | 10,752 | (482 | ) | — | 9,450 | ||||||||||||||||
Other expense (income), net: | |||||||||||||||||||||||
Interest income | (1 | ) | (100 | ) | — | — | (101 | ) | |||||||||||||||
Interest expense | 9,616 | 19 | — | — | 9,635 | ||||||||||||||||||
(Income) loss from equity method investments | (10,757 | ) | (15 | ) | (76 | ) | 10,757 | (91 | ) | ||||||||||||||
(Gain) loss on derivative instruments | 629 | — | — | — | 629 | ||||||||||||||||||
Other income | (268 | ) | (124 | ) | — | — | (392 | ) | |||||||||||||||
Other expense, net | (781 | ) | (220 | ) | (76 | ) | 10,757 | 9,680 | |||||||||||||||
Income (loss) from continuing operations before income taxes | (39 | ) | 10,972 | (406 | ) | (10,757 | ) | (230 | ) | ||||||||||||||
Provision (benefit) for income taxes | 300 | — | — | — | 300 | ||||||||||||||||||
Income (loss) from continuing operations | (339 | ) | 10,972 | (406 | ) | (10,757 | ) | (530 | ) | ||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Income (loss) from discontinued operations, net | — | (45 | ) | — | — | (45 | ) | ||||||||||||||||
Net income (loss) | (339 | ) | 10,927 | (406 | ) | (10,757 | ) | (575 | ) | ||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | (236 | ) | — | (236 | ) | ||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (339 | ) | $ | 10,927 | $ | (170 | ) | $ | (10,757 | ) | $ | (339 | ) | |||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||
THREE MONTHS ENDED OCTOBER 31, 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantors | |||||||||||||||||||||||
Revenues | $ | — | $ | 116,401 | $ | 435 | $ | — | $ | 116,836 | |||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of operations | (36 | ) | 81,507 | 616 | — | 82,087 | |||||||||||||||||
General and administration | 157 | 13,714 | 12 | — | 13,883 | ||||||||||||||||||
Depreciation and amortization | 269 | 14,240 | 61 | — | 14,570 | ||||||||||||||||||
Severance and reorganization costs | 917 | 876 | — | — | 1,793 | ||||||||||||||||||
Expense from divestiture, acquisition and financing costs | — | 77 | — | — | 77 | ||||||||||||||||||
1,307 | 110,414 | 689 | — | 112,410 | |||||||||||||||||||
Operating income (loss) | (1,307 | ) | 5,987 | (254 | ) | — | 4,426 | ||||||||||||||||
Other expense (income), net: | |||||||||||||||||||||||
Interest income | (8,176 | ) | (9 | ) | — | 8,175 | (10 | ) | |||||||||||||||
Interest expense | 11,790 | 7,901 | — | (8,175 | ) | 11,516 | |||||||||||||||||
(Income) loss from equity method investments | 2,275 | (39 | ) | 148 | (2,275 | ) | 109 | ||||||||||||||||
(Gain) loss on derivative instruments | 3,896 | — | — | — | 3,896 | ||||||||||||||||||
Loss on debt extinguishment | 9,670 | — | — | — | 9,670 | ||||||||||||||||||
Other income | (208 | ) | (103 | ) | — | — | (311 | ) | |||||||||||||||
Other expense, net | 19,247 | 7,750 | 148 | (2,275 | ) | 24,870 | |||||||||||||||||
Income (loss) from continuing operations before income taxes | (20,554 | ) | (1,763 | ) | (402 | ) | 2,275 | (20,444 | ) | ||||||||||||||
Provision (benefit) for income taxes | 413 | — | — | — | 413 | ||||||||||||||||||
Income (loss) from continuing operations | (20,967 | ) | (1,763 | ) | (402 | ) | 2,275 | (20,857 | ) | ||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Income (loss) from discontinued operations, net | — | (235 | ) | — | — | (235 | ) | ||||||||||||||||
Net income (loss) | (20,967 | ) | (1,998 | ) | (402 | ) | 2,275 | (21,092 | ) | ||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | (125 | ) | — | (125 | ) | ||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (20,967 | ) | $ | (1,998 | ) | $ | (277 | ) | $ | 2,275 | $ | (20,967 | ) | |||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||
SIX MONTHS ENDED OCTOBER 31, 2013 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantors | |||||||||||||||||||||||
Revenues | $ | — | $ | 259,423 | $ | 1,431 | $ | — | $ | 260,854 | |||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of operations | 1 | 177,519 | 1,442 | — | 178,962 | ||||||||||||||||||
General and administration | 748 | 30,712 | 43 | — | 31,503 | ||||||||||||||||||
Depreciation and amortization | 437 | 30,055 | 374 | — | 30,866 | ||||||||||||||||||
Environmental remediation charge | — | 150 | — | — | 150 | ||||||||||||||||||
Severance and reorganization costs | 4 | 157 | — | — | 161 | ||||||||||||||||||
Expense from divestiture, acquisition and financing costs | — | 24 | — | — | 24 | ||||||||||||||||||
1,190 | 238,617 | 1,859 | — | 241,666 | |||||||||||||||||||
Operating income (loss) | (1,190 | ) | 20,806 | (428 | ) | — | 19,188 | ||||||||||||||||
Other expense (income), net: | |||||||||||||||||||||||
Interest income | (1 | ) | (112 | ) | — | — | (113 | ) | |||||||||||||||
Interest expense | 18,963 | 31 | — | — | 18,994 | ||||||||||||||||||
(Income) loss from equity method investments | (19,928 | ) | (35 | ) | 922 | 19,928 | 887 | ||||||||||||||||
(Gain) loss on derivative instruments | (25 | ) | — | — | — | (25 | ) | ||||||||||||||||
Other income | (287 | ) | (242 | ) | (1 | ) | — | (530 | ) | ||||||||||||||
Other expense, net | (1,278 | ) | (358 | ) | 921 | 19,928 | 19,213 | ||||||||||||||||
Income (loss) from continuing operations before income taxes | 88 | 21,164 | (1,349 | ) | (19,928 | ) | (25 | ) | |||||||||||||||
Provision (benefit) for income taxes | 619 | — | — | — | 619 | ||||||||||||||||||
Income (loss) from continuing operations | (531 | ) | 21,164 | (1,349 | ) | (19,928 | ) | (644 | ) | ||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Income (loss) from discontinued operations, net | — | 284 | — | — | 284 | ||||||||||||||||||
Gain (loss) on disposal of discontinued operations, net | — | (378 | ) | — | — | (378 | ) | ||||||||||||||||
Net income (loss) | (531 | ) | 21,070 | (1,349 | ) | (19,928 | ) | (738 | ) | ||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | (207 | ) | — | (207 | ) | ||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (531 | ) | $ | 21,070 | $ | (1,142 | ) | $ | (19,928 | ) | $ | (531 | ) | |||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||
SIX MONTHS ENDED OCTOBER 31, 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantors | |||||||||||||||||||||||
Revenues | $ | — | $ | 234,029 | $ | 445 | $ | — | $ | 234,474 | |||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of operations | (8 | ) | 162,815 | 625 | — | 163,432 | |||||||||||||||||
General and administration | 4 | 29,038 | 31 | — | 29,073 | ||||||||||||||||||
Depreciation and amortization | 533 | 28,685 | 61 | — | 29,279 | ||||||||||||||||||
Severance and reorganization costs | 917 | 910 | — | — | 1,827 | ||||||||||||||||||
Expense from divestiture, acquisition and financing costs | 303 | 328 | — | — | 631 | ||||||||||||||||||
1,749 | 221,776 | 717 | — | 224,242 | |||||||||||||||||||
Operating income (loss) | (1,749 | ) | 12,253 | (272 | ) | — | 10,232 | ||||||||||||||||
Other expense (income), net: | |||||||||||||||||||||||
Interest income | (16,239 | ) | (16 | ) | — | 16,237 | (18 | ) | |||||||||||||||
Interest expense | 23,578 | 15,866 | — | (16,237 | ) | 23,207 | |||||||||||||||||
(Income) loss from equity method investments | 5,841 | (58 | ) | 1,933 | (5,841 | ) | 1,875 | ||||||||||||||||
(Gain) loss on derivative instruments | 3,896 | — | — | — | 3,896 | ||||||||||||||||||
Loss on debt extinguishment | 9,670 | — | — | — | 9,670 | ||||||||||||||||||
Other income | (220 | ) | (221 | ) | — | — | (441 | ) | |||||||||||||||
Other expense, net | 26,526 | 15,571 | 1,933 | (5,841 | ) | 38,189 | |||||||||||||||||
Income (loss) from continuing operations before income taxes | (28,275 | ) | (3,318 | ) | (2,205 | ) | 5,841 | (27,957 | ) | ||||||||||||||
Provision (benefit) for income taxes | 1,063 | — | — | — | 1,063 | ||||||||||||||||||
Income (loss) from continuing operations | (29,338 | ) | (3,318 | ) | (2,205 | ) | 5,841 | (29,020 | ) | ||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Income (loss) from discontinued operations, net | — | (451 | ) | — | — | (451 | ) | ||||||||||||||||
Net income (loss) | (29,338 | ) | (3,769 | ) | (2,205 | ) | 5,841 | (29,471 | ) | ||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | (133 | ) | — | (133 | ) | ||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (29,338 | ) | $ | (3,769 | ) | $ | (2,072 | ) | $ | 5,841 | $ | (29,338 | ) | |||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||||||
THREE MONTHS ENDED OCTOBER 31, 2013 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantors | |||||||||||||||||||||||
Net income (loss) | $ | (339 | ) | $ | 10,927 | $ | (406 | ) | $ | (10,757 | ) | $ | (575 | ) | |||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of derivative instruments, net | — | — | (279 | ) | — | (279 | ) | ||||||||||||||||
Realized loss (gain) on derivative instruments reclassified into earnings, net | — | — | 181 | — | 181 | ||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | — | 18 | — | — | 18 | ||||||||||||||||||
Other comprehensive income (loss) | — | 18 | (98 | ) | — | (80 | ) | ||||||||||||||||
Comprehensive income (loss) | (339 | ) | 10,945 | (504 | ) | (10,757 | ) | (655 | ) | ||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | — | — | (236 | ) | — | (236 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | (339 | ) | $ | 10,945 | $ | (268 | ) | $ | (10,757 | ) | $ | (419 | ) | |||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||||||
THREE MONTHS ENDED OCTOBER 31, 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantors | |||||||||||||||||||||||
Net income (loss) | $ | (20,967 | ) | $ | (1,998 | ) | $ | (402 | ) | $ | 2,275 | $ | (21,092 | ) | |||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of derivative instruments, net | — | — | (716 | ) | — | (716 | ) | ||||||||||||||||
Realized loss (gain) on derivative instruments reclassified into earnings, net | 3,625 | — | 321 | — | 3,946 | ||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | — | 21 | — | — | 21 | ||||||||||||||||||
Other comprehensive income (loss) | 3,625 | 21 | (395 | ) | — | 3,251 | |||||||||||||||||
Comprehensive income (loss) | (17,342 | ) | (1,977 | ) | (797 | ) | 2,275 | (17,841 | ) | ||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | — | — | (125 | ) | — | (125 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | (17,342 | ) | $ | (1,977 | ) | $ | (672 | ) | $ | 2,275 | $ | (17,716 | ) | |||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||||||
SIX MONTHS ENDED OCTOBER 31, 2013 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantors | |||||||||||||||||||||||
Net income (loss) | $ | (531 | ) | $ | 21,070 | $ | (1,349 | ) | $ | (19,928 | ) | $ | (738 | ) | |||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of derivative instruments, net | — | — | (568 | ) | — | (568 | ) | ||||||||||||||||
Realized loss (gain) on derivative instruments reclassified into earnings, net | — | — | 345 | — | 345 | ||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | — | 18 | — | — | 18 | ||||||||||||||||||
Other comprehensive income (loss) | — | 18 | (223 | ) | — | (205 | ) | ||||||||||||||||
Comprehensive income (loss) | (531 | ) | 21,088 | (1,572 | ) | (19,928 | ) | (943 | ) | ||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | — | — | (207 | ) | — | (207 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | (531 | ) | $ | 21,088 | $ | (1,365 | ) | $ | (19,928 | ) | $ | (736 | ) | |||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||||||
SIX MONTHS ENDED OCTOBER 31, 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantors | |||||||||||||||||||||||
Net income (loss) | $ | (29,338 | ) | $ | (3,769 | ) | $ | (2,205 | ) | $ | 5,841 | $ | (29,471 | ) | |||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of derivative instruments, net | (1,257 | ) | — | (1,542 | ) | — | (2,799 | ) | |||||||||||||||
Realized loss (gain) on derivative instruments reclassified into earnings, net | 3,625 | — | 365 | — | 3,990 | ||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | — | 15 | — | — | 15 | ||||||||||||||||||
Other comprehensive income (loss) | 2,368 | 15 | (1,177 | ) | — | 1,206 | |||||||||||||||||
Comprehensive income (loss) | (26,970 | ) | (3,754 | ) | (3,382 | ) | 5,841 | (28,265 | ) | ||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | — | — | (133 | ) | — | (133 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | (26,970 | ) | $ | (3,754 | ) | $ | (3,249 | ) | $ | 5,841 | $ | (28,132 | ) | |||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||
SIX MONTHS ENDED OCTOBER 31, 2013 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantors | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (25,720 | ) | $ | 53,481 | $ | 358 | $ | — | $ | 28,119 | ||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||
Acquisitions, net of cash acquired | — | (2,822 | ) | — | — | (2,822 | ) | ||||||||||||||||
Additions to property, plant and equipment | — | (1,365 | ) | — | — | (1,365 | ) | ||||||||||||||||
- acquisition | |||||||||||||||||||||||
- growth | — | (2,824 | ) | (425 | ) | — | (3,249 | ) | |||||||||||||||
- maintenance | (1,059 | ) | (21,751 | ) | — | — | (22,810 | ) | |||||||||||||||
Payments on landfill operating lease contracts | — | (3,471 | ) | — | — | (3,471 | ) | ||||||||||||||||
Investments in unconsolidated entities | (2,148 | ) | — | — | — | (2,148 | ) | ||||||||||||||||
Proceeds from sale of property and equipment | — | 929 | — | — | 929 | ||||||||||||||||||
Net cash provided by (used in) investing activities | (3,207 | ) | (31,304 | ) | (425 | ) | — | (34,936 | ) | ||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||
Proceeds from long-term borrowings | 83,190 | — | — | — | 83,190 | ||||||||||||||||||
Principal payments on long-term debt | (71,735 | ) | (851 | ) | — | — | (72,586 | ) | |||||||||||||||
Payments of financing costs | (388 | ) | — | — | — | (388 | ) | ||||||||||||||||
Intercompany borrowings | 21,145 | (21,145 | ) | — | — | — | |||||||||||||||||
Net cash provided by (used in) financing activities | 32,212 | (21,996 | ) | — | — | 10,216 | |||||||||||||||||
Net cash provided by (used in) discontinued operations | — | (201 | ) | — | — | (201 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 3,285 | (20 | ) | (67 | ) | — | 3,198 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 1,260 | 253 | 242 | — | 1,755 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 4,545 | $ | 233 | $ | 175 | $ | — | $ | 4,953 | |||||||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||
SIX MONTHS ENDED OCTOBER 31, 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantors | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (27,935 | ) | $ | 49,057 | $ | 1,646 | $ | — | $ | 22,768 | ||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||
Acquisitions, net of cash acquired | — | (4,635 | ) | — | — | (4,635 | ) | ||||||||||||||||
Additions to property, plant and equipment | - acquisition | — | (417 | ) | — | — | (417 | ) | |||||||||||||||
- growth | — | (3,520 | ) | (4,678 | ) | — | (8,198 | ) | |||||||||||||||
- maintenance | (190 | ) | (24,586 | ) | — | — | (24,776 | ) | |||||||||||||||
Payments on landfill operating lease contracts | — | (3,298 | ) | — | — | (3,298 | ) | ||||||||||||||||
Payment for capital related to divestiture | — | (618 | ) | — | — | (618 | ) | ||||||||||||||||
Investments in unconsolidated entities | (1,000 | ) | (1,566 | ) | 1,566 | — | (1,000 | ) | |||||||||||||||
Proceeds from sale of property and equipment | — | 543 | — | — | 543 | ||||||||||||||||||
Net cash provided by (used in) investing activities | (1,190 | ) | (38,097 | ) | (3,112 | ) | — | (42,399 | ) | ||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||
Proceeds from long-term borrowings | 236,177 | — | — | — | 236,177 | ||||||||||||||||||
Principal payments on long-term debt | (226,098 | ) | (930 | ) | — | — | (227,028 | ) | |||||||||||||||
Change in restricted cash | (23,579 | ) | — | — | — | (23,579 | ) | ||||||||||||||||
Payment of tender premium and costs on second lien notes | (6,745 | ) | — | — | — | (6,745 | ) | ||||||||||||||||
Payments on financing costs | (4,329 | ) | — | — | — | (4,329 | ) | ||||||||||||||||
Net proceeds from the sale of class A common stock | 42,149 | — | — | — | 42,149 | ||||||||||||||||||
Excess tax benefit on the vesting of share based awards | 188 | — | — | — | 188 | ||||||||||||||||||
Contributions from noncontrolling interest holders | — | — | 1,195 | — | 1,195 | ||||||||||||||||||
Intercompany borrowings | 9,049 | (9,049 | ) | — | — | — | |||||||||||||||||
Net cash provided by (used in) financing activities | 26,812 | (9,979 | ) | 1,195 | — | 18,028 | |||||||||||||||||
Net cash provided by (used in) discontinued operations | — | (1,030 | ) | — | — | (1,030 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (2,313 | ) | (49 | ) | (271 | ) | — | (2,633 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 3,799 | 368 | 367 | — | 4,534 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,486 | $ | 319 | $ | 96 | $ | — | $ | 1,901 | |||||||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended |
Oct. 31, 2013 | |
Accounting Policies [Abstract] | ' |
New Accounting Policies Adopted and Pending Adoption | ' |
New Accounting Pronouncements Pending Adoption | |
Income Taxes | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update for the reporting of an unrecognized tax benefit, or portion thereof, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The update provides an exception, requiring the unrecognized tax benefit to be presented in the financial statements as a liability when the carryforward is not available at the reporting date under the tax laws to settle additional income taxes that would result for the disallowance of a tax provision or the tax laws do not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose. This guidance is effective prospectively, with retrospective application permitted, for annual periods, and interim reporting periods within those years, beginning after December 15, 2013, with early adoption permitted. We do not expect a material impact on our consolidated financial statements as a result of adopting this standard. | |
Adoption of New Accounting Pronouncements | |
Comprehensive Income | |
In February 2013, the FASB issued an accounting standards update for the reporting of reclassifications out of accumulated other comprehensive income (loss). This guidance requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income (loss) on the respective line items in net income (loss) if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income (loss). For other amounts not required under GAAP to be reclassified in their entirety to net income (loss) in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. This guidance is effective prospectively for annual and interim reporting periods within those years, beginning after December 15, 2012. We adopted this guidance effective May 1, 2013 and it has not had, and we believe it will not have, a material impact on our consolidated financial statements. See Note 7 for presentation of the information required by this accounting standards update. | |
Indefinite-Lived Intangible Assets Impairment Test | |
In July 2012, the FASB issued an accounting standards update on indefinite-lived intangible assets impairment testing. This guidance permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative impairment test. If after assessing the totality of events or circumstances, an entity determines that it is not more likely than not that the indefinite-lived intangible assets are impaired, then the entity will not need to perform the quantitative impairment test in accordance with FASB Accounting Standards Codification (“ASC”) 350-30. This guidance is effective for annual and interim indefinite-lived assets impairment tests performed for annual reporting periods beginning after September 15, 2012, with early adoption permitted. We adopted this guidance effective May 1, 2013 and it has not had, and we believe it will not have, a material impact on our consolidated financial statements. | |
Disclosures About Offsetting Assets and Liabilities | |
In December 2011, the FASB issued an accounting standards update regarding the disclosure of offsetting assets and liabilities in financial statements. This guidance requires an entity to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. In January 2013, the FASB issued an accounting standards update to address implementation issues about the December 2011 accounting standards update by clarifying the scope of the offsetting disclosures. This guidance is effective for annual and interim reporting periods within those years, beginning on or after January 1, 2013. We adopted this guidance effective May 1, 2013 and it has not had, and we believe it will not have, a material impact on our consolidated financial statements. |
Business_Acquisitions_Tables
Business Acquisitions (Tables) | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Schedule of Purchase Price Allocation to Net Assets Acquired | ' | ||||||||||||||||
The purchase price allocated to net assets acquired and the residual amount allocated to goodwill during the six months ended October 31, 2013 and 2012 are as follows: | |||||||||||||||||
Six Months Ended | |||||||||||||||||
October 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Equipment | $ | 495 | $ | 2,349 | |||||||||||||
Goodwill | 2,272 | 1,016 | |||||||||||||||
Intangible assets | 1,865 | 1,486 | |||||||||||||||
Current liabilities | (38 | ) | (90 | ) | |||||||||||||
Total | $ | 4,594 | $ | 4,761 | |||||||||||||
Schedule of Unaudited Proforma Combined Financial Information | ' | ||||||||||||||||
The following unaudited pro forma combined financial information shows the results of our operations for the three and six months ended October 31, 2013 and 2012 as though each of the acquisitions made in the six months ended October 31, 2013 and the twelve months ended April 30, 2013 had occurred as of May 1, 2012. | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenue | $ | 132,857 | $ | 124,091 | $ | 263,134 | $ | 249,062 | |||||||||
Operating income | $ | 9,508 | $ | 4,897 | $ | 19,421 | $ | 11,177 | |||||||||
Net loss attributable to common stockholders | $ | (312 | ) | $ | (21,016 | ) | $ | (426 | ) | $ | (29,442 | ) | |||||
Basic and diluted loss per common share attributable to common stockholders | $ | (0.01 | ) | $ | (0.68 | ) | $ | (0.01 | ) | $ | (1.02 | ) | |||||
Basic and diluted weighted average shares outstanding | 39,821 | 30,872 | 39,742 | 28,932 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||
Schedule of Activity and Balances Related to Goodwill | ' | ||||||||||||||||||||||
The following table shows the activity and balances related to goodwill from April 30, 2013 through October 31, 2013: | |||||||||||||||||||||||
April 30, | Acquisitions | October 31, | |||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||
Eastern region (1) | $ | 16,858 | $ | 133 | $ | 16,991 | |||||||||||||||||
Western region | 86,880 | 467 | 87,347 | ||||||||||||||||||||
Recycling | 12,190 | — | 12,190 | ||||||||||||||||||||
Other | — | 1,729 | 1,729 | ||||||||||||||||||||
Total | $ | 115,928 | $ | 2,329 | $ | 118,257 | |||||||||||||||||
-1 | Included in Eastern region acquisitions activity is a $61 adjustment related to the December 5, 2012 BBI acquisition due to a finalization of the deferred tax liability for BBI at acquisition. | ||||||||||||||||||||||
Components of Intangible Assets | ' | ||||||||||||||||||||||
Intangible assets as of October 31, 2013 and April 30, 2013 consist of the following: | |||||||||||||||||||||||
Covenants | Client Lists | Total | |||||||||||||||||||||
Not-to- | |||||||||||||||||||||||
Compete | |||||||||||||||||||||||
Balance, October 31, 2013 | |||||||||||||||||||||||
Intangible assets | $ | 17,220 | $ | 13,348 | $ | 30,568 | |||||||||||||||||
Less accumulated amortization | (15,087 | ) | (3,051 | ) | (18,138 | ) | |||||||||||||||||
$ | 2,133 | $ | 10,297 | $ | 12,430 | ||||||||||||||||||
Covenants | Client Lists | Total | |||||||||||||||||||||
Not-to- | |||||||||||||||||||||||
Compete | |||||||||||||||||||||||
Balance, April 30, 2013 | |||||||||||||||||||||||
Intangible assets | $ | 17,043 | $ | 11,660 | $ | 28,703 | |||||||||||||||||
Less accumulated amortization | (14,800 | ) | (2,229 | ) | (17,029 | ) | |||||||||||||||||
$ | 2,243 | $ | 9,431 | $ | 11,674 | ||||||||||||||||||
Estimated of Amortization Expenses | ' | ||||||||||||||||||||||
The intangible amortization expense estimated for the five fiscal years following fiscal year 2013 and thereafter is as follows: | |||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | ||||||||||||||||||
$ | 1,204 | $ | 2,379 | $ | 1,889 | $ | 1,546 | $ | 1,404 | $ | 4,008 |
Accrued_Capping_Closure_and_Po1
Accrued Capping, Closure and Post Closure (Tables) | 6 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
Changes to Accrued Capping, Closure and Post-Closure Liabilities | ' | ||||||||
The changes to accrued capping, closure and post-closure liabilities for the six months ended October 31, 2013 and 2012 are as follows: | |||||||||
Six Months Ended October 31, | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 43,170 | $ | 39,629 | |||||
Obligations incurred | 1,918 | 1,960 | |||||||
Accretion expense | 1,999 | 1,789 | |||||||
Payments | (1,106 | ) | (2,089 | ) | |||||
Ending balance | $ | 45,981 | $ | 41,289 | |||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
A summary of stock option activity for the six months ended October 31, 2013 is as follows: | |||||||||||||||||
Stock Options | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Contractual | |||||||||||||||||
Term (years) | |||||||||||||||||
Outstanding, April 30, 2013 | 1,442 | $ | 8.48 | ||||||||||||||
Granted | — | $ | — | ||||||||||||||
Exercised | — | $ | — | $ | — | ||||||||||||
Forfeited | (36 | ) | $ | 9.92 | |||||||||||||
Outstanding, October 31, 2013 | 1,406 | $ | 8.54 | 5 | $ | 1,251 | |||||||||||
Exercisable, October 31, 2013 | 1,053 | $ | 10.04 | 3.6 | $ | 604 | |||||||||||
Summary of Restricted Stock, Restricted Stock Unit and Performance Stock Unit Activity | ' | ||||||||||||||||
A summary of restricted stock, restricted stock unit and performance stock unit activity for the six months ended October 31, 2013 is as follows: | |||||||||||||||||
Restricted Stock, | Weighted | Weighted | Aggregate | ||||||||||||||
Restricted Stock Units, | Average | Average | Intrinsic | ||||||||||||||
and Performance Stock | Grant | Remaining | Value | ||||||||||||||
Units (1) | Price | Contractual | |||||||||||||||
Term (years) | |||||||||||||||||
Outstanding, April 30, 2013 | 1,088 | $ | 5.28 | ||||||||||||||
Granted | 539 | $ | 4.27 | ||||||||||||||
Class A Common Stock Vested | (318 | ) | $ | 4.86 | |||||||||||||
Forfeited | (18 | ) | $ | 4.54 | |||||||||||||
Outstanding, October 31, 2013 | 1,291 | $ | 4.97 | 2.2 | $ | 1,253 | |||||||||||
-1 | Performance stock units are included at the 100% attainment level. Attainment of maximum annual returns on net assets could result in the issuance of an additional 354 shares of Class A common stock. | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
The changes in the balances of each component of accumulated other comprehensive loss, which is included as a component of our stockholders’ equity, are as follows: | |||||||||||||||||
Marketable | Commodity | ||||||||||||||||
Securities | Hedges | ||||||||||||||||
Beginning balance, April 30, 2013 | $ | 27 | $ | (619 | ) | ||||||||||||
Other comprehensive income (loss) before reclassifications | 18 | (568 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 345 | |||||||||||||||
Net current-period other comprehensive income (loss) | 18 | (223 | ) | ||||||||||||||
Ending balance, October 31, 2013 | $ | 45 | $ | (842 | ) | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
A summary of reclassifications out of accumulated other comprehensive loss for the three and six months ended October 31, 2013 and 2012 is as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
October 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Details about Accumulated Other | Amount Reclassified Out of | Affected Line Item in the Consolidated | |||||||||||||||
Comprehensive Loss Components | Accumulated Other | Statements of Operations | |||||||||||||||
Comprehensive Loss | |||||||||||||||||
Loss on derivative instruments: | |||||||||||||||||
Interest rate contracts | $ | — | $ | (3,625 | ) | Loss on derivative instruments | |||||||||||
Commodity hedges | (181 | ) | (321 | ) | Loss from equity method investments | ||||||||||||
(181 | ) | (3,946 | ) | Loss from continuing operations before income taxes and discontinued operations | |||||||||||||
— | — | Provision for income taxes | |||||||||||||||
$ | (181 | ) | $ | (3,946 | ) | Loss from continuing operations | |||||||||||
Six Months Ended | |||||||||||||||||
October 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Details about Accumulated Other | Amount Reclassified Out of | Affected Line Item in the Consolidated | |||||||||||||||
Comprehensive Loss Components | Accumulated Other | Statements of Operations | |||||||||||||||
Loss on derivative instruments: | |||||||||||||||||
Interest rate contracts | $ | — | $ | (3,625 | ) | Loss on derivative instruments | |||||||||||
Commodity hedges | (345 | ) | (365 | ) | Loss from equity method investments | ||||||||||||
(345 | ) | (3,990 | ) | Loss from continuing operations before income taxes and discontinued operations | |||||||||||||
— | — | Provision for income taxes | |||||||||||||||
$ | (345 | ) | $ | (3,990 | ) | Loss from continuing operations |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Numerator and Denominator Used in Computation of Earnings Per Share | ' | ||||||||||||||||
The following table sets forth the numerator and denominator used in the computation of basic and diluted earnings per share (“EPS”): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Loss from continuing operations before discontinued operations attributable to common stockholders | $ | (294 | ) | $ | (20,732 | ) | $ | (437 | ) | $ | (28,887 | ) | |||||
Denominator: | |||||||||||||||||
Number of shares outstanding, end of period: | |||||||||||||||||
Class A common stock | 39,011 | 37,950 | 39,011 | 37,950 | |||||||||||||
Class B common stock | 988 | 988 | 988 | 988 | |||||||||||||
Unvested restricted stock | (130 | ) | (134 | ) | (130 | ) | (134 | ) | |||||||||
Effect of weighted average shares outstanding during period | (48 | ) | (7,932 | ) | (127 | ) | (9,872 | ) | |||||||||
Weighted average number of common shares - basic and diluted EPS | 39,821 | 30,872 | 39,742 | 28,932 | |||||||||||||
Number of antidilutive potentially issuable shares not included in the diluted earnings per share calculations due to loss from continuing operations (1) | 2,332 | 2,126 | 2,332 | 2,126 | |||||||||||||
-1 | Performance stock units are included at the expected attainment levels. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||
As of October 31, 2013 our assets and liabilities that are measured at fair value on a recurring basis included the following: | |||||||||||||
Fair Value Measurement at October 31, 2013 Using: | |||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets: | |||||||||||||
Restricted assets | $ | 645 | $ | — | $ | — | |||||||
Liabilities: | |||||||||||||
Interest rate derivatives | $ | — | $ | 3,338 | $ | — | |||||||
As of April 30, 2013 our assets and liabilities that are measured at fair value on a recurring basis included the following: | |||||||||||||
Fair Value Measurement at April 30, 2013 Using: | |||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets: | |||||||||||||
Restricted assets | $ | 545 | $ | — | $ | — | |||||||
Liabilities: | |||||||||||||
Interest rate derivatives | $ | — | $ | 4,229 | $ | — | |||||||
Divestiture_and_Discontinued_O1
Divestiture and Discontinued Operations (Tables) | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
Schedule of Revenues and Loss Before Income Taxes Attributable to Discontinued Operations | ' | ||||||||||||||||
Revenues and (loss) income before income taxes attributable to discontinued operations for the three and six months ended October 31, 2013 and 2012, respectively, are as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues | $ | 5 | $ | 3,498 | $ | 3,316 | $ | 7,055 | |||||||||
(Loss) income before income taxes | $ | (45 | ) | $ | (235 | ) | $ | 284 | $ | (451 | ) |
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Summary of Financial Information by Reportable Segment | ' | ||||||||||||||||||||
Segment data for the three and six months ended October 31, 2012 has been revised to properly align with internal management reporting, which was modified in the first quarter of fiscal year 2014 to move organics services from the Eastern region to the Other segment to reflect changes in management structure as these services have become integral to service offerings across our broader geographic solid waste footprint. | |||||||||||||||||||||
Three Months Ended October 31, 2013 | |||||||||||||||||||||
Segment | Outside | Inter-company | Depreciation and | Operating | Total assets | ||||||||||||||||
revenues | revenue (1) | amortization | income (loss) | ||||||||||||||||||
Eastern | $ | 40,305 | $ | 10,043 | $ | 6,691 | $ | 2,203 | $ | 205,181 | |||||||||||
Western | 58,224 | 18,892 | 7,311 | 7,211 | 348,223 | ||||||||||||||||
Recycling | 11,506 | (26 | ) | 1,074 | (152 | ) | 49,884 | ||||||||||||||
Other | 22,261 | 491 | 593 | 188 | 75,225 | ||||||||||||||||
Eliminations | — | (29,400 | ) | — | — | — | |||||||||||||||
Total | $ | 132,296 | $ | — | $ | 15,669 | $ | 9,450 | $ | 678,513 | |||||||||||
Three Months Ended October 31, 2012 | |||||||||||||||||||||
Segment | Outside | Inter-company | Depreciation and | Operating | Total assets | ||||||||||||||||
revenues | revenue (1) | amortization | income (loss) | ||||||||||||||||||
Eastern | $ | 33,047 | $ | 7,868 | $ | 6,184 | $ | (1,025 | ) | $ | 167,206 | ||||||||||
Western | 54,386 | 17,189 | 6,695 | 6,793 | 355,619 | ||||||||||||||||
Recycling | 9,810 | 36 | 1,080 | (486 | ) | 52,462 | |||||||||||||||
Other | 19,593 | 1,296 | 611 | (856 | ) | 94,188 | |||||||||||||||
Eliminations | — | (26,389 | ) | — | — | — | |||||||||||||||
Total | $ | 116,836 | $ | — | $ | 14,570 | $ | 4,426 | $ | 669,475 | |||||||||||
Six Months Ended October 31, 2013 | |||||||||||||||||||||
Segment | Outside | Inter-company | Depreciation and | Operating | Total assets | ||||||||||||||||
revenues | revenue | amortization | income (loss) | ||||||||||||||||||
Eastern | $ | 78,926 | $ | 20,474 | $ | 13,072 | $ | 3,829 | $ | 205,181 | |||||||||||
Western | 115,571 | 38,153 | 14,545 | 14,107 | 348,223 | ||||||||||||||||
Recycling | 22,690 | (31 | ) | 2,139 | (195 | ) | 49,884 | ||||||||||||||
Other | 43,667 | 1,003 | 1,110 | 1,447 | 75,225 | ||||||||||||||||
Eliminations | — | (59,599 | ) | — | — | — | |||||||||||||||
Total | $ | 260,854 | $ | — | $ | 30,866 | $ | 19,188 | $ | 678,513 | |||||||||||
Six Months Ended October 31, 2012 | |||||||||||||||||||||
Segment | Outside | Inter-company | Depreciation and | Operating | Total assets | ||||||||||||||||
revenues | revenue (1) | amortization | income (loss) | ||||||||||||||||||
Eastern | $ | 66,855 | $ | 16,004 | $ | 12,720 | $ | (1,602 | ) | $ | 167,206 | ||||||||||
Western | 106,938 | 33,947 | 13,117 | 13,038 | 355,619 | ||||||||||||||||
Recycling | 20,972 | 36 | 2,177 | (487 | ) | 52,462 | |||||||||||||||
Other | 39,709 | 2,511 | 1,265 | (717 | ) | 94,188 | |||||||||||||||
Eliminations | — | (52,498 | ) | — | — | — | |||||||||||||||
Total | $ | 234,474 | $ | — | $ | 29,279 | $ | 10,232 | $ | 669,475 | |||||||||||
Summary of Revenue Attributable to Services Provided by Company | ' | ||||||||||||||||||||
Amounts of our total revenue attributable to services provided are as follows: | |||||||||||||||||||||
Three Month Ended | Six Months Ended | ||||||||||||||||||||
October 31, | October 31, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Collection | $ | 58,932 | $ | 52,632 | $ | 117,245 | $ | 105,665 | |||||||||||||
Disposal | 37,374 | 32,382 | 72,497 | 63,349 | |||||||||||||||||
Power generation | 1,980 | 2,793 | 4,022 | 5,456 | |||||||||||||||||
Processing | 2,512 | 1,604 | 5,364 | 3,039 | |||||||||||||||||
Solid waste operations | 100,798 | 89,411 | 199,128 | 177,509 | |||||||||||||||||
Organics | 9,474 | 8,394 | 19,350 | 17,247 | |||||||||||||||||
Customer solutions | 10,518 | 9,221 | 19,686 | 18,746 | |||||||||||||||||
Recycling | 11,506 | 9,810 | 22,690 | 20,972 | |||||||||||||||||
Total revenues | $ | 132,296 | $ | 116,836 | $ | 260,854 | $ | 234,474 | |||||||||||||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Entities (Tables) | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Equity and Cost Method Investments | ' | ||||||||||||||||
The following table summarizes our equity and cost method investments as of October 31, 2013 and April 30, 2013: | |||||||||||||||||
October 31, | April 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Equity method investments | $ | 2,731 | $ | 3,766 | |||||||||||||
Cost method investments | 16,486 | 16,486 | |||||||||||||||
Investments in unconsolidated entities | $ | 19,217 | $ | 20,252 | |||||||||||||
Summarized Balance Sheet Financial Information of Investments in Unconsolidated Affiliates | ' | ||||||||||||||||
Summarized financial information for GreenFiber is as follows: | |||||||||||||||||
October 31, | April 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Current assets | $ | 17,854 | $ | 16,644 | |||||||||||||
Noncurrent assets | $ | 26,956 | $ | 28,139 | |||||||||||||
Current liabilities | $ | 16,398 | $ | 19,247 | |||||||||||||
Noncurrent liabilities | $ | 2,097 | $ | 1,227 | |||||||||||||
Summarized Income Statement Financial Information of Investments in Unconsolidated Affiliates | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenue | $ | 20,840 | $ | 19,494 | $ | 35,570 | $ | 32,595 | |||||||||
Gross profit | $ | 4,956 | $ | 4,300 | $ | 7,641 | $ | 5,900 | |||||||||
Net income (loss) | $ | 152 | $ | (297 | ) | $ | (1,843 | ) | $ | (3,866 | ) |
Subsidiary_Guarantors_Tables
Subsidiary Guarantors (Tables) | 6 Months Ended | ||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||||
Schedule of Consolidating Balance Sheet | ' | ||||||||||||||||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||
AS OF OCTOBER 31, 2013 | |||||||||||||||||||||||
(in thousands, except for share and per share data) | |||||||||||||||||||||||
ASSETS | Parent | Guarantors | Non-Guarantors | Elimination | Consolidated | ||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 4,545 | $ | 233 | $ | 175 | $ | — | $ | 4,953 | |||||||||||||
Restricted cash | — | 76 | — | — | 76 | ||||||||||||||||||
Accounts receivable - trade, net | 221 | 53,812 | 242 | — | 54,275 | ||||||||||||||||||
Refundable income taxes | 637 | — | — | — | 637 | ||||||||||||||||||
Prepaid expenses | 2,718 | 5,114 | 20 | — | 7,852 | ||||||||||||||||||
Inventory | — | 3,986 | 54 | — | 4,040 | ||||||||||||||||||
Deferred income taxes | 3,235 | — | — | — | 3,235 | ||||||||||||||||||
Other current assets | 392 | 610 | 7 | — | 1,009 | ||||||||||||||||||
Current assets of discontinued operations | — | 364 | — | — | 364 | ||||||||||||||||||
Total current assets | 11,748 | 64,195 | 498 | — | 76,441 | ||||||||||||||||||
Property, plant and equipment, net | 4,716 | 409,193 | 8,498 | — | 422,407 | ||||||||||||||||||
Goodwill | — | 118,257 | — | — | 118,257 | ||||||||||||||||||
Intangible assets, net | 204 | 12,226 | — | — | 12,430 | ||||||||||||||||||
Restricted assets | — | 645 | — | — | 645 | ||||||||||||||||||
Notes receivable - related party | 149 | — | — | — | 149 | ||||||||||||||||||
Investments in unconsolidated entities | 16,487 | 2,223 | 2,439 | (1,932 | ) | 19,217 | |||||||||||||||||
Investments in subsidiaries | (39,829 | ) | — | — | 39,829 | — | |||||||||||||||||
Other non-current assets | 15,384 | 11,947 | — | — | 27,331 | ||||||||||||||||||
Non-current assets of discontinued operations | — | 1,636 | — | — | 1,636 | ||||||||||||||||||
(2,889 | ) | 556,127 | 10,937 | 37,897 | 602,072 | ||||||||||||||||||
Intercompany receivable | 561,776 | (521,125 | ) | (42,583 | ) | 1,932 | — | ||||||||||||||||
$ | 570,635 | $ | 99,197 | $ | (31,148 | ) | $ | 39,829 | $ | 678,513 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | Parent | Guarantors | Non-Guarantors | Elimination | Consolidated | ||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||
Current maturities of long-term debt and capital leases | $ | 81 | $ | 349 | $ | — | $ | — | $ | 430 | |||||||||||||
Current maturities of financing lease obligations | — | 374 | — | — | 374 | ||||||||||||||||||
Accounts payable | 19,252 | 29,832 | 458 | — | 49,542 | ||||||||||||||||||
Accrued payroll and related expenses | 1,061 | 4,069 | 1 | — | 5,131 | ||||||||||||||||||
Accrued interest | 6,102 | 7 | — | — | 6,109 | ||||||||||||||||||
Current accrued capping, closure and post-closure costs | — | 5,278 | 3 | — | 5,281 | ||||||||||||||||||
Other accrued liabilities | 8,353 | 13,886 | 474 | — | 22,713 | ||||||||||||||||||
Total current liabilities | 34,849 | 53,795 | 936 | — | 89,580 | ||||||||||||||||||
Long-term debt and capital leases, less current maturities | 505,595 | 1,564 | — | — | 507,159 | ||||||||||||||||||
Financing lease obligations, less current maturities | — | 1,266 | — | — | 1,266 | ||||||||||||||||||
Accrued capping, closure and post-closure costs, less current portion | — | 40,661 | 39 | — | 40,700 | ||||||||||||||||||
Deferred income taxes | 6,868 | — | — | — | 6,868 | ||||||||||||||||||
Other long-term liabilities | 11,450 | 5,650 | — | — | 17,100 | ||||||||||||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||||||||||||||
Casella Waste Systems, Inc. stockholders’ equity | 11,873 | (3,739 | ) | (36,090 | ) | 39,829 | 11,873 | ||||||||||||||||
Noncontrolling interests | — | — | 3,967 | — | 3,967 | ||||||||||||||||||
Total stockholders’ equity | 11,873 | (3,739 | ) | (32,123 | ) | 39,829 | 15,840 | ||||||||||||||||
$ | 570,635 | $ | 99,197 | $ | (31,148 | ) | $ | 39,829 | $ | 678,513 | |||||||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||
AS OF APRIL 30, 2013 | |||||||||||||||||||||||
(in thousands, except for share and per share data) | |||||||||||||||||||||||
ASSETS | Parent | Guarantors | Non-Guarantors | Elimination | Consolidated | ||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1,260 | $ | 253 | $ | 242 | $ | — | $ | 1,755 | |||||||||||||
Restricted cash | — | 76 | — | 76 | |||||||||||||||||||
Accounts receivable - trade, net | 571 | 47,644 | 474 | — | 48,689 | ||||||||||||||||||
Refundable income taxes | 128 | — | — | — | 128 | ||||||||||||||||||
Prepaid expenses | 1,471 | 4,240 | — | — | 5,711 | ||||||||||||||||||
Inventory | — | 3,440 | 54 | — | 3,494 | ||||||||||||||||||
Deferred income taxes | 3,730 | — | — | — | 3,730 | ||||||||||||||||||
Other current assets | 366 | 528 | 7 | — | 901 | ||||||||||||||||||
Current assets of discontinued operations | — | 61 | — | — | 61 | ||||||||||||||||||
Total current assets | 7,526 | 56,242 | 777 | — | 64,545 | ||||||||||||||||||
Property, plant and equipment, net | 2,771 | 411,284 | 8,447 | — | 422,502 | ||||||||||||||||||
Goodwill | — | 115,928 | — | — | 115,928 | ||||||||||||||||||
Intangible assets, net | 249 | 11,425 | — | — | 11,674 | ||||||||||||||||||
Restricted assets | — | 545 | — | — | 545 | ||||||||||||||||||
Notes receivable - related party/employee | 147 | — | — | — | 147 | ||||||||||||||||||
Investments in unconsolidated entities | 16,486 | 2,189 | 3,509 | (1,932 | ) | 20,252 | |||||||||||||||||
Investments in subsidiaries | (59,759 | ) | — | — | 59,759 | — | |||||||||||||||||
Other non-current assets | 15,774 | 11,752 | — | — | 27,526 | ||||||||||||||||||
(24,332 | ) | 553,123 | 11,956 | 57,827 | 598,574 | ||||||||||||||||||
Intercompany receivable | 580,328 | (539,752 | ) | (42,508 | ) | 1,932 | — | ||||||||||||||||
$ | 563,522 | $ | 69,613 | $ | (29,775 | ) | $ | 59,759 | $ | 663,119 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | Parent | Guarantors | Non-Guarantors | Elimination | Consolidated | ||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||
Current maturities of long-term debt and capital leases | $ | — | $ | 857 | $ | — | $ | — | $ | 857 | |||||||||||||
Current maturities of financing lease obligations | — | 361 | — | — | 361 | ||||||||||||||||||
Accounts payable | 23,492 | 27,847 | 635 | — | 51,974 | ||||||||||||||||||
Accrued payroll and related expenses | 538 | 3,445 | — | — | 3,983 | ||||||||||||||||||
Accrued interest | 6,071 | 3 | — | — | 6,074 | ||||||||||||||||||
Current accrued capping, closure and post-closure costs | — | 3,832 | 3 | — | 3,835 | ||||||||||||||||||
Other accrued liabilities | 10,001 | 10,896 | 117 | — | 21,014 | ||||||||||||||||||
Total current liabilities | 40,102 | 47,241 | 755 | — | 88,098 | ||||||||||||||||||
Long-term debt and capital leases, less current maturities | 492,965 | 566 | — | — | 493,531 | ||||||||||||||||||
Financing lease obligations, less current maturities | — | 1,456 | — | — | 1,456 | ||||||||||||||||||
Accrued capping, closure and post-closure costs, less current portion | — | 39,298 | 37 | — | 39,335 | ||||||||||||||||||
Deferred income taxes | 6,798 | — | — | — | 6,798 | ||||||||||||||||||
Other long-term liabilities | 12,372 | 6,078 | — | — | 18,450 | ||||||||||||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||||||||||||||
Casella Waste Systems, Inc. stockholders’ equity | 11,285 | (25,026 | ) | (34,733 | ) | 59,759 | 11,285 | ||||||||||||||||
Noncontrolling interests | — | — | 4,166 | — | 4,166 | ||||||||||||||||||
Total stockholders’ equity | 11,285 | (25,026 | ) | (30,567 | ) | 59,759 | 15,451 | ||||||||||||||||
$ | 563,522 | $ | 69,613 | $ | (29,775 | ) | $ | 59,759 | $ | 663,119 | |||||||||||||
Schedule of Consolidating Statement of Operations | ' | ||||||||||||||||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||
THREE MONTHS ENDED OCTOBER 31, 2013 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Elimination | Consolidated | |||||||||||||||||||
Revenues | $ | — | $ | 131,729 | $ | 567 | $ | — | $ | 132,296 | |||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of operations | — | 89,740 | 805 | — | 90,545 | ||||||||||||||||||
General and administration | 595 | 15,779 | 51 | — | 16,425 | ||||||||||||||||||
Depreciation and amortization | 225 | 15,251 | 193 | — | 15,669 | ||||||||||||||||||
Environmental remediation charge | — | 150 | — | — | 150 | ||||||||||||||||||
Severance and reorganization costs | — | 53 | — | — | 53 | ||||||||||||||||||
Expense from divestiture, acquisition and financing costs | — | 4 | — | — | 4 | ||||||||||||||||||
820 | 120,977 | 1,049 | — | 122,846 | |||||||||||||||||||
Operating income (loss) | (820 | ) | 10,752 | (482 | ) | — | 9,450 | ||||||||||||||||
Other expense (income), net: | |||||||||||||||||||||||
Interest income | (1 | ) | (100 | ) | — | — | (101 | ) | |||||||||||||||
Interest expense | 9,616 | 19 | — | — | 9,635 | ||||||||||||||||||
(Income) loss from equity method investments | (10,757 | ) | (15 | ) | (76 | ) | 10,757 | (91 | ) | ||||||||||||||
(Gain) loss on derivative instruments | 629 | — | — | — | 629 | ||||||||||||||||||
Other income | (268 | ) | (124 | ) | — | — | (392 | ) | |||||||||||||||
Other expense, net | (781 | ) | (220 | ) | (76 | ) | 10,757 | 9,680 | |||||||||||||||
Income (loss) from continuing operations before income taxes | (39 | ) | 10,972 | (406 | ) | (10,757 | ) | (230 | ) | ||||||||||||||
Provision (benefit) for income taxes | 300 | — | — | — | 300 | ||||||||||||||||||
Income (loss) from continuing operations | (339 | ) | 10,972 | (406 | ) | (10,757 | ) | (530 | ) | ||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Income (loss) from discontinued operations, net | — | (45 | ) | — | — | (45 | ) | ||||||||||||||||
Net income (loss) | (339 | ) | 10,927 | (406 | ) | (10,757 | ) | (575 | ) | ||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | (236 | ) | — | (236 | ) | ||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (339 | ) | $ | 10,927 | $ | (170 | ) | $ | (10,757 | ) | $ | (339 | ) | |||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||
THREE MONTHS ENDED OCTOBER 31, 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantors | |||||||||||||||||||||||
Revenues | $ | — | $ | 116,401 | $ | 435 | $ | — | $ | 116,836 | |||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of operations | (36 | ) | 81,507 | 616 | — | 82,087 | |||||||||||||||||
General and administration | 157 | 13,714 | 12 | — | 13,883 | ||||||||||||||||||
Depreciation and amortization | 269 | 14,240 | 61 | — | 14,570 | ||||||||||||||||||
Severance and reorganization costs | 917 | 876 | — | — | 1,793 | ||||||||||||||||||
Expense from divestiture, acquisition and financing costs | — | 77 | — | — | 77 | ||||||||||||||||||
1,307 | 110,414 | 689 | — | 112,410 | |||||||||||||||||||
Operating income (loss) | (1,307 | ) | 5,987 | (254 | ) | — | 4,426 | ||||||||||||||||
Other expense (income), net: | |||||||||||||||||||||||
Interest income | (8,176 | ) | (9 | ) | — | 8,175 | (10 | ) | |||||||||||||||
Interest expense | 11,790 | 7,901 | — | (8,175 | ) | 11,516 | |||||||||||||||||
(Income) loss from equity method investments | 2,275 | (39 | ) | 148 | (2,275 | ) | 109 | ||||||||||||||||
(Gain) loss on derivative instruments | 3,896 | — | — | — | 3,896 | ||||||||||||||||||
Loss on debt extinguishment | 9,670 | — | — | — | 9,670 | ||||||||||||||||||
Other income | (208 | ) | (103 | ) | — | — | (311 | ) | |||||||||||||||
Other expense, net | 19,247 | 7,750 | 148 | (2,275 | ) | 24,870 | |||||||||||||||||
Income (loss) from continuing operations before income taxes | (20,554 | ) | (1,763 | ) | (402 | ) | 2,275 | (20,444 | ) | ||||||||||||||
Provision (benefit) for income taxes | 413 | — | — | — | 413 | ||||||||||||||||||
Income (loss) from continuing operations | (20,967 | ) | (1,763 | ) | (402 | ) | 2,275 | (20,857 | ) | ||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Income (loss) from discontinued operations, net | — | (235 | ) | — | — | (235 | ) | ||||||||||||||||
Net income (loss) | (20,967 | ) | (1,998 | ) | (402 | ) | 2,275 | (21,092 | ) | ||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | (125 | ) | — | (125 | ) | ||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (20,967 | ) | $ | (1,998 | ) | $ | (277 | ) | $ | 2,275 | $ | (20,967 | ) | |||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||
SIX MONTHS ENDED OCTOBER 31, 2013 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantors | |||||||||||||||||||||||
Revenues | $ | — | $ | 259,423 | $ | 1,431 | $ | — | $ | 260,854 | |||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of operations | 1 | 177,519 | 1,442 | — | 178,962 | ||||||||||||||||||
General and administration | 748 | 30,712 | 43 | — | 31,503 | ||||||||||||||||||
Depreciation and amortization | 437 | 30,055 | 374 | — | 30,866 | ||||||||||||||||||
Environmental remediation charge | — | 150 | — | — | 150 | ||||||||||||||||||
Severance and reorganization costs | 4 | 157 | — | — | 161 | ||||||||||||||||||
Expense from divestiture, acquisition and financing costs | — | 24 | — | — | 24 | ||||||||||||||||||
1,190 | 238,617 | 1,859 | — | 241,666 | |||||||||||||||||||
Operating income (loss) | (1,190 | ) | 20,806 | (428 | ) | — | 19,188 | ||||||||||||||||
Other expense (income), net: | |||||||||||||||||||||||
Interest income | (1 | ) | (112 | ) | — | — | (113 | ) | |||||||||||||||
Interest expense | 18,963 | 31 | — | — | 18,994 | ||||||||||||||||||
(Income) loss from equity method investments | (19,928 | ) | (35 | ) | 922 | 19,928 | 887 | ||||||||||||||||
(Gain) loss on derivative instruments | (25 | ) | — | — | — | (25 | ) | ||||||||||||||||
Other income | (287 | ) | (242 | ) | (1 | ) | — | (530 | ) | ||||||||||||||
Other expense, net | (1,278 | ) | (358 | ) | 921 | 19,928 | 19,213 | ||||||||||||||||
Income (loss) from continuing operations before income taxes | 88 | 21,164 | (1,349 | ) | (19,928 | ) | (25 | ) | |||||||||||||||
Provision (benefit) for income taxes | 619 | — | — | — | 619 | ||||||||||||||||||
Income (loss) from continuing operations | (531 | ) | 21,164 | (1,349 | ) | (19,928 | ) | (644 | ) | ||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Income (loss) from discontinued operations, net | — | 284 | — | — | 284 | ||||||||||||||||||
Gain (loss) on disposal of discontinued operations, net | — | (378 | ) | — | — | (378 | ) | ||||||||||||||||
Net income (loss) | (531 | ) | 21,070 | (1,349 | ) | (19,928 | ) | (738 | ) | ||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | (207 | ) | — | (207 | ) | ||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (531 | ) | $ | 21,070 | $ | (1,142 | ) | $ | (19,928 | ) | $ | (531 | ) | |||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||
SIX MONTHS ENDED OCTOBER 31, 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantors | |||||||||||||||||||||||
Revenues | $ | — | $ | 234,029 | $ | 445 | $ | — | $ | 234,474 | |||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of operations | (8 | ) | 162,815 | 625 | — | 163,432 | |||||||||||||||||
General and administration | 4 | 29,038 | 31 | — | 29,073 | ||||||||||||||||||
Depreciation and amortization | 533 | 28,685 | 61 | — | 29,279 | ||||||||||||||||||
Severance and reorganization costs | 917 | 910 | — | — | 1,827 | ||||||||||||||||||
Expense from divestiture, acquisition and financing costs | 303 | 328 | — | — | 631 | ||||||||||||||||||
1,749 | 221,776 | 717 | — | 224,242 | |||||||||||||||||||
Operating income (loss) | (1,749 | ) | 12,253 | (272 | ) | — | 10,232 | ||||||||||||||||
Other expense (income), net: | |||||||||||||||||||||||
Interest income | (16,239 | ) | (16 | ) | — | 16,237 | (18 | ) | |||||||||||||||
Interest expense | 23,578 | 15,866 | — | (16,237 | ) | 23,207 | |||||||||||||||||
(Income) loss from equity method investments | 5,841 | (58 | ) | 1,933 | (5,841 | ) | 1,875 | ||||||||||||||||
(Gain) loss on derivative instruments | 3,896 | — | — | — | 3,896 | ||||||||||||||||||
Loss on debt extinguishment | 9,670 | — | — | — | 9,670 | ||||||||||||||||||
Other income | (220 | ) | (221 | ) | — | — | (441 | ) | |||||||||||||||
Other expense, net | 26,526 | 15,571 | 1,933 | (5,841 | ) | 38,189 | |||||||||||||||||
Income (loss) from continuing operations before income taxes | (28,275 | ) | (3,318 | ) | (2,205 | ) | 5,841 | (27,957 | ) | ||||||||||||||
Provision (benefit) for income taxes | 1,063 | — | — | — | 1,063 | ||||||||||||||||||
Income (loss) from continuing operations | (29,338 | ) | (3,318 | ) | (2,205 | ) | 5,841 | (29,020 | ) | ||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Income (loss) from discontinued operations, net | — | (451 | ) | — | — | (451 | ) | ||||||||||||||||
Net income (loss) | (29,338 | ) | (3,769 | ) | (2,205 | ) | 5,841 | (29,471 | ) | ||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | (133 | ) | — | (133 | ) | ||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (29,338 | ) | $ | (3,769 | ) | $ | (2,072 | ) | $ | 5,841 | $ | (29,338 | ) | |||||||||
Schedule of Consolidating Statement of Comprehensive Income (Loss) | ' | ||||||||||||||||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||||||
THREE MONTHS ENDED OCTOBER 31, 2013 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantors | |||||||||||||||||||||||
Net income (loss) | $ | (339 | ) | $ | 10,927 | $ | (406 | ) | $ | (10,757 | ) | $ | (575 | ) | |||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of derivative instruments, net | — | — | (279 | ) | — | (279 | ) | ||||||||||||||||
Realized loss (gain) on derivative instruments reclassified into earnings, net | — | — | 181 | — | 181 | ||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | — | 18 | — | — | 18 | ||||||||||||||||||
Other comprehensive income (loss) | — | 18 | (98 | ) | — | (80 | ) | ||||||||||||||||
Comprehensive income (loss) | (339 | ) | 10,945 | (504 | ) | (10,757 | ) | (655 | ) | ||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | — | — | (236 | ) | — | (236 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | (339 | ) | $ | 10,945 | $ | (268 | ) | $ | (10,757 | ) | $ | (419 | ) | |||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||||||
THREE MONTHS ENDED OCTOBER 31, 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantors | |||||||||||||||||||||||
Net income (loss) | $ | (20,967 | ) | $ | (1,998 | ) | $ | (402 | ) | $ | 2,275 | $ | (21,092 | ) | |||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of derivative instruments, net | — | — | (716 | ) | — | (716 | ) | ||||||||||||||||
Realized loss (gain) on derivative instruments reclassified into earnings, net | 3,625 | — | 321 | — | 3,946 | ||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | — | 21 | — | — | 21 | ||||||||||||||||||
Other comprehensive income (loss) | 3,625 | 21 | (395 | ) | — | 3,251 | |||||||||||||||||
Comprehensive income (loss) | (17,342 | ) | (1,977 | ) | (797 | ) | 2,275 | (17,841 | ) | ||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | — | — | (125 | ) | — | (125 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | (17,342 | ) | $ | (1,977 | ) | $ | (672 | ) | $ | 2,275 | $ | (17,716 | ) | |||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||||||
SIX MONTHS ENDED OCTOBER 31, 2013 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantors | |||||||||||||||||||||||
Net income (loss) | $ | (531 | ) | $ | 21,070 | $ | (1,349 | ) | $ | (19,928 | ) | $ | (738 | ) | |||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of derivative instruments, net | — | — | (568 | ) | — | (568 | ) | ||||||||||||||||
Realized loss (gain) on derivative instruments reclassified into earnings, net | — | — | 345 | — | 345 | ||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | — | 18 | — | — | 18 | ||||||||||||||||||
Other comprehensive income (loss) | — | 18 | (223 | ) | — | (205 | ) | ||||||||||||||||
Comprehensive income (loss) | (531 | ) | 21,088 | (1,572 | ) | (19,928 | ) | (943 | ) | ||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | — | — | (207 | ) | — | (207 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | (531 | ) | $ | 21,088 | $ | (1,365 | ) | $ | (19,928 | ) | $ | (736 | ) | |||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||||||
SIX MONTHS ENDED OCTOBER 31, 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantors | |||||||||||||||||||||||
Net income (loss) | $ | (29,338 | ) | $ | (3,769 | ) | $ | (2,205 | ) | $ | 5,841 | $ | (29,471 | ) | |||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of derivative instruments, net | (1,257 | ) | — | (1,542 | ) | — | (2,799 | ) | |||||||||||||||
Realized loss (gain) on derivative instruments reclassified into earnings, net | 3,625 | — | 365 | — | 3,990 | ||||||||||||||||||
Unrealized gain (loss) resulting from changes in fair value of marketable securities | — | 15 | — | — | 15 | ||||||||||||||||||
Other comprehensive income (loss) | 2,368 | 15 | (1,177 | ) | — | 1,206 | |||||||||||||||||
Comprehensive income (loss) | (26,970 | ) | (3,754 | ) | (3,382 | ) | 5,841 | (28,265 | ) | ||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | — | — | (133 | ) | — | (133 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | (26,970 | ) | $ | (3,754 | ) | $ | (3,249 | ) | $ | 5,841 | $ | (28,132 | ) | |||||||||
Schedule of Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||
SIX MONTHS ENDED OCTOBER 31, 2013 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantors | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (25,720 | ) | $ | 53,481 | $ | 358 | $ | — | $ | 28,119 | ||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||
Acquisitions, net of cash acquired | — | (2,822 | ) | — | — | (2,822 | ) | ||||||||||||||||
Additions to property, plant and equipment | — | (1,365 | ) | — | — | (1,365 | ) | ||||||||||||||||
- acquisition | |||||||||||||||||||||||
- growth | — | (2,824 | ) | (425 | ) | — | (3,249 | ) | |||||||||||||||
- maintenance | (1,059 | ) | (21,751 | ) | — | — | (22,810 | ) | |||||||||||||||
Payments on landfill operating lease contracts | — | (3,471 | ) | — | — | (3,471 | ) | ||||||||||||||||
Investments in unconsolidated entities | (2,148 | ) | — | — | — | (2,148 | ) | ||||||||||||||||
Proceeds from sale of property and equipment | — | 929 | — | — | 929 | ||||||||||||||||||
Net cash provided by (used in) investing activities | (3,207 | ) | (31,304 | ) | (425 | ) | — | (34,936 | ) | ||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||
Proceeds from long-term borrowings | 83,190 | — | — | — | 83,190 | ||||||||||||||||||
Principal payments on long-term debt | (71,735 | ) | (851 | ) | — | — | (72,586 | ) | |||||||||||||||
Payments of financing costs | (388 | ) | — | — | — | (388 | ) | ||||||||||||||||
Intercompany borrowings | 21,145 | (21,145 | ) | — | — | — | |||||||||||||||||
Net cash provided by (used in) financing activities | 32,212 | (21,996 | ) | — | — | 10,216 | |||||||||||||||||
Net cash provided by (used in) discontinued operations | — | (201 | ) | — | — | (201 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 3,285 | (20 | ) | (67 | ) | — | 3,198 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 1,260 | 253 | 242 | — | 1,755 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 4,545 | $ | 233 | $ | 175 | $ | — | $ | 4,953 | |||||||||||||
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||
SIX MONTHS ENDED OCTOBER 31, 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Parent | Guarantors | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantors | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (27,935 | ) | $ | 49,057 | $ | 1,646 | $ | — | $ | 22,768 | ||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||
Acquisitions, net of cash acquired | — | (4,635 | ) | — | — | (4,635 | ) | ||||||||||||||||
Additions to property, plant and equipment | - acquisition | — | (417 | ) | — | — | (417 | ) | |||||||||||||||
- growth | — | (3,520 | ) | (4,678 | ) | — | (8,198 | ) | |||||||||||||||
- maintenance | (190 | ) | (24,586 | ) | — | — | (24,776 | ) | |||||||||||||||
Payments on landfill operating lease contracts | — | (3,298 | ) | — | — | (3,298 | ) | ||||||||||||||||
Payment for capital related to divestiture | — | (618 | ) | — | — | (618 | ) | ||||||||||||||||
Investments in unconsolidated entities | (1,000 | ) | (1,566 | ) | 1,566 | — | (1,000 | ) | |||||||||||||||
Proceeds from sale of property and equipment | — | 543 | — | — | 543 | ||||||||||||||||||
Net cash provided by (used in) investing activities | (1,190 | ) | (38,097 | ) | (3,112 | ) | — | (42,399 | ) | ||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||
Proceeds from long-term borrowings | 236,177 | — | — | — | 236,177 | ||||||||||||||||||
Principal payments on long-term debt | (226,098 | ) | (930 | ) | — | — | (227,028 | ) | |||||||||||||||
Change in restricted cash | (23,579 | ) | — | — | — | (23,579 | ) | ||||||||||||||||
Payment of tender premium and costs on second lien notes | (6,745 | ) | — | — | — | (6,745 | ) | ||||||||||||||||
Payments on financing costs | (4,329 | ) | — | — | — | (4,329 | ) | ||||||||||||||||
Net proceeds from the sale of class A common stock | 42,149 | — | — | — | 42,149 | ||||||||||||||||||
Excess tax benefit on the vesting of share based awards | 188 | — | — | — | 188 | ||||||||||||||||||
Contributions from noncontrolling interest holders | — | — | 1,195 | — | 1,195 | ||||||||||||||||||
Intercompany borrowings | 9,049 | (9,049 | ) | — | — | — | |||||||||||||||||
Net cash provided by (used in) financing activities | 26,812 | (9,979 | ) | 1,195 | — | 18,028 | |||||||||||||||||
Net cash provided by (used in) discontinued operations | — | (1,030 | ) | — | — | (1,030 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (2,313 | ) | (49 | ) | (271 | ) | — | (2,633 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 3,799 | 368 | 367 | — | 4,534 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,486 | $ | 319 | $ | 96 | $ | — | $ | 1,901 |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 6 Months Ended |
Oct. 31, 2013 | |
Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Operating segments | 2 |
Business_Acquisitions_Addition
Business Acquisitions - Additional Information (Detail) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2013 |
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Industrial Environmental Service Management Business [Member] | Industrial Environmental Service Management Business [Member] | Western Region [Member] | Western Region [Member] | Eastern Region [Member] | Other Region [Member] | |||
Maximum [Member] | Property | Property | Property | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of businesses acquired | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | 1 | ' |
Total consideration | ' | ' | ' | ' | ' | ' | ' | ' | $1,891 | $4,761 | $209 | $2,494 |
Business acquisition, cash | 2,793 | 4,635 | ' | ' | ' | ' | ' | ' | 1,473 | 4,285 | ' | 1,320 |
Business acquisition, advanced customer billings | 245 | ' | ' | ' | ' | ' | ' | ' | 36 | ' | ' | ' |
Business acquisition, hold backs to sellers | ' | ' | ' | ' | ' | ' | ' | ' | 382 | 476 | ' | 330 |
Business combination consideration transferred contingent consideration | ' | ' | ' | ' | ' | ' | 844 | ' | ' | ' | ' | ' |
Business combination consideration transferred contingent consideration, upper limit | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' |
Acquired intangible assets, amortization period | ' | ' | '5 years | '5 years | '10 years | '10 years | ' | ' | ' | ' | ' | ' |
Business_Acquisitions_Schedule
Business Acquisitions - Schedule of Purchase Price Allocation to Net Assets Acquired (Detail) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | BBI Acquisition [Member] | BBI Acquisition [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Equipment | ' | ' | $495 | $2,349 |
Goodwill | 118,257 | 115,928 | 2,272 | 1,016 |
Intangible assets | ' | ' | 1,865 | 1,486 |
Current liabilities | ' | ' | -38 | -90 |
Total | ' | ' | $4,594 | $4,761 |
Business_Acquisitions_Schedule1
Business Acquisitions - Schedule of Unaudited Proforma Combined Financial Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Business Combinations [Abstract] | ' | ' | ' | ' |
Revenue | $132,857 | $124,091 | $263,134 | $249,062 |
Operating income | 9,508 | 4,897 | 19,421 | 11,177 |
Net loss attributable to common stockholders | ($312) | ($21,016) | ($426) | ($29,442) |
Basic and diluted loss per common share attributable to common stockholders | ($0.01) | ($0.68) | ($0.01) | ($1.02) |
Basic and diluted weighted average shares outstanding | 39,821 | 30,872 | 39,742 | 28,932 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Schedule of Activity and Balances Related to Goodwill (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2013 |
Goodwill And Intangible Assets [Line Items] | ' |
Goodwill, beginning balance | $115,928 |
Acquisitions | 2,329 |
Goodwill, ending balance | 118,257 |
Eastern Region [Member] | ' |
Goodwill And Intangible Assets [Line Items] | ' |
Goodwill, beginning balance | 16,858 |
Acquisitions | 133 |
Goodwill, ending balance | 16,991 |
Western Region [Member] | ' |
Goodwill And Intangible Assets [Line Items] | ' |
Goodwill, beginning balance | 86,880 |
Acquisitions | 467 |
Goodwill, ending balance | 87,347 |
Recycling [Member] | ' |
Goodwill And Intangible Assets [Line Items] | ' |
Goodwill, beginning balance | 12,190 |
Acquisitions | ' |
Goodwill, ending balance | 12,190 |
Other [Member] | ' |
Goodwill And Intangible Assets [Line Items] | ' |
Goodwill, beginning balance | ' |
Acquisitions | 1,729 |
Goodwill, ending balance | $1,729 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Schedule of Activity and Balances Related to Goodwill (Parenthetical) (Detail) (Eastern Region [Member], BBI Waste Industries and Bestway Disposal Services [Member], USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2013 |
Eastern Region [Member] | BBI Waste Industries and Bestway Disposal Services [Member] | ' |
Goodwill And Intangible Assets [Line Items] | ' |
Adjustment related to the December 5, 2012 | $61 |
Business acquisition date | 5-Dec-12 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Components of Intangible Assets (Detail) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | $30,568 | $28,703 |
Less accumulated amortization | -18,138 | -17,029 |
Intangible assets, net | 12,430 | 11,674 |
Covenants Not-to-Compete [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | 17,220 | 17,043 |
Less accumulated amortization | -15,087 | -14,800 |
Intangible assets, net | 2,133 | 2,243 |
Client Lists [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | 13,348 | 11,660 |
Less accumulated amortization | -3,051 | -2,229 |
Intangible assets, net | $10,297 | $9,431 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Intangible amortization expenses | $586 | $207 | $1,109 | $397 |
Goodwill_and_Intangible_Assets6
Goodwill and Intangible Assets - Estimated of Amortization Expenses (Detail) (USD $) | Oct. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Intangible amortization expenses for 2014 | $1,204 |
Intangible amortization expenses for 2015 | 2,379 |
Intangible amortization expenses for 2016 | 1,889 |
Intangible amortization expenses for 2017 | 1,546 |
Intangible amortization expenses for 2018 | 1,404 |
Intangible amortization expenses for Thereafter | $4,008 |
Accrued_Capping_Closure_and_Po2
Accrued Capping, Closure and Post Closure - Changes to Accrued Capping, Closure and Post-Closure Liabilities (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Asset Retirement Obligation Disclosure [Abstract] | ' | ' |
Beginning balance | $43,170 | $39,629 |
Obligations incurred | 1,918 | 1,960 |
Accretion expense | 1,999 | 1,789 |
Payments | -1,106 | -2,089 |
Ending balance | $45,981 | $41,289 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2012 | Oct. 31, 2012 | Jun. 25, 2013 | Oct. 31, 2013 | Oct. 31, 2012 |
Senior Secured Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | Second Lien Notes [Member] | |||
Proforma Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Maturity date | ' | ' | 18-Mar-16 | ' | ' |
Debt Covenants, description | ' | ' | ' | 'These covenants restrict fiscal year capital expenditures to 1.1 times our consolidated depreciation expense, depletion expense and landfill amortization expense, set a minimum interest coverage ratio of 2.25, a maximum consolidated total funded debt to consolidated EBITDA ratio of 5.85 and a maximum senior funded debt to consolidated EBITDA ratio of 2.50. | ' |
Ratio of restricted capital expenditure | ' | ' | ' | 1.1 | ' |
Coverage ratio | ' | ' | ' | 2.25 | ' |
Consolidated total funded debt to consolidated EBITDA ratio | ' | ' | ' | 5.85 | ' |
Senior funded debt to consolidated EBITDA ratio | ' | ' | ' | 2.5 | ' |
Loss on debt extinguishments | $9,670 | $9,670 | ' | ' | $9,670 |
Amount of refinancing 11% senior second lien notes due 2014 | ' | ' | ' | ' | 180,000 |
Debt instrument interest rate | ' | ' | ' | ' | 11.00% |
Debt instrument maturity year | ' | ' | ' | ' | '2014 |
Write off of deferred financing costs | ' | ' | ' | ' | 1,667 |
Write off discount | ' | ' | ' | ' | 1,258 |
Charge associated with the early tender premium | ' | ' | ' | ' | $6,745 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2011 | Apr. 30, 2010 | Apr. 30, 2009 | Jan. 31, 2009 | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2013 | 31-May-09 | Dec. 20, 2000 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2011 | Nov. 30, 2011 |
acre | Southbridge Landfill [Member] | Southbridge Landfill [Member] | Southbridge Landfill [Member] | Southbridge Landfill [Member] | Waste-Stream Inc [Member] | Motors Liquidation Trust [Member] | |||||||||||
Minimum [Member] | Maximum [Member] | ||||||||||||||||
Contingencies And Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Scrap yard and solid waste transfer station | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | ' | ' | ' | ' | ' | ' |
Undiscounted costs associated with implementing preferred remedies | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,219 | ' | ' | ' | ' | ' | ' | ' |
Present worth cost associated with implementing preferred remedies | ' | ' | 12,130 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental remediation charge | 150 | ' | 549 | 335 | 1,532 | 2,823 | 150 | ' | ' | ' | ' | 150 | ' | 500 | 1,000 | ' | ' |
Percentage of environmental remediation cost | ' | ' | ' | ' | 15.00% | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental remediation liability | 5,397 | ' | ' | ' | ' | ' | 5,397 | ' | 5,297 | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion expense | 34 | 34 | ' | ' | ' | ' | 69 | 69 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of risk free interest rate | 2.70% | ' | ' | ' | ' | ' | 2.70% | ' | 2.70% | ' | ' | ' | ' | ' | ' | ' | ' |
Future remediation costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000 | 100 |
Loss in range after considering amounts for reimbursement, low estimate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150 | ' | ' | ' | ' |
Loss in range after considering amounts for reimbursement, high estimate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400 | ' | ' | ' | ' |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2007 |
Stock Options [Member] | ' | ' | ' | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' | ' |
Expiration period of options granted | ' | ' | ' | ' | '10 years |
Stock-based compensation expense | $88 | $95 | $203 | $162 | ' |
Unrecognized stock-based compensation expense | 596 | ' | 596 | ' | ' |
Unrecognized stock-based compensation expense, weighted average period | ' | ' | '2 years | ' | ' |
Performance Stock Units [Member] | ' | ' | ' | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' | ' |
Awarded certain employees | ' | ' | 0 | ' | ' |
Unrecognized stock-based compensation expense | 0 | ' | 0 | ' | ' |
Restricted Stock, Restricted Stock Units and Performance Stock Units [Member] | ' | ' | ' | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' | ' |
Stock-based compensation expense | 475 | 519 | 966 | 1,092 | ' |
Restricted Stock and Restricted Stock Unit [Member] | ' | ' | ' | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' | ' |
Unrecognized stock-based compensation expense, weighted average period | ' | ' | '2 years | ' | ' |
Unrecognized stock-based compensation expense | 2,766 | ' | 2,766 | ' | ' |
Performance Stock Units [Member] | ' | ' | ' | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' | ' |
Unrecognized stock-based compensation expense, weighted average period | ' | ' | '1 year 1 month 6 days | ' | ' |
Unrecognized stock-based compensation expense | 3,982 | ' | 3,982 | ' | ' |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' | ' |
Stock-based compensation expense | $15 | $17 | $39 | $52 | ' |
Minimum [Member] | Stock Options [Member] | ' | ' | ' | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' | ' |
Vesting period from date of grant | ' | ' | '1 year | ' | ' |
Maximum [Member] | Stock Options [Member] | ' | ' | ' | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' | ' |
Vesting period from date of grant | ' | ' | '4 years | ' | ' |
Maximum [Member] | Restricted Stock Units [Member] | ' | ' | ' | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' | ' |
Vesting period from date of grant | ' | ' | '3 years | ' | ' |
Class A Common Stock [Member] | 2006 Stock Incentive Plan [Member] | ' | ' | ' | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' | ' |
Common stock, issued shares | ' | ' | ' | ' | 2,475 |
Number of shares available for future grant | 1,104 | ' | 1,104 | ' | ' |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Stock Option Activity (Detail) (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Stock Options, Outstanding, April 30, 2013 | 1,442 |
Stock Options, Granted | ' |
Stock Options, Exercised | ' |
Stock Options, Forfeited | -36 |
Stock Options, Outstanding, October 31, 2013 | 1,406 |
Stock Options, Exercisable, October 31, 2013 | 1,053 |
Weighted Average Exercise Price, Outstanding, April 30, 2013 | $8.48 |
Weighted Average Exercise Price, Granted | ' |
Weighted Average Exercise Price, Exercised | ' |
Weighted Average Exercise Price, Forfeited | $9.92 |
Weighted Average Exercise Price, Outstanding, October 31, 2013 | $8.54 |
Weighted Average Exercise Price, Exercisable, October 31, 2013 | $10.04 |
Weighted Average Remaining Contractual Term Outstanding | '5 years |
Weighted Average Remaining Contractual Term Exercisable | '3 years 7 months 6 days |
Aggregate Intrinsic Value Outstanding, October 31, 2013 | $1,251 |
Aggregate Intrinsic Value Exercisable, October 31, 2013 | $604 |
Stockholders_Equity_Summary_of1
Stockholders' Equity - Summary of Restricted Stock, Restricted Stock Unit and Performance Stock Unit Activity (Detail) (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 |
Schedule Of Restricted Stock Restricted Stock Unit And Performance Stock Unit Activity [Line Items] | ' |
Weighted Average Grant Price, Outstanding, April 30, 2013 | $5.28 |
Weighted Average Grant Price, Granted | $4.27 |
Weighted Average Grant Price, Forfeited | $4.54 |
Weighted Average Grant Price, Outstanding, October 31, 2013 | $4.97 |
Weighted Average Remaining Contractual Term Outstanding | '2 years 2 months 12 days |
Aggregate Intrinsic Value, Outstanding, October 31, 2013 | $1,253 |
Class A Common Stock [Member] | ' |
Schedule Of Restricted Stock Restricted Stock Unit And Performance Stock Unit Activity [Line Items] | ' |
Weighted Average Grant Price Common Stock, Vested | $4.86 |
Restricted Stock Restricted Stock Units and Performance Stock Units [Member] | ' |
Schedule Of Restricted Stock Restricted Stock Unit And Performance Stock Unit Activity [Line Items] | ' |
Restricted Stock, Restricted Stock Units, and Performance Stock Units Outstanding, April 30, 2013 | 1,088 |
Restricted Stock, Restricted Stock Units, and Performance Stock Units, Granted | 539 |
Restricted Stock, Restricted Stock Units, and Performance Stock Units, Forfeited | -18 |
Restricted Stock, Restricted Stock Units, and Performance Stock Units Outstanding, October 31, 2013 | 1,291 |
Restricted Stock Restricted Stock Units and Performance Stock Units [Member] | Class A Common Stock [Member] | ' |
Schedule Of Restricted Stock Restricted Stock Unit And Performance Stock Unit Activity [Line Items] | ' |
Restricted Stock, Restricted Stock Units, and Performance Stock Units Common Stock, Vested | -318 |
Stockholders_Equity_Summary_of2
Stockholders' Equity - Summary of Restricted Stock, Restricted Stock Unit and Performance Stock Unit Activity (Parenthetical) (Detail) (Performance Stock Units [Member]) | 6 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2013 |
Performance Stock Units [Member] | ' |
Schedule Of Restricted Stock Restricted Stock Unit And Performance Stock Unit Activity [Line Items] | ' |
Performance stock units, percentage of attainment level | 100.00% |
Common stock additional issue | 354 |
Stockholders_Equity_Accumulate
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance, April 30, 2013 | ' | ' | ($592) | ' |
Other comprehensive (loss) income | -80 | 3,251 | -205 | 1,206 |
Ending balance, October 31, 2013 | -797 | ' | -797 | ' |
Marketable Securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance, April 30, 2013 | ' | ' | 27 | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | 18 | ' |
Other comprehensive (loss) income | ' | ' | 18 | ' |
Ending balance, October 31, 2013 | 45 | ' | 45 | ' |
Commodity Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance, April 30, 2013 | ' | ' | -619 | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | -568 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 345 | ' |
Other comprehensive (loss) income | ' | ' | -223 | ' |
Ending balance, October 31, 2013 | ($842) | ' | ($842) | ' |
Stockholders_Equity_Reclassifi
Stockholders' Equity - Reclassification out of Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Loss on derivative instruments | ($629) | ($3,896) | $25 | ($3,896) |
Loss from equity method investments | 91 | -109 | -887 | -1,875 |
Loss from continuing operations before income taxes and discontinued operations | -230 | -20,444 | -25 | -27,957 |
Provision for income taxes | 300 | 413 | 619 | 1,063 |
Loss from continuing operations | -530 | -20,857 | -644 | -29,020 |
Commodity Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Loss from continuing operations before income taxes and discontinued operations | -181 | -3,946 | -345 | -3,990 |
Provision for income taxes | ' | ' | ' | ' |
Loss from continuing operations | -181 | -3,946 | -345 | -3,990 |
Commodity Hedges [Member] | Interest Rate Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Loss on derivative instruments | ' | -3,625 | ' | -3,625 |
Commodity Hedges [Member] | Commodity Contract [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Loss from equity method investments | ($181) | ($321) | ($345) | ($365) |
Earnings_Per_Share_Schedule_of
Earnings Per Share - Schedule of Numerator and Denominator Used in Computation of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2012 |
Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | |||||
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from continuing operations before discontinued operations attributable to common stockholders | ($294) | ($20,732) | ($437) | ($28,887) | ' | ' | ' | ' | ' | ' |
Number of shares outstanding, end of period: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares outstanding | ' | ' | ' | ' | 39,011,000 | 38,662,000 | 37,950,000 | 988,000 | 988,000 | 988,000 |
Unvested restricted stock | -130,000 | -134,000 | -130,000 | -134,000 | ' | ' | ' | ' | ' | ' |
Effect of weighted average shares outstanding during period | -48,000 | -7,932,000 | -127,000 | -9,872,000 | ' | ' | ' | ' | ' | ' |
Weighted average number of common shares - basic and diluted EPS | 39,821,000 | 30,872,000 | 39,742,000 | 28,932,000 | ' | ' | ' | ' | ' | ' |
Number of antidilutive potentially issuable shares not included in the diluted earnings per share calculations due to loss from continuing operations | 2,332,000 | 2,126,000 | 2,332,000 | 2,126,000 | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Restricted assets | $645 | $545 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets: | ' | ' |
Restricted assets | 645 | 545 |
Liabilities: | ' | ' |
Interest rate derivatives | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets: | ' | ' |
Restricted assets | ' | ' |
Liabilities: | ' | ' |
Interest rate derivatives | 3,338 | 4,229 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets: | ' | ' |
Restricted assets | ' | ' |
Liabilities: | ' | ' |
Interest rate derivatives | ' | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | Oct. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
Carrying value of revolving Debt | $134,700 |
2019 Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Stated percentage of senior subordinate notes | 7.75% |
Fixed Rate Bonds [Member] | ' |
Debt Instrument [Line Items] | ' |
Fair value of fixed rate debt | 366,437 |
Carrying value of fixed rate debt | $362,400 |
Severance_and_Reorganization_A
Severance and Reorganization - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Reorganizations [Abstract] | ' | ' | ' | ' |
Severance and reorganization charges | $53 | $1,793 | $161 | $1,827 |
Divestiture_and_Discontinued_O2
Divestiture and Discontinued Operations - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2013 |
Divestitures [Line Items] | ' | ' | ' |
Undiscounted purchase consideration paid in installments | '5 years | '21 years | ' |
Loss on disposal of discontinued operations, net of tax | ($378) | ' | ($378) |
Bio Fuels Assets [Member] | ' | ' | ' |
Divestitures [Line Items] | ' | ' | ' |
Undiscounted purchase consideration | 2,000 | ' | ' |
Maine Energy Facility [Member] | ' | ' | ' |
Divestitures [Line Items] | ' | ' | ' |
Undiscounted purchase consideration | ' | 6,650 | ' |
Divestiture_and_Discontinued_O3
Divestiture and Discontinued Operations - Schedule of Revenues and Loss Before Income Taxes Attributable to Discontinued Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ' | ' |
Revenues | $5 | $3,498 | $3,316 | $7,055 |
(Loss) income before income taxes | ($45) | ($235) | $284 | ($451) |
Segment_Reporting_Summary_of_F
Segment Reporting - Summary of Financial Information by Reportable Segment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | $132,296 | $116,836 | $260,854 | $234,474 | ' |
Depreciation and amortization | 15,669 | 14,570 | 30,866 | 29,279 | ' |
Operating income (loss) | 9,450 | 4,426 | 19,188 | 10,232 | ' |
Total assets | 678,513 | 669,475 | 678,513 | 669,475 | 663,119 |
Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 132,296 | 116,836 | 260,854 | 234,474 | ' |
Operating Segments [Member] | Eastern Region [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 40,305 | 33,047 | 78,926 | 66,855 | ' |
Depreciation and amortization | 6,691 | 6,184 | 13,072 | 12,720 | ' |
Operating income (loss) | 2,203 | -1,025 | 3,829 | -1,602 | ' |
Total assets | 205,181 | 167,206 | 205,181 | 167,206 | ' |
Operating Segments [Member] | Western Region [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 58,224 | 54,386 | 115,571 | 106,938 | ' |
Depreciation and amortization | 7,311 | 6,695 | 14,545 | 13,117 | ' |
Operating income (loss) | 7,211 | 6,793 | 14,107 | 13,038 | ' |
Total assets | 348,223 | 355,619 | 348,223 | 355,619 | ' |
Operating Segments [Member] | Recycling [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 11,506 | 9,810 | 22,690 | 20,972 | ' |
Depreciation and amortization | 1,074 | 1,080 | 2,139 | 2,177 | ' |
Operating income (loss) | -152 | -486 | -195 | -487 | ' |
Total assets | 49,884 | 52,462 | 49,884 | 52,462 | ' |
Operating Segments [Member] | Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 22,261 | 19,593 | 43,667 | 39,709 | ' |
Depreciation and amortization | 593 | 611 | 1,110 | 1,265 | ' |
Operating income (loss) | 188 | -856 | 1,447 | -717 | ' |
Total assets | 75,225 | 94,188 | 75,225 | 94,188 | ' |
Inter-Company Revenue [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' |
Inter-Company Revenue [Member] | Eastern Region [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 10,043 | 7,868 | 20,474 | 16,004 | ' |
Inter-Company Revenue [Member] | Western Region [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 18,892 | 17,189 | 38,153 | 33,947 | ' |
Inter-Company Revenue [Member] | Recycling [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | -26 | 36 | -31 | 36 | ' |
Inter-Company Revenue [Member] | Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 491 | 1,296 | 1,003 | 2,511 | ' |
Inter-Company Revenue [Member] | Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | ($29,400) | ($26,389) | ($59,599) | ($52,498) | ' |
Segment_Reporting_Summary_of_R
Segment Reporting - Summary of Revenue Attributable to Services Provided by Company (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $132,296 | $116,836 | $260,854 | $234,474 |
Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 132,296 | 116,836 | 260,854 | 234,474 |
Operating Segments [Member] | Solid Waste Operations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 100,798 | 89,411 | 199,128 | 177,509 |
Operating Segments [Member] | Solid Waste Operations [Member] | Reportable Subsegments [Member] | Collection [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 58,932 | 52,632 | 117,245 | 105,665 |
Operating Segments [Member] | Solid Waste Operations [Member] | Reportable Subsegments [Member] | Disposal [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 37,374 | 32,382 | 72,497 | 63,349 |
Operating Segments [Member] | Solid Waste Operations [Member] | Reportable Subsegments [Member] | Power Generation [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 1,980 | 2,793 | 4,022 | 5,456 |
Operating Segments [Member] | Solid Waste Operations [Member] | Reportable Subsegments [Member] | Processing [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 2,512 | 1,604 | 5,364 | 3,039 |
Operating Segments [Member] | Organics [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 9,474 | 8,394 | 19,350 | 17,247 |
Operating Segments [Member] | Customer Solutions [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 10,518 | 9,221 | 19,686 | 18,746 |
Operating Segments [Member] | Recycling [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $11,506 | $9,810 | $22,690 | $20,972 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Entities - Equity and Cost Method Investments (Detail) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Investments [Abstract] | ' | ' |
Equity method investments | $2,731 | $3,766 |
Cost method investments | 16,486 | 16,486 |
Investments in unconsolidated entities | $19,217 | $20,252 |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Entities - Additional Information (Detail) (USD $) | 6 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2013 | 31-May-13 | Oct. 31, 2013 | Jun. 28, 2013 | Apr. 30, 2013 | Dec. 01, 2011 | Dec. 05, 2013 | Oct. 31, 2013 | Apr. 30, 2013 |
GreenFiber [Member] | GreenFiber [Member] | GreenFiber [Member] | GreenFiber [Member] | GreenFiber [Member] | GreenFiber [Member] | Tompkins County Recycling LLC [Member] | Tompkins County Recycling LLC [Member] | ||||
Subsequent Event [Member] | |||||||||||
Investment Holdings [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity-method ownership interest | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | 50.00% | ' |
Equity method investment | $2,731 | ' | $3,766 | ' | $2,439 | ' | $3,509 | ' | ' | $291 | $257 |
Loan and security agreement guaranty | ' | ' | ' | ' | ' | 750 | ' | 2,200 | ' | ' | ' |
Liability in other long-term liabilities | ' | ' | ' | ' | ' | ' | 2,073 | ' | ' | ' | ' |
Payment to satisfy the guaranty and pay off the term loan in full | 2,148 | 1,000 | ' | 2,073 | ' | ' | ' | ' | ' | ' | ' |
Total cash consideration | ' | ' | ' | ' | ' | ' | ' | ' | $18,000 | ' | ' |
Investments_in_Unconsolidated_4
Investments in Unconsolidated Entities - Summarized Balance Sheet Financial Information of Investments in Unconsolidated Affiliates (Detail) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Investment Holdings [Abstract] | ' | ' |
Current assets | $17,854 | $16,644 |
Noncurrent assets | 26,956 | 28,139 |
Current liabilities | 16,398 | 19,247 |
Noncurrent liabilities | $2,097 | $1,227 |
Investments_in_Unconsolidated_5
Investments in Unconsolidated Entities - Summarized Income Statement Financial Information of Investments in Unconsolidated Affiliates (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Investment Holdings [Abstract] | ' | ' | ' | ' |
Revenue | $20,840 | $19,494 | $35,570 | $32,595 |
Gross profit | 4,956 | 4,300 | 7,641 | 5,900 |
Net income (loss) | $152 | ($297) | ($1,843) | ($3,866) |
Subsidiary_Guarantors_Schedule
Subsidiary Guarantors - Schedule of Condensed Consolidating Balance Sheet (Detail) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2012 | Apr. 30, 2012 |
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | $4,953 | $1,755 | $1,901 | $4,534 |
Restricted cash | 76 | 76 | ' | ' |
Accounts receivable - trade, net | 54,275 | 48,689 | ' | ' |
Refundable income taxes | 637 | 128 | ' | ' |
Prepaid expenses | 7,852 | 5,711 | ' | ' |
Inventory | 4,040 | 3,494 | ' | ' |
Deferred income taxes | 3,235 | 3,730 | ' | ' |
Other current assets | 1,009 | 901 | ' | ' |
Current assets of discontinued operations | 364 | 61 | ' | ' |
Total current assets | 76,441 | 64,545 | ' | ' |
Property, plant and equipment, net | 422,407 | 422,502 | ' | ' |
Goodwill | 118,257 | 115,928 | ' | ' |
Intangible assets, net | 12,430 | 11,674 | ' | ' |
Restricted assets | 645 | 545 | ' | ' |
Notes receivable - related party | 149 | 147 | ' | ' |
Investments in unconsolidated entities | 19,217 | 20,252 | ' | ' |
Other non-current assets | 27,331 | 27,526 | ' | ' |
Non-current assets of discontinued operations | 1,636 | ' | ' | ' |
Total non-current assets | 602,072 | 598,574 | ' | ' |
Total assets | 678,513 | 663,119 | 669,475 | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Current maturities of long-term debt and capital leases | 430 | 857 | ' | ' |
Current maturities of financing lease obligations | 374 | 361 | ' | ' |
Accounts payable | 49,542 | 51,974 | ' | ' |
Accrued payroll and related expenses | 5,131 | 3,983 | ' | ' |
Accrued interest | 6,109 | 6,074 | ' | ' |
Current accrued capping, closure and post-closure costs | 5,281 | 3,835 | ' | ' |
Other accrued liabilities | 22,713 | 21,014 | ' | ' |
Total current liabilities | 89,580 | 88,098 | ' | ' |
Long-term debt and capital leases, less current maturities | 507,159 | 493,531 | ' | ' |
Financing lease obligations, less current maturities | 1,266 | 1,456 | ' | ' |
Accrued capping, closure and post-closure costs, less current portion | 40,700 | 39,335 | ' | ' |
Deferred income taxes | 6,868 | 6,798 | ' | ' |
Other long-term liabilities | 17,100 | 18,450 | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Casella Waste Systems, Inc. stockholders' equity | 11,873 | 11,285 | ' | ' |
Noncontrolling interests | 3,967 | 4,166 | ' | ' |
Total stockholders' equity | 15,840 | 15,451 | ' | ' |
Total liabilities and stockholders' equity | 678,513 | 663,119 | ' | ' |
Parent [Member] | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 4,545 | 1,260 | 1,486 | 3,799 |
Accounts receivable - trade, net | 221 | 571 | ' | ' |
Refundable income taxes | 637 | 128 | ' | ' |
Prepaid expenses | 2,718 | 1,471 | ' | ' |
Deferred income taxes | 3,235 | 3,730 | ' | ' |
Other current assets | 392 | 366 | ' | ' |
Total current assets | 11,748 | 7,526 | ' | ' |
Property, plant and equipment, net | 4,716 | 2,771 | ' | ' |
Intangible assets, net | 204 | 249 | ' | ' |
Notes receivable - related party | 149 | 147 | ' | ' |
Investments in unconsolidated entities | 16,487 | 16,486 | ' | ' |
Investments in subsidiaries | -39,829 | -59,759 | ' | ' |
Other non-current assets | 15,384 | 15,774 | ' | ' |
Total non-current assets | -2,889 | -24,332 | ' | ' |
Intercompany receivable | 561,776 | 580,328 | ' | ' |
Total assets | 570,635 | 563,522 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Current maturities of long-term debt and capital leases | 81 | ' | ' | ' |
Accounts payable | 19,252 | 23,492 | ' | ' |
Accrued payroll and related expenses | 1,061 | 538 | ' | ' |
Accrued interest | 6,102 | 6,071 | ' | ' |
Other accrued liabilities | 8,353 | 10,001 | ' | ' |
Total current liabilities | 34,849 | 40,102 | ' | ' |
Long-term debt and capital leases, less current maturities | 505,595 | 492,965 | ' | ' |
Deferred income taxes | 6,868 | 6,798 | ' | ' |
Other long-term liabilities | 11,450 | 12,372 | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Casella Waste Systems, Inc. stockholders' equity | 11,873 | 11,285 | ' | ' |
Total stockholders' equity | 11,873 | 11,285 | ' | ' |
Total liabilities and stockholders' equity | 570,635 | 563,522 | ' | ' |
Guarantors [Member] | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 233 | 253 | 319 | 368 |
Restricted cash | 76 | 76 | ' | ' |
Accounts receivable - trade, net | 53,812 | 47,644 | ' | ' |
Prepaid expenses | 5,114 | 4,240 | ' | ' |
Inventory | 3,986 | 3,440 | ' | ' |
Other current assets | 610 | 528 | ' | ' |
Current assets of discontinued operations | 364 | 61 | ' | ' |
Total current assets | 64,195 | 56,242 | ' | ' |
Property, plant and equipment, net | 409,193 | 411,284 | ' | ' |
Goodwill | 118,257 | 115,928 | ' | ' |
Intangible assets, net | 12,226 | 11,425 | ' | ' |
Restricted assets | 645 | 545 | ' | ' |
Investments in unconsolidated entities | 2,223 | 2,189 | ' | ' |
Other non-current assets | 11,947 | 11,752 | ' | ' |
Non-current assets of discontinued operations | 1,636 | ' | ' | ' |
Total non-current assets | 556,127 | 553,123 | ' | ' |
Intercompany receivable | -521,125 | -539,752 | ' | ' |
Total assets | 99,197 | 69,613 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Current maturities of long-term debt and capital leases | 349 | 857 | ' | ' |
Current maturities of financing lease obligations | 374 | 361 | ' | ' |
Accounts payable | 29,832 | 27,847 | ' | ' |
Accrued payroll and related expenses | 4,069 | 3,445 | ' | ' |
Accrued interest | 7 | 3 | ' | ' |
Current accrued capping, closure and post-closure costs | 5,278 | 3,832 | ' | ' |
Other accrued liabilities | 13,886 | 10,896 | ' | ' |
Total current liabilities | 53,795 | 47,241 | ' | ' |
Long-term debt and capital leases, less current maturities | 1,564 | 566 | ' | ' |
Financing lease obligations, less current maturities | 1,266 | 1,456 | ' | ' |
Accrued capping, closure and post-closure costs, less current portion | 40,661 | 39,298 | ' | ' |
Other long-term liabilities | 5,650 | 6,078 | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Casella Waste Systems, Inc. stockholders' equity | -3,739 | -25,026 | ' | ' |
Total stockholders' equity | -3,739 | -25,026 | ' | ' |
Total liabilities and stockholders' equity | 99,197 | 69,613 | ' | ' |
Non-Guarantors [Member] | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 175 | 242 | 96 | 367 |
Accounts receivable - trade, net | 242 | 474 | ' | ' |
Prepaid expenses | 20 | ' | ' | ' |
Inventory | 54 | 54 | ' | ' |
Other current assets | 7 | 7 | ' | ' |
Total current assets | 498 | 777 | ' | ' |
Property, plant and equipment, net | 8,498 | 8,447 | ' | ' |
Investments in unconsolidated entities | 2,439 | 3,509 | ' | ' |
Total non-current assets | 10,937 | 11,956 | ' | ' |
Intercompany receivable | -42,583 | -42,508 | ' | ' |
Total assets | -31,148 | -29,775 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 458 | 635 | ' | ' |
Accrued payroll and related expenses | 1 | ' | ' | ' |
Current accrued capping, closure and post-closure costs | 3 | 3 | ' | ' |
Other accrued liabilities | 474 | 117 | ' | ' |
Total current liabilities | 936 | 755 | ' | ' |
Accrued capping, closure and post-closure costs, less current portion | 39 | 37 | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Casella Waste Systems, Inc. stockholders' equity | -36,090 | -34,733 | ' | ' |
Noncontrolling interests | 3,967 | 4,166 | ' | ' |
Total stockholders' equity | -32,123 | -30,567 | ' | ' |
Total liabilities and stockholders' equity | -31,148 | -29,775 | ' | ' |
Elimination [Member] | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Investments in unconsolidated entities | -1,932 | -1,932 | ' | ' |
Investments in subsidiaries | 39,829 | 59,759 | ' | ' |
Total non-current assets | 37,897 | 57,827 | ' | ' |
Intercompany receivable | 1,932 | 1,932 | ' | ' |
Total assets | 39,829 | 59,759 | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Casella Waste Systems, Inc. stockholders' equity | 39,829 | 59,759 | ' | ' |
Total stockholders' equity | 39,829 | 59,759 | ' | ' |
Total liabilities and stockholders' equity | $39,829 | $59,759 | ' | ' |
Subsidiary_Guarantors_Schedule1
Subsidiary Guarantors - Schedule of Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2011 | Apr. 30, 2010 | Apr. 30, 2009 | Jan. 31, 2009 | Oct. 31, 2013 | Oct. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $132,296 | ' | $116,836 | ' | ' | ' | ' | $260,854 | $234,474 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of operations | 90,545 | ' | 82,087 | ' | ' | ' | ' | 178,962 | 163,432 |
General and administration | 16,425 | ' | 13,883 | ' | ' | ' | ' | 31,503 | 29,073 |
Depreciation and amortization | 15,669 | ' | 14,570 | ' | ' | ' | ' | 30,866 | 29,279 |
Environmental remediation charge | 150 | ' | ' | 549 | 335 | 1,532 | 2,823 | 150 | ' |
Severance and reorganization costs | 53 | ' | 1,793 | ' | ' | ' | ' | 161 | 1,827 |
Expense from divestiture, acquisition and financing costs | 4 | ' | 77 | ' | ' | ' | ' | 24 | 631 |
Total operating expenses | 122,846 | ' | 112,410 | ' | ' | ' | ' | 241,666 | 224,242 |
Operating income (loss) | 9,450 | ' | 4,426 | ' | ' | ' | ' | 19,188 | 10,232 |
Other expense (income), net: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | -101 | ' | -10 | ' | ' | ' | ' | -113 | -18 |
Interest expense | 9,635 | ' | 11,516 | ' | ' | ' | ' | 18,994 | 23,207 |
(Income) loss from equity method investments | -91 | ' | 109 | ' | ' | ' | ' | 887 | 1,875 |
(Gain) loss on derivative instruments | 629 | ' | 3,896 | ' | ' | ' | ' | -25 | 3,896 |
Loss on debt extinguishment | ' | ' | 9,670 | ' | ' | ' | ' | ' | 9,670 |
Other income | -392 | ' | -311 | ' | ' | ' | ' | -530 | -441 |
Other expense, net | 9,680 | ' | 24,870 | ' | ' | ' | ' | 19,213 | 38,189 |
Income (loss) from continuing operations before income taxes | -230 | ' | -20,444 | ' | ' | ' | ' | -25 | -27,957 |
Provision (benefit) for income taxes | 300 | ' | 413 | ' | ' | ' | ' | 619 | 1,063 |
Income (loss) from continuing operations | -530 | ' | -20,857 | ' | ' | ' | ' | -644 | -29,020 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from discontinued operations, net | -45 | ' | -235 | ' | ' | ' | ' | 284 | -451 |
Gain (loss) on disposal of discontinued operations, net | ' | -378 | ' | ' | ' | ' | ' | -378 | ' |
Net income (loss) | -575 | ' | -21,092 | ' | ' | ' | ' | -738 | -29,471 |
Less: Net income (loss) attributable to noncontrolling interests | -236 | ' | -125 | ' | ' | ' | ' | -207 | -133 |
Net income (loss) attributable to common stockholders | -339 | ' | -20,967 | ' | ' | ' | ' | -531 | -29,338 |
Parent [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of operations | ' | ' | -36 | ' | ' | ' | ' | 1 | -8 |
General and administration | 595 | ' | 157 | ' | ' | ' | ' | 748 | 4 |
Depreciation and amortization | 225 | ' | 269 | ' | ' | ' | ' | 437 | 533 |
Severance and reorganization costs | ' | ' | 917 | ' | ' | ' | ' | 4 | 917 |
Expense from divestiture, acquisition and financing costs | ' | ' | ' | ' | ' | ' | ' | ' | 303 |
Total operating expenses | 820 | ' | 1,307 | ' | ' | ' | ' | 1,190 | 1,749 |
Operating income (loss) | -820 | ' | -1,307 | ' | ' | ' | ' | -1,190 | -1,749 |
Other expense (income), net: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | -1 | ' | -8,176 | ' | ' | ' | ' | -1 | -16,239 |
Interest expense | 9,616 | ' | 11,790 | ' | ' | ' | ' | 18,963 | 23,578 |
(Income) loss from equity method investments | -10,757 | ' | 2,275 | ' | ' | ' | ' | -19,928 | 5,841 |
(Gain) loss on derivative instruments | 629 | ' | 3,896 | ' | ' | ' | ' | -25 | 3,896 |
Loss on debt extinguishment | ' | ' | 9,670 | ' | ' | ' | ' | ' | 9,670 |
Other income | -268 | ' | -208 | ' | ' | ' | ' | -287 | -220 |
Other expense, net | -781 | ' | 19,247 | ' | ' | ' | ' | -1,278 | 26,526 |
Income (loss) from continuing operations before income taxes | -39 | ' | -20,554 | ' | ' | ' | ' | -88 | -28,275 |
Provision (benefit) for income taxes | 300 | ' | 413 | ' | ' | ' | ' | 619 | 1,063 |
Income (loss) from continuing operations | -339 | ' | -20,967 | ' | ' | ' | ' | -531 | -29,338 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -339 | ' | -20,967 | ' | ' | ' | ' | -531 | -29,338 |
Net income (loss) attributable to common stockholders | -339 | ' | -20,967 | ' | ' | ' | ' | -531 | -29,338 |
Guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 131,729 | ' | 116,401 | ' | ' | ' | ' | 259,423 | 234,029 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of operations | 89,740 | ' | 81,507 | ' | ' | ' | ' | 177,519 | 162,815 |
General and administration | 15,779 | ' | 13,714 | ' | ' | ' | ' | 30,712 | 29,038 |
Depreciation and amortization | 15,251 | ' | 14,240 | ' | ' | ' | ' | 30,055 | 28,685 |
Environmental remediation charge | 150 | ' | ' | ' | ' | ' | ' | 150 | ' |
Severance and reorganization costs | 53 | ' | 876 | ' | ' | ' | ' | 157 | 910 |
Expense from divestiture, acquisition and financing costs | 4 | ' | 77 | ' | ' | ' | ' | 24 | 328 |
Total operating expenses | 120,977 | ' | 110,414 | ' | ' | ' | ' | 238,617 | 221,776 |
Operating income (loss) | 10,752 | ' | 5,987 | ' | ' | ' | ' | 20,806 | 12,253 |
Other expense (income), net: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | -100 | ' | -9 | ' | ' | ' | ' | -112 | -16 |
Interest expense | 19 | ' | 7,901 | ' | ' | ' | ' | 31 | 15,866 |
(Income) loss from equity method investments | -15 | ' | -39 | ' | ' | ' | ' | -35 | -58 |
Other income | -124 | ' | -103 | ' | ' | ' | ' | -242 | -221 |
Other expense, net | -220 | ' | 7,750 | ' | ' | ' | ' | -358 | 15,571 |
Income (loss) from continuing operations before income taxes | 10,972 | ' | -1,763 | ' | ' | ' | ' | 21,164 | -3,318 |
Income (loss) from continuing operations | 10,972 | ' | -1,763 | ' | ' | ' | ' | 21,164 | -3,318 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from discontinued operations, net | -45 | ' | -235 | ' | ' | ' | ' | 284 | -451 |
Gain (loss) on disposal of discontinued operations, net | ' | ' | ' | ' | ' | ' | ' | -378 | ' |
Net income (loss) | 10,927 | ' | -1,998 | ' | ' | ' | ' | 21,070 | -3,769 |
Net income (loss) attributable to common stockholders | 10,927 | ' | -1,998 | ' | ' | ' | ' | 21,070 | -3,769 |
Non-Guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 567 | ' | 435 | ' | ' | ' | ' | 1,431 | 445 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of operations | 805 | ' | 616 | ' | ' | ' | ' | 1,442 | 625 |
General and administration | 51 | ' | 12 | ' | ' | ' | ' | 43 | 31 |
Depreciation and amortization | 193 | ' | 61 | ' | ' | ' | ' | 374 | 61 |
Total operating expenses | 1,049 | ' | 689 | ' | ' | ' | ' | 1,859 | 717 |
Operating income (loss) | -482 | ' | -254 | ' | ' | ' | ' | -428 | -272 |
Other expense (income), net: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Income) loss from equity method investments | -76 | ' | 148 | ' | ' | ' | ' | 922 | 1,933 |
Other income | ' | ' | ' | ' | ' | ' | ' | -1 | ' |
Other expense, net | -76 | ' | 148 | ' | ' | ' | ' | 921 | 1,933 |
Income (loss) from continuing operations before income taxes | -406 | ' | -402 | ' | ' | ' | ' | -1,349 | -2,205 |
Income (loss) from continuing operations | -406 | ' | -402 | ' | ' | ' | ' | -1,349 | -2,205 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -406 | ' | -402 | ' | ' | ' | ' | -1,349 | -2,205 |
Less: Net income (loss) attributable to noncontrolling interests | -236 | ' | -125 | ' | ' | ' | ' | -207 | -133 |
Net income (loss) attributable to common stockholders | -170 | ' | -277 | ' | ' | ' | ' | -1,142 | -2,072 |
Elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other expense (income), net: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | 8,175 | ' | ' | ' | ' | ' | 16,237 |
Interest expense | ' | ' | -8,175 | ' | ' | ' | ' | ' | -16,237 |
(Income) loss from equity method investments | 10,757 | ' | -2,275 | ' | ' | ' | ' | 19,928 | -5,841 |
Other expense, net | 10,757 | ' | -2,275 | ' | ' | ' | ' | 19,928 | -5,841 |
Income (loss) from continuing operations before income taxes | -10,757 | ' | 2,275 | ' | ' | ' | ' | -19,928 | 5,841 |
Income (loss) from continuing operations | -10,757 | ' | 2,275 | ' | ' | ' | ' | -19,928 | 5,841 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -10,757 | ' | 2,275 | ' | ' | ' | ' | -19,928 | 5,841 |
Net income (loss) attributable to common stockholders | ($10,757) | ' | $2,275 | ' | ' | ' | ' | ($19,928) | $5,841 |
Subsidiary_Guarantors_Schedule2
Subsidiary Guarantors - Schedule of Consolidating Statement of Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net income (loss) | ($575) | ($21,092) | ($738) | ($29,471) |
Other comprehensive income (loss), net of taxes: | ' | ' | ' | ' |
Unrealized gain (loss) resulting from changes in fair value of derivative instruments, net | -279 | -716 | -568 | -2,799 |
Realized loss (gain) on derivative instruments reclassified into earnings, net | 181 | 3,946 | 345 | 3,990 |
Unrealized gain (loss) resulting from changes in fair value of marketable securities | 18 | 21 | 18 | 15 |
Other comprehensive income (loss) | -80 | 3,251 | -205 | 1,206 |
Comprehensive income (loss) | -655 | -17,841 | -943 | -28,265 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | -236 | -125 | -207 | -133 |
Comprehensive income (loss )attributable to common stockholders | -419 | -17,716 | -736 | -28,132 |
Parent [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net income (loss) | -339 | -20,967 | -531 | -29,338 |
Other comprehensive income (loss), net of taxes: | ' | ' | ' | ' |
Unrealized gain (loss) resulting from changes in fair value of derivative instruments, net | ' | ' | ' | -1,257 |
Realized loss (gain) on derivative instruments reclassified into earnings, net | ' | 3,625 | ' | 3,625 |
Other comprehensive income (loss) | ' | 3,625 | ' | 2,368 |
Comprehensive income (loss) | -339 | -17,342 | -531 | -26,970 |
Comprehensive income (loss )attributable to common stockholders | -339 | -17,342 | -531 | -26,970 |
Guarantors [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net income (loss) | 10,927 | -1,998 | 21,070 | -3,769 |
Other comprehensive income (loss), net of taxes: | ' | ' | ' | ' |
Unrealized gain (loss) resulting from changes in fair value of marketable securities | 18 | 21 | 18 | 15 |
Other comprehensive income (loss) | 18 | 21 | 18 | 15 |
Comprehensive income (loss) | 10,945 | -1,977 | 21,088 | -3,754 |
Comprehensive income (loss )attributable to common stockholders | 10,945 | -1,977 | 21,088 | -3,754 |
Non-Guarantors [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net income (loss) | -406 | -402 | -1,349 | -2,205 |
Other comprehensive income (loss), net of taxes: | ' | ' | ' | ' |
Unrealized gain (loss) resulting from changes in fair value of derivative instruments, net | -279 | -716 | -568 | -1,542 |
Realized loss (gain) on derivative instruments reclassified into earnings, net | 181 | 321 | 345 | 365 |
Other comprehensive income (loss) | -98 | -395 | -223 | -1,177 |
Comprehensive income (loss) | -504 | -797 | -1,572 | -3,382 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | -236 | -125 | -207 | -133 |
Comprehensive income (loss )attributable to common stockholders | -268 | -672 | -1,365 | -3,249 |
Elimination [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net income (loss) | -10,757 | 2,275 | -19,928 | 5,841 |
Other comprehensive income (loss), net of taxes: | ' | ' | ' | ' |
Comprehensive income (loss) | -10,757 | 2,275 | -19,928 | 5,841 |
Comprehensive income (loss )attributable to common stockholders | ($10,757) | $2,275 | ($19,928) | $5,841 |
Subsidiary_Guarantors_Schedule3
Subsidiary Guarantors - Schedule of Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | $28,119 | $22,768 |
Cash Flows from Investing Activities: | ' | ' |
Acquisitions, net of cash acquired | -2,822 | -4,635 |
Additions to property, plant and equipment - acquisition | -1,365 | -417 |
Additions to property, plant and equipment - growth | -3,249 | -8,198 |
Additions to property, plant and equipment - maintenance | -22,810 | -24,776 |
Payments on landfill operating lease contracts | -3,471 | -3,298 |
Payment for capital related to divestiture | ' | -618 |
Investments in unconsolidated entities | -2,148 | -1,000 |
Proceeds from sale of property and equipment | 929 | 543 |
Net cash used in investing activities | -34,936 | -42,399 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from long-term borrowings | 83,190 | 236,177 |
Principal payments on long-term debt | -72,586 | -227,028 |
Change in restricted cash | ' | -23,579 |
Payment of tender premium and costs on second lien notes | ' | -6,745 |
Payments of financing costs | -388 | -4,329 |
Net proceeds from the sale of Class A common stock | ' | 42,149 |
Excess tax benefit on the vesting of share based awards | ' | 188 |
Contributions from noncontrolling interest holders | ' | 1,195 |
Net cash provided by financing activities | 10,216 | 18,028 |
Net cash provided by (used in) discontinued operations | -201 | -1,030 |
Net increase (decrease) in cash and cash equivalents | 3,198 | -2,633 |
Cash and cash equivalents, beginning of period | 1,755 | 4,534 |
Cash and cash equivalents, end of period | 4,953 | 1,901 |
Parent [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | -25,720 | -27,935 |
Cash Flows from Investing Activities: | ' | ' |
Additions to property, plant and equipment - maintenance | -1,059 | -190 |
Investments in unconsolidated entities | -2,148 | -1,000 |
Net cash used in investing activities | -3,207 | -1,190 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from long-term borrowings | 83,190 | 236,177 |
Principal payments on long-term debt | -71,735 | -226,098 |
Change in restricted cash | ' | -23,579 |
Payment of tender premium and costs on second lien notes | ' | -6,745 |
Payments of financing costs | -388 | -4,329 |
Net proceeds from the sale of Class A common stock | ' | 42,149 |
Excess tax benefit on the vesting of share based awards | ' | 188 |
Intercompany borrowings | 21,145 | 9,049 |
Net cash provided by financing activities | 32,212 | 26,812 |
Net increase (decrease) in cash and cash equivalents | 3,285 | -2,313 |
Cash and cash equivalents, beginning of period | 1,260 | 3,799 |
Cash and cash equivalents, end of period | 4,545 | 1,486 |
Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 53,481 | 49,057 |
Cash Flows from Investing Activities: | ' | ' |
Acquisitions, net of cash acquired | -2,822 | -4,635 |
Additions to property, plant and equipment - acquisition | -1,365 | -417 |
Additions to property, plant and equipment - growth | -2,824 | -3,520 |
Additions to property, plant and equipment - maintenance | -21,751 | -24,586 |
Payments on landfill operating lease contracts | -3,471 | -3,298 |
Payment for capital related to divestiture | ' | -618 |
Investments in unconsolidated entities | ' | -1,566 |
Proceeds from sale of property and equipment | 929 | 543 |
Net cash used in investing activities | -31,304 | -38,097 |
Cash Flows from Financing Activities: | ' | ' |
Principal payments on long-term debt | -851 | -930 |
Intercompany borrowings | -21,145 | -9,049 |
Net cash provided by financing activities | -21,996 | -9,979 |
Net cash provided by (used in) discontinued operations | -201 | -1,030 |
Net increase (decrease) in cash and cash equivalents | -20 | -49 |
Cash and cash equivalents, beginning of period | 253 | 368 |
Cash and cash equivalents, end of period | 233 | 319 |
Non-Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 358 | 1,646 |
Cash Flows from Investing Activities: | ' | ' |
Additions to property, plant and equipment - growth | -425 | -4,678 |
Investments in unconsolidated entities | ' | 1,566 |
Net cash used in investing activities | -425 | -3,112 |
Cash Flows from Financing Activities: | ' | ' |
Contributions from noncontrolling interest holders | ' | 1,195 |
Net cash provided by financing activities | ' | 1,195 |
Net increase (decrease) in cash and cash equivalents | -67 | -271 |
Cash and cash equivalents, beginning of period | 242 | 367 |
Cash and cash equivalents, end of period | $175 | $96 |