23.

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 April 30, 2013 and April 30, 2012, the consolidating results of operations and comprehensive loss for the fiscal years ended April 30, 2013, 2012 and 2011, and the condensed consolidating statements of cash flows for the fiscal years ended April 30, 2013, 2012 and 2011 of (a) the Parent company only, (b) the combined guarantors (the “Guarantors”) , each of which is 100% wholly-owned by the Parent, (c) the combined non-guarantors (the “Non-Guarantors”) , (d) eliminating entries and (e) the consolidated total.

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
Accounts receivable - trade, net of allowance for doubtful accounts		571		47,644		474		-		48,689
Refundable income taxes		128		-		-		-		128
Deferred income taxes		238		-		-		-		238
Other current assets		1,837		8,284		61		-		10,182
Current assets held-for-sale		-		61		-		-		61

Total current assets		4,034		56,242		777		-		61,053

Property, plant and equipment, net of accumulated depreciation and amortization		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
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		15,921		11,752		-		-		27,673

		(24,332)		553,123		11,956		57,827		598,574

Intercompany receivable		580,328		(539,752)		(42,508)		1,932		-


	$	560,030	$	69,613	$	(29,775)	$	59,759	$	659,627


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 interest		6,071		3		-		-		6,074
Current accrued capping, closure and post-closure costs		-		3,832		3		-		3,835
Other current liabilities		10,539		14,341		117		-		24,997

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		3,306		-		-		-		3,306
Other long-term liabilities		12,372		6,078		-		-		18,450

STOCKHOLDERS’ EQUITY:
Casella Waste Systems, Inc. stockholders’ equity:
Class A common stock -
Authorized - 100,000,000 shares, $ 0.01 par value per share, issued and outstanding - 38,662,000 shares		387		100		-		(100)		387
Class B common stock -
Authorized - 1,000,000 shares, $ 0.01 par value per share, 10 votes per share, issued and outstanding - 988,000 shares		10		-		-		-		10
Additional paid-in capital		335,857		43,897		4,797		(48,694)		335,857
Accumulated deficit		(324,377)		(69,051)		(38,910)		107,961		(324,377)
Accumulated other comprehensive income (loss)		(592)		28		(620)		592		(592)
Total 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


	$	560,030	$	69,613	$	(29,775)	$	59,759	$	659,627

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF APRIL 30, 2012

(in thousands, except for share and per share data)


ASSETS	Parent		Guarantors		Non- Guarantors		Elimination		Consolidated
CURRENT ASSETS:
Cash and cash equivalents	$	3,799	$	368	$	367	$	-	$	4,534
Accounts receivable - trade, net of allowance for doubtful accounts		652		46,820		-		-		47,472
Refundable income taxes		1,281		-		-		-		1,281
Deferred income taxes		3,712		-		-		-		3,712
Other current assets		1,903		8,362		-		-		10,265
Current assets held for sale		-		92		-		-		92

Total current assets		11,347		55,642		367		-		67,356

Property, plant and equipment, net of accumulated depreciation and amortization		3,486		407,332		3,848		-		414,666
Goodwill		-		101,706		-		-		101,706
Intangible assets, net		340		2,630		-		-		2,970
Restricted assets		-		424		-		-		424
Investments in unconsolidated entities		15,986		2,225		6,502		(1,932)		22,781
Investments in subsidiaries		(34,443)		-		-		34,443		-
Other non-current assets		15,778		6,011		-		-		21,789
Non-current assets held-for-sale		-		2,051		-		-		2,051

		1,147		522,379		10,350		32,511		566,387

Intercompany receivable		532,950		(494,819)		(40,063)		1,932		-


	$	545,444	$	83,202	$	(29,346)	$	34,443	$	633,743


LIABILITIES AND STOCKHOLDERS’ EQUITY	Parent		Guarantors		Non- Guarantors		Elimination		Consolidated
CURRENT LIABILITIES:
Current maturities of long-term debt and capital leases	$	142	$	1,086	$	-	$	-	$	1,228
Current maturities of financing lease obligations		-		338		-		-		338
Accounts payable		21,952		24,757		-		-		46,709
Accrued interest		9,800		3		-		-		9,803
Current accrued capping, closure and post-closure costs		-		4,907		-		-		4,907
Other current liabilities		13,938		3,780		543		-		18,261

Total current liabilities		45,832		34,871		543		-		81,246

Long-term debt and capital leases, less current maturities		472,028		1,353		-		-		473,381
Financing lease obligations, less current maturities		-		1,818		-		-		1,818
Accrued capping, closure and post-closure costs, less current portion		-		34,681		41		-		34,722
Deferred income taxes		5,336		-		-		-		5,336
Other long-term liabilities		5,817		13,192		-		-		19,009

STOCKHOLDERS’ EQUITY:
Casella Waste Systems, Inc. stockholders’ equity:
Class A common stock-
Authorized - 100,000,000 shares, $0.01 par value per share, issued and outstanding - 25,991,000 shares		260		100		-		(100)		260
Class B common stock-
Authorized - 1,000,000 shares, $0.01 par value per share, 10 votes per share, issued and outstanding - 988,000 shares		10		-		-		-		10
Additional paid-in capital		288,348		46,279		1,998		(48,277)		288,348
Accumulated deficit		(270,235)		(49,097)		(34,140)		83,237		(270,235)
Accumulated other comprehensive income (loss)		(1,952)		5		412		(417)		(1,952)

Total Casella Waste Systems, Inc. stockholders’ equity		16,431		(2,713)		(31,730)		34,443		16,431
Noncontrolling interests		-		-		1,800		-		1,800

Total stockholders’ equity		16,431		(2,713)		(29,930)		34,443		18,231


	$	545,444	$	83,202	$	(29,346)	$	34,443	$	633,743

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF OPERATIONS

FISCAL YEAR ENDED APRIL 30, 2013

(in thousands)


	Parent			Guarantors			Non- Guarantors			Elimination			Consolidated

Revenues	$	-		$	453,589		$	1,746		$	-		$	455,335

Operating expenses:
Cost of operations		(295	)		321,382			1,927			-			323,014
General and administration		220			57,898			87			-			58,205
Depreciation and amortization		1,017			55,142			417			-			56,576
Severance and reorganization costs		1,766			1,943			-			-			3,709
Expense from divestiture, acquisition and financing costs		303			1,107			-			-			1,410

		3,011			437,472			2,431			-			442,914

Operating income (loss)		(3,011	)		16,117			(685	)		-			12,421

Other expense (income), net:
Interest income		(32,896	)		(113	)		-			32,868			(141	)
Interest expense		42,405			32,033			-			(32,868	)		41,570
Loss (income) from equity method investments		24,723			36			4,405			(24,723	)		4,441
Loss on derivative instruments		4,512			-			-			-			4,512
Loss on debt extinguishment		15,584			-			-			-			15,584
Other income		(671	)		(365	)		-			-			(1,036	)

Other expense, net		53,657			31,591			4,405			(24,723	)		64,930


Income (loss) from continuing operations before income taxes		(56,668	)		(15,474	)		(5,090	)		24,723			(52,509	)
Provision (benefit) for income taxes		(2,526	)		-			-			-			(2,526	)


Income (loss) from continuing operations		(54,142	)		(15,474	)		(5,090	)		24,723			(49,983	)

Discontinued operations:
Income (loss) from discontinued operations, net		-			(4,480	)		-			-			(4,480	)

Net income (loss)		(54,142	)		(19,954	)		(5,090	)		24,723			(54,463	)

Less: Net income (loss) attributable to noncontrolling interests		-			-			(321	)		-			(321	)

Net income (loss) attributable to common stockholders	$	(54,142	)	$	(19,954	)	$	(4,769	)	$	24,723		$	(54,142	)

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF OPERATIONS

FISCAL YEAR ENDED APRIL 30, 2012

(in thousands)


	Parent		Guarantors		Non- Guarantors		Elimination		Consolidated

Revenues	$	-	$	467,950	$	-	$	-	$	467,950

Operating expenses:
Cost of operations		16		318,047		5		-		318,068
General and administration		576		59,677		11		-		60,264
Depreciation and amortization		1,568		56,850		(3)		-		58,415
Asset impairment charge		-		40,746		-		-		40,746
Legal settlement		1,000		359		-		-		1,359
Development project charge		-		131		-		-		131

		3,160		475,810		13		-		478,983

Operating income (loss)		(3,160)		(7,860)		(13)		-		(11,033)

Other expense/(income), net:
Interest income		(39,871)		(34)		-		39,863		(42)
Interest expense		46,058		38,813		-		(39,863)		45,008
Loss (income) from equity method investments		66,832		(7)		10,001		(66,832)		9,994
Impairment of equity method investment		-		-		10,680		-		10,680
Loss on debt extinguishment		300		-		-		-		300
Other income		(486)		(377)		-		-		(863)

Other expense, net		72,833		38,395		20,681		(66,832)		65,077


Income (loss) from continuing operations before income taxes		(75,993)		(46,255)		(20,694)		66,832		(76,110)
Provision (benefit) for income taxes		1,593		-		-		-		1,593


Income (loss) from continuing operations		(77,586)		(46,255)		(20,694)		66,832		(77,703)

Discontinued operations:
Income (loss) from discontinued operations, net		-		(614)		-		-		(614)
Gain (loss) on disposal of discontinued operations, net of tax		-		725		-		-		725

Net income (loss)		(77,586)		(46,144)		(20,694)		66,832		(77,592)

Less: Net income (loss) attributable to noncontrolling interests		-		-		(6)		-		(6)

Net income (loss) attributable to common stockholders	$	(77,586)	$	(46,144)	$	(20,688)	$	66,832	$	(77,586)

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF OPERATIONS

FISCAL YEAR ENDED APRIL 30, 2011

(in thousands)


	Parent		Guarantors		Non - Guarantors		Elimination		Consolidated

Revenues	$	-	$	454,685	$	-	$	-	$	454,685

Operating expenses:
Cost of operations		73		305,938		3		-		306,014
General and administration		873		62,519		4		-		63,396
Depreciation and amortization		1,590		56,526		5		-		58,121
Asset impairment charge		-		3,654		-		-		3,654
Environmental remediation charge		-		549		-		-		549
Bargain purchase gain		-		(2,975)		-		-		(2,975)
Gain on sale of assets		-		(3,502)		-		-		(3,502)

		2,536		422,709		12		-		425,257

Operating income (loss)		(2,536)		31,976		(12)		-		29,428

Other expense (income), net:
Interest income		(31,748)		(27)		-		31,721		(54)
Interest expense		86,074		(8,810)		-		(31,721)		45,543
Loss (income) from equity method investments		(78,357)		-		4,096		78,357		4,096
Loss on debt extinguishment		7,276		114		-		-		7,390
Other income		(486)		(374)		-		-		(860)

Other expense, net		(17,241)		(9,097)		4,096		78,357		56,115


Income (loss) from continuing operations before income taxes		14,705		41,073		(4,108)		(78,357)		(26,687)
Provision (benefit) for income taxes		(23,723)		-		-		-		(23,723)


Income (loss) from continuing operations		38,428		41,073		(4,108)		(78,357)		(2,964)

Discontinued operations:
Income (loss) from discontinued operations, net		-		(2,198)		-		-		(2,198)
Gain (loss) on disposal of discontinued operations, net of tax		-		43,590		-		-		43,590

Net income (loss) attributable to common stockholders	$	38,428	$	82,465	$	(4,108)	$	(78,357)	$	38,428

CASELLA WASTE SYSTEMS , INC . AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FISCAL YEAR ENDED APRIL 30, 2013

(in thousands)


	Parent		Guarantors		Non - Guarantors		Elimination		Consolidated
Net income (loss)	$	(54,142)	$	(19,954)	$	(5,090)	$	24,723	$	(54,463)
Other comprehensive income (loss), net of taxes:
Unrealized gain (loss) resulting from changes in fair value of derivative instruments, net of tax		(1,257)		-		(1,653)		-		(2,910)
Realized loss (gain) on derivative instruments reclassified into earnings, net of tax		3,626		-		621		-		4,247
Unrealized gain (loss) resulting from changes in fair value of marketable securities		-		23		-		-		23

Other comprehensive income (loss)		2,369		23		(1,032)		-		1,360

Comprehensive income (loss)		(51,773)		(19,931)		(6,122)		24,723		(53,103)
Less: Comprehensive income (loss) attributable to noncontrolling interests		-		-		(321)		-		(321)

Comprehensive income (loss) attributable to common stockholders	$	(51,773)	$	(19,931)	$	(5,801)	$	24,723	$	(52,782)

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FISCAL YEAR ENDED APRIL 30, 2012

(in thousands)


	Parent		Guarantors		Non - Guarantors		Elimination		Consolidated
Net income (loss)	$	(77,586)	$	(46,144)	$	(20,694)	$	66,832	$	(77,592)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) resulting from changes in fair value of derivative instruments, net of tax		(2,253)		-		504		-		(1,749)
Realized loss (gain) on derivative instruments reclassified into earnings, net of tax		(77)		-		(501)		-		(578)

Unrealized gain (loss) resulting from changes in fair value of marketable securities		-		(3)		-		-		(3)

Other comprehensive income (loss), net of tax		(2,330)		(3)		3		-		(2,330)

Comprehensive income (loss)		(79,916)		(46,147)		(20,691)		66,832		(79,922)
Less: Comprehensive income (loss) attributable to noncontrolling interests		-		-		(6)		-		(6)

Comprehensive income (loss) attributable to common stockholders	$	(79,916)	$	(46,147)	$	(20,685)	$	66,832	$	(79,916)

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS )

FISCAL YEAR ENDED APRIL 3 0, 2011

(in thousands)


	Parent		Guarantors		Non - Guarantors		Elimination		Consolidated
Net income (loss)	$	38,428	$	82,465	$	(4,108)	$	(78,357)	$	38,428
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) resulting from changes in fair value of derivative instruments, net of tax		1,607		-		279		-		1,886
Realized loss (gain) on derivative instruments reclassified into earnings, net of tax		(975)		-		268		-		(707)
Unrealized gain (loss) resulting from changes in fair value of marketable securities, net of tax		-		(16)		-		-		(16)

Other comprehensive income (loss), net of tax		632		(16)		547		-		1,163

Comprehensive income (loss) attributable to common stockholders	$	39,060	$	82,449	$	(3,561)	$	(78,357)	$	39,591

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FISCAL YEAR ENDED APRIL 30, 2013

(in thousands)


	Parent		Guarantors		Non - Guarantors		Elimination		Consolidated
Net cash provided by (used in) operating activities	$	(5,319)	$	50,482	$	(1,302)	$	-	$	43,861

Cash Flows from Investing Activities:
Acquisitions, net of cash acquired		-		(25,225)		-		-		(25,225)
Additions to property, plant and equipment - acquisitions		-		(1,746)		-		-		(1,746)
- growth		-		(7,172)		(5,020)		-		(12,192)
- maintenance		(203)		(40,620)		-		-		(40,823)
Payments on landfill operating lease contracts		-		(6,261)		-		-		(6,261)
Payment for capital related to divestiture		-		(618)		-		-		(618)
Investments in unconsolidated entities		(4,166)		(2,707)		3,666		-		(3,207)
Proceeds from sale of property and equipment		-		883		-		-		883

Net cash provided by (used in) investing activities		(4,369)		(83,466)		(1,354)		-		(89,189)
Cash Flows from Financing Activities:
Proceeds from long-term borrowings		334,497		41,849		-		-		376,346
Principal payments on long-term debt		(359,342)		(1,516)		-		-		(360,858)
Payment of tender premium on second lien notes		(10,743)		-		-		-		(10,743)
Payment of financing costs		(4,609)		-		-		-		(4,609)
Net proceeds from the sale of class A common stock		42,184		-		-		-		42,184
Contributions from noncontrolling interest holders		-		-		2,531		-		2,531
Other		96		-		-		-		96
Intercompany borrowings		5,066		(5,066)		-		-		-

Net cash provided by (used in) financing activities		7,149		35,267		2,531		-		44,947
Net cash provided by (used in) discontinued operations		-		(2,398)		-		-		(2,398)

Net increase (decrease) in cash and cash equivalents		(2,539)		(115)		(125)		-		(2,779)
Cash and cash equivalents, beginning of period		3,799		368		367		-		4,534

Cash and cash equivalents, end of period	$	1,260	$	253	$	242	$	-	$	1,755

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FISCAL YEAR ENDED APRIL 30, 2012

(in thousands)


	Parent		Guarantors		Non - Guarantors		Elimination		Consolidated
Net cash provided by (used in) operating activities	$	4,552	$	59,088	$	531	$	-	$	64,171

Cash Flows from Investing Activities:
Acquisitions, net of cash acquired		-		(2,102)		-		-		(2,102)
Additions to property, plant and equipment - acquisitions		-		(529)		-		-		(529)
- growth		-		(9,632)		(2,579)		-		(12,211)
- maintenance		(574)		(44,889)		-		-		(45,463)
Payments on landfill operating lease contracts		-		(6,616)		-		-		(6,616)
Investments in unconsolidated entities		(2,740)		(4,184)		1,879		-		(5,045)
Proceeds from sale of property and equipment		-		1,492		-		-		1,492

Net cash provided by (used in) investing activities		(3,314)		(66,460)		(700)		-		(70,474)
Cash Flows from Financing Activities:
Proceeds from long-term borrowings		163,500		-		-		-		163,500
Principal payments on long-term debt		(151,390)		(1,416)		-		-		(152,806)
Payments of financing costs		(1,592)		-		-		-		(1,592)
Contributions from noncontrolling interest holders		-		-		536		-		536
Other		591		-		-		-		591
Intercompany borrowings		(10,079)		10,079		-		-		-

Net cash provided by (used in) financing activities		1,030		8,663		536		-		10,229
Net cash provided by (used in) discontinued operations		-		(1,209)		-		-		(1,209)

Net increase (decrease) in cash and cash equivalents		2,268		82		367		-		2,717
Cash and cash equivalents, beginning of period		1,531		286		-		-		1,817

Cash and cash equivalents, end of period	$	3,799	$	368	$	367	$	-	$	4,534

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FISCAL YEAR ENDED APRIL 30, 2011

(in thousands)


	Parent		Guarantors		Non - Guarantors		Elimination		Consolidated
Net cash provided by (used in) operating activities	$	(49,944)	$	97,605	$	548	$	-	$	48,209

Cash Flows from Investing Activities:
Acquisitions, net of cash acquired		-		(1,744)		-		-		(1,744)
Additions to property, plant and equipment - acquisitions		-		(5)		-		-		(5)
- growth		-		(2,803)		-		-		(2,803)
- maintenance		(2,328)		(49,452)		-		-		(51,780)
Payments on landfill operating lease contracts		-		(5,655)		-		-		(5,655)
Purchase of gas rights		-		(1,608)		-		-		(1,608)
Proceeds from sale of assets		-		7,533		-		-		7,533
Proceeds from sale of property and equipment		-		959		-		-		959
Investments in unconsolidated entities		548		-		(548)		-		-

Net cash provided by (used in) investing activities		(1,780)		(52,775)		(548)		-		(55,103)
Cash Flows from Financing Activities:
Proceeds from long-term borrowings		382,899		858		-		-		383,757
Principal payments on long-term debt		(490,254)		(1,415)		-		-		(491,669)
Payments of financing costs		(10,588)		-		-		-		(10,588)
Other		605		-		-		-		605
Intercompany borrowings		169,359		(169,359)		-		-		-

Net cash provided by (used in) financing activities		52,021		(169,916)		-		-		(117,895)
Net cash provided by (used in) discontinued operations		-		124,571		-		-		124,571

Net increase (decrease) in cash and cash equivalents		297		(515)		-		-		(218)
Cash and cash equivalents, beginning of period		1,234		801		-		-		2,035

Cash and cash equivalents, end of period	$	1,531	$	286	$	-	$	-	$	1,817