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Subsidiary Guarantors | 9 Months Ended
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Jan. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract] |
Subsidiary Guarantors |
16. | 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 January 31, 2014 and April 30, 2013, the consolidating results of operations and comprehensive loss for the three and nine months ended January 31, 2014 and 2013, and the condensed consolidating statements of cash flows for the nine months ended January 31, 2014 and 2013 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 JANUARY 31, 2014 (in thousands, except for share and per share data)
ASSETS |  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
CURRENT ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,427 |  |  | $ | 258 |  |  | $ | 27 |  |  | $ | — |  |  | $ | 2,712 |
Restricted cash |  |  | — |  |  |  | 76 |  |  |  | — |  |  |  | — |  |  |  | 76 |
Accounts receivable - trade, net |  |  | 303 |  |  |  | 49,803 |  |  |  | 224 |  |  |  | — |  |  |  | 50,330 |
Refundable income taxes |  |  | 608 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 608 |
Prepaid expenses |  |  | 2,750 |  |  |  | 5,388 |  |  |  | 11 |  |  |  | — |  |  |  | 8,149 |
Inventory |  |  | — |  |  |  | 4,344 |  |  |  | 52 |  |  |  | — |  |  |  | 4,396 |
Deferred income taxes |  |  | 3,149 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,149 |
Other current assets |  |  | 909 |  |  |  | 928 |  |  |  | 7 |  |  |  | — |  |  |  | 1,844 |
Current assets of discontinued operations |  |  | — |  |  |  | 353 |  |  |  | — |  |  |  | — |  |  |  | 353 |
Total current assets |  |  | 10,146 |  |  |  | 61,150 |  |  |  | 321 |  |  |  | — |  |  |  | 71,617 |
Property, plant and equipment, net |  |  | 4,823 |  |  |  | 407,639 |  |  |  | 8,307 |  |  |  | — |  |  |  | 420,769 |
Goodwill |  |  | — |  |  |  | 119,064 |  |  |  | — |  |  |  | — |  |  |  | 119,064 |
Intangible assets, net |  |  | 181 |  |  |  | 13,991 |  |  |  | — |  |  |  | — |  |  |  | 14,172 |
Restricted assets |  |  | — |  |  |  | 675 |  |  |  | — |  |  |  | — |  |  |  | 675 |
Investments in unconsolidated entities |  |  | 16,752 |  |  |  | 1,932 |  |  |  | — |  |  |  | (1,932 | ) |  |  | 16,752 |
Investments in subsidiaries |  |  | (38,787 | ) |  |  | — |  |  |  | — |  |  |  | 38,787 |  |  |  | — |
Other non-current assets |  |  | 14,563 |  |  |  | 10,267 |  |  |  | — |  |  |  | — |  |  |  | 24,830 |
Non-current assets of discontinued operations |  |  | — |  |  |  | 1,563 |  |  |  | — |  |  |  | — |  |  |  | 1,563 |
|  |  | (2,468 | ) |  |  | 555,131 |  |  |  | 8,307 |  |  |  | 36,855 |  |  |  | 597,825 |
Intercompany receivable |  |  | 559,064 |  |  |  | (522,104 | ) |  |  | (38,892 | ) |  |  | 1,932 |  |  |  | — |
|  | $ | 566,742 |  |  | $ | 94,177 |  |  | $ | (30,264 | ) |  | $ | 38,787 |  |  | $ | 669,442 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current maturities of long-term debt and capital leases |  | $ | 83 |  |  | $ | 351 |  |  | $ | — |  |  | $ | — |  |  | $ | 434 |
Current maturities of financing lease obligations |  |  | — |  |  |  | 380 |  |  |  | — |  |  |  | — |  |  |  | 380 |
Accounts payable |  |  | 16,444 |  |  |  | 24,829 |  |  |  | 726 |  |  |  | — |  |  |  | 41,999 |
Accrued payroll and related expenses |  |  | 402 |  |  |  | 3,918 |  |  |  | 1 |  |  |  | — |  |  |  | 4,321 |
Accrued interest |  |  | 12,931 |  |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | 12,943 |
Current accrued capping, closure and post-closure costs |  |  | — |  |  |  | 5,711 |  |  |  | 3 |  |  |  | — |  |  |  | 5,714 |
Other accrued liabilities |  |  | 7,949 |  |  |  | 11,582 |  |  |  | 334 |  |  |  | — |  |  |  | 19,865 |
Total current liabilities |  |  | 37,809 |  |  |  | 46,783 |  |  |  | 1,064 |  |  |  | — |  |  |  | 85,656 |
Long-term debt and capital leases, less current maturities |  |  | 508,236 |  |  |  | 1,523 |  |  |  | — |  |  |  | — |  |  |  | 509,759 |
Financing lease obligations, less current maturities |  |  | — |  |  |  | 1,169 |  |  |  | — |  |  |  | — |  |  |  | 1,169 |
Accrued capping, closure and post-closure costs, less current portion |  |  | — |  |  |  | 41,180 |  |  |  | 40 |  |  |  | — |  |  |  | 41,220 |
Deferred income taxes |  |  | 7,108 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,108 |
Other long-term liabilities |  |  | 10,863 |  |  |  | 7,169 |  |  |  | 85 |  |  |  | — |  |  |  | 18,117 |
STOCKHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Casella Waste Systems, Inc. stockholders’ equity |  |  | 2,726 |  |  |  | (3,647 | ) |  |  | (35,140 | ) |  |  | 38,787 |  |  |  | 2,726 |
Noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 3,687 |  |  |  | — |  |  |  | 3,687 |
Total stockholders’ equity |  |  | 2,726 |  |  |  | (3,647 | ) |  |  | (31,453 | ) |  |  | 38,787 |  |  |  | 6,413 |
|  | $ | 566,742 |  |  | $ | 94,177 |  |  | $ | (30,264 | ) |  | $ | 38,787 |  |  | $ | 669,442 |
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 JANUARY 31, 2014 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
Revenues |  | $ | — |  |  | $ | 117,441 |  |  | $ | 411 |  |  | $ | — |  |  | $ | 117,852 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of operations |  |  | (26 | ) |  |  | 86,791 |  |  |  | 837 |  |  |  | — |  |  |  | 87,602 |
General and administration |  |  | (15 | ) |  |  | 15,394 |  |  |  | (18 | ) |  |  | — |  |  |  | 15,361 |
Depreciation and amortization |  |  | 262 |  |  |  | 13,953 |  |  |  | 181 |  |  |  | — |  |  |  | 14,396 |
Development project charge |  |  | — |  |  |  | 1,440 |  |  |  | — |  |  |  | — |  |  |  | 1,440 |
Environmental remediation charge |  |  | — |  |  |  | 250 |  |  |  | — |  |  |  | — |  |  |  | 250 |
Expense from divestiture, acquisition and financing costs |  |  | — |  |  |  | 101 |  |  |  | — |  |  |  | — |  |  |  | 101 |
|  |  | 221 |  |  |  | 117,929 |  |  |  | 1,000 |  |  |  | — |  |  |  | 119,150 |
Operating income (loss) |  |  | (221 | ) |  |  | (488 | ) |  |  | (589 | ) |  |  | — |  |  |  | (1,298 | )
Other expense (income), net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | (3 | ) |  |  | (106 | ) |  |  | — |  |  |  | — |  |  |  | (109 | )
Interest expense |  |  | 9,576 |  |  |  | (8 | ) |  |  | — |  |  |  | — |  |  |  | 9,568 |
(Income) loss from equity method investments |  |  | 78 |  |  |  | (71 | ) |  |  | 183 |  |  |  | (78 | ) |  |  | 112 |
(Gain) loss on sale of equity method investment |  |  | — |  |  |  | — |  |  |  | (593 | ) |  |  | — |  |  |  | (593 | )
(Gain) loss on derivative instruments |  |  | 233 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 233 |
Other income |  |  | (11 | ) |  |  | (121 | ) |  |  | — |  |  |  | — |  |  |  | (132 | )
Other expense, net |  |  | 9,873 |  |  |  | (306 | ) |  |  | (410 | ) |  |  | (78 | ) |  |  | 9,079 |
Income (loss) from continuing operations before income taxes |  |  | (10,094 | ) |  |  | (182 | ) |  |  | (179 | ) |  |  | 78 |  |  |  | (10,377 | )
Provision (benefit) for income taxes |  |  | 656 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 656 |
Net income (loss) |  |  | (10,750 | ) |  |  | (182 | ) |  |  | (179 | ) |  |  | 78 |  |  |  | (11,033 | )
Less: Net income (loss) attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (283 | ) |  |  | — |  |  |  | (283 | )
Net income (loss) attributable to common stockholders |  | $ | (10,750 | ) |  | $ | (182 | ) |  | $ | 104 |  |  | $ | 78 |  |  | $ | (10,750 | )
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JANUARY 31, 2013 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
Revenues |  | $ | — |  |  | $ | 111,464 |  |  | $ | 703 |  |  | $ | — |  |  | $ | 112,167 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of operations |  |  | 12 |  |  |  | 80,755 |  |  |  | 669 |  |  |  | — |  |  |  | 81,436 |
General and administration |  |  | (63 | ) |  |  | 14,364 |  |  |  | 27 |  |  |  | — |  |  |  | 14,328 |
Depreciation and amortization |  |  | 236 |  |  |  | 13,548 |  |  |  | 180 |  |  |  | — |  |  |  | 13,964 |
Severance and reorganization costs |  |  | 849 |  |  |  | 787 |  |  |  | — |  |  |  | — |  |  |  | 1,636 |
Expense from divestiture, acquisition and financing costs |  |  | — |  |  |  | 372 |  |  |  | — |  |  |  | — |  |  |  | 372 |
Loss on divestiture |  |  | — |  |  |  | 353 |  |  |  | — |  |  |  | — |  |  |  | 353 |
|  |  | 1,034 |  |  |  | 110,179 |  |  |  | 876 |  |  |  | — |  |  |  | 112,089 |
Operating income (loss) |  |  | (1,034 | ) |  |  | 1,285 |  |  |  | (173 | ) |  |  | — |  |  |  | 78 |
Other expense (income), net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | (8,275 | ) |  |  | (49 | ) |  |  | — |  |  |  | 8,274 |  |  |  | (50 | )
Interest expense |  |  | 9,422 |  |  |  | 8,061 |  |  |  | — |  |  |  | (8,274 | ) |  |  | 9,209 |
(Income) loss from equity method investments |  |  | 8,480 |  |  |  | 43 |  |  |  | 1,393 |  |  |  | (8,480 | ) |  |  | 1,436 |
(Gain) loss on derivative instruments |  |  | (24 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (24 | )
Loss on debt extinguishment |  |  | 5,914 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,914 |
Other income |  |  | (181 | ) |  |  | (117 | ) |  |  | — |  |  |  | — |  |  |  | (298 | )
Other expense, net |  |  | 15,336 |  |  |  | 7,938 |  |  |  | 1,393 |  |  |  | (8,480 | ) |  |  | 16,187 |
Income (loss) from continuing operations before income taxes |  |  | (16,370 | ) |  |  | (6,653 | ) |  |  | (1,566 | ) |  |  | 8,480 |  |  |  | (16,109 | )
Provision (benefit) for income taxes |  |  | (4,963 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,963 | )
Income (loss) from continuing operations |  |  | (11,407 | ) |  |  | (6,653 | ) |  |  | (1,566 | ) |  |  | 8,480 |  |  |  | (11,146 | )
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from discontinued operations, net |  |  | — |  |  |  | (328 | ) |  |  | — |  |  |  | — |  |  |  | (328 | )
Net income (loss) |  |  | (11,407 | ) |  |  | (6,981 | ) |  |  | (1,566 | ) |  |  | 8,480 |  |  |  | (11,474 | )
Less: Net income (loss) attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (67 | ) |  |  | — |  |  |  | (67 | )
Net income (loss) attributable to common stockholders |  | $ | (11,407 | ) |  | $ | (6,981 | ) |  | $ | (1,499 | ) |  | $ | 8,480 |  |  | $ | (11,407 | )
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS NINE MONTHS ENDED JANUARY 31, 2014 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
Revenues |  | $ | — |  |  | $ | 376,864 |  |  | $ | 1,842 |  |  | $ | — |  |  | $ | 378,706 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of operations |  |  | (25 | ) |  |  | 264,311 |  |  |  | 2,279 |  |  |  | — |  |  |  | 266,565 |
General and administration |  |  | 733 |  |  |  | 46,107 |  |  |  | 24 |  |  |  | — |  |  |  | 46,864 |
Depreciation and amortization |  |  | 700 |  |  |  | 44,006 |  |  |  | 555 |  |  |  | — |  |  |  | 45,261 |
Development project charge |  |  | — |  |  |  | 1,440 |  |  |  | — |  |  |  | — |  |  |  | 1,440 |
Environmental remediation charge |  |  | — |  |  |  | 400 |  |  |  | — |  |  |  | — |  |  |  | 400 |
Severance and reorganization costs |  |  | 4 |  |  |  | 157 |  |  |  | — |  |  |  | — |  |  |  | 161 |
Expense from divestiture, acquisition and financing costs |  |  | — |  |  |  | 126 |  |  |  | — |  |  |  | — |  |  |  | 126 |
|  |  | 1,412 |  |  |  | 356,547 |  |  |  | 2,858 |  |  |  | — |  |  |  | 360,817 |
Operating income (loss) |  |  | (1,412 | ) |  |  | 20,317 |  |  |  | (1,016 | ) |  |  | — |  |  |  | 17,889 |
Other expense (income), net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | (3 | ) |  |  | (219 | ) |  |  | — |  |  |  | — |  |  |  | (222 | )
Interest expense |  |  | 28,539 |  |  |  | 23 |  |  |  | — |  |  |  | — |  |  |  | 28,562 |
(Income) loss from equity method investments |  |  | (19,852 | ) |  |  | (107 | ) |  |  | 1,105 |  |  |  | 19,852 |  |  |  | 998 |
(Gain) loss on sale of equity method investment |  |  | — |  |  |  | — |  |  |  | (593 | ) |  |  | — |  |  |  | (593 | )
(Gain) loss on derivative instruments |  |  | 208 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 208 |
Other income |  |  | (298 | ) |  |  | (363 | ) |  |  | (1 | ) |  |  | — |  |  |  | (662 | )
Other expense, net |  |  | 8,594 |  |  |  | (666 | ) |  |  | 511 |  |  |  | 19,852 |  |  |  | 28,291 |
Income (loss) from continuing operations before income taxes |  |  | (10,006 | ) |  |  | 20,983 |  |  |  | (1,527 | ) |  |  | (19,852 | ) |  |  | (10,402 | )
Provision (benefit) for income taxes |  |  | 1,275 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,275 |
Income (loss) from continuing operations |  |  | (11,281 | ) |  |  | 20,983 |  |  |  | (1,527 | ) |  |  | (19,852 | ) |  |  | (11,677 | )
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from discontinued operations, net |  |  | — |  |  |  | 284 |  |  |  | — |  |  |  | — |  |  |  | 284 |
Gain (loss) on disposal of discontinued operations, net |  |  | — |  |  |  | (378 | ) |  |  | — |  |  |  | — |  |  |  | (378 | )
Net income (loss) |  |  | (11,281 | ) |  |  | 20,889 |  |  |  | (1,527 | ) |  |  | (19,852 | ) |  |  | (11,771 | )
Less: Net income (loss) attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (490 | ) |  |  | — |  |  |  | (490 | )
Net income (loss) attributable to common stockholders |  | $ | (11,281 | ) |  | $ | 20,889 |  |  | $ | (1,037 | ) |  | $ | (19,852 | ) |  | $ | (11,281 | )
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF OPERATIONS NINE MONTHS ENDED JANUARY 31, 2013 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
Revenues |  | $ | — |  |  | $ | 345,493 |  |  | $ | 1,148 |  |  | $ | — |  |  | $ | 346,641 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of operations |  |  | 4 |  |  |  | 243,569 |  |  |  | 1,294 |  |  |  | — |  |  |  | 244,867 |
General and administration |  |  | (60 | ) |  |  | 43,404 |  |  |  | 57 |  |  |  | — |  |  |  | 43,401 |
Depreciation and amortization |  |  | 770 |  |  |  | 42,233 |  |  |  | 241 |  |  |  | — |  |  |  | 43,244 |
Severance and reorganization costs |  |  | 1,766 |  |  |  | 1,697 |  |  |  | — |  |  |  | — |  |  |  | 3,463 |
Expense from divestiture, acquisition and financing costs |  |  | 303 |  |  |  | 700 |  |  |  | — |  |  |  | — |  |  |  | 1,003 |
Loss on divestiture |  |  | — |  |  |  | 353 |  |  |  | — |  |  |  | — |  |  |  | 353 |
|  |  | 2,783 |  |  |  | 331,956 |  |  |  | 1,592 |  |  |  | — |  |  |  | 336,331 |
Operating income (loss) |  |  | (2,783 | ) |  |  | 13,537 |  |  |  | (444 | ) |  |  | — |  |  |  | 10,310 |
Other expense (income), net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | (24,515 | ) |  |  | (64 | ) |  |  | — |  |  |  | 24,511 |  |  |  | (68 | )
Interest expense |  |  | 33,000 |  |  |  | 23,926 |  |  |  | — |  |  |  | (24,511 | ) |  |  | 32,415 |
(Income) loss from equity method investments |  |  | 14,324 |  |  |  | (14 | ) |  |  | 3,325 |  |  |  | (14,324 | ) |  |  | 3,311 |
(Gain) loss on derivative instruments |  |  | 3,871 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,871 |
Loss on debt extinguishment |  |  | 15,584 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,584 |
Other income |  |  | (401 | ) |  |  | (336 | ) |  |  | — |  |  |  | — |  |  |  | (737 | )
Other expense, net |  |  | 41,863 |  |  |  | 23,512 |  |  |  | 3,325 |  |  |  | (14,324 | ) |  |  | 54,376 |
Income (loss) from continuing operations before income taxes |  |  | (44,646 | ) |  |  | (9,975 | ) |  |  | (3,769 | ) |  |  | 14,324 |  |  |  | (44,066 | )
Provision (benefit) for income taxes |  |  | (3,899 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,899 | )
Income (loss) from continuing operations |  |  | (40,747 | ) |  |  | (9,975 | ) |  |  | (3,769 | ) |  |  | 14,324 |  |  |  | (40,167 | )
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from discontinued operations, net |  |  | — |  |  |  | (779 | ) |  |  | — |  |  |  | — |  |  |  | (779 | )
Net income (loss) |  |  | (40,747 | ) |  |  | (10,754 | ) |  |  | (3,769 | ) |  |  | 14,324 |  |  |  | (40,946 | )
Less: Net income (loss) attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (199 | ) |  |  | — |  |  |  | (199 | )
Net income (loss) attributable to common stockholders |  | $ | (40,747 | ) |  | $ | (10,754 | ) |  | $ | (3,570 | ) |  | $ | 14,324 |  |  | $ | (40,747 | )
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED JANUARY 31, 2014 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
Net income (loss) |  | $ | (10,750 | ) |  | $ | (182 | ) |  | $ | (179 | ) |  | $ | 78 |  |  | $ | (11,033 | )
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain (loss) resulting from changes in fair value of derivative instruments |  |  | — |  |  |  | — |  |  |  | 533 |  |  |  | — |  |  |  | 533 |
Realized loss (gain) on derivative instruments reclassified into earnings |  |  | — |  |  |  | — |  |  |  | 310 |  |  |  | — |  |  |  | 310 |
Unrealized gain (loss) resulting from changes in fair value of marketable securities |  |  | — |  |  |  | (8 | ) |  |  | — |  |  |  | — |  |  |  | (8 | )
Other comprehensive income (loss) |  |  | — |  |  |  | (8 | ) |  |  | 843 |  |  |  | — |  |  |  | 835 |
Comprehensive income (loss) |  |  | (10,750 | ) |  |  | (190 | ) |  |  | 664 |  |  |  | 78 |  |  |  | (10,198 | )
Less: Comprehensive income (loss) attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (283 | ) |  |  | — |  |  |  | (283 | )
Comprehensive income (loss) attributable to common stockholders |  | $ | (10,750 | ) |  | $ | (190 | ) |  | $ | 947 |  |  | $ | 78 |  |  | $ | (9,915 | )
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED JANUARY 31, 2013 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
Net income (loss) |  | $ | (11,407 | ) |  | $ | (6,981 | ) |  | $ | (1,566 | ) |  | $ | 8,480 |  |  | $ | (11,474 | )
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain (loss) resulting from changes in fair value of derivative instruments |  |  | — |  |  |  | — |  |  |  | (11 | ) |  |  | — |  |  |  | (11 | )
Realized loss (gain) on derivative instruments reclassified into earnings |  |  | — |  |  |  | — |  |  |  | 149 |  |  |  | — |  |  |  | 149 |
Unrealized gain (loss) resulting from changes in fair value of marketable securities |  |  | — |  |  |  | (11 | ) |  |  | — |  |  |  | — |  |  |  | (11 | )
Other comprehensive income (loss) |  |  | — |  |  |  | (11 | ) |  |  | 138 |  |  |  | — |  |  |  | 127 |
Comprehensive income (loss) |  |  | (11,407 | ) |  |  | (6,992 | ) |  |  | (1,428 | ) |  |  | 8,480 |  |  |  | (11,347 | )
Less: Comprehensive income (loss) attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (67 | ) |  |  | — |  |  |  | (67 | )
Comprehensive income (loss) attributable to common stockholders |  | $ | (11,407 | ) |  | $ | (6,992 | ) |  | $ | (1,361 | ) |  | $ | 8,480 |  |  | $ | (11,280 | )
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) NINE MONTHS ENDED JANUARY 31, 2014 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
Net income (loss) |  | $ | (11,281 | ) |  | $ | 20,889 |  |  | $ | (1,527 | ) |  | $ | (19,852 | ) |  | $ | (11,771 | )
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain (loss) resulting from changes in fair value of derivative instruments |  |  | — |  |  |  | — |  |  |  | (35 | ) |  |  | — |  |  |  | (35 | )
Realized loss (gain) on derivative instruments reclassified into earnings |  |  | — |  |  |  | — |  |  |  | 655 |  |  |  | — |  |  |  | 655 |
Unrealized gain (loss) resulting from changes in fair value of marketable securities |  |  | — |  |  |  | 10 |  |  |  | — |  |  |  | — |  |  |  | 10 |
Other comprehensive income (loss) |  |  | — |  |  |  | 10 |  |  |  | 620 |  |  |  | — |  |  |  | 630 |
Comprehensive income (loss) |  |  | (11,281 | ) |  |  | 20,899 |  |  |  | (907 | ) |  |  | (19,852 | ) |  |  | (11,141 | )
Less: Comprehensive income (loss) attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (490 | ) |  |  | — |  |  |  | (490 | )
Comprehensive income (loss) attributable to common stockholders |  | $ | (11,281 | ) |  | $ | 20,899 |  |  | $ | (417 | ) |  | $ | (19,852 | ) |  | $ | (10,651 | )
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) NINE MONTHS ENDED JANUARY 31, 2013 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
Net income (loss) |  | $ | (40,747 | ) |  | $ | (10,754 | ) |  | $ | (3,769 | ) |  | $ | 14,324 |  |  | $ | (40,946 | )
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain (loss) resulting from changes in fair value of derivative instruments |  |  | (1,257 | ) |  |  | — |  |  |  | (1,553 | ) |  |  | — |  |  |  | (2,810 | )
Realized loss (gain) on derivative instruments reclassified into earnings |  |  | 3,625 |  |  |  | — |  |  |  | 514 |  |  |  | — |  |  |  | 4,139 |
Unrealized gain (loss) resulting from changes in fair value of marketable securities |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 4 |
Other comprehensive income (loss) |  |  | 2,368 |  |  |  | 4 |  |  |  | (1,039 | ) |  |  | — |  |  |  | 1,333 |
Comprehensive income (loss) |  |  | (38,379 | ) |  |  | (10,750 | ) |  |  | (4,808 | ) |  |  | 14,324 |  |  |  | (39,613 | )
Less: Comprehensive income (loss) attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (199 | ) |  |  | — |  |  |  | (199 | )
Comprehensive income (loss) attributable to common stockholders |  | $ | (38,379 | ) |  | $ | (10,750 | ) |  | $ | (4,609 | ) |  | $ | 14,324 |  |  | $ | (39,414 | )
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS NINE MONTHS ENDED JANUARY 31, 2014 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
Net cash provided by (used in) operating activities |  | $ | (31,037 | ) |  | $ | 68,515 |  |  | $ | 200 |  |  | $ | — |  |  | $ | 37,678 |
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions, net of cash acquired |  |  | — |  |  |  | (8,519 | ) |  |  | — |  |  |  | — |  |  |  | (8,519 | )
Additions to property, plant and equipment - acquisition |  |  | — |  |  |  | (2,440 | ) |  |  | — |  |  |  | — |  |  |  | (2,440 | )
- growth |  |  | — |  |  |  | (3,894 | ) |  |  | (415 | ) |  |  | — |  |  |  | (4,309 | )
- maintenance |  |  | (1,380 | ) |  |  | (28,542 | ) |  |  | — |  |  |  | — |  |  |  | (29,922 | )
Payments on landfill operating lease contracts |  |  | — |  |  |  | (6,052 | ) |  |  | — |  |  |  | — |  |  |  | (6,052 | )
Investments in unconsolidated entities |  |  | (2,107 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,107 | )
Proceeds from sale of equity method investment |  |  | 2,845 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,845 |
Proceeds from sale of property and equipment |  |  | — |  |  |  | 1,248 |  |  |  | — |  |  |  | — |  |  |  | 1,248 |
Net cash provided by (used in) investing activities |  |  | (642 | ) |  |  | (48,199 | ) |  |  | (415 | ) |  |  | — |  |  |  | (49,256 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings |  |  | 120,890 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 120,890 |
Principal payments on long-term debt |  |  | (106,854 | ) |  |  | (980 | ) |  |  | — |  |  |  | — |  |  |  | (107,834 | )
Payments of financing costs |  |  | (404 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (404 | )
Intercompany borrowings |  |  | 19,214 |  |  |  | (19,194 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | 32,846 |  |  |  | (20,214 | ) |  |  | — |  |  |  | — |  |  |  | 12,652 |
Net cash provided by (used in) discontinued operations |  |  | — |  |  |  | (117 | ) |  |  | — |  |  |  | — |  |  |  | (117 | )
Net increase (decrease) in cash and cash equivalents |  |  | 1,167 |  |  |  | 5 |  |  |  | (215 | ) |  |  | — |  |  |  | 957 |
Cash and cash equivalents, beginning of period |  |  | 1,260 |  |  |  | 253 |  |  |  | 242 |  |  |  | — |  |  |  | 1,755 |
Cash and cash equivalents, end of period |  | $ | 2,427 |  |  | $ | 258 |  |  | $ | 27 |  |  | $ | — |  |  | $ | 2,712 |
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS NINE MONTHS ENDED JANUARY 31, 2013 (in thousands)
|  | Parent |  |  | Guarantors |  |  | Non- Guarantors |  |  | Elimination |  |  | Consolidated |
Net cash provided by (used in) operating activities |  | $ | (3,983 | ) |  | $ | 34,962 |  |  | $ | 192 |  |  | $ | — |  |  | $ | 31,171 |
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions, net of cash acquired |  |  | — |  |  |  | (25,106 | ) |  |  | — |  |  |  | — |  |  |  | (25,106 | )
Additions to property, plant and equipment - acquisition |  |  | — |  |  |  | (528 | ) |  |  | — |  |  |  | — |  |  |  | (528 | )
- growth |  |  | — |  |  |  | (5,471 | ) |  |  | (4,885 | ) |  |  | — |  |  |  | (10,356 | )
- maintenance |  |  | (233 | ) |  |  | (32,199 | ) |  |  | — |  |  |  | — |  |  |  | (32,432 | )
Payments on landfill operating lease contracts |  |  | — |  |  |  | (5,726 | ) |  |  | — |  |  |  | — |  |  |  | (5,726 | )
Payment for capital related to divestiture |  |  | — |  |  |  | (618 | ) |  |  | — |  |  |  | — |  |  |  | (618 | )
Investments in unconsolidated entities |  |  | (1,000 | ) |  |  | (3,196 | ) |  |  | 3,196 |  |  |  | — |  |  |  | (1,000 | )
Proceeds from sale of property and equipment |  |  | — |  |  |  | 781 |  |  |  | — |  |  |  | — |  |  |  | 781 |
Net cash provided by (used in) investing activities |  |  | (1,233 | ) |  |  | (72,063 | ) |  |  | (1,689 | ) |  |  | — |  |  |  | (74,985 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings |  |  | 334,497 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 334,497 |
Principal payments on long-term debt |  |  | (319,365 | ) |  |  | (1,118 | ) |  |  | — |  |  |  | — |  |  |  | (320,483 | )
Payment of tender premium and costs on second lien notes |  |  | (10,743 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,743 | )
Payments on financing costs |  |  | (4,572 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,572 | )
Net proceeds from the sale of class A common stock |  |  | 42,184 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 42,184 |
Excess tax benefit on the vesting of share based awards |  |  | 98 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 98 |
Contributions from noncontrolling interest holders |  |  | — |  |  |  | — |  |  |  | 1,195 |  |  |  | — |  |  |  | 1,195 |
Intercompany borrowings |  |  | (39,862 | ) |  |  | 39,862 |  |  |  | — |  |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | 2,237 |  |  |  | 38,744 |  |  |  | 1,195 |  |  |  | — |  |  |  | 42,176 |
Net cash provided by (used in) discontinued operations |  |  | — |  |  |  | (1,784 | ) |  |  | — |  |  |  | — |  |  |  | (1,784 | )
Net increase (decrease) in cash and cash equivalents |  |  | (2,979 | ) |  |  | (141 | ) |  |  | (302 | ) |  |  | — |  |  |  | (3,422 | )
Cash and cash equivalents, beginning of period |  |  | 3,799 |  |  |  | 368 |  |  |  | 367 |  |  |  | — |  |  |  | 4,534 |
Cash and cash equivalents, end of period |  | $ | 820 |  |  | $ | 227 |  |  | $ | 65 |  |  | $ | — |  |  | $ | 1,112 |

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 10 -Paragraph f -Article 3 + Details
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