The Indiana Bureau of Motor Vehicles is criticizing an Indiana law firmOlivia Covington for www.theindianalawyer.comThe Indiana Bureau of Motor Vehicles is criticizing an Indiana law firm for a court order the BMV says will “take money out of Hoosiers’ pockets,” but the attorney who filed the order said the request is meant to protect Hoosiers who are suing the BMV.The BMV announced Friday that an additional $28.75 million in overcharge refunds had been credited to roughly 5 million customers across Indiana. The announcement came after a class-action lawsuit, Tammy Raab v. Kent W. Abernathy and the Indiana Bureau of Motor Vehicles, was filed against the bureau after it was discovered that it had been overcharging millions of customers for several years.Although former BMV commissioner Donald Snemis said in 2014 that all previous overcharges had been refunded, the proceedings in the lawsuit later revealed that there were hundreds of other overcharges that had not been refunded. Because of the efforts of the plaintiffs in the lawsuit and their legal counsel, a common fund of roughly $30 million was created to credit the refunds to BMV customers, said Irwin Levin, a managing partner at Cohen & Malad LLP Indianapolis and lead counsel in the suit against the BMV.The BMV said Friday that the refunds were credited to customers’ accounts over the last few months and that the credits could either be put toward a BMV transaction or sent to customers as a check.However, in a court order filed by Levin in Marion Superior Court Friday morning, counsel for the plaintiffs wrote that the BMV was administering refunds through the common fund without notice or approval from the court. Further, the counsel wrote that because their efforts had led to the creation of the common fund, the BMV is required to set aside part of those funds to reimburse the members of the class-action suit and pay for the fees incurred during the litigation process — an amount that is already exceeding $1 million, Levin said.If the BMV continues to distribute the refunds without accounting for the attorney fees, then Levin said the plaintiffs in the suit will be forced to bear a disproportionate amount of those fees. Thus, Levin and his firm are seeking a preliminary injunction to require the BMV to set aside a portion of the common fund for attorney fees. The plaintiffs have not determined the exact amount of fees it will request to be reimbursed for, but the order Levin filed on Friday said it will not exceed one-third of the fund.“By cashing in credits without setting aside any amount for fees and costs of the litigation that resulted in the creation of the common fund, defendants are creating irreparable harm to the members of the Class who do not have their credits cashed in before the judgment in this case, because those Class members will be left to shoulder a disproportionate share of the expenses incurred in the litigation that resulted in the common fund,” the court filing said.Adam Krupp, chief legal counsel for the BMV, took aim at the court order and at Levin, in particular, on Friday, saying in a statement through the BMV that the actions Levin requested through the preliminary injunction would essentially be the same as taking money away from Hoosier taxpayers.“BMV has been issuing refunds since before the current lawsuit, which Mr. Levin claimed was filed to benefit BMV’s customers. Mr. Levin also claimed to be representing the best interests of Hoosier taxpayers,” Krupp said. “It is stunning and inappropriate for Mr. Levin, or any lawyer, while claiming to represent Hoosiers’ best interests, to directly seek to take money out of Hoosiers’ pockets.”But Levin dismissed Krupp’s accusations, saying that he is not trying to take money out of taxpayers’ pockets or stop them from receiving their refunds. He also said he was not taking the attacks personally, but instead said Krupp’s words come from a place of being caught red-handed.“The BMV was caught with its pants down,” Levin said. “You would hope that they would say, ‘Wow, we made a mistake,’ but they didn’t.”Levin also said he thinks the timing of the refunds raises a red flag – the refunds were announced on Sept. 9, less than three weeks before the start of the trial on Sept. 28.“The BMV has been at war with its customers since 2013, and they now know that the trial is only weeks away,” he said. “This is an example of government at its worst.”FacebookTwitterCopy LinkEmail
Kennedy called for legislation to give less rein to corporations and fewer tax breaks to the rich, and for Congress to “finally flex its muscles and actively dis-incentivize a ‘shareholder-first’ mentality.”“We must demand a system of fair taxation that demands significantly more from those on top,” he said.He also called for opportunity to be shared more widely. Only 15 percent of last year’s government contracts, he noted, went to female- and minority-owned businesses. “That is not opportunity-restricting. It is opportunity-hoarding,” he said.Lastly, Kennedy focused on climate change as an imminent threat.“This is an arrow aimed at all of us, especially those who are historically left behind. Look at ‘Cancer Alley’ [a stretch of industrial land in Louisiana], eastern Kentucky, and Puerto Rico, where people are more likely to live near toxic facilities and have less access to the health care they need. And they’re more likely to see their jobs decimated by our changing landscape. Climate change exemplifies a government that has refused to work toward a common goal. But this is also an opportunity to put capitalism into action, heeding the call for a Green New Deal.”The goal, Kennedy said, needs to be survival and a future of shared opportunity. “That is what our broken economy demands, and what our people deserve. At this moment in our history, we are reminded what happens if we choose another path. If we choose not to act, somebody else will.”Responding to an audience question, Kennedy emphasized that he is a capitalist rather than a socialist. “I believe our capitalist system has pulled more people out of poverty around the world than any system in humankind. But from the 1980s on, that has come at the expense of the American middle class.”The solution, he argued, is a broad shift of economic direction.“We live in a country that has made it difficult to be middle class, excruciating to be poor, and downright impossible to be ‘poor and’ — poor and black, poor and female, poor and gay, poor and sick. We do not stand a chance until we come together to neutralize the weapon on which [the administration] most depends: an economy that keeps most Americans hanging on by the skin of their teeth,” he said. “That is our work; that is our challenge; that is what we must do.”The John T. Dunlop Memorial Forum was hosted by the Labor and Worklife Program at Harvard Law School and co-sponsored by Harvard Kennedy School Ash Center for Democratic Governance and Innovation. Federal insurance has helped many, but system’s holes limit gains, Harvard analysts say Related The costs of inequality: Increasingly, it’s the rich and the rest Speaking at Harvard Law School, U.S. Rep. Joe Kennedy III (D., Mass.) called Monday for a new national economic agenda based on “moral capitalism” that addresses the needs of embattled workers.In recent months, Kennedy has been pushing for a fresh economic sensibility. Speaking at the John T. Dunlop Forum on the topic of “Building a Moral Capitalism,” he argued that the recent federal government shutdown represented capitalism at its least moral.“It’s a particular honor to be here after the month we’ve had in Washington,” he told a full house at Wasserstein Hall on the Harvard Law School campus.“For 35 days, the president of the United States told 800,000 federal employees to make do without their paychecks,” said Kennedy, a 2009 graduate of the Law School. “Full-time workers lined up at soup kitchens; they begged for acts of mercy at their banks. Air traffic controllers put in 10-hour shifts and then went off and worked for Uber. Workers who served government meals are still not guaranteed one cent of the pay they missed.He added, “Beneath it all is an administration that sees the livelihood of ordinary Americans as a bargaining chip they are willing to trade away. For our president, it is another notch in the belt of how he has broken every populist promise he’s ever made.”Still, he said the current problems dated to before 2016, since “Decades of trickle-down has created a tsunami.” He cited some companies for routinely shortchanging workers.“While this happens, we subject the poor to endless tests of character for their next hot meal,” he said. “And we dehumanize immigrants with one hand while exploiting their cheap labor with another.” “We live in a country that has made it difficult to be middle class, excruciating to be poor, and downright impossible to be ‘poor and’ — poor and black, poor and female, poor and gay, poor and sick.” — Joe Kennedy III The costs of inequality: Money = quality health care = longer life Economic and political inequities are interlaced, analysts say, leaving many Americans poor and voiceless
When graduate student Sneha Polisetti remembers fellow graduate student Akash Sharma, she said she thinks of laughter.“Every memory I have of him is either him laughing or making other people laugh,” Polisetti said. “That was Akash all the time. He was never sad or angry.”Sharma, a third-year Ph.D. student in the chemical and biomolecular engineering program, died Jan. 1. The University did not comment on the cause of Sharma’s death, but friends said he died of health-related causes.Sharma was a native of Delhi, India. He served as co-president of the Indian Association of Notre Dame during the 2012-2013 academic year and was a teaching assistant for several classes. Sharma was also a member of the Notre Dame Men’s Boxing Club. Photo courtesy of nd.edu Polisetti, who is a third-year student in the chemical and biomolecular engineering graduate program, said she and Sharma are both from India and lived in the Fischer Graduate Residences.“I can’t even think of one person who he did not get along with or he had a problem with,” Polisetti said. “He got along with everybody, and anyone you talked to, they’d have a good word to say about him.”Sharma was “extremely giving,” Polisetti said.“He was very willing to help, but I don’t even think he did it consciously. That’s just the way he was,” Polisetti said. “He would not even think twice about doing something for somebody else, going out of his way. He would be happy to do it.”Nick McNamara, who is also a third-year graduate student in Sharma’s program, said he met Sharma in their math class.“He started telling a few of us this story about a problem he was having back in India with a monkey and a dog,” McNamara said. “He was surprised at how much the American students loved hearing about monkeys, because they are so common in India. He told us a bunch of other hilarious stories about monkey antics.”Sharma constantly was smiling, McNamara said.“He always had a huge, goofy grin on his face,” McNamara said. “He was always telling jokes and trying to make people laugh. And he was never mean or rude about it. He was just a genuinely nice and friendly person.”Grief counseling is available to students through the University Counseling Center, Campus Ministry, and International Student and Scholar Affairs (ISSA).Rosemary Max, director of ISSA, said her office is planning a memorial Mass for Sharma in the Basilica of the Sacred Heart. Details are forthcoming.Tags: Student death
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) October 31, April 30, ASSETS 2011 2011 ————— —————CURRENT ASSETS: Cash and cash equivalents $ 4,421 $ 1,817 Restricted cash 76 76 Accounts receivable – trade, net of allowance for doubtful accounts 56,984 54,914 Other current assets 14,989 15,598 ————— —————Total current assets 76,470 72,405Property, plant and equipment, net of accumulated depreciation 461,359 453,361Goodwill 101,329 101,204Intangible assets, net 2,468 2,455Restricted assets 403 334Notes receivable – related party/employee 720 1,297Investments in unconsolidated entities 34,906 38,263Other non-current assets 20,285 21,262 ————— —————Total assets $ 697,940 $ 690,581 =============== =============== LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Current maturities of long-term debt and capital leases $ 1,297 $ 1,217 Current maturities of financing lease obligations 327 316 Accounts payable 51,758 42,499 Other accrued liabilities 41,047 39,889 ————— —————Total current liabilities 94,429 83,921Long-term debt and capital leases, less current maturities 461,915 461,418Financing lease obligations, less current maturities 1,989 2,156Other long-term liabilities 47,012 49,099 Total Casella Waste Systems, Inc. and Subsidiaries stockholders’ equity 91,325 93,987 Noncontrolling interest 1,270 – ————— —————Total stockholders’ equity 92,595 93,987Total liabilities and stockholders’ equity $ 697,940 $ 690,581 =============== =============== Solid Waste Internalization Rates by Region: Three Months Ended Six Months Ended October 31, October 31, ——————– ——————– 2011 2010 2011 2010 ——— ——— ——— ———Eastern region 59.7% 54.9% 56.9% 52.8%Western region 77.0% 75.1% 76.6% 75.7%Solid waste internalization 68.9% 66.1% 67.3% 65.1% CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except amounts per share) Three Months Ended Six Months Ended ———————— ———————— October 31, October 31, October 31, October 31, 2011 2010 2011 2010 ———– ———– ———– ———– Revenues $ 129,866 $ 122,895 $ 257,059 $ 244,887 Operating expenses: Cost of operations 86,627 79,313 171,851 160,652 General and administration 16,062 15,696 32,268 31,613 Depreciation and amortization 15,061 15,620 29,567 31,203 Legal settlement 359 – 1,359 – Development project charge 131 – 131 – Gain on sale of assets – – – (3,502) ———– ———– ———– ———– 118,240 110,629 235,176 219,966 ———– ———– ———– ———– Operating income 11,626 12,266 21,883 24,921 Other expense/(income), net: Interest expense, net 11,207 11,619 22,357 23,384 Loss from equity method investments 1,523 506 3,781 2,638 Other income (327) (317) (432) (412) ———– ———– ———– ———– 12,403 11,808 25,706 25,610 ———– ———– ———– ———– (Loss) income from continuing operations before income taxes and discontinued operations (777) 458 (3,823) (689)Provision for income taxes 67 281 728 1,060 ———– ———– ———– ———– (Loss) income from continuing operations before discontinued operations (844) 177 (4,551) (1,749)Discontinued operations: Loss from discontinued operations, net of income taxes (1) – (767) – (1,692) Gain (loss) on disposal of discontinued operations, net of income taxes (1) 79 (564) 725 (615) ———– ———– ———– ———– Net loss attributable to common stockholders $ (765) $ (1,154) $ (3,826) $ (4,056) =========== =========== =========== =========== Common stock and common stock equivalent shares outstanding, assuming full dilution 26,759 26,788 26,661 25,981 =========== =========== =========== =========== Net loss per common share attributable to common stockholders $ (0.03) $ (0.04) $ (0.14) $ (0.16) =========== =========== =========== =========== Adjusted EBITDA (2) $ 30,532 $ 30,804 $ 59,194 $ 58,577 =========== =========== =========== =========== Following is a reconciliation of Adjusted EBITDA to Net Loss Attributable to Common Stockholders: Three Months Ended Six Months Ended ———————— ———————— October 31, October 31, October 31, October 31, 2011 2010 2011 2010 ———– ———– ———– ———– Net Loss Attributable to Common Stockholders $ (765) $ (1,154) $ (3,826) $ (4,056) Loss from discontinued operations, net of income taxes – 767 – 1,692 (Gain) loss on disposal of discontinued operations, net of income taxes (79) 564 (725) 615 Provision for income taxes 67 281 728 1,060 Interest expense, net 11,207 11,619 22,357 23,384 Depreciation and amortization 15,061 15,620 29,567 31,203 Other expense, net 1,196 189 3,349 2,226 Legal settlement 359 – 1,359 – Development project charge 131 – 131 – Gain on sale of assets – – – (3,502) Depletion of landfill operating lease obligations 2,484 2,107 4,514 4,299 Interest accretion on landfill and environmental remediation liabilities 871 811 1,740 1,656 ———– ———– ———– ———–Adjusted EBITDA (2) $ 30,532 $ 30,804 $ 59,194 $ 58,577 =========== =========== =========== =========== Revenues between $475.0 million and $487.0 million.Adjusted EBITDA* between $105.0 million and $110.0 million.Free Cash Flow* between $2.0 million and $7.0 million.*Non-GAAP Financial MeasuresIn addition to disclosing financial results prepared in accordance with Generally Accepted Accounting Principles in the United States (GAAP), the company also discloses earnings before interest, taxes, depreciation and amortization, adjusted for accretion, depletion of landfill operating lease obligations, gain on sale of assets, development project charge write-off, as well as legal settlement charge (Adjusted EBITDA) which is a non-GAAP measure. The company also discloses Free Cash Flow, which is defined as net cash provided by operating activities, less capital expenditures, less payments on landfill operating leases, less assets acquired through financing leases, plus proceeds from the sales of assets and property and equipment, which is a non-GAAP measure. Adjusted EBITDA is reconciled to net income (loss), while Free Cash Flow is reconciled to Net Cash Provided by Operating Activities.The company presents Adjusted EBITDA and Free Cash Flow because it considers them important supplemental measures of its performance and believes they are frequently used by securities analysts, investors and other interested parties in the evaluation of the company’s results. Management uses these non-GAAP measures to further understand the company’s “core operating performance.” The company believes its “core operating performance” represents its on-going performance in the ordinary course of operations. The company believes that providing Adjusted EBITDA and Free Cash Flow to investors, in addition to corresponding income statement and cash flow statement measures, affords investors the benefit of viewing its performance using the same financial metrics that the management team uses in making many key decisions and understanding how the core business and its results of operations may look in the future. The company further believes that providing this information allows it s investors greater transparency and a better understanding of its core financial performance. In addition, the instruments governing the company’s indebtedness use EBITDA (with additional adjustments) to measure its compliance with covenants such as interest coverage, leverage and debt incurrence.Non-GAAP financial measures are not in accordance with, or an alternative for, GAAP Adjusted EBITDA and Free Cash Flow should not be considered in isolation from or as a substitute for financial information presented in accordance with GAAP, and may be different from Adjusted EBITDA or Free Cash Flow presented by other companies.About Casella Waste Systems, Inc.Casella Waste Systems, Inc., headquartered in Rutland, Vermont, provides solid waste management services consisting of collection, transfer, disposal, and recycling services in the northeastern United States. For further information, contact Ned Coletta, vice president of finance and investor relations at (802) 772-2239, or Ed Johnson, chief financial officer at (802) 772-2241, or visit the company’s website at http://www.casella.com(link is external).Conference call to discuss quarterThe Company will host a conference call to discuss these results on Thursday, December 1, 2011 at 10:00 a.m. ET. Individuals interested in participating in the call should dial (877) 548-9590 or (720) 545-0037 at least 10 minutes before start time. The call will also be webcast; to listen, participants should visit Casella Waste Systems’ website at http://ir.casella.com(link is external) and follow the appropriate link to the webcast. A replay of the call will be available on the company’s website, or by calling (855) 859-2056 or (404) 537-3406 (Conference ID 22675023) until 11:59 p.m. ET on Thursday, December 8, 2011.Safe Harbor StatementCertain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by the context of the statements, including words such as “believe,” “expect,” “anticipate,” “plan,” “may,” “will,” “would,” “intend,” “estimate,” “guidance” and other similar expressions, whether in the negative or affirmative. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management’s beliefs and assumptions. We cannot guarantee that we actually will achieve the plans, intentions, expectations or guidance disclosed in the forward-looking statements made. Such forward-looking statements, and all phases of our operations, involve a number of risks and uncertainties, any one or more of which cou ld cause actual results to differ materially from those described in our forward-looking statements. Such risks and uncertainties include or relate to, among other things: current economic conditions that have adversely affected and may continue to adversely affect our revenues and our operating margin; we may be unable to reduce costs or increase pricing or volumes sufficiently to achieve estimated Adjusted EBITDA and other targets; landfill operations and permit status may be affected by factors outside our control; we may be required to incur capital expenditures in excess of our estimates; fluctuations in the commodity pricing of our recyclables may make it more difficult for us to predict our results of operations or meet our estimates; and we may incur environmental charges or asset impairments in the future. There are a number of other important risks and uncertainties that could cause our actual results to differ materially from those indicated by such forward-lookin g statements. These additional risks and uncertainties include, without limitation, those detailed in Item 1A, “Risk Factors” in our Form 10-K for the year ended April 30, 2011.We undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES SUPPLEMENTAL DATA TABLES (Unaudited) (In thousands) Amounts of our total revenues attributable to services provided for the three and six months ended October 31, 2011 and 2010 are as follows: Three Months Ended October 31, ———————————————– % of Total % of Total 2011 Revenue 2010 Revenue ———– ———- ———– ———-Collection $ 54,764 42.2% $ 52,058 42.4%Disposal 31,104 24.0% 31,075 25.3%Power generation 6,340 4.9% 6,273 5.1%Processing and organics 13,992 10.8% 12,972 10.6% ———– ———- ———– ———- Solid waste operations 106,200 81.9% 102,378 83.4%Major accounts 9,847 7.5% 10,140 8.2%Recycling 13,819 10.6% 10,377 8.4% ———– ———- ———– ———-Total revenues $ 129,866 100.0% $ 122,895 100.0% =========== ========== =========== ========== Six Months Ended October 31, ———————————————– % of Total % of Total 2011 Revenue 2010 Revenue ———– ———- ———– ———-Collection $ 108,390 42.2% $ 104,560 42.7%Disposal 60,422 23.5% 60,630 24.8%Power generation 12,237 4.8% 11,986 4.9%Processing and organics 28,730 11.2% 26,220 10.7% ———– ———- ———– ———- Solid waste operations 209,779 81.7% 203,396 83.1%Major accounts 20,557 7.9% 20,540 8.3%Recycling 26,723 10.4% 20,951 8.6% ———– ———- ———– ———-Total revenues $ 257,059 100.0% $ 244,887 100.0% =========== ========== =========== ========== Casella Waste Systems Inc,Casella Waste Systems, Inc. (NASDAQ: CWST), a regional vertically-integrated solid waste, recycling and resource management services company, has reported financial results for its second quarter fiscal year 2012, and provided updated guidance for its 2012 fiscal year.Highlights for the quarter included: Revenue growth of 5.7 percent over the same quarter last year.Overall solid waste pricing growth of 1.6 percent was primarily driven by strong collection pricing growth of 3.4 percent as a percentage of collection revenues.Adjusted EBITDA* was $30.5 million for the quarter, down $0.3 million from same quarter last year.Free cash flow* was $6.0 million for the quarter and $3.4 million year-to-date.Company reaffirms Revenue, Adjusted EBITDA and Free Cash Flow guidance ranges for fiscal year 2012.For the quarter ended October 31, 2011, revenues were $129.9 million, up $7.0 million or 5.7 percent from the same quarter last year. Operating income was $11.6 million for the quarter, down $0.7 million from the same quarter last year. Excluding the non-recurring $0.4 million legal settlement charge and the $0.1 million development project charge in the current quarter, operating income was down $0.2 million from the same quarter last year.The company’s net loss attributable to common shareholders was ($0.8) million, or ($0.03) per common share for the quarter, compared to a net loss of ($1.2) million, or ($0.04) per share for the same quarter last year.”We continued to make great progress during the second quarter improving the fundamentals of our core business,” said John W. Casella, chairman and CEO of Casella Waste Systems. “Collection price was up 3.4 percent from the same quarter last year, a big improvement from the muted pricing we realized last year. The strong pricing is a reflection of the hard work by our divisional teams to move pricing from an annual event to a core process, their efforts to intelligently manage yield in their markets through the use of the customer profitability analytics, and our constant drive to create value for our customers through resource solutions.””We are also driving increased collection volumes through our ability to differentiate our service offerings with resource solutions, such as Zero-Sort® Recycling, and our heightened focus on customer care,” Casella said. “In spite of the stagnant economic environment, MSW and C&D landfill volumes were up for the quarter, while historically lumpy special waste volumes were down this quarter at most of our sites.””In late August and early September, the Northeast was hit with two major storms, Irene and Lee, that destroyed local roads and bridges and devastated hundreds of homes and businesses,” Casella said. “Our people were prepared for the storms, and with their foresight we avoided major damage to our facilities and equipment. In fact, we were able to get our customer care center operational and our trucks running the day after the storms to meet the needs of our customers and our communities. As a result of the storm clean-up, we realized higher roll-off pulls and landfill volumes at several sites; however much of this benefit was offset by increased operating costs due to the storms.”Fiscal 2012 OutlookThe company reaffirmed its fiscal year guidance in the following categories: Following is a reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities: Three Months Ended Six Months Ended ———————— ———————— October 31, October 31, October 31, October 31, 2011 2010 2011 2010 ———– ———– ———– ———–Net Cash Provided by Operating Activities $ 27,538 $ 22,793 $ 41,478 $ 34,156Capital expenditures (21,102) (15,902) (35,970) (30,769)Payments on landfill operating lease contracts (1,456) (1,461) (3,314) (2,250)Proceeds from sale of assets and property and equipment 971 247 1,170 8,088 ———– ———– ———– ———–Free Cash Flow (2) $ 5,951 $ 5,677 $ 3,364 $ 9,225 =========== =========== =========== =========== Components of Growth and Maintenance Capital Expenditures (1): Three Months Ended Six Months Ended October 31, October 31, ——————— ——————— 2011 2010 2011 2010 ———- ———- ———- ———-Growth capital expenditures: Landfill development $ 203 $ – $ 244 $ 227 Landfill gas to energy project 792 – 1,159 – MRF equipment upgrades 2,498 – 3,007 – Other 1,774 108 2,000 763 ———- ———- ———- ———-Total Growth Capital Expenditures 5,267 108 6,410 990 ———- ———- ———- ———-Maintenance capital expenditures: Vehicles, machinery / equipment and containers $ 3,901 $ 3,930 $ 10,341 $ 10,332 Landfill construction & equipment 9,907 10,778 16,904 17,830 Facilities 1,815 976 1,990 1,148 Other 212 110 325 469 ———- ———- ———- ———-Total Maintenance Capital Expenditures 15,835 15,794 29,560 29,779 ———- ———- ———- ———-Total Capital Expenditures $ 21,102 $ 15,902 $ 35,970 $ 30,769 ========== ========== ========== ==========(1) Our capital expenditures are broadly defined as pertaining to eithergrowth or maintenance activities. Growth capital expenditures are definedas costs related to development of new airspace, permit expansions, and newrecycling contracts along with incremental costs of equipment andinfrastructure added to further such activities. Growth capitalexpenditures include the cost of equipment added directly as a result of newbusiness as well as expenditures associated with increasing infrastructureto increase throughput at transfer stations and recycling facilities.Maintenance capital expenditures are defined as landfill cell constructioncosts not related to expansion airspace, costs for normal permit renewals,and replacement costs for equipment due to age or obsolescence. RUTLAND, VT–(Marketwire – November 30, 2011) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Six Months Ended ——————————– October 31, October 31, 2011 2010 ————— —————Cash Flows from Operating Activities:Net loss attributable to common stockholders $ (3,826) $ (4,056)Loss from discontinued operations, net of income taxes – 1,692(Gain) loss on disposal of discontinued operations, net of income taxes (725) 615Adjustments to reconcile net loss to net cashprovided by operating activities – Gain on sale of assets – (3,502) Gain on sale of property and equipment (754) (302) Depreciation and amortization 29,567 31,203 Depletion of landfill operating lease obligations 4,514 4,299 Interest accretion on landfill and environmental remediation liabilities 1,740 1,656 Development project charge 131 – Amortization of premium on senior subordinated notes – (386) Amortization of discount on term loan and second lien notes 467 450 Loss from equity method investments 3,781 2,638 Stock-based compensation 1,366 1,347 Excess tax benefit on the vesting of share based awards (219) (117) Deferred income taxes 1,008 1,185 Changes in assets and liabilities, net of effects of acquisitions and divestitures 4,428 (2,566) ————— ————— 46,029 35,905 ————— ————— Net Cash Provided by Operating Activities 41,478 34,156 ————— —————Cash Flows from Investing Activities: Acquisitions, net of cash acquired (715) – Additions to property, plant and equipment – growth (6,410) (990) – maintenance (29,560) (29,779) Payments on landfill operating lease contracts (3,314) (2,250) Proceeds from sale of assets – 7,533 Proceeds from sale of property and equipment 1,170 555 Investments in unconsolidated entities (935) – ————— ————— Net Cash Used In Investing Activities (39,764) (24,931) ————— —————Cash Flows from Financing Activities: Proceeds from long-term borrowings 82,100 76,900 Principal payments on long-term debt (82,146) (83,966) Payments of financing costs (184) (357) Proceeds from exercise of share based awards 176 160 Excess tax benefit on the vesting of share based awards 219 117 ————— ————— Net Cash Provided By (Used In) Financing Activities 165 (7,146) ————— —————Cash Provided By (Used In) Discontinued Operations 725 (70) ————— —————Net increase in cash and cash equivalents 2,604 2,009Cash and cash equivalents, beginning of period 1,817 2,035 ————— —————Cash and cash equivalents, end of period $ 4,421 $ 4,044 =============== =============== Supplemental Disclosures:Cash interest $ 20,531 $ 21,344Cash income taxes, net of refunds $ 5,281 $ 117 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES SUPPLEMENTAL DATA TABLES (Unaudited) (In thousands) GreenFiber Financial Statistics – as reported (1): Three Months Ended Six Months Ended October 31, October 31, ———————- ———————- 2011 2010 2011 2010 ———- ———- ———- ———-Revenues $ 21,841 $ 20,581 $ 37,856 $ 38,018Net loss (3,049) (1,012) (7,564) (5,276)Cash flow used in operations (949) (3,414) (2,258) (3,038)Net working capital changes (149) (4,856) 726 (2,692)Adjusted EBITDA $ (800) $ 1,442 $ (2,984) $ (346)As a percentage of revenues: Net loss -14.0% -4.9% -20.0% -13.9%Adjusted EBITDA -3.7% 7.0% -7.9% -0.9%(1) We hold a 50% interest in US Green Fiber, LLC (“GreenFiber”), a jointventure that manufactures, markets and sells cellulose insulation made fromrecycled fiber. CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (In thousands) Note 1: Discontinued OperationsOn January 23, 2011, we entered into a purchase and sale agreement and related agreements to sell non-integrated recycling assets and select intellectual property assets to a new company (the “Purchaser”) formed by Pegasus Capital Advisors, L.P. and Intersection LLC for $130,400 in gross proceeds. Pursuant to these agreements, we divested non-integrated recycling assets located outside our core operating regions of New York, Massachusetts, Vermont, New Hampshire, Maine and northern Pennsylvania, including 17 Material Recovery Facilities (“MRFs”), one transfer station and certain related intellectual property assets. Following the transaction, we retained four integrated MRFs located in our core operating regions. As a part of the disposition, we also entered into a ten-year commodities marketing agreement with the Purchaser to market 100% of the tonnage from three of our remaining integrated MRFs.We completed the transaction on March 1, 2011 for $134,195 in gross cash proceeds. This included an estimated $3,795 working capital and other purchase price adjustment, which was subject to further adjustment, as defined in the purchase and sale agreement. The final working capital adjustment, along with additional legal expenses related to the transaction, of $646 was recorded to gain (loss) on disposal of discontinued operations, net of income taxes in the first quarter of fiscal year 2012.In the three months ended October 31, 2011, we recorded an additional working capital adjustment of $79 to gain (loss) on disposal of discontinued operations, net of income taxes, which related to our subsequent collection of receivable balances that were released to us for collection by the Purchaser.During the third quarter of fiscal year 2011, we also completed the sale of the assets of the Trilogy Glass business for cash proceeds of $1,840.The operating results of these operations, which relate only to prior fiscal year periods, have been reclassified from continuing to discontinued operations in the accompanying unaudited condensed consolidated financial statements. Revenues and loss before income tax provision attributable to discontinued operations for the three and six months ended October 31, 2010 were $18,114, ($767), $35,693, and ($1,692), respectively.We allocate interest expense to discontinued operations. We have also eliminated certain immaterial inter-company activity associated with discontinued operations.Note 2: Non – GAAP Financial MeasuresIn addition to disclosing financial results prepared in accordance with Generally Accepted Accounting Principles (GAAP), we also disclose earnings before interest, taxes, depreciation and amortization, adjusted for accretion, depletion of landfill operating lease obligations, gain on sale of assets, development project charge write-off, as well as legal settlement charges (Adjusted EBITDA) which is a non-GAAP measure. We also disclose Free Cash Flow, which is defined as net cash provided by operating activities, less capital expenditures, less payments on landfill operating leases, less assets acquired through financing leases, plus proceeds from the sale of assets and property and equipment, which is a non-GAAP measure. Adjusted EBITDA is reconciled to net income (loss), while Free Cash Flow is reconciled to Net Cash Provided by Operating Activities.We present Adjusted EBITDA and Free Cash Flow because we consider them important supplemental measures of our performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of our results. Management uses these non-GAAP measures to further understand our “core operating performance.” We believe our “core operating performance” represents our on-going performance in the ordinary course of operations. We believe that providing Adjusted EBITDA and Free Cash Flow to investors, in addition to corresponding income statement and cash flow statement measures, provides investors the benefit of viewing our performance using the same financial metrics that the management team uses in making many key decisions and understanding how the core business and its results of operations may look in the future. We further believe that providing this information allows our investors greater transparency and a better understanding o f our core financial performance. In addition, the instruments governing our indebtedness use EBITDA (with additional adjustments) to measure our compliance with covenants such as interest coverage, leverage and debt incurrence.Non-GAAP financial measures are not in accordance with, or an alternative for, GAAP in the U.S. Adjusted EBITDA and Free Cash Flow should not be considered in isolation from or as a substitute for financial information presented in accordance with GAAP in the U.S., and may be different from Adjusted EBITDA or Free Cash Flow presented by other companies. Components of revenue growth for the three months ended October 31, 2011 compared to the three months ended October 31, 2010 are as follows: % of % of Solid Related Waste % of Total Amount Business Operations Company ———– ———- ———- ———-Solid Waste Operations:Collection $ 1,783 3.4% 1.7% 1.5%Disposal (240) -0.8% -0.2% -0.2%Power operations 102 1.6% 0.1% 0.1%Processing and organics – 0.0% 0.0% 0.0% ———– ———- ———-Solid Waste Yield 1,645 1.6% 1.4%Volume (211) -0.2% -0.2%Commodity price & volume 1,063 1.0% 0.9%Acquisitions & divestitures 1,329 1.3% 1.1%Closed landfill (4) 0.0% 0.0% ———– ———- ———-Total Solid Waste 3,822 3.7% 3.2% ———– ========== ========== Major Accounts (293) -0.2% ———– ———- Recycling Operations: % of Recycling Operations ———-Commodity price 3,749 36.1% 3.1%Commodity volume (307) -2.9% -0.2% ———– ———- ———-Total Recycling 3,442 33.2% 2.9% ———– ========== ========== Total Company $ 6,971 5.7% =========== ==========
By Robert Shaw/Diálogo July 29, 2016 As both the Colombian Army and the police prepare for a new post-conflict era in the country, new divisions will be created “with a focus on cutting-edge technology and mobility,” like the special forces, according to recent statements by Defense Minister Luis Carlos Villegas. Direct and local access to Intelligence, Surveillance, and Reconnaissance (ISR) technology will be crucial in the coming years for border surveillance and the monitoring of illicit substances. That’s why, Colombian Army Lieutenant Colonel José Forero, from the José María Rosillo Maintenance and Supply Battalion, believes it’s important for the Army to be at the forefront of using new technologies that are produced locally. Launch of New Army Cobra 2.0 Vehicle On June 10th, the Army’s Maintenance and Supply Battalion launched the first models of a self-built, multi-purpose vehicle called the Cobra 2.0 Tactical Unit – which is a light, agile, and adaptable Jeep-type sports utility vehicle using the latest technology on the market. “It’s the first vehicle of its type designed, created, and assembled in Colombia,” Lt. Col. Forero told Diálogo. “We have six of these vehicles in use and have an additional 30 in line for 2017.” With support from South Carolina’s National Guard and U.S. Southern Command for the Army’s Maintenance and Supply Battalion, this new tactical model gives Colombia’s Army increased mobility to move faster on the battlefield. According to Erich Saumeth, a defense and security expert for defense news website InfoDefensa, these new technologies will assist the Army in dealing with both the remaining and new threats that undermine security efforts throughout Colombia. “In the coming years, the use of mobile real-time technology will be paramount to tackle both the ongoing attacks by ELN the [National Liberation Army] on oil pipelines and newer threats posed by criminal narcoterrorist gangs,” Saumeth said. The primary use of the Cobra 2.0 vehicle is to combat drug trafficking and organized crime as well as border security missions. The vehicle is equipped with anti-tank missiles and both M60 E4 and 0.50 MK 40mm caliber machine guns. “It was designed to be optimally aerodynamic, extremely light, and fully adaptable using a weaponry system with a rear turret capable of firing in a 360-degree swivel motion,” Lt. Col. Forero said. At the same time, the rear of the vehicle can be transformed into an ambulance for humanitarian missions and can also be hooked to and transported by helicopter when necessary. UAV Systems Used for Counterinsurgency and Counternarcotic Missions The vehicle is also supported by a drone system that sends information directly to the commander giving him maximum situational awareness in terms of terrain and potential hostile actors. Saumeth says that Colombia is a regional pioneer in drone or Unmanned Aerial Vehicles (UAV) deployment, using them intensively in the development of counterinsurgency and counter narcotics missions. “The Army uses them primarily for ground operations to increase tactical operational capacity on ISR-type missions in real-time field operations by maximizing coverage of the combat arena,” Saumeth said. Since 2013, the Army’s Special Forces have been using the Parrot AR-Drone, the Aerovironment RQ-11B Raven, and the Aerovironment RQ-20 Puma UAV’s for counter-insurgency missions. “We will start building the Cobra 3.0 in January next year,” Lt. Col. Forero said. “We have discussed using GPS tracking systems and it is very likely to be incorporated into the new version, but we haven’t yet determined which system we will use.” A select number of Cobra 3.0 models will be ready for use in mid-2017. Police Target Quick Reaction and Response Times According to Saumeth, the Colombian police force also uses a range of cutting edge ISR technology for preventive security measures, taking advantage of both quick reaction and response times. Colonel Giovanny Riaño Garzón, chief of the Counterterrorism and Chemical, Biological, Radiological, Nuclear, and Explosives (CBRNE) Defense Unit of the National Police´s Directorate of Criminal Division and Interpol, told Diálogo that much of its work requires increased mobility and flexibility due to the Colombian terrain. “We use the latest models in anti-explosive robots including an OD model and the U.S.-manufactured Andrus remote-operated devices together with GPS-referenced coordinates in high-risk zones like Choco, Norte de Santander, Antioquia, Arauca, and Cauca,” Col. Riaño said. “The explosives we encounter are typically homemade by organized crime groups, the FARC and the ELN, with the former using grenades and the latter primarily IED’s,” Col. Riaño added. Col. Riaño also detailed how his forces will use new technologies to combat chemical and nuclear arms devices as part of their CBRNE response units. “We have about 50 radiation detectors and are prepared to deal with a potential attack using chemical weapons such as Sarin gas. At the moment we operate from Bogotá, but next year we plan to expand to various departments across the country,” Col. Riaño concluded.
By Sofía Pisani / Voice of America January 17, 2020 Thirty percent of Venezuela’s gold production is destined for contraband, according to data from the nongovernmental organization Transparencia Venezuela.During a speech at the headquarters of the think tank the Atlantic Council, experts warned about illegal mining activities, contraband, displacement, and violence taking place in Venezuela due to gold mining, with the consent of the Nicolás Maduro government.Venezuelan journalist Lisseth Boon, from digital website Runrun.es, who described the illegal mining operations in Venezuela, took part in the event. The journalist believes that the Maduro regime has opted for that activity as a lifeline to stay in power.“The mining arc was created to bring order to the mining activity, but it has become anarchy and informality. The state has allowed all these types of illegal activities, which are controlled by the military,” said Boon.The journalist also warned about how government agencies are being used to formalize the irregular activity.“The legal mechanisms are formalizing or laundering this gold that comes from the Orinoco mining arc. They’re also selling the nation’s gold reserves. Since Nicolás Maduro came to power the reserves have diminished by 60 percent, and are sold abroad to customers with a ‘murky’ reputation,” she said.“Nonprofit organizations estimate that an average of 80 tons of gold are being smuggled from Venezuela each year through illegal means, without any kind of accountability,” Boon added.According to Boon, smuggling routes start in the Caribbean islands of Aruba, Bonnaire, and Curaçao. By land, trafficking occurs on the border between Colombia and Brazil.Douglas Farah, security expert and president of IB Consultants, addressed the combination of criminal activities in the Venezuelan Amazon and the risks its inhabitants face by being exposed to violence from illegal armed groups and human rights abuses.“Since it’s a lucrative business, it attracts prostitution, many times of minors; human trafficking; slavery, a series of things that violate human rights, focused on a sole business that is terrible,” Farah said.Farah also warned about the environmental damage caused by these illegal activities.“The most obvious consequence, in terms of the environment, is the total destruction of rivers, forests where there are animals, because the mercury used to extract the gold contaminates everything,” the security expert said.Farah told Voice of America that controlling gold trafficking is much more complex than other illegal activities, such as narcotrafficking, since there is a consensus to fight it. By contrast, “with gold, building a legal framework to control the practice is complicated, because once it leaves Venezuela, it belongs to whomever buys it and there’s no way to prove whether it belongs to them or not.”The IB Consultants expert said the possibility of sanctioning financial businesses, corporations, or entities abroad that profit from the purchase of Venezuelan gold in the black market is being considered.
continue reading » The CFPB’s proposed third-party debt collection rule would allow collectors to harass consumers and would fail to protect them from predatory practices, House Financial Services Chairwoman Maxine Waters (D-Calif.) said Tuesday.“This is yet another example of an anti-consumer action at the consumer bureau by a Trump Administration appointee,” Waters said, adding that last year, the agency received about 81,500 complaints about debt collection practices.“This proposed rule does not come close to protecting consumers from predatory behavior,” she said. “Instead, it allows debt collectors to needlessly harass and threaten consumers by sending unlimited emails and text messages and calling them seven times a week to collect debts.”The CFPB issued its 538-page proposal rule implementing the Fair Debt Collection Practices Act on Tuesday. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr In my October market outlook, I incorrectly projected that the U.S. economy would be entering recession by December. While manufacturing and business investment have continued to slow consistently, our robust employment picture continues to lead us forward.Indeed, the November jobs report was solid across the board. It featured a large payroll increase, better-than-expected wage increases, a lower unemployment rate and a higher workforce participation rate. Simply put, it was a great report. Moreover, since economic growth is now being powered predominantly by consumer spending, a great employment report is a good sign.However, I continue to believe that further economic expansion rests precariously on a great deal of leverage for consumers, business and the federal government. According to the St. Louis Fed, total public debt sits at 103.2% of gross domestic product as of June 30. . Because we know the federal budget deficit has increased since the end of the second quarter and consumer and business borrowing remains robust, the ratio is probably higher as we come to the end of 2019. High leverage means that relatively small downturn can have much larger negative effects.
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Three teenagers have been arrested for allegedly raping a 16-year-old girl in the trio’s hometown of Brentwood over the weekend, according to Suffolk County authorities and news reports.Bryan Larios, 18, and two 17-year-old suspects, Jose Cornejo and Joel Escobar, were arrested Friday for first-degree rape and robbery, police and court records show. Cornejo was additionally charged with first-degree sexual abuse and resisting arrest.The robbery occurred at Brentwood Middle School on Hilltop Drive at 6:15 p.m. Friday, according to police records. They robbed a male who was with the woman before they allegedly raped her in the woods at the nearby Brentwood Country Club, where she was later found by golfers.Prosecutors identified the suspects as gang members, Newsday reported.A judge ordered all three suspects held without bail. They are due back in court Wednesday.
Bank Indonesia (BI) is ensuring the liquidity in the country’s financial system would be sufficient to meet the people’s needs in the coming months as massive capital outflows seen in the past several days have begun to decline.BI Governor Perry Warjiyo said in Jakarta on Thursday that there is at least Rp 450 trillion (US$27.77 billion) in cash stored in banks and ATMs in Indonesia, which would be sufficient for the next six months.“We have been working closely with banks in the last two weeks to boost their liquidity,” Perry told reporters on Thursday during an increased requirement for cash in the past several days to finance efforts to curb the spread of the COVID-19 coronavirus. “We want to assure the public that we have sufficient stocks of cash.” Topics : Perry also said the central bank saw signs of easing capital outflows, driven by the announcement of a $2 trillion fiscal stimulus by the United States and to-be-announced stimulus by the European Union.“The stimulus package has reduced pressure on a global scale and resulted in better sentiments for Indonesia’s financial markets,” Perry said, adding the central bank has since recorded a lessening capital outflow.The rupiah appreciated as much as 1.8 percent against the US dollar to Rp 16,205 on Thursday, according to Bloomberg. The Jakarta Composite Index (JCI), meanwhile, jumped the most since 1999 by as much as 11 percent on Thursday’s trading, the best performer in the region, despite other Asian indices recording declines during the day.The COVID-19 crisis is much different than Asia’s crisis in 1998 and the global financial crisis in 2008 as banks remain in a healthy condition despite weakening business activities and volatile financial markets, Perry said. “We want to make sure that the situation is different than the crisis in 1998 and in 2008 as the banking industry remains healthy with low levels of non-performing loans and good financial market conditions,” he added.Because of the pandemic, the central bank also plans to implement shorter trading hours and a shorter settlement period for transactions starting next week.As of Tuesday, BI had injected liquidity of up to Rp 300 trillion into the financial markets and banks to help support the country’s crashing currency as foreign investors sold off Indonesian assets.The central bank recorded a Rp 125.2 trillion capital outflow from government bonds, the stock market and BI certificates so far this year. Foreign investors sold Rp 112 trillion worth of government bonds and Rp 9.2 trillion worth of Indonesian shares, with most of the sell-offs recorded this month.