SUBSIDIARY GUARANTORS (Tables)

3 Months Ended

Jul. 31, 2012

Schedule of Condensed Consolidating Balance Sheet

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF JULY 31, 2012

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

ASSETS	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
CURRENT ASSETS:
Cash and cash equivalents	$	2,423		$	331		$	751		$	—		$	3,505
Accounts receivable - trade, net of allowance for doubtful accounts		297			53,125			10			—			53,432
Deferred income taxes		3,784			—			—			—			3,784
Other current assets		3,608			8,223			—			—			11,831
Total current assets		10,112			61,679			761			—			72,552
Property, plant and equipment, net of accumulated depreciation and amortization		3,354			414,123			4,619			—			422,096
Goodwill		—			102,516			—			—			102,516
Intangible assets		317			3,170			—			—			3,487
Restricted assets		—			419			—			—			419
Notes receivable - related party/employee		723			—			—			—			723
Investments in unconsolidated entities		19,115			4,051			—			(1,932	)		21,234
Investments in subsidiaries		(14,759	)		—			—			14,759			—
Other non-current assets		14,204			6,043			—			—			20,247
		22,954			530,322			4,619			12,827			570,722
Intercompany receivable		511,737			(498,238	)		(15,431	)		1,932			—
	$	544,803		$	93,763		$	(10,051	)	$	14,759		$	643,274
LIABILITIES AND STOCKHOLDERS’ EQUITY	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
CURRENT LIABILITIES:
Current maturities of long-term debt and capital leases	$	108		$	1,124		$	—		$	—		$	1,232
Current maturities of financing lease obligations		—			344			—			—			344
Accounts payable		20,899			27,605			225			—			48,729
Current accrued capping, closure and post-closure costs		—			4,434			—			—			4,434
Other current liabilities		18,055			17,480			18			—			35,553
Total current liabilities		39,062			50,987			243			—			90,292
Long-term debt and capital leases, less current maturities		486,687			814			—			—			487,501
Financing lease obligations, less current maturities		—			1,729			—			—			1,729
Accrued capping, closure and post-closure costs, less current portion		—			36,017			42			—			36,059
Deferred income taxes		5,768			—			—			—			5,768
Other long-term liabilities		6,243			6,126			—			—			12,369
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 - 26,367,000 shares		264			100			—			(100	)		264
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		289,372			45,449			2,762			(48,211	)		289,372
Accumulated deficit		(278,606	)		(47,088	)		(15,611	)		62,699			(278,606	)
Accumulated other comprehensive loss		(3,997	)		(371	)		—			371			(3,997	)
Total Casella Waste Systems, Inc. stockholders’ equity		7,043			(1,910	)		(12,849	)		14,759			7,043
Noncontrolling interest		—			—			2,513			—			2,513
Total stockholders’ equity		7,043			(1,910	)		(10,336	)		14,759			9,556
	$	544,803		$	93,763		$	(10,051	)	$	14,759		$	643,274

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			8,454			—			—			10,357
Total current assets		11,347			55,642			367			—			67,356
Property, plant and equipment, net of accumulated depreciation and amortization		3,486			409,383			3,848			—			416,717
Goodwill		—			101,706			—			—			101,706
Intangible assets		340			2,630			—			—			2,970
Restricted assets		—			424			—			—			424
Notes receivable - related party/employee		722			—			—			—			722
Investments in unconsolidated entities		17,865			6,848			—			(1,932	)		22,781
Investments in subsidiaries		(10,406	)		—			—			10,406			—
Other non-current assets		15,056			6,011			—			—			21,067
		27,063			527,002			3,848			8,474			566,387
Intercompany receivable		501,406			(487,916	)		(15,422	)		1,932			—
	$	539,816		$	94,728		$	(11,207	)	$	10,406		$	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
Current accrued capping, closure and post-closure costs		—			4,907			—			—			4,907
Other current liabilities		18,110			16,500			543			—			35,153
Total current liabilities		40,204			47,588			543			—			88,335
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			6,103			—			—			11,920
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			46,200			2,004			(48,204	)		288,348
Accumulated deficit		(270,235	)		(43,532	)		(15,595	)		59,127			(270,235	)
Accumulated other comprehensive (loss) income		(1,952	)		417			—			(417	)		(1,952	)
Total Casella Waste Systems, Inc. stockholders’ equity		16,431			3,185			(13,591	)		10,406			16,431
Noncontrolling interest		—			—			1,800			—			1,800
Total stockholders’ equity		16,431			3,185			(11,791	)		10,406			18,231
	$	539,816		$	94,728		$	(11,207	)	$	10,406		$	633,743

Schedule of Consolidating Statement of Operations

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENTS OF OPERATIONS

THREE MONTHS ENDED JULY 31, 2012

(in thousands)

	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Revenues	$	—		$	121,184		$	11		$	—		$	121,195
Operating expenses:
Cost of operations		28			84,774			9			—			84,811
General and administration		(154	)		15,460			18			—			15,324
Depreciation and amortization		265			14,491			—			—			14,756
Expense from divestiture and financing costs		303			250			—			—			553
		442			114,975			27			—			115,444
Operating (loss) income		(442	)		6,209			(16	)		—			5,751
Other expense/(income), net:
Interest income		(8,063	)		(10	)		—			8,065			(8	)
Interest expense		11,790			8,127			—			(8,065	)		11,852
Loss from equity method investments		3,572			1,766			—			(3,572	)		1,766
Other income, net		(12	)		(118	)		—			—			(130	)
Other expense, net		7,287			9,765			—			(3,572	)		13,480
Loss from continuing operations before income taxes		(7,729	)		(3,556	)		(16	)		3,572			(7,729	)
Provision for income taxes		650			—			—			—			650
Net loss		(8,379	)		(3,556	)		(16	)		3,572			(8,379	)
Less: Net loss attributable to noncontrolling interest		(8	)		—			—			—			(8	)
Net loss attributable to common stockholders	$	(8,371	)	$	(3,556	)	$	(16	)	$	3,572		$	(8,371	)

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENTS OF OPERATIONS

THREE MONTHS ENDED JULY 31, 2011

(in thousands)

	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Revenues	$	—		$	127,193		$	—		$	—		$	127,193
Operating expenses:
Cost of operations		11			85,212			1			—			85,224
General and administration		298			15,909			—			—			16,207
Depreciation and amortization		338			14,168			—			—			14,506
Legal settlement		1,000			—			—			—			1,000
		1,647			115,289			1			—			116,937
Operating (loss) income		(1,647	)		11,904			(1	)		—			10,256
Other expense/(income), net:
Interest income		(9,871	)		(3	)		—			9,866			(8	)
Interest expense		11,136			9,889			—			(9,866	)		11,159
Loss from equity method investments		(508	)		2,257			—			508			2,257
Other income		(3	)		(102	)		—			—			(105	)
Other expense, net		754			12,041			—			508			13,303
Loss from continuing operations before income taxes		(2,401	)		(137	)		(1	)		(508	)		(3,047	)
Provision for income taxes		661			—			—			—			661
Loss from continuing operations		(3,062	)		(137	)		(1	)		(508	)		(3,708	)
Discontinued operations:
Gain on disposal of discontinued operations, net		—			646			—			—			646
Net (loss) income attributable to common stockholders	$	(3,062	)	$	509		$	(1	)	$	(508	)	$	(3,062	)

Schedule of Consolidating Statements of Comprehensive Loss

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS

THREE MONTHS ENDED JULY 31, 2012

(in thousands)

	Parent			Guarantors			Non-Guarantors			Elimination		Consolidated
Net loss	$	(8,379	)	$	(3,556	)	$	(16	)	$	3,572	$	(8,379	)
Other comprehensive income (loss):
Unrealized loss resulting from changes in fair value of derivative instruments		(1,257	)		—			(826	)		—		(2,083	)
Realized income on derivative instruments reclassified into earnings		—			—			44			—		44
Unrealized loss resulting from changes in fair value of marketable securities		—			(6	)		—			—		(6	)
Other comprehensive loss		(1,257	)		(6	)		(782	)		—		(2,045	)
Comprehensive loss		(9,636	)		(3,562	)		(798	)		3,572		(10,424	)
Less: Comprehensive loss attributable to noncontrolling interest		(8	)		—			—			—		(8	)
Comprehensive loss attributable to common stockholders	$	(9,628	)	$	(3,562	)	$	(798	)	$	3,572	$	(10,416	)

CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS

THREE MONTHS ENDED JULY 31, 2011

(in thousands)

	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net (loss) income attributable to common stockholders	$	(3,062	)	$	509		$	(1	)	$	(508	)	$	(3,062	)
Other comprehensive income (loss), net of taxes:
Unrealized income resulting from changes in fair value of derivative instruments, net of tax provision of $99		116			—			126			—			242
Realized loss on derivative instruments reclassified into earnings, net of tax benefit of $99		(78	)		—			(277	)		—			(355	)
Unrealized loss resulting from changes in fair value of marketable securities		—			(6	)		—			—			(6	)
Other comprehensive income (loss)		38			(6	)		(151	)		—			(119	)
Comprehensive (loss) income attributable to common stockholders	$	(3,024	)	$	503		$	(152	)	$	(508	)	$	(3,181	)

Schedule of Condensed Consolidating Statement of Cashflow

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED JULY 31, 2012

(in thousands)

	Parent			Guarantors			Non-Guarantors			Elimination		Consolidated
Net Cash (Used in) Provided by Operating Activities	$	(5,201	)	$	13,039		$	(317	)	$	—	$	7,521
Cash Flows from Investing Activities:
Acquisitions, net of cash acquired		—			(3,150	)		—			—		(3,150	)
Additions to property, plant and equipment                                                               - acquisitions		—			(288	)		—			—		(288	)
- growth		—			(1,232	)		(770	)		—		(2,002	)
- maintenance		(105	)		(14,289	)		—			—		(14,394	)
Payment for capital related to divestiture		—			(618	)		—			—		(618	)
Payments on landfill operating lease contracts		—			(1,814	)		—			—		(1,814	)
Proceeds from sale of property and equipment		—			265			—			—		265
Investments in unconsolidated entities		(2,000	)		250			750			—		(1,000	)
Net Cash Used In Investing Activities		(2,105	)		(20,876	)		(20	)		—		(23,001	)
Cash Flows from Financing Activities:
Proceeds from long-term borrowings		62,310			—			—			—		62,310
Principal payments on long-term debt		(47,654	)		(1,035	)		—			—		(48,689	)
Contributions from noncontrolling interest holder		—			—			721			—		721
Other		109			—			—			—		109
Intercompany borrowings		(8,835	)		8,835			—			—		—
Net Cash Provided by Financing Activities		5,930			7,800			721			—		14,451
Net (decrease) increase in cash and cash equivalents		(1,376	)		(37	)		384			—		(1,029	)
Cash and cash equivalents, beginning of period		3,799			368			367			—		4,534
Cash and cash equivalents, end of period	$	2,423		$	331		$	751		$	—	$	3,505

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED JULY 31, 2011

(in thousands)

	Parent			Guarantors			Non-Guarantors		Elimination		Consolidated
Net Cash Provided by Operating Activities	$	1,390		$	12,550		$	—	$	—	$	13,940
Cash Flows from Investing Activities:
Acquisitions, net of cash acquired		—			(715	)		—		—		(715	)
Additions to property, plant and equipment
- growth		—			(1,143	)		—		—		(1,143	)
- maintenance		(441	)		(13,284	)		—		—		(13,725	)
Payments on landfill operating lease contracts		—			(1,858	)		—		—		(1,858	)
Proceeds from sale of property and equipment		—			199			—		—		199
Other		(150	)		(500	)		—		—		(650	)
Net Cash Used In Investing Activities		(591	)		(17,301	)		—		—		(17,892	)
Cash Flows from Financing Activities:
Proceeds from long-term borrowings		48,500			—			—		—		48,500
Principal payments on long-term debt		(43,024	)		(1,415	)		—		—		(44,439	)
Other		332			—			—		—		332
Intercompany borrowings		(5,538	)		5,538			—		—		—
Net Cash Provided by Financing Activities		270			4,123			—		—		4,393
Net Cash Provided by Discontinued Operations		—			646			—		—		646
Net increase in cash and cash equivalents		1,069			18			—		—		1,087
Cash and cash equivalents, beginning of period		1,531			286			—		—		1,817
Cash and cash equivalents, end of period	$	2,600		$	304		$	—	$	—	$	2,904