BUSINESS ACQUISITIONS

9 Months Ended

Jan. 31, 2012

BUSINESS ACQUISITIONS

BUSINESS ACQUISITIONS

2.             BUSINESS ACQUISITIONS

During the nine months ended January 31, 2012, we acquired five solid waste hauling operations and completed the acquisition of the McKean County landfill business in Pennsylvania by acquiring additional equipment not included in the original transaction for total consideration of $2,284, including $2,102 in cash and $182 in holdbacks to sellers. During the nine months ended January 31, 2011, there were no business acquisitions. The operating results of these businesses are included in the accompanying unaudited consolidated statements of operations from the dates of acquisition, and the purchase prices have been allocated to the net assets acquired based on fair values at the dates of acquisition, with the residual amounts allocated to goodwill. Acquired intangible assets other than goodwill that are subject to amortization include client lists and non-compete covenants. These are amortized over a five to ten year period from the date of acquisition. All amounts allocated to goodwill are expected to be deductible for tax purposes. The purchase price allocated to net assets acquired during the nine months ended January 31, 2012 and 2011 is as follows:

	January 31,
	2012			2011
Equipment	$	605		$	—
Goodwill	569			—
Intangible assets	1,136			—
Current liabilities	(26		)	—
Total	$	2,284		$	—

The following unaudited pro forma combined financial information shows the results of our operations for the three and nine months ended January 31, 2012 and 2011 as though each of the acquisitions made in the nine months ended January 31, 2012 and the twelve months ended April 30, 2011 had occurred as of May 1, 2010.

	Three Months Ended January 31,						Nine Months Ended January 31,
	2012			2011			2012			2011
Revenue	$	114,833		$	113,184		$	372,710		$	361,186
Operating income	$	4,433		$	6,487		$	26,362		$	31,806
Net loss attributable to common stockholders	$	(24,641	)	$	(6,279	)	$	(28,482	)	$	(10,163	)
Basic and diluted net loss per common share attributable to common stockholders	$	(0.92	)	$	(0.24	)	$	(1.07	)	$	(0.39	)
Basic and diluted weighted average shares outstanding	26,822			26,115			26,715			26,026

The pro forma results set forth in the table above have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisitions occurred as of May 1, 2010 or the results of our future operations. Furthermore, the pro forma results do not give effect to all cost savings or incremental costs that may occur as a result of the integration and consolidation of the completed acquisitions.