Considered the heartbeat of southern Nevada, Clark County’s robust economy benefits from Nevada’s tax-friendly climate.In fact, Nevada has no corporate or personal income tax.Quality education from local school districts and the University of Nevada, Las Vegas, contributes to a valuable workforce that supports the area’s growing industries. The median household income in Clark County is $54,822, according to the U.S. Census Bureau.Major industries in the area include tourism and gaming; aircraft, aerospace and defense; clean energy technology; information technology and communications; logistics and distribution; and medical services.The aircraft, aerospace and defense industry has a notable history in Clark County. Nellis Air Force Base, Creech Air Force Base, the Nevada Test and Training Range, Bigelow Aerospace and the U.S. Department of Energy have all developed advanced technologies. The county is also a leader in clean energy projects such as solar power, capitalizing on the area’s sunny climate. The county is home to many innovative companies in the information technology and communications industry as well such as SUPERNAP, NetEffect and RTC Technology.Clark County attracts logistics and distribution companies for several reasons. Many warehouse facilities are close to McCarran International Airport. Low taxes are also an attraction, and the county offers Foreign Trade Zone designation, allowing businesses to defer customs and tariff fees until goods leave the building and are on their way to an address elsewhere within the country.Medical services, health care and research business are gaining momentum in southern Nevada as well. Clark County owns University Medical Center of Southern Nevada, a nonprofit teaching hospital. The county is also home to a premier bio-skills lab, the Oquendo Center; the Cleveland Clinic’s Lou Ruvo Center for Brain Health; and the University of Nevada’s School of Medicine.Of course, Clark County is known for its tourism industry. Las Vegas is considered one of the most identifiable cities in the world, with entertainment, gaming and other attractions luring millions of visitors.Rail and Transit AccessStrong transit and transportation resources boost the local and regional economies while providing easy access to the 11 Western states and nearly 53 million people, according to the Nevada Governor’s Office of Economic Development. Clark County’s major interstates and highways, Interstate 15 and U.S. Highways 93 and 95, provide access to Los Angeles, Salt Lake City, Phoenix, Reno, Sacramento and San Francisco. The area’s economy also benefits from the McCarran International Airport, which serves more than 40 million travelers each year.Rail transportation is another advantage in Clark County. The railroad built Las Vegas, and now it serves businesses with transportation to the Southwest, other parts of the United States, Canada and Mexico.Natural ResourcesBeyond the glitz and glamour of the Las Vegas Strip, Clark County is home to stunning natural locales. Red Rock Canyon, Lake Mead and Bootleg Canyon offer a variety of recreational opportunities, including hiking, swimming, boating, kayaking, horseback riding, fishing and zip lining.Famed Hoover Dam can also be found in Clark County. It is considered one of the greatest engineering achievements of the 20th century, and on average generates about 4 billion kilowatt-hours of hydroelectric power each year for use in Nevada, Arizona and California.The county’s trails program provides an extensive system of routes for outdoor enjoyment. Thus far, the county has completed more than 60 miles of multiuse trails, 11 miles of equestrian trails, 10 pedestrian bridges and 12 trailheads, and trails link several of the county’s parks.Nellis Air Force BaseNellis Air Force Base has a significant economic impact on the region. In fiscal year 2017, the total economic impact of Nellis Air Force Base, nearby Creech Air Force Base and the Nevada Test and Training Range was approximately $5.2 billion. About 11,355 military personnel and 3,559 civilians were employed by the two bases and the training range with a combined payroll of more than $1 billion. Nearly a thousand temporary duty personnel conduct business at the bases and range each day. An estimated 7,477 indirect jobs were created, valued at $325 million annually.EMPLOYMENT RESOURCESNational ResourcesAt the national level, websites such as www.linkedin.com, www.monster.com, www.careerbuilder.com and www.indeed.com have extensive search capabilities as well as resume tips, forum support and professional networking options.The National Military Spouse Network,a networking, mentoring and professional development organization, has a wealth of career information at its website, www.nationalmilitaryspousenetwork.org. The group aims to help military spouses build a meaningful, sustained career path and offers a library of articles that touch on topics like entrepreneurship, resume tips, self-promotion and more as well as a membership-only discussion forum. The organization also features companies that are military spouse-owned or military spouse-friendly on its Homefront Business Listings page.Local ResourcesNevada Department of Employment,Training and Rehabilitation2800 E. St. Louis Ave.Las Vegas, NV 89104www.detr.state.nv.usThe Nevada Department of Employment, Training and Rehabilitation is composed of divisions that offer assistance in job training and placement, vocational rehabilitation and workplace discrimination. DETR partners with Nevada JobConnect (www.nevadajobconnect.com), a statewide network that connects businesses with employees. For more information on DETR’s services, visit its website.State of Nevadahttp://nv.gov/employmentEmployment opportunities with the state of Nevada are posted online. Search by category or location, then apply online.Clark County500 S. Grand Central ParkwayLas Vegas, NV 89155 702-455-0000www.clarkcountynv.govClark County jobs are posted online along with job interest cards and information on the recruitment process and employment benefits. Check out the county’s employment website at www.governmentjobs.com/careers/clarkcounty.City of Henderson240 S. Water St.Henderson, NV 89015 702-267-2323www.cityofhenderson.com/human-resources/homeBrowse career opportunities for current openings at Henderson’s human resources website.City of Las Vegas495 S. Main St.Las Vegas, NV 89101 702-229-6315www.governmentjobs.com/careers/lasvegasView available positions on the city’s employment opportunities website.City of North Las Vegas2250 Las Vegas Blvd. NNorth Las Vegas, NV 89030 702-633-1501www.cityofnorthlasvegas.comSelect “Departments” from the city’s home page, then “Human Resources” from the pull-down menu to view openings and employee benefits.EMPLOYMENT AGENCIESAn employment agency can offer posts ranging from high-level administration to warehouse work. Many employers use agencies as their human resources department. Agencies advertise, interview, test and manage payroll. A temp-to-perm arrangement allows the employer and prospective employee to evaluate each other before committing to permanent employment.Municipal and regional chambers of commerce include local employment agencies in their member lists, along with contact information. See Page 23 for a list of chambers of commerce in Clark County.JOB-SEEKER TIPSAlways keep your resume up-to-date and have several versions that target specific industries and highlight your skills that fit their job descriptions.Compile several reference lists with a good variety of people and former business associates. Be sure to first ask each if you can use them as references.Compose a comprehensive, catchy and succinct cover letter of no more than a page (this is no place to ramble). It will introduce you and your desire to work for the company. Have a knowledgeable friend check it for errors; misspelled words and bad grammar hint at carelessness and indifference. Know what the company does, and highlight skills, work experience and education that apply to the position.Maintain a positive, professional and broad-based presence on social media such as Facebook and LinkedIn; almost all employers search social media sites to vet job candidates, and your absence there will raise red flags. Also be aware that images and comments posted spur-of-the-moment can be searched out forever and come back to haunt you.Be prepared for an interview at any time. When you submit your application, a supervisor may want to talk immediately, or the phone may ring with a call from a hiring director. Compose — and rehearse — your one-minute self-promotional speech on who you are, an achievement or two and your strengths. It’s not vanity to make a good first impression. If a supervisor wants to know why she should hire you, be ready.Always follow up with thank-you letters and calls. Even today, a letter, as well as the quick-response email, will separate you from a surprising number of the other applicants — to your advantage — and keep your name fresh in the interviewer’s mind. Judicious calls display your continued interest. Writing out beforehand what you want to say helps. So does rehearsal.Be aware that due to the usually huge numbers of applicants, most companies are able to follow up only with candidates in whom they are interested. Don’t take it personally if you are not notified that you did not get the job.CIVILIAN OPPORTUNITIESFederal jobsVisit www.usajobs.gov to search for various Department of Defense jobs at Nellis.NAF jobsFor information about nonappropriated fund position jobs at Nellis, including openings in lodging, dining and recreation areas, visit www.nafjobs.org.Exchange jobsFor Base Exchange jobs, visit the AAFES career page at https://publicaffairs-sme.com/applymyexchange and search for Nellis.SELF-EMPLOYMENTSmall Business Resourceswww.usa.gov/businessLearn the steps to start and grow a small business at USA.gov’s Small Business website. The platform features hand-picked government websites helpful to small business owners. Learn about business taxes and incentives, financing a business, importing and exporting, federal government contracting, state business resources and more. The website also provides information on a wide range of programs and services to help veterans, women, minorities and the economically disadvantaged start or grow a business.Clark County Business Resource CenterEntrepreneurs can take advantage of Clark County’s Business Resource Center, which helps startup businesses tackle a variety of challenges. Visit www.clarkcountynv.gov/Depts/brc/Pages/StartBusiness.aspx or call 702-455-4722.Nevada Small Business Development CenterThe Nevada Small Business Development Center offers small-business resources and workshops for those looking to start a business. For more information, go to www.nsbdc.org or visit the Las Vegas Small Business Development Center’s full-service locations. The Urban Chamber Business Development Center is at 1951 Stella Lake St. and can be reached at 702-876-0003. The University of Nevada location is at 4505 S. Maryland Parkway and can be reached at 702-876-0003. For more information on the full-service locations as well as satellite office locations, visit www.nsbdc.org/who-we-are/offices/las-vegas.
Vermont Business Magazine Senator Patrick Leahy (D-Vermont) Friday joined Vermont and Canadian officials and business leaders in Essex Junction, to mark progress on facilitating travel and commerce between Vermont and Canada. Leahy, long an advocate for the return of the “Montrealer” rail line and easing air travel to Vermont from airports like Billy Bishop Toronto City Airport, said legislation he introduced earlier this year would make important strides toward making these a reality.Leahy said: “Vermont and Canada are inextricably linked by heritage and history. We want to improve the experience for travelers across our international border while maintaining necessary safeguards. My commonsense legislation is a tangible step forward, and will result in making a real difference in the lives of American and Canadian citizens. Many Vermonters like our family have relatives and friends on both sides of the border, and we look to our Canadian neighbors as shared partners in our economies and stewards of our communities. Collectively, the progress announced by Prime Minister Trudeau during his visit to Washington and this legislation bring us even closer together.”Leahy introduced the bipartisan, bicameral Promoting Travel, Commerce and National Security Act(link is external) in March, paving the way for more preclearance facilities operated by U.S. Customs and Border Protection (CBP) at land, rail, marine and air ports of departure in Canada. These facilities allow Vermonters to clear U.S. customs and immigration checks before they depart Canada, eliminating a now cumbersome process on their return. These operations relieve congestion at U.S. airports, improve commerce, save money and provide national security benefits. Leahy said the train station in Essex Junction where the officials were gathered could once again welcome Canadian travelers to Vermont and become a point of departure for Vermonters visiting Montreal, facilitating cultural exchange between the two countries. Canada is the United States’ largest trading partner, with $85 billion in commerce between the U.S. and Quebec in the first 11 months of 2015 alone.During his historic visit to the United States in March, Canadian Prime Minister Justin Trudeau endorsed the U.S.-Canada preclearance agreement, signaling support for Leahy’s legislation. Remarks of Senator Patrick Leahy Introduction of the Promoting Travel, Commerce and National Security Act of 2016When I talk about our shared border with Canada, I usually point out Marcelle’s Quebec family roots – and that she speaks better French than I do. I must say, my French has improved.Many Vermonters have family members on both sides of the border. We share economic interests, environmental goals, and we enjoy all that this vibrant cultural hub offers.We all know how in the wake of 9-11 our borders changed. Some of these changes were common sense, others made life incredibly difficult. Since 9-11 I’ve worked consistently in the Senate to find balance, between strong borders and easy travel.Legislation I introduced this year, builds on the important strides made to expanding safe and efficient cross border trade and more efficient travel. By having travelers from Canada pass through Customs before they board a plane or train, we can make their arrival in the US easier and can detect potential threats before they arrive here.Under Prime Minister Trudeau’s new leadership, both the United States and Canada have committed to passing this necessary legislation to make this happen.The breadth of who is here shows you how important this is to our state of Vermont and the board dedication and commitment to passing this legislation.We have leaders in travel and tourism like Tom Torti and Megan Smith who work to bring commerce opportunities into our state; Secretary of Transportation, Chris Cole, who has been charged with bringing back the Montrealer; Burlington airport officials who work in lock step with Customs and Border Patrol, Porter Airlines, and Toronto Port Authority on winter air travel between Canada and Vermont, and of course we are honored to host the General Consul of Canada, David Alward.Canada is the United States largest trading partner. In the first 11 months of 2015, $85 billion in commerce moved between the U.S. and Quebec. That is trade in business, energy, machinery and aerospace products, and agriculture. There are a lot of great things happening on either side of the border and I want to ease that experience, whether a traveler is coming and going on business or tourism, while enhancing security for both countries.My legislation is a tangible step forward to establish a process that will make a real difference in the lives of citizens on both sides of our border. Expansion of preclearance sites in both air and rail provides options for all of us. And I know Vermonters look forward to the benefits of preclearance with Porter Airlines, and eventually, in bringing back the Montrealer passenger rail service.I want to thank all of you for your support of this legislation, and I especially thank our guests here today for their work in helping to achieve this breakthrough. I will do all I can to make sure that this bill becomes a reality.ESSEX JUNCTION, Vt. (FRIDAY, April 15, 2016) – Senator Patrick Leahy
Fiscal Year Ended December 31, 416,054 Three Months EndedDecember 31, 64.3% $(0.29) —%Solid Waste Price3,499 $3,552 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except for per share data) Unaudited 15,512 $7,798 Restricted assets 61,856 $1,995 — 13,747 13,011 Acquisitions, net of cash acquired(5,056) (1.2)%(Benefit) provision for income taxes(15,814) Vehicles, machinery, equipment and containers10,327 Stock-based compensation6,432 75,356 Fiscal Year Ended December 31, 2017Consolidated Net Leverage Ratio (i)3.68 15,425 (62,102) (54,200)Payments on landfill operating lease contracts(7,240) 1.4%Fuel surcharge and other fees728 Casella Waste Systems Inc,Vermont Business Magazine Casella Waste Systems, Inc (NASDAQ:CWST(link is external)), a regional solid waste, recycling and resource management services company based in Rutland, today reported its financial results for the three and twelve month periods ended December 31, 2017. Casella also provided guidance for the next fiscal year ending December 31, 2018. Revenues were up over 5 percent for the quarter and the year and net income was up for the quarter, but the net loss for the year increased versus 2016. Casella shares are trading at just over $25 and down slightly in after-hours performance and are on the high side of its 52-week range: $12.21 – $27.38.Highlights for the Three and Twelve Months Ended December 31, 2017:Revenues were $151.2 million for the quarter, up $7.4 million, or 5.2%, from the same period in 2016. Revenues were $599.3 million for the fiscal year, up $34.3 million, or 6.1%, from fiscal year 2016.Net income was $20.0 million for the quarter, as compared to a net loss of $(12.0) million for the same period in 2016. Net loss was $(21.8) million for the fiscal year, as compared to a net loss $(6.9) million in fiscal year 2016.Adjusted Net Income Attributable to Common Stockholders* was $4.6 million for the quarter, as compared to $1.9 million for the same period in 2016. Adjusted Net Income Attributable to Common Stockholders was $28.7 million for the fiscal year, as compared to $7.8 million in fiscal year 2016.Adjusted EBITDA was $30.2 million for the quarter, up $0.8 million, or 2.8%, from the same period in 2016. Adjusted EBITDA was $129.0 million for the fiscal year, up $8.4 million, or 7.0%, from fiscal year 2016.Net cash provided by operating activities was $107.5 million for the fiscal year, up $27.1 million, or 33.7%, from fiscal year 2016.Normalized Free Cash Flow was $38.8 million for the fiscal year, up $11.7 million, or 43.1%, from fiscal year 2016.On February 26, 2018, Standard & Poor’s increased our Corporate Credit Rating from ‘B’ to ‘B+’ with a positive outlook.“We had a strong operational quarter and a great year, as we continued to execute well against our key strategies,” said John W. Casella, Chairman and CEO of Casella Waste Systems, Inc. “We remain focused on creating shareholder value through increasing landfill returns, improving collection profitability, creating incremental value through resource solutions, driving general and administrative efficiencies, and strong capital discipline.”“The progress we have made on our strategies can be seen in the positive financial results in the fourth quarter,” Casella said. “Our disciplined solid waste pricing programs continued to add value, with landfill pricing up 3.6% and collection pricing up 3.7%. This strong pricing was coupled with 2.0% solid waste volume growth, mainly driven by 4.8% growth in landfill volumes as we continued to source new volumes in the tightening northeastern disposal markets, and 1.2% solid waste revenue growth from acquisitions.”“As we first announced in early August 2017, we have adjusted our capital strategy to balance delevering with prudent acquisition or development investments,” Casella said. “We have set a goal to grow revenues by $20.0 million to $40.0 million per year through acquisition or development activity for the next three years as part of this new strategy. We are off to a great start with this strategy, with roughly $18.0 million of acquired revenues over the last two months. During the fourth quarter we completed a small tuck-in hauling acquisition, and in early January 2018 we completed the acquisition of an integrated solid waste company in Western Massachusetts that provides us with a new market entrance and a strategic truck and rail served transfer station that will enable us to direct additional waste volumes to our landfills in New York and Pennsylvania. Our acquisition pipeline remains robust, and we believe that investing a portion of our excess cash flows to grow our business will create additional shareholder returns through higher cash flow growth rates driven by new revenue streams, internalization to our disposal facilities and cost synergies.”For the fourth quarter, revenues were $151.2 million, up $7.4 million, or 5.2%, from the same period in 2016, with revenue growth mainly driven by robust collection and disposal pricing, strong solid waste volumes, the roll-over impact from acquisitions, and higher volumes in the customer solutions line-of-business, partially offset by lower recycling commodity pricing and volumes. Net income attributable to common stockholders was $20.0 million, or $0.46 per diluted common share, up $32.0 million for the fourth quarter, as compared to net loss attributable to common stockholders of $(12.0) million, or $(0.29) per diluted common share for the same period in 2016. Adjusted Net income Attributable to Common Stockholders was $4.6 million, or $0.11 of Adjusted Diluted Earnings Per Common Share*, for the fourth quarter, compared to Adjusted Net Income Attributable to Common Stockholders of $1.9 million, or $0.05 of Adjusted Diluted Earnings Per Common Share, for the same period in 2016.Operating income was $9.9 million for the fourth quarter, down $(0.1) million from the same period in 2016, whereas Adjusted Operating Income* was $10.3 million for the fourth quarter, down $(0.6) million from the same period in 2016.“During the fourth quarter, operating income was down approximately $2.0 million year-over-year in our recycling business,” Casella said. “This decline was mainly driven by China’s National Sword program, which imposed strict new contamination standards for recycled commodities and significantly reduced global demand for paper and cardboard products. This has led to mixed paper price declines of approximately 80% from July 2017 to January 2018, while at the same time our operating costs are up as we have slowed sorting lines and increased labor to produce higher quality end products. Our mature risk mitigation programs, such as the Sustainability Recycling Adjustment fee, have worked well to offset the majority of commodity price declines during the quarter and we expect these programs to continue to significantly reduce our commodity risk exposure.”For the fiscal year, revenues were $599.3 million, up $34.3 million, or 6.1%, from fiscal year 2016, reflecting the impact of robust collection, disposal and recycling commodity pricing, higher volumes in the Company’s collection, disposal, and customer solutions lines-of-business, and the roll-over impact from acquisitions, partially offset by lower organics volumes.Net loss attributable to common stockholders was $(21.8) million, or $(0.52) per diluted common share, a decrease of $(15.0) million for the fiscal year, as compared to net loss attributable to common stockholders of $(6.8) million, or $(0.17) per diluted common share, for fiscal year 2016. Adjusted Net Income Attributable to Common Stockholders was $28.7 million, or $0.67 of Adjusted Diluted Earnings Per Common Share, for the fiscal year, compared to Adjusted Net Income Attributable to Common Stockholders of $7.8 million, or $0.19 of Adjusted Diluted Earnings Per Common Share, for fiscal year 2016.Operating loss was $(12.6) million for the fiscal year, down $(57.5) million from operating income of $44.9 million in fiscal year 2016, whereas Adjusted Operating Income was $52.8 million for the fiscal year, up $6.9 million from fiscal year 2016.2018 Outlook“Our fiscal year 2018 budget is on track with the fiscal year 2021 strategic plan that we first introduced in August 2017, and reflects continued execution of our key strategies with the goal of driving additional shareholder value,” Casella said. “We remain cautious about near-term headwinds from the recycling business, however we believe that our mature risk mitigation programs will continue to offset the vast majority of commodity price declines and current market conditions are contemplated in our fiscal year 2018 guidance.”The Company provided guidance for the next fiscal year ending December 31, 2018 by estimating results in the following ranges:Revenues between $618 million and $628 million (as compared to $599.3 million in fiscal year 2017);Adjusted EBITDA between $135 million and $139 million (as compared to $129.0 million in fiscal year 2017); andNormalized Free Cash Flow between $42 million and $46 million (as compared to $38.8 million in fiscal year 2017).The Company provided the following assumptions that are built into its outlook:Overall the Company expects revenue growth of between 4.6% and 6.3% in fiscal year 2018. However, the Company expects that the adoption of the new revenue recognition standard to lower our revenues by approximately 1.5%. Given this change, the Company expects revenue growth of between 3.1% and 4.8% in fiscal year 2018. In the solid waste business, revenue growth of between 6.0% and 7.5%, with price growth from 2.5% to 3.5%, volume growth from 0.5% to 1.0%, and 3.0% growth from acquisitions already completed.In the recycling business, overall revenue declines of between 15.0% and 20.0%, driven by lower commodity prices, lower volumes and changes in revenue recognition, partially offset by higher processing fees.In the Other segment, overall revenue growth of approximately 5.0%, with growth in the industrial segment for the Customer Solutions group and higher volumes in the Organics group.The budget includes the roll-over impact of acquisitions completed during fiscal year 2017 and in early fiscal year 2018, but does not include any acquisitions that have not yet been completed. Capital expenditures of approximately $65 million, and payments on operating leases of approximately $7.5 million.No material changes in the regional economy from the last 12 months.Adjusted EBITDA and Normalized Free Cash Flow related to the fiscal year ending December 31, 2018 are described in the Reconciliation of 2018 Outlook Non-GAAP Measures section of this press release.Conference call to discuss quarter and fiscal year resultsThe Company will host a conference call to discuss these results on Friday, March 2, 2018 at 10:00 a.m. Eastern Time. Individuals interested in participating in the call should dial (877) 838-4153 or for international participants (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 ID8368179) until 12:00 p.m. ET on March 9, 2018.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, investors contact Ned Coletta, Chief Financial Officer at (802) 772-2239; media contact Joseph Fusco, Vice President at (802) 772-2247; or visit the Company’s website at http://www.casella.com(link is external).*Non-GAAP Financial MeasuresIn addition to disclosing financial results prepared in accordance with GAAP, the Company also discloses earnings before interest, taxes, and depreciation and amortization, adjusted for accretion, depletion of landfill operating lease obligations, the Southbridge Landfill closure charge, gains on asset sales, development project charge write-offs, contract settlement charges, legal settlement costs, tax settlement costs, bargain purchase gains, asset impairment charges, environmental remediation charges, severance and reorganization costs, expenses from divestiture, acquisition and financing costs, gains on the settlement of acquisition related contingent consideration, fiscal year-end transition costs, proxy contest costs, as well as impacts from divestiture transactions (“Adjusted EBITDA”), which is a non-GAAP financial measure.The Company also discloses earnings before interest and taxes, adjusted for the Southbridge Landfill closure charge, gains on asset sales, development project charge write-offs, contract settlement charges, legal settlement costs, tax settlement costs, bargain purchase gains, asset impairment charges, environmental remediation charges, severance and reorganization costs, expenses from divestiture, acquisition and financing costs, gains on the settlement of acquisition related contingent consideration, fiscal year-end transition costs, proxy contest costs, as well as impacts from divestiture transactions (“Adjusted Operating Income”), which is a non-GAAP financial measure.The Company also discloses net income (loss) attributable to common stockholders, adjusted for the U.S. tax reform impact, the Southbridge Landfill closure charge, gains on asset sales, development project charge write-offs, contract settlement charges, legal settlement costs, tax settlement costs, bargain purchase gains, asset impairment charges, environmental remediation charges, severance and reorganization costs, expenses from divestiture, acquisition and financing costs, gains on the settlement of acquisition related contingent consideration, fiscal year-end transition costs, proxy contest costs, impacts from divestiture transactions, losses on debt modifications, as well as impairment of investments (“Adjusted Net Income Attributable to Common Stockholders”), which is a non-GAAP financial measure.The Company also discloses Adjusted Diluted Earnings Per Common Share, which is Adjusted Net Income Attributable to Common Stockholders divided by Adjusted Diluted Weighted Average Shares Outstanding, which includes the dilutive effect of options and restricted / performance stock units.The Company also discloses net cash provided by operating activities, less capital expenditures (excluding acquisition related capital expenditures), less payments on landfill operating lease contracts, plus proceeds from divestiture transactions, plus proceeds from the sale of property and equipment, plus proceeds from property insurance settlement, plus (less) contributions from (distributions to) noncontrolling interest holders (“Free Cash Flow”), which is a non-GAAP financial measure.The Company also discloses Free Cash Flow plus certain cash outflows associated with landfill closure, site improvement and remediation expenditures, plus certain cash outflows associated with new contract and project capital expenditures, (less) plus cash (inflows) outflows associated with certain business dissolutions, plus cash interest outflows associated with the timing of refinancing transactions (“Normalized Free Cash Flow”), which is a non-GAAP financial measure.The Company also discloses net cash provided by operating activities, plus changes in assets and liabilities, net of effects of acquisitions and divestitures, gains on sale of property and equipment, environmental remediation charges, losses on debt extinguishment, stock based compensation expense, the Southbridge Landfill closure charge, interest expense, cash interest expense, provisions for income taxes, net of deferred taxes and adjustments as allowed by the Company’s credit facility agreement (“Consolidated EBITDA”) and total long-term debt and capital leases, less unencumbered cash and cash equivalents in excess of $2.0 million (“Consolidated Funded Debt, Net” and, divided by Consolidated EBITDA, the “Consolidated Net Leverage Ratio”).Adjusted EBITDA and Adjusted Operating Income are reconciled to net income (loss); while Adjusted Net Income Attributable to Common Stockholders is reconciled to net income (loss) attributable to common stockholders; Adjusted Diluted Earnings Per Common Share is reconciled to diluted earnings per common share; Free Cash Flow and Normalized Free Cash Flow are reconciled to net cash provided by operating activities; and Consolidated Funded Debt, Net is reconciled to total long-term debt and capital leases..The Company presents Adjusted EBITDA, Adjusted Operating Income, Adjusted Net Income Attributable to Common Stockholders, Adjusted Diluted Earnings Per Common Share, Free Cash Flow, Normalized Free Cash Flow Consolidated EBITDA, Consolidated Funded Debt, Net and the Consolidated Net Leverage Ratio 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 financial measures to further understand its “core operating performance.” The Company believes its “core operating performance” is helpful in understanding its ongoing performance in the ordinary course of operations. The Company believes that providing Adjusted EBITDA, Adjusted Operating Income, Adjusted Net Income Attributable to Common Stockholders, Adjusted Diluted Earnings Per Common Share, Free Cash Flow, Normalized Free Cash Flow, Consolidated EBITDA, Consolidated Funded Debt, Net and the Consolidated Net Leverage Ratio 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 has performed. The Company further believes that providing this information allows its investors greater transparency and a better understanding of its core financial performance.Non-GAAP financial measures are not in accordance with or an alternative for GAAP. Adjusted EBITDA, Adjusted Operating Income, Adjusted Net Income Attributable to Common Stockholders, Adjusted Diluted Earnings Per Common Share, Free Cash Flow, Normalized Free Cash Flow, Consolidated EBITDA, Consolidated Funded Debt, Net and the Consolidated Net Leverage Ratio 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, Adjusted Operating Income, Adjusted Net Income Attributable to Common Stockholders, Adjusted Diluted Earnings Per Common Share, Free Cash Flow, Normalized Free Cash Flow, Consolidated EBITDA, Consolidated Funded Debt, Net and the Consolidated Net Leverage Ratio presented by other companies. 13,528 — 2017 — 10.5%Total revenues$151,223 (37,052) Southbridge Landfill closure charge316 2016Eastern region58.1% 381,973 $0.19 Environmental remediation charge (3)— $— $143,795 3,606 122,605 $0.05 Tax effect (i)206 Adjusted EBITDA$30,230 Other expense (income): Cash and cash equivalents, end of period$1,995 (7,219)Proceeds from the exercise of share based awards1,278 41,233 38,652 — 2016 1.1%Solid waste operations437,130 $(21,799) Other income(368) $(0.29) Three Months Ended December 31, 0.02 1.2% 14,848 51,309 13,747 $60,841 Cash Flows from Investing Activities: 150 (1) The Company performed a test of recoverability under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360, which indicated that the carrying value of the Company’s asset group that includes the Southbridge Landfill was no longer recoverable and, as a result, the asset group was assessed for impairment with an impairment charge allocated to the long-lived assets of Southbridge Landfill in accordance with FASB ASC 360. (15,253) — Net income (loss)20,021 $24,363 (4) The Company incurred legal and other transaction costs associated with various matters as part of the Southbridge Landfill closure. $565,030 21.5% 13,148 2,408 7.4% 19,908 176 2016 2017 % of RecyclingOperations Basic earnings per common share$0.48 2016 $120,602 — 41,422 (1.4)%Total Company$7,429 1.0%Processing36 100.0%Components of revenue growth for the three months ended December 31, 2017 compared to the three months ended December 31, 2016 are as follows: 0.02 2017 $(0.17) 2017 9,997 December 31,2017 (0.2)%Customer Solutions1,877 (2) The Company wrote-off deferred costs associated with Southbridge Landfill permitting activities no longer deemed viable. — 1.3% 361,547 LIABILITIES AND STOCKHOLDERS’ DEFICIT (3)The Company recorded an environmental remediation charge associated with the future installation of a municipal waterline. 65,183 (24,550)Total liabilities and stockholders’ deficit $— 44.2%Disposal160,073 84,380 78,588 (2,438) $614,949 88,569 (4,482) (9)Net income (loss) attributable to common stockholders$20,021 (8.3)% 10.6% 73.6% (2,839)Acquisition related additions to property, plant and equipment(469) $599,309 — 1,002 Fiscal Year EndedDecember 31, — (21,799) —% Dilutive effect of options and other stock awards— CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESSUPPLEMENTAL DATA TABLES(Unaudited)(In thousands)Amounts of total revenues attributable to services provided for the three and twelve months ended December 31, 2017 and 2016 are as follows: Other non-current assets 1,589 752 1.1%Solid waste operations112,194 520,085 — 97,565 CURRENT LIABILITIES: (16,765) 24,887 % ofRelatedBusiness — 0.8%Processing1,699 Net cash used in financing activities(31,640) Diluted earnings per common share$0.46 Cash income taxes, net of refunds$146 32,743 21.3%Depreciation and amortization(15,795) 7,696 13,747 62,102 477,576 Three Months EndedDecember 31, Other long-term liabilities CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESRECONCILIATION OF CERTAIN NON-GAAP MEASURES(Unaudited)(In thousands, except for per share data)Following is a reconciliation of Adjusted EBITDA and Adjusted Operating Income from Net income (loss): 9,295 $80,434 (ii)This includes cash outlays associated with the Southbridge Landfill closure charge. 5,921 Fiscal Year EndedDecember 31, 232 Cash and cash equivalents, beginning of period2,544 Fiscal Year EndedDecember 31, $— (0.4)%Volume(1,448) $38,798 43.5%Disposal41,739 9.8%Recycling13,101 Income (loss) before income taxes4,207 2017 3,393 7.4%Customer solutions60,057 Southbridge Landfill closure charge316 $65,183 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)(In thousands)Note 1: Southbridge Landfill Closure ChargeIn June 2017, the Company initiated its plan to cease operations of its Subtitle D landfill in Southbridge, Massachusetts (“Southbridge Landfill”). Accordingly, in the three months ended December 31, 2017 and the fiscal year ended December 31, 2017, the Company recorded charges associated with the closure of its Southbridge Landfill as follows: — Proceeds from long-term borrowings185,500 Environmental remediation charge— 2017 4,482 2016Net cash provided by operating activities$28,438 Fiscal Year EndedDecember 31, 0.01 13,747 (i)This includes a contract settlement charge associated with exiting a contract. 583 900 Net loss$(21,799) 52,911 Interest expense, net6,015 $45,845 398,466 2.4%Collection630 $0.67 1,182 (54,200)Payments on landfill operating lease contracts(3,509) Net cash used in investing activities(76,447) 65,953 Cost method investments 2016 9.6%Recycling62,307 $2,544 24,887 2016 24,469 65,183 1,347 8.1% 86,666 $631,512 — 72.6%Organics9,934 Operating income (loss)9,854 Normalized Free Cash Flow$4,419 Supplemental Disclosure of Cash Flow Information: 44.6% 16,432 44,997 $274 $5,373 $(11,974) 6,770 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESRECONCILIATION OF 2018 OUTLOOK NON-GAAP MEASURES(Unaudited)(In thousands)Following is a reconciliation of the Company’s anticipated Adjusted EBITDA from anticipated Net income for the fiscal year ending December 31, 2018: 503,961 Fiscal Year EndedDecember 31, Accounts payable (i)This includes the interest payment required upon redemption of the senior subordinated notes. 74.4%Solid waste internalization66.5% Total current assets (7,249)Proceeds from sale of property and equipment711 2016 2.2% 62,102 Depreciation and amortization62,102 % of TotalRevenues $27,117 69,675 — — 33,697 21,821 — 6,770 — Total Replacement Capital Expenditures$20,262 Expense from divestiture, acquisition and financing costs176 13,011 $20,347 Interest accretion on landfill and environmental remediation liabilities4,482 $(0.17)U.S. tax reform impact(0.36) Environmental remediation charge— $(6,858)Net income (loss) margin13.2% (9,295)Interest accretion on landfill and environmental remediation liabilities(1,277) Three Months EndedDecember 31, 41,846 2017 (935) Accounts receivable – trade, net 11,567 (38)Additions to property, plant and equipment(64,393) (11,974) (i)The aggregate tax effect of the adjustments, including the impact of deferred tax adjustments. 119,899 Price(497) (1,090)Loss on debt extinguishment— Loss on debt extinguishment— Total stockholders’ deficit 61,856 44,945 517 $(21,799) 8,149 1.55 $2,544 $4,686 2016 42,134 Depreciation and amortization15,795 — 61,196 $(0.52) Changes in assets and liabilities, net of effects of acquisitions and divestitures(4,584) Cash and cash equivalents 918 39,161 $(6,858)Adjustments to reconcile net loss to net cash provided by operating activities: Goodwill 1.1% $36,616 79,243 38,652 3,155 Changes in assets and liabilities, net of effects of acquisitions and divestitures4,584 Total assets 41,422 Deferred income taxes(15,525) 13,011 2016Cash Flows from Operating Activities: Following is the Consolidated Net Leverage Ratio and the reconciliations of Consolidated Funded Debt, Net from long-term debt and capital leases and Consolidated EBITDA from Net cash provided by operating activities: Interest accretion on landfill and environmental remediation liabilities1,277 Fiscal Year EndedDecember 31, 54,478 — $249,640 41,233 100.0% 0.34 Adjusted EBITDA margin20.0% 64.3% — 2016Diluted earnings per common share$0.46 (ii)This includes cash outlays associated with the Southbridge Landfill closure charge. 73.7% (11,824) 56.2% Tax effect— $631,512 (918) — 2017 10.0% $52,776 $0.05 Adjusted Operating Income margin6.8% 1,143 Interest payment on redemption of the senior subordinated notes (i)— 2017 Following is a reconciliation of Adjusted Net Income Attributable to Common Stockholders from Net income (loss) attributable to common stockholders: (62,964)Cash Flows from Financing Activities: 53.8%Western region76.2% 2017 — 5.4%Organics(280) Non-current assets acquired through long-term obligations$3,564 6,282 (608,198)Payments of debt issuance costs(1,452) 141,369 711 (1,090)Other expense, net5,647 Legal and transaction costs (4)316 9,149 Loss on sale of property and equipment(49)Loss on debt extinguishment(517)Stock based compensation(6,432)Southbridge Landfill non-cash charge(63,526)Interest expense, less amortization of debt issuance costs and discount on long-term debt22,468 (574)Southbridge Landfill non-cash closure charge63,526 Other952 Expense from divestiture, acquisition and financing costs176 % of TotalCompanySolid Waste Operations: — Consolidated EBITDA$135,363 21,581 900 Southbridge Landfill closure charge0.01 900 10.4% 20.4% 65,183 — 6,379 Fiscal Year EndedDecember 31, 3.0% 2017 (12.9)% $1,937 $28,740 Three Months EndedDecember 31, Intangible assets, net $62,524 Twelve Months Ended December 31, 2017Net cash provided by operating activities$107,538 $42,712 133,798 73.6%Organics39,815 — 901 (i) The Company’s credit facility agreement requires it to maintain a maximum leverage ratio, to be measured at the end of each fiscal quarter (“Consolidated Net Leverage Ratio”). The Consolidated Net Leverage Ratio is calculated as consolidated long-term debt and capital leases, net of unencumbered cash and cash equivalents in excess of $2,000 (“Consolidated Funded Debt, Net”, calculated at $497,680 as of December 31, 2017, or $497,680 of consolidated funded debt less $0 of cash and cash equivalents in excess of $2.0 million as of December 31, 2017), divided by Consolidated EBITDA. Consolidated EBITDA is based on operating results for the twelve months preceding the measurement date of December 31, 2017. A reconciliation of Net cash provided by operating activities to Consolidated EBITDA is as follows: 42,553 43,028 Adjusted Net Income Attributable to Common Stockholders$4,630 1,362 Adjusted diluted weighted average common shares outstanding43,394 44.0% 0.1%Acquisitions, net divestitures1,299 1,449 (3.6)% Three Months EndedDecember 31, Facilities1,447 Supplemental Disclosure of Non-Cash Investing and Financing Activities: 100.0% 611,892 $143,795 900 Free Cash Flow$3,820 $614,949 (1.0)%Total Recycling(1,945) (0.39) 2017 80,434 2017 128 — 0.32 Environmental remediation charge— 1.3% Amount (3,606)Adjusted Operating Income$10,346 $129,006 — 2017 Environmental remediation charge— $(0.17)Diluted weighted average common shares outstanding43,394 1,656 Other income(368) 6.6% — 3.4% 8.8% (37,862) $15,683 $0.67 Current maturities of long-term debt and capital leases 2016Asset impairment charge (1)$— 900 12,333 Collection$2,322 Southbridge landfill closure charge316 0.02 Following is a reconciliation of Free Cash Flow and Normalized Free Cash Flow from Net cash provided by operating activities: Southbridge Landfill closure charge$316 2.0% 2017 $4,926 2016Net income (loss)$20,021 (64,393) — —%Solid Waste Volume2,065 27.2%Power generation1,254 0.9% 383 1,362 82,426 0.6% $64,393 494 9,295 (9,395)Net cash provided by operating activities107,538 9,646 — 104,417 Following is a reconciliation of Adjusted Diluted Earnings Per Common Share from Diluted earnings per common share: $16,765 Adjusted Diluted Earnings Per Common Share$0.11 % of TotalRevenuesCollection$263,688 150 41,422 $(6,849)Basic weighted average common shares outstanding42,033 61,856 405,188 General and administration20,855 — Replacement Capital Expenditures: Environmental remediation charge— (61,856)Depletion of landfill operating lease obligations(2,812) 15,425 Principal payments on long-term debt(216,966) Provision for income taxes, net of deferred taxes272 Adjustments as allowed by the senior secured credit agreement71,025 0.4%Disposal1,399 2,581 Interest expense, net6,015 Change in restricted cash— — Expense from divestiture, acquisition and financing costs176 — Revenues$151,223 — % of TotalRevenues (9.6)% 0.8%Processing— 2016Total Growth Capital Expenditures$901 (15,253) 1.6%Disposal1,177 27.6% — (7,240) Long-term debt and capital leases, less current maturities 7.6% $(0.52) Total Growth and Replacement Capital Expenditures$21,163 26.7% Project development charge (2)— 74.1% Three Months EndedDecember 31, 2,312 0.9%Total Solid Waste7,777 900 7.1%Customer solutions15,994 2017 % of SolidWasteOperations 176 (Anticipated)Fiscal Year Ending December 31, 2018Net cash provided by operating activities$109,000 – $113,000Capital expenditures(65,000)Payments on landfill operating lease contracts(7,500)Free Cash Flow$36,500 – $40,500Contract settlement charge (i)2,000Landfill closure, site improvement and remediation expenditures (ii)3,500Normalized Free Cash Flow$42,000 – $46,000 Fiscal Year EndedDecember 31, 2016 Adjusted diluted earnings per common share$0.11 — Three Months EndedDecember 31, 2016Net income (loss) attributable to common stockholders$20,021 3.7% 1,220 Loss on debt extinguishment— 9,204 (Anticipated)Fiscal Year Ending December 31, 2018Net income$28,000 – $32,000Interest expense, net25,500Depreciation and amortization65,000Depletion of landfill operating lease obligations11,000Interest accretion on landfill and environmental remediation liabilities5,500Adjusted EBITDA$135,000 – $139,000Following is a reconciliation of Free Cash Flow and Normalized Free Cash Flow from Net cash provided by operating activities: — $5,453 12,333 2016 27.3%Power generation5,375 72.9% 2017 1.0%Processing7,994 Operating expenses: (16,089) (394) Loss on debt extinguishment517 — 8,019 6.7% (935) $(11,974) $10,897 41,587 Expense from divestiture, acquisition and financing costs— Deferred income taxes Diluted weighted average common shares outstanding43,394 (8,146)Payments of debt extinguishment costs— $(11,974) $565,030 0.6% $1,082 2017 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands) (7,249)Proceeds from sale of property and equipment54 $48,827 ASSETS — (17,238)Net (decrease) increase in cash and cash equivalents(549) 5.2%Solid Waste Internalization Rates by Region for the three and twelve months ended December 31, 2017 and 2016 are as follows: Depletion of landfill operating lease obligations9,646 % of TotalRevenuesCollection$67,502 —% 2,165 9,204 (15,425) Amortization of debt issuance costs and discount on long-term debt2,692 3,881 (6,364)(Benefit) provision for income taxes(15,814) $(6,849)U.S. tax reform impact(16,089) (6,858)Less: Net loss attributable to noncontrolling interests— 0.1% 1,131 900 (2,165) 8.7% $2,299 Depletion of landfill operating lease obligations2,812 Total current liabilities (12,583) (9,646) $— Other accrued liabilities 1.2% 1.4%Recycling Operations: 0.2% $47,999 (3.3)% Cash interest$25,029 1,068 10,215 2016 41,846 Other current assets Property, plant and equipment, net Fiscal Year EndedDecember 31, $0.19 41,233 December 31,2016CURRENT ASSETS: 100.0% 56.4% $12,223 63.4%Components of capital expenditures for the three and twelve months ended December 31, 2017 and 2016 are as follows (v): 0.8% 41,846 15,046 — $(21,799) Loss (gain) on sale of property and equipment49 2017 9.4%Total revenues$599,309 36,562 — 494 Three Months EndedDecember 31, 3,606 5,832 517 0.6%Commodity price & volume186 Landfill development7,536 Landfill closure, site improvement and remediation expenditures (ii)599 $29,405 29,666 47,081 2,182 $54,200 $(0.52) 154,211 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands) (v) The Company’s capital expenditures are broadly defined as pertaining to either growth, replacement or acquisition activities. Growth capital expenditures are defined as costs related to development of new airspace, permit expansions, and new recycling contracts along with incremental costs of equipment and infrastructure added to further such activities. Growth capital expenditures include the cost of equipment added directly as a result of organic business growth as well as expenditures associated with adding infrastructure to increase throughput at transfer stations and recycling facilities. Replacement capital expenditures are defined as landfill cell construction costs not related to expansion airspace, costs for normal permit renewals, and replacement costs for equipment due to age or obsolescence. Acquisition capital expenditures, which are not included in the table above, are defined as costs of equipment added directly as a result of new business growth related to an acquisition.Source: RUTLAND, Vt., March 01, 2018 (GLOBE NEWSWIRE) — Casella Waste Systems, Inc www.casella.com(link is external) (394) 14,117 293 Loss on debt extinguishment— Capital expenditures(21,163) 517 604,850 $(0.29) 176 — Cost of operations104,227 Depreciation and amortization15,795 2016 $107,538
(2) Discipline by Foreign Jurisdiction. On petition of The Florida Bar, authorized by its president, president-elect, or executive director, supported by a certified copy of an order of a foreign disciplinary jurisdiction suspending or disbarring an attorneya lawyer from the practice of law, the Supreme Court of Florida may issue an order suspending the attorneylawyer on an emergency basis. See subdivision (l) of rule 3-7.2. < p>A petition for emergency suspension shallwill also constitute a formal complaint. The respondent shallwill have 20 days after docketing by the Supreme Court of Florida of its order granting the bar’s petition for emergency suspension in which to file an answer and any affirmative defenses to the bar’s petition. < p>(b) Petition for Interim Probation or Interim Placement on the Inactive List for Incapacity Not Related to Misconduct. On petition of The Florida Bar, authorized by its president, president-elect, or executive director, supported by 1 or more affidavits demonstrating facts personally known to the affiants that, if unrebutted, would establish clearly and convincingly that conditions or restrictions on a lawyer’s privilege to practice law in Florida are necessary for protection of the public, the Supreme Court of Florida may issue an order placing said lawyer on interim probation, the conditions of which shall be as provided in rule 3-5.1(c) ); or placing the lawyer on the inactive list for incapacity not related to misconduct as provided in rule 3-7.13. The Supreme Court of Florida may issue an order placing a lawyer on interim probation, under the conditions provided in subdivision (c) of rule 3-5.1 or placing the lawyer on the inactive list for incapacity not related to misconduct as provided in rule 3-7.13. Such order may be issued upon petition of The Florida Bar, authorized by its president, president-elect, or executive director, supported by 1 or more affidavits demonstrating facts personally known to the affiants that, if unrebutted, would establish clearly and convincingly that conditions or restrictions on a lawyer’s privilege to practice law in Florida are necessary for protection of the public. This petition shallwill also constitute the formal complaint. The respondent shallwill have 20 days after docketing by the Supreme Court of Florida of its order granting the bar’s petition for interim probation in which to file an answer and any affirmative defenses to the bar’s petition. < p>(c) Trust Accounts. Any order of emergency suspension or probation that restricts the attorney in maintaining a trust account shall, whenwill be served on the respondent and any bank or other financial institution maintaining an account against which said attorneythe respondent may make withdrawals,. The order will serve as an injunction to prevent saidthe bank or financial institution from making further payment from suchthe trust account or accounts on any obligation except in accordance with restrictions imposed by the court through subsequent orders issued by a court-appointed referee. Bar counsel will serve a copy of the Supreme Court of Florida’s order freezing a lawyer’s trust account via first class mail on the bank(s) in which the respondent’s trust account is held. < p>(1) The court’s order appointing a referee under this rule may authorize the referee to determine entitlement to funds in the frozen trust account. Any client or third party claiming to be entitled to funds in the frozen trust account must file a petition requesting release of frozen trust account funds with the referee appointed in the case, accompanied by proof of entitlement to the funds. < p>(2) Bar counsel and bar auditors will provide information to the appointed referee from bar audits and other existing information regarding persons claiming ownership of frozen trust account funds. The bar will notify persons known to bar staff in writing via regular first class mail of their possible interest in funds contained in the frozen trust account. The notices will include a copy of the form of a petition requesting release of frozen trust account funds, to be filed with the referee and instructions for completing the form. The bar will publish, in the local county or city newspaper published where the lawyer practiced before suspension, a notice informing the public that the lawyer’s trust account has been frozen and those persons with claims on the funds should contact listed Bar counsel within 30 days after publication whenever possible. < p>(A) If there are no responses to the notices mailed and published by the bar within 90 days from the date of the notice or if the amount in the frozen trust account is over $100,000, a receiver may be appointed by the referee to determine the person rightfully entitled to the frozen trust funds. The receiver will be paid from the corpus of the trust funds unless the referee orders otherwise. < p>(B) In all other instances, a referee shall determine who is entitled to funds in the frozen trust account, unless the amount in the frozen trust account is $5,000 or less and no persons with potential entitlement to frozen trust account funds respond to the bar’s mailed or published notices within 90 days from the date of the notice. In such event, the funds will be unfrozen. < p>(d) Referee Review of Frozen Trust Account Petitions. The referee will determine when and how to pay the claim of any person entitled to funds in the frozen trust account after reviewing the bar’s audit report, the lawyer’s trust account records, the petitions filed or the receiver’s recommendations. If the bar’s audit report or other reliable evidence shows that funds have been stolen or misappropriated from the lawyer’s trust account, then the referee may hold a hearing. Subchapter 3-6 will not apply to a referee hearing under this rule. No pleadings will be filed, only petitions requesting release of frozen trust account funds. The parties to this referee proceeding will be those persons filing a petition requesting release of frozen trust account funds. The bar will not be a party to the proceeding. The referee’s order will be the final order in the matter unless one of the parties petitions for review of the referee’s order to the Supreme Court of Florida. The sole issue before the referee will be determination of ownership of the frozen trust account funds. The referee will determine the percentage of monies missing from the respondent’s trust account and the amounts owing to those petitioners requesting release of frozen trust account funds. A pro rata distribution is the method of distribution when there are insufficient funds in the account to pay all claims in full. The referee’s decision is subject only to direct petition for review of the referee’s final order by a party claiming an ownership interest in the frozen trust funds. The petition for review must be filed within 60 days of the referee’s final order. The schedule for filing of briefs in the appellate process will be as set forth in subchapter 3-7 of these rules. < p>(e) Separate Funds in Frozen Trust Accounts. The referee will order return of any separate funds to their rightful owner(s) in full upon their filing a petition requesting release of frozen trust account funds with proof of entitlement to the funds. Separate funds are monies deposited into the respondent’s trust account after the misappropriation, which are not affected by the misappropriation, and funds that have been placed into a separate segregated individual trust account under the individual client’s tax identification number. < p>(df) New Cases and Existing Clients. Any order of emergency suspension issued under this rule shallwill immediately preclude the attorney from accepting any new cases and unless otherwise ordered permit the attorney to continue to represent existing clients for only the first 30 days after issuance of suchan emergency order. Any fees paid to the suspended attorney during the 30-day period shallwill be deposited in a trust account from which withdrawals may be made only in accordance with restrictions imposed by the court. < p>(eg) Motions for Dissolution. The lawyer may move at any time for dissolution or amendment of an emergency order by motion filed with the Supreme Court of Florida, a copy of which will be served on bar counsel. SuchThe motion shallwill not stay any other proceedings and applicable time limitations in the case and, unless the motion fails to state good cause or is procedurally barred as an invalid successive motion, shallwill immediately be assigned to a referee designated by the chief justice. The filing of suchthe motion shallwill not stay the operation of an order of emergency suspension or interim probation entered under this rule. < p>(fh) Appointment of Referee. UpoOn entry of an order of suspension or interim probation, as provided above, the Supreme Court of Florida shallwill promptly appoint or direct the appointment of a referee. On determination that funds have been misappropriated from a lawyer’s trust account as provided above, the Supreme Court of Florida will promptly appoint or direct the appointment of a referee. < p>(gi) Hearing on Petition to Terminate or Modify Suspension. The referee shallwill hear a motion to terminate or modify a suspension or interim probation imposed under this rule within 7 days of assignment and submit a report and recommendation to the Supreme Court of Florida within 7 days of the date of the hearing. The referee shallwill recommend dissolution or amendment, whichever is appropriate, to the extent that bar counsel cannot demonstrate a likelihood of prevailing on the merits on any element of the underlying rule violations. < p>(hj) Successive Motions Prohibited. Successive motions for dissolution shallwill be summarily dismissed by the Supreme Court of Florida to the extent that they raise issues that were or with due diligence could have been raised in a prior motion. < p>(ik) Review by the Supreme Court of Florida. UpoOn receipt of the referee’s recommended order on the motion for dissolution or amendment, the Supreme Court of Florida shallwill review and act upon the referee’s findings and recommendations. regarding emergency suspensions and interim probations. This subdivision does not apply to a referee’s final order to determine ownership of funds in frozen trust accounts. These final orders of referee are reviewable by the Supreme Court of Florida only if a party timely files a petition for review pursuant to this rule. Briefing schedules following the petition for review will be as set forth in subchapter 3-7 of these rules. < p>(jl) Hearings on Issues Raised in Petitions for Emergency Suspension or Interim Probation and Sanctions. Once the Supreme Court of Florida has granted a petition for emergency suspension or interim probation as set forth in this rule, the referee appointed by the court shallwill hear the matter in the same manner as provided in rule 3-7.6, except that the referee shallwill hear the matter after the lawyer charged shall havehas answered the charges in the petition for emergency suspension or interim probation or when the time has expired for filing an answer. The referee shallwill issue a final report and recommendation within 90 days of appointment. If the time limit specified in this subdivision is not met, that portion of an emergency order imposing a suspension or interim probation shallwill be automatically dissolved, except upon order of the Supreme Court of Florida, provided that any other appropriate disciplinary action on the underlying conduct still may be taken. < p>(km) Proceedings in the Supreme Court of Florida. Consideration of the referee’s report and recommendation shallregarding emergency suspension and interim probation will be expedited in the Supreme Court of Florida. If oral argument is granted, the chief justice shallwill schedule oral argument as soon as practicable. < p>(ln) Waiver of Time Limits. The respondent may at any time waive the time requirements set forth in this rule by written request made to and approved by the referee assigned to hear the matter. Intent to amend Bar Rule 3-5.2 Intent to amend Bar Rule 3-5.2 The Board of Governors of The Florida Bar hereby gives notice of filing with the Supreme Court of Florida, on or about September 15, 2013 a petition to amend the Rules Regulating The Florida Bar. The full text of the proposed amendments is printed below. A copy of this submission may be requested by contacting Elizabeth Clark Tarbert, by email to: email@example.com, by regular U.S. mail to: The Florida Bar, 651 East Jefferson St., Tallahassee 32399-2300 or by calling (850) 561-5780. Members who desire to comment on these proposed amendments may do so within 30 days of the filing of the Bar’s petition. Comments should be filed directly with the clerk of the Supreme Court of Florida, and a copy must be served on the executive director of The Florida Bar. Rule 1-12.1, Rules Regulating The Florida Bar, governs these proceedings. RULES REGULATING THE FLORIDA BAR CHAPTER 3 RULES OF DISCIPLINE SUBCHAPTER 3-5 TYPES OF DISCIPLINE RULE 3-5.2 EMERGENCY SUSPENSION AND INTERIM PROBATION OR INTERIM PLACEMENT ON THE INACTIVE LIST FOR INCAPACITY NOT RELATED TO MISCONDUCT (a) Petition for Emergency Suspension. (1) Great Public Harm. On petition of The Florida Bar, authorized by its president, president-elect, or executive director, supported by 1 or more affidavits demonstrating facts personally known to the affiants that, if unrebutted, would establish clearly and convincingly that an attorney a lawyer appears to be causing great public harm, the Supreme Court of Florida may issue an order suspending the said attorney lawyer on an emergency basis. August 1, 2013 Regular News
Huffington Post:Eating organic food may make people develop a holier-than-thou complex, according to a new study in the journal Social Psychological and Personality Science.Researchers divided subjects into three different groups. One was shown pictures of organic food, like apples and spinach, and another comfort food, like brownies and cookies. The remaining group, which served as the control, was shown foods that weren’t organic or comfort foods, like rice, mustard and oatmeal.Afterward, the subjects were asked to pass judgment on a variety of moral transgressions. The results were stark: People in the organic food group judged the issues much more harshly than the others.MSNBC spoke with the one of the study’s authors, Kendall Eskine, assistant professor of the department of psychological sciences at Loyola University, who explained he reason for exploring the phenomenon:“I’ve noticed a lot of organic foods are marketed with moral terminology, like Honest Tea, and wondered if you exposed people to organic food, if it would make them pat themselves on the back for their moral and environmental choices. I wondered if they would be more altruistic or not.”The findings are especially interesting when considered hand in hand with previous studies, including a 2010 paper in the journal Psychological Science titled “Do Green Products Make Us Better People?”Read the whole story: Huffington Post More of our Members in the Media >
Email A biomarker found in the blood of alcohol users is significantly higher in binge drinkers than in those who consume alcohol moderately, according to a study by researchers at the University of Illinois at Chicago. The biomarker, called phosphatidylethanol (PEth), could be used to screen young adults for harmful or heavy drinking such as binge drinking.Having performed extensive research on alcohol and its effects on health throughout her career, Mariann Piano, professor and head of the department of biobehavioral health science in the UIC College of Nursing, knew PEth is a biomarker associated with alcohol consumption, but it had never been measured in young adults.“Binge drinking is pervasive on college campuses and among young adults,” Piano said. “More alarming, though, is the regularity of binge drinking episodes: one in five students report three or more binge drinking episodes in the prior two weeks.” Share on Twitter The National Institute on Alcohol Abuse and Alcoholism defines binge drinking as a pattern of drinking that brings a person’s blood alcohol concentration to 0.08 or above. This typically occurs when men consume five or more drinks in about two hours. For women, it’s consuming four or more drinks in the same time period.Piano and co-investigator Shane Phillips, associate professor of physical therapy, measured PEth in blood samples from student participants at two large Midwestern university campuses. Participants were part of a larger ongoing study examining the cardiovascular effects of binge drinking.Participants completed a 10-question self-assessment survey to determine their drinking patterns. After the questionnaires were reviewed, the subjects were divided into three groups: abstainers, moderate drinkers and binge drinkers.Abstainers had not had more than one drink per month in the past two to three years. For men, moderate drinking was defined as consuming three drinks or less per sitting one to two times per week in the past five years. For women, the number of drinks was two. Binge drinkers must have had at least two episodes of heavy drinking in one sitting in the last month.The majority of participants were Caucasian females. The majority of moderate and binge drinkers were Caucasian, while abstainers were predominantly Asian.Following the self-assessment, blood was drawn from each participant to measure blood alcohol levels and PEth. Five blood spots were placed on cards to be dried and measured against the whole blood samples in an off-site drug testing laboratory.“We discovered a significant correlation between PEth levels in both the whole blood and dried blood samples and the number of times subjects consumed four to five drinks in one sitting within the last 30 days,” Piano said.The PEth levels in the blood also positively correlated with the self-assessment survey scores, Piano said.“Using a biomarker of heavy alcohol consumption such as PEth along with self-reporting could provide an objective measure for use in research, screening and treatment of hazardous alcohol use among young adults,” she said. Share Pinterest LinkedIn Share on Facebook
Steinem and Cher, so different — and so similarAmong the biographical details about Gloria Steinem in Gloria: A Life, by Emily Mann, one observation in particular pricked up my ears. “I had a near pathological fear of public speaking — I go to a speech teacher. (To teacher): I actually lose all my saliva, and each tooth feels like it has a little angora sweater on it,” Christine Lahti, as Gloria, tells us.Steinem was and is many things. And if she wasn’t born with it, she created it — such as a word she invented, now part of the English lexicon, “Ms.” That her own personal struggles were born in a disenfranchised childhood is astonishing, because we recognize her for her celebrity, as someone who rose above the commonplace and the common person.Her stories about her family are shocking. After her parents were divorced, Gloria and her mother lived in her mother’s family home, where there was no heat. And it was rat- infested. From the ages of 11 to 17, she took care of her mother, an invalid who was addicted to prescription tranquilizers. As Gloria confides, she spent her days in bed, “her lips sometimes moving in response to voices only she can hear.”The radical trajectory of Steinem’s personal and professional life obviously speaks for itself. Still, to have come from that background and to enter Smith College was an unheard-of leap in the 1950s, as it would be today. Most of her classmates, she dryly notes, were there to find Mr. Right.As her biographer, Emily Mann offers the perspective of a woman who also has succeeded in a male-dominated world. As a trailblazing director, Mann has garnered two Tony Awards, and as a playwright, she’s been recognized with numerous accolades, including the Obie. Most importantly, she brings a sense of ease and warmth to this herstory of Gloria Steinem that speaks to the spirit of Feminism’s Second Wave.Focusing on the issues of women’s equality in domestic life as well as in the workplace, Mann highlights the major feminist objectives of the day: legalizing abortion and federally-funded daycare centers. Betty Friedan may be the mother of feminism’s second wave, but its spiritual leader was Steinem. In her seminal work as an undercover Playboy Bunny at The Playboy Club, reporting on the mistreatment of women employees, the movement had found a powerful voice.As designed by Amy Rubi, the theatrical space invites us into Gloria’s living space, with Persian rugs, Moroccan pillows, and piles of books, surrounded by tiers of benches like an amphitheater. We recognize this homespun space as a meeting place for consciousness-raising, a place where women sit around in a circle and tell their stories. Through their discourse, they created communities in which the inequalities between men and women were recognized and addressed.Accordingly, the creative team here is all women. As directed by Diane Paulus, the production is less a curated retrospective about Gloria Steinem than a real-time reimaging of her life. The show moves swiftly, albeit with heartfelt commitment.Christine Lahti is marvelous, channeling the daring, charisma, and strength of the iconic Gloria. She’s also embraced by an ensemble of actors, her peers and colleagues — women of all ages, from all walks of life.The production feels experiential, insofar as the play brings us in touch with ourselves and our own herstory. There is an open talkback with Lahti after each show.That Gloria Steinem’s story is universal makes it most compelling. “It wasn’t until I was a grown woman that I found out — long before I was born — my mother was a journalist! Like me,” Gloria confides. Her mother published articles under a man’s name and, finally, in her 20s, “she became the Sunday editor of The Toledo Blade — which must have been a really, really big deal. I mean, women had barely won the vote!”The Cher ShowAt the top of The Cher Show, Stephanie J Block enters with a plume of glittering black feathers on her back, like taxidermy, or in this case a gay icon. “Don’t try this at home, queens,” Cher (Block) warns. Like Cher, this show has attitude.As designed by Bob Mackie, the costumes are magnificent, featuring outré designs by the man who originated the pop icon’s famous fashions — King Tut-inspired headdresses and Native American ones, gowns of glitter and plastic and shiny metal pop out, along with a lot of bare skin. Each piece is a spectacle.Written by Rick Elice, of Jersey Boys fame, The Cher Show includes 35 songs from the rock star’s oeuvre. But this production has a more metatheatrical feel than Elice’s earlier work. Here, Cher tells her story while it is being acted out. In fact, it takes three actors to portray her. Micaella Diamond plays her as a youth, Teal Wicks during her mid-career, and Stephanie J Block from the ’80s to the present. Mackie is both the designer, and as played by Michael Berresse, a character in the show. By the way, Cher is one of the producers.In this story about the hero goddess, the glitter and glamour with which she surrounds herself also sucks her dry. She and Sonny Bono (Jarrod Spector) run like flower children through wild times, but they also fall into debt, get crucified for tax evasion, all while Cher breaks down from the pressures of show business.As her husband and co-star, Sonny managed Cher’s affairs and acquired sole ownership of Cher Enterprises, which made for a very unequal relationship and caused Cher to walk out on their top-rated TV series, The Sonny & Cher Show. As depicted here, their bitter divorce is followed by reconciliation. But the image of Sonny as an abusive and selfish husband continues until his death, when Cher accepts that he acted out of love — at least as he perceived it.Structurally, the musical gives a wink to the sketch style they developed in the TV show. That corny, low-tech, and highly imitational style contrasts here with sophisticated and erotically choreographed scenes that give the show variety. And Christopher Gattelli’s choreography sets up extravagant, intensely sensual dances, as well as those that epitomize teenybopper gymnastics.Act II focuses on Cher’s later achievements — her role in Silkwood, and her Academy Award for Moonstruck, along with a string of farewell tours… the endless farewells for which aging divas are known.Jason Moore, of Avenue Q fame, pulls out all the stops in delivering a fashion-drunk, high-stakes Hollywood jukebox musical. Among the performances, Emily Skinner plays Cher’s mother, the minor celebrity Georgia Holt gracefully, morphing from youth to old age. That the three Chers all look and sound remarkably like Cher is amazing. Still, the standout is Stephanie J Block’s powerhouse performance. Share
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This week Sail Amsterdam is taking place in the capital city of the Netherlands. The event, held every 5 years, pays tribute to wind powered vessel of all shapes and sizes, from a time when offshore wind power had a very different meaning.Some of the vessels are replicas of designs from previous centuries, some of them are genuine old timers that are lovingly restored and maintained in a seaworthy state, while others are examples of state of the art modern technology, just like our turbines powered by the same natural sustainable energy today.Of course, some the offshore wind industry related companies take advantage of this wind powered extravaganza, such as Falck Safety Services B.V. who provided these photographs:Written by Dick Hill, Offshore WIND; Images: Falck Safety Services B.V.
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