A replay will be available one hour after the end of the conference call through 9:00 AM (Eastern) Friday, February 15, 2013. To access the replay, please dial 877-344-7529, or from outside of the United States 412-317-0088 and use the replay conference ID number 10023855. The webcast will also be archived on www.covantaenergy.com.
10-K Filing Update
The Company expects its 2012 Annual Report on Form 10-K to be filed the week of February 11, 2013.
About Covanta
Covanta Holding Corporation (NYSE: CVA) is an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects and a recipient of the Energy Innovator Award from the U.S. Department of Energy's Office of Energy Efficiency and Renewable Energy. Covanta's 44 Energy-from-Waste facilities provide communities with an environmentally sound solution to their solid waste disposal needs by using that municipal solid waste to generate clean, renewable energy. Annually, Covanta's modern Energy-from-Waste facilities safely and securely convert approximately 20 million tons of waste into 9 million megawatt hours of clean renewable electricity and approximately 9 billion pounds of steam that are sold to a variety of industries. For more information, visit www.covantaenergy.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking" statements as defined in Section 27A of the Securities Act of 1933 (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the "PSLRA") or in releases made by the Securities and Exchange Commission ("SEC"), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Covanta Holding Corporation and its subsidiaries ("Covanta") or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. For additional information see the Cautionary Note Regarding Forward-Looking Statements at the end of the Exhibits.
Exhibit 1Covanta Holding CorporationConsolidated Statements of Income Three Months Ended Twelve Months Ended December 31, December 31, -------------------- -------------------- 2012 2011 2012 2011 --------- --------- --------- --------- (Unaudited) (In millions, except per share amounts)Operating revenues Waste and service revenues $ 264 $ 263 $ 1,011 $ 1,008 Recycled metals revenues 17 19 72 74 Electricity and steam sales 97 99 394 400 Other operating revenues 52 49 167 168 --------- --------- --------- --------- Total operating revenues 430 430 1,644 1,650 --------- --------- --------- ---------Operating expenses Plant operating expenses 228 222 963 962 Other operating expenses (a) 56 36 156 138 General and administrative expenses 23 29 97 103 Depreciation and amortization expense 50 51 195 193 Net interest expense on project debt 5 7 27 31 Net (gains) write-offs (b) (44) 5 (46) 5 --------- --------- --------- --------- Total operating expenses 318 350 1,392 1,432 --------- --------- --------- ---------Operating income 112 80 252 218 --------- --------- --------- ---------Other income (expense) Investment income 1 -- 1 1 Interest expense (27) (17) (94) (67) Non-cash convertible debt related expense (6) (5) (25) (25) Loss on extinguishment of debt (c) (1) -- (3) (1) Other (expense) income, net (d) -- (6) 3 (19) --------- --------- --------- --------- Total other expenses (33) (28) (118) (111) --------- --------- --------- ---------Income from continuing operations before income tax expense and equity in net income from unconsolidated investments 79 52 134 107Income tax benefit (expense) (d) 4 (25) (26) (28)Equity in net income from unconsolidated investments -- 2 10 5 --------- --------- --------- ---------Income from continuing operations 83 29 118 84 --------- --------- --------- ---------(Loss) income from discontinued operations, net of income tax expense of $0, $0, $1 and $3, respectively -- (1) (2) 143 --------- --------- --------- ---------Net Income 83 28 116 227 --------- --------- --------- ---------Noncontrolling interests:Less: Net income from continuing operations attributable to noncontrolling interests in subsidiaries (1) (2) (2) (5)Less: Net income from discontinued operations attributable to noncontrolling interests in subsidiaries -- -- -- (3) --------- --------- --------- ---------Total net income attributable to noncontrolling interests in subsidiaries (1) (2) (2) (8) --------- --------- --------- ---------Net Income Attributable to Covanta Holding Corporation $ 82 $ 26 $ 114 $ 219 ========= ========= ========= =========Covanta Holding CorporationConsolidated Statements of Income (continued) Three Months Ended Twelve Months Ended December 31, December 31, -------------------- --------------------- 2012 2011 2012 2011 ---------- --------- --------- ---------- (Unaudited) (In millions, except per share amounts)Amounts Attributable to Covanta Holding Corporation stockholders: Continuing operations $ 82 $ 27 $ 116 $ 79 Discontinued operations -- (1) (2) 140 ---------- --------- --------- ----------Net Income Attributable to Covanta Holding Corporation $ 82 $ 26 $ 114 $ 219 ========== ========= ========= ==========Earnings Per Share Attributable to Covanta Holding Corporation stockholders:Basic Continuing operations $ 0.63 $ 0.20 $ 0.88 $ 0.56 Discontinued operations -- (0.01) (0.01) 0.99 ---------- --------- --------- ---------- Covanta Holding Corporation $ 0.63 $ 0.19 $ 0.87 $ 1.55 ========== ========= ========= ==========Weighted Average Shares 130 136 132 141 ========== ========= ========= ==========Diluted Continuing operations $ 0.62 $ 0.20 $ 0.87 $ 0.56 Discontinued operations -- (0.01) (0.01) 0.98 ---------- --------- --------- ---------- Covanta Holding Corporation $ 0.62 $ 0.19 $ 0.86 $ 1.54 ========== ========= ========= ==========Weighted Average Shares 132 137 133 142 ========== ========= ========= ==========Cash Dividend Declared Per Share: $ 0.15 $ 0.075 $ 0.60 $ 0.30 ========== ========= ========= ==========Supplemental Information - Non- GAAP Adjusted EPS (e) $ 0.20 $ 0.27 $ 0.52 $ 0.54
