Market Overview

Progressive Waste Solutions Ltd. Reports Results for the Three and Nine Months Ended September 30, 2012

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TORONTO, ONTARIO--(Marketwire - Oct. 26, 2012) - Progressive Waste Solutions Ltd. (the "Company") (TSX:BIN)(NYSE: BIN) reported financial results for the three and nine months ended September 30, 2012.



-- Consolidated core price grew 1.6% quarter-over-quarter
-- Two strategic "tuck-in" acquisitions completed in the U.S. northeast and
one in Canada
-- Excluding the quarter-over-quarter decline of $12.4 million attributable
to recycled commodity prices, as well as one-time items and the
impact of foreign currency exchange ("FX"), consolidated revenue and
adjusted EBITDA(A) would have increased 2.5% and 6.7%
-- Adjusted earnings per share of $0.28 in the third quarter versus $0.29
in the year-ago quarter. The decline in recycled commodity prices in the
third quarter reduced adjusted earnings per share by $0.07.
-- Updated outlook for 2012
-- Completed refinancing of credit facility and received a rating upgrade
from Moody's

Management Commentary
(All amounts are in United States ("U.S.") dollars, unless otherwise stated)



"In the third quarter, our base business continued to demonstrate stability, with resilience in our commercial and residential collection service lines. We achieved consolidated revenues of $487.2 million and adjusted EBITDA(A) of $136.9 million, with core price growth of 2.2% in Canada and 1.2% in the U.S., for a combined core price increase of 1.6%. Our strong core price activity was offset by a mixed volume performance relative to the year-ago quarter and lower recycled commodity prices continued to affect our consolidated performance, as it has affected the solid waste services industry in North America throughout this year. Excluding the $12.4 million quarter-over-quarter impact of lower recycled commodity prices, at parity, as well as the impact of one-time items and FX, revenue would have increased 2.5% to $502.8 million and adjusted EBITDA(A) would have increased 6.7% to $151.8 million. Adjusted EBITDA(A) in the third quarter includes one-time charges of $1.4 million related to a tax assessment and end of collection contract retention payments," said Joseph Quarin, Vice Chairman and Chief Executive Officer, Progressive Waste Solutions Ltd.

"Our Canadian and U.S. south operations continued to perform well in the third quarter, with quarter-over-quarter revenue growth of 1.2% and 2.7%, respectively, driven by higher pricing in our collection business and contributions from strategic 'tuck-in' acquisitions. Adjusted EBITDA(A) margins in these segments remained solid, at 36% in Canada and 28.3% in the U.S. south, in spite of lower recycled commodity prices."

Mr. Quarin continued, "In our U.S. northeast segment, on a sequential basis and as a result of our focused efforts, pricing remained stable in our collection and disposal service lines, cost controls were maintained, and adjusted EBITDA(A) margins improved to 21.8%. Weak economic conditions in this region continued to affect third-party volume at our transfer stations and landfills and delayed special waste activity as well. During the quarter, we acquired two collection companies in this region that will help increase internal waste volumes at our landfills and which will partially offset the decline in disposal volumes. We are making progress on our plan to improve our performance in our U.S. northeast operations and are committed to further development and integration of our assets in this region."

"In addition to investing in 'tuck-in' acquisitions in the third quarter, we continued to deploy capital towards several internal infrastructure projects that we expect will deliver attractive returns in 2013 and beyond. With our strong free cash flow(B) profile, we have the resources to enhance the strategic position of Progressive Waste Solutions, with the objective of creating long-term shareholder value. Given the current interest rate environment and the availability of attractive debt financing, we have taken the opportunity to further position Progressive Waste Solutions for future growth with a refinancing of our credit facilities, which will give us a significant source of liquidity as we continue to grow our business."

"We are updating our guidance for 2012 given the significant decline in recycled commodity prices in the third quarter, combined with lower transfer station and landfill volumes, including delayed special waste activity, in our U.S. northeast segment," Mr. Quarin added. "Our outlook for the balance of 2012 assumes recycled commodity prices in the fourth quarter will not improve from September levels."

Reported revenues decreased ($3.3) million or (0.7)% from $490.5 million in the third quarter of 2011 to $487.2 million in the third quarter of 2012. Expressed on a reportable basis, at parity, revenues were flat quarter over quarter due in large part to a 3.9% increase attributable to acquisitions, and higher overall pricing and fuel surcharges being offset by lower volumes and commodity values. The impact on comparative revenues resulting from a decline in recycled commodity prices was 2.5%.

Adjusted EBITDA(A) was $136.9 million ($138.3 million excluding one-time items), or (2.9)% lower, in the third quarter of 2012 versus $141.0 million in the same quarter a year ago. Adjusted operating income(A) was $66.8 million, or (8.0)% lower, in the quarter compared to $72.6 million in the same period last year. Adjusted net income(A) was $32.1 million, or $0.28 per weighted average diluted share ("diluted share"), compared to $35.1 million, or $0.29 per diluted share in the comparative period.

Share repurchases in the quarter totalled $5.2 million and dividends paid to shareholders totalled $16.2 million. Together, this represents a combined $21.4 million return to shareholders in the third quarter of 2012.

Year-to-date, reported revenues increased $18.0 million or 1.3% from $1,382.9 million in 2011 to $1,400.9 million. Expressed on a reportable basis, and assuming Canadian and U.S. dollar parity, revenues increased 2.3% on a comparative basis for the nine months ended. This increase is due in large part to a 3.9% increase attributable to acquisitions and higher overall pricing and fuel surcharges, which outpaced lower volumes and commodity values. The year-to-date impact on comparative revenues resulting from a decline in recycled commodity prices was 1.8%.

For the year-to-date period, adjusted EBITDA(A) was $385.9 million ($387.3 million excluding one-time items), or (3.7)% lower, in 2012 versus $400.7 million in the same period last year. Excluding the impact of FX and the decline in recycled commodity pricing, adjusted EBITDA(A) would have been $415.7 million ($417.1 million excluding one-time items) on a year-to-date basis. Adjusted operating income(A) was $184.5 million, or (9.9)% lower, in the year-to-date period than the $204.9 million recorded in the same period last year. Adjusted net income(A) was $85.0 million, or $0.73 per diluted share, compared to $97.0 million, or $0.80 per diluted share in the comparative period.

Share repurchases year-to-date totalled $65.6 million and dividends paid to shareholders totalled $47.2 million. For the current year-to-date period, this represents a combined $112.8 million return to shareholders compared to $85.5 million a year ago.

Acquisitions



-- We invested $72.5 million in the third quarter and $122.6 million year-
to-date on strategic "tuck-in" acquisitions in various markets.
-- In the third quarter, we completed three acquisitions, two in the U.S.
northeast and one in Canada. Year-to-date, we completed a total of 12
acquisitions, five in the U.S. south, two in the U.S. northeast and five
in Canada.
-- We continue to actively identify collection and transfer assets in and
around the markets we serve in order to improve asset density and
facilitate higher internalization at our landfills. We also evaluate new
markets for growth opportunities.



Other highlights for the three and nine months ended September 30, 2012



-- In October 2012, we entered into a consolidated $2,350 million Credit
Agreement and concurrently repaid all outstanding indebtedness under our
U.S. and Canadian credit facilities and our series B, senior secured
debenture.
-- In August 2012, we received approval to renew our normal course issuer
bid for an additional 12 months.
-- In July 2012, we exercised a portion of the accordion feature on our
U.S. credit facility which increased our available lending by $131.1
million to $1.25 billion.
-- In July 2012, we exercised a portion of the accordion feature on our
Canadian credit facility which increased our available lending by $70.0
million to $595 million.
-- In March 2012, we received a modification to our operating permit for
the Ridge landfill that increased the amount of annual waste allowable
at the site from 0.9 to 1.3 million tonnes annually.
-- We repurchased and cancelled approximately 3.2 million common shares
year-to-date. At the close of the period, there were 115.3 million
common shares outstanding.



2012 Outlook

The Company is updating its outlook provided on July 25, 2012. The outlook assumes no change in the current economic environment and assumes recycled commodity pricing remains at September 2012 levels. Our outlook has been prepared assuming parity between the Canadian and U.S. dollar.

The outlook provided below is forward-looking. Our actual results may differ materially and are subject to risks and uncertainties.



-- Revenue continues to be estimated at approximately $1,880 million
-- Adjusted EBITDA(A) is estimated to be $515 to $520 million
-- Amortization expense, as a percentage of revenue, is estimated to be
about 14.2%
-- Capital and landfill expenditures, including internal infrastructure,
are estimated to be $240 to $250 million
-- The effective tax rate is estimated to be between 39% and 40% of income
before income tax expense and net loss from equity accounted investee
-- Cash taxes are estimated to be $50 million
-- Adjusted net income(A) per diluted share is estimated to be $0.99 to
$1.00
-- Free cash flow(B) is estimated to be at the low end of the range
provided of $170 to $190 million, including additional internal
infrastructure investment
-- Expected annual cash dividend of $0.56 Canadian ("C") per share, payable
on a quarterly basis


Progressive Waste Solutions Ltd.
Condensed Consolidated Statements of Operations and Comprehensive Income or
Loss
("Statement of Operations and Comprehensive Income or Loss")
For the periods ended September 30, 2012 and 2011 (unaudited - stated in
accordance with accounting principles generally accepted in the U.S. and in
thousands of U.S. dollars, except share and net income or loss per share
amounts)
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Three months ended Nine months ended
----------------------------------------------------------------------------
2012 2011 2012 2011
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REVENUES $ 487,209 $ 490,522 $ 1,400,919 $ 1,382,884
EXPENSES
OPERATING 297,309 294,475 849,528 820,784
SELLING, GENERAL AND
ADMINISTRATION 56,750 51,437 170,926 160,422
RESTRUCTURING - 73 - 1,198
AMORTIZATION 70,328 69,408 202,352 198,694
NET GAIN ON SALE OF
CAPITAL ASSETS (225) (1,092) (975) (2,871)
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OPERATING INCOME 63,047 76,221 179,088 204,657
INTEREST ON LONG-TERM
DEBT 14,696 15,303 42,934 48,363
NET FOREIGN EXCHANGE
LOSS (GAIN) 5 (51) 12 (83)
NET GAIN ON FINANCIAL
INSTRUMENTS (3,988) (1,528) (1,816) (3,883)
OTHER - 32 105 827
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INCOME BEFORE INCOME TAX
EXPENSE AND NET LOSS
FROM EQUITY ACCOUNTED
INVESTEE 52,334 62,465 137,853 159,433
INCOME TAX EXPENSE
Current 14,219 13,729 38,312 38,424
Deferred 5,946 8,357 16,907 20,899
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20,165 22,086 55,219 59,323
NET LOSS FROM EQUITY
ACCOUNTED INVESTEE 11 32 30 58
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NET INCOME 32,158 40,347 82,604 100,052
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Foreign currency
translation
adjustment 19,358 (44,594) 18,024 (25,840)
Derivatives designated
as cash flow hedges,
net of income tax
($532) and $226 (2011
- $2,563 and $3,411) 989 (4,767) (421) (6,340)
Settlement of
derivatives
designated as cash
flow hedges, net of
income tax $72 and
($7) (2011 - ($78)
and ($481)) (131) 147 15 895
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OTHER COMPREHENSIVE
INCOME (LOSS) 20,216 (49,214) 17,618 (31,285)
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COMPREHENSIVE INCOME
(LOSS) $ 52,374 $ (8,867) $ 100,222 $ 68,767
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----------------------------------------------------------------------------


Net income per weighted
average share, basic $ 0.28 $ 0.33 $ 0.71 $ 0.83
Net income per weighted
average share, diluted $ 0.28 $ 0.33 $ 0.71 $ 0.83
Weighted average number
of shares outstanding
(thousands), basic 115,268 120,767 116,519 121,067
Weighted average number
of shares outstanding
(thousands), diluted 115,268 120,767 116,519 121,067


Progressive Waste Solutions Ltd.
Condensed Consolidated Balance Sheets ("Balance Sheet")
September 30, 2012 (unaudited) and December 31, 2011 (stated in accordance
with accounting principles generally accepted in the United States of
America ("U.S.") and in thousands of U.S. dollars except issued and
outstanding share amounts)
----------------------------------------------------------------------------
September 30, December 31,
2012 2011
----------------------------------------------------------------------------
ASSETS
CURRENT
Cash and cash equivalents $ 15,423 $ 14,143
Accounts receivable 234,894 212,099
Other receivables 442 414
Prepaid expenses 36,627 31,484
Restricted cash 475 452
Other assets 2,321 1,972
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290,182 260,564

OTHER RECEIVABLES 187 376
FUNDED LANDFILL POST-CLOSURE COSTS 9,877 9,200
INTANGIBLES 249,407 257,731
GOODWILL 840,437 774,409
LANDFILL DEVELOPMENT ASSETS 19,056 15,869
DEFERRED FINANCING COSTS 15,385 19,983
CAPITAL ASSETS 855,593 776,058
LANDFILL ASSETS 966,815 958,792
INVESTMENT IN EQUITY ACCOUNTED INVESTEE 4,077 3,973
OTHER ASSETS 918 649
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$ 3,251,934 $ 3,077,604
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LIABILITIES
CURRENT
Accounts payable $ 123,275 $ 115,292
Accrued charges 118,743 124,496
Dividends payable 16,390 14,540
Income taxes payable 1,585 10,693
Deferred revenues 19,105 17,645
Current portion of long-term debt 1,500 1,500
Landfill closure and post-closure costs 7,572 9,468
Other liabilities 3,148 3,484
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291,318 297,118

LONG-TERM DEBT 1,467,847 1,311,593
LANDFILL CLOSURE AND POST-CLOSURE COSTS 103,662 92,034
OTHER LIABILITIES 7,859 7,484
DEFERRED INCOME TAXES 101,031 76,234
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1,971,717 1,784,463
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SHAREHOLDERS' EQUITY
Common shares (authorized - unlimited,
issued and outstanding - 114,949,780
(December 31, 2011 - 118,040,683)) 1,773,434 1,824,231
Restricted shares (issued and outstanding -
212,500 (December 31, 2011 - 252,150)) (4,364) (5,353)
Additional paid in capital 2,308 2,789
Accumulated deficit (447,028) (466,775)
Accumulated other comprehensive loss (44,133) (61,751)
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Total shareholders' equity 1,280,217 1,293,141
----------------------------------------------------------------------------
$ 3,251,934 $ 3,077,604
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----------------------------------------------------------------------------


Progressive Waste Solutions Ltd.
Condensed Consolidated Statements of Cash Flows ("Statement of Cash Flows")
For the periods ended September 30, 2012 and 2011 (unaudited - stated in
accordance with accounting principles generally accepted in the U.S. and
in thousands of U.S. dollars)
----------------------------------------------------------------------------
Three months ended Nine months ended
----------------------------------------------------------------------------
2012 2011 2012 2011
----------------------------------------------------------------------------

NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES
OPERATING
Net income $ 32,158 $ 40,347 $ 82,604 $ 100,052
Items not affecting cash
Restricted share
(recovery) expense (143) 1,028 1,215 1,381
Accretion of landfill
closure and post-
closure costs 1,313 1,271 3,927 3,816
Amortization of
intangibles 13,391 12,877 39,206 36,977
Amortization of capital
assets 35,215 33,145 103,351 97,745
Amortization of landfill
assets 21,722 23,386 59,795 63,972
Interest on long-term
debt (amortization of
deferred financing
costs) 1,701 1,640 5,069 4,355
Net gain on sale of
capital assets (225) (1,092) (975) (2,871)
Net gain on financial
instruments (3,988) (1,528) (1,816) (3,883)
Deferred income taxes 5,946 8,357 16,907 20,899
Net loss from equity
accounted investee 11 32 30 58
Landfill closure and post-
closure expenditures (1,201) (1,102) (5,401) (3,162)
Changes in non-cash
working capital items (31,582) 14,842 (41,335) (38,850)
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Cash generated from
operating activities 74,318 133,203 262,577 280,489
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INVESTING
Acquisitions (65,300) (49,471) (113,705) (139,506)
Restricted cash deposits (1) - (23) (12)
Investment in other
receivables (148) - (148) -
Proceeds from other
receivables 107 122 330 356
Funded landfill post-
closure costs (127) (131) (287) (310)
Purchase of capital assets (54,641) (28,100) (125,912) (77,033)
Purchase of landfill
assets (19,592) (18,776) (48,085) (39,659)
Proceeds from the sale of
capital assets 540 1,754 2,107 5,204
Investment in landfill
development assets (693) (1,594) (3,507) (4,711)
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Cash utilized in investing
activities (139,855) (96,196) (289,230) (255,671)
----------------------------------------------------------------------------
FINANCING
Payment of deferred
financing costs (285) (3,786) (340) (4,806)
Proceeds from long-term
debt 128,189 94,550 307,176 331,163
Repayment of long-term
debt (43,998) (86,861) (166,507) (257,630)
Proceeds from the exercise
of stock options 54 - 364 855
Repurchase of common
shares (5,157) (15,556) (65,633) (39,056)
Purchase of, net of
proceeds from, restricted
shares (541) (4,226) (541) (4,226)
Dividends paid to
shareholders (16,237) (15,408) (47,218) (46,431)
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Cash generated from
(utilized in) financing
activities 62,025 (31,287) 27,301 (20,131)
Effect of foreign currency
translation on cash and
cash equivalents 687 (1,735) 632 (1,217)
----------------------------------------------------------------------------
NET CASH (OUTFLOW) INFLOW (2,825) 3,985 1,280 3,470
----------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD OR YEAR 18,248 12,891 14,143 13,406
----------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS,
END OF PERIOD $ 15,423 $ 16,876 $ 15,423 $ 16,876
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SUPPLEMENTAL CASH FLOW
INFORMATION:
Cash and cash equivalents
are comprised of:
Cash $ 15,418 $ 16,875 $ 15,418 $ 16,875
Cash equivalents 5 1 5 1
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$ 15,423 $ 16,876 $ 15,423 $ 16,876
----------------------------------------------------------------------------
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Cash paid during the
period for:
Income taxes $ 9,531 $ 9,206 $ 41,698 $ 40,598
Interest $ 13,632 $ 15,317 $ 39,939 $ 46,595


FX Impact on Consolidated Results
The following tables have been prepared to assist readers in assessing the
FX impact on selected results for the three and nine months ended September
30, 2012.

Three months ended
----------------------------------------------------------------------------
September 30, September 30, September 30,
2011 2012 2012
----------------------------------------------------------------------------
(unaudited) (unaudited) (unaudited)
----------------------------------------------------------------------------
(organic,
acquisition and (holding FX
other non- constant with
operating the comparative
(as reported) changes) period)
----------------------------------------------------------------------------

Condensed Consolidated Statement of Operations
Revenues $ 490,522 $ (75) $ 490,447
Operating expenses 294,475 4,672 299,147
Selling, general and
administration 51,437 5,671 57,108
Restructuring expenses 73 (73) -
Amortization 69,408 1,373 70,781
Net gain on sale of
capital assets (1,092) 864 (228)
----------------------------------------------------------------------------
Operating income 76,221 (12,582) 63,639
Interest on long-term
debt 15,303 (523) 14,780
Net foreign exchange
(gain) loss (51) 56 5
Net gain on financial
instruments (1,528) (2,473) (4,001)
Other expense 32 (34) (2)
----------------------------------------------------------------------------
Income before net
income tax expense
and net loss from
equity accounted
investee 62,465 (9,608) 52,857
Net income tax expense 22,086 (1,790) 20,296
Net loss from equity
accounted investee 32 (20) 12
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Net income $ 40,347 $ (7,798) $ 32,549
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Adjusted EBITDA(A) $ 140,961 $ (2,972) $ 137,989
Adjusted operating
income(A) $ 72,645 $ (5,208) $ 67,437
Adjusted net income(A) $ 35,105 $ (2,586) $ 32,519
Free cash flow(B)(i) $ 64,390 $ (28,546) $ 35,844


Three months ended
----------------------------------------------------------
September 30, September 30,
2012 2012
----------------------------------------------------------
(unaudited) (unaudited)
----------------------------------------------------------
(FX impact) (as reported)
----------------------------------------------------------

Condensed Consolidated Statement of
Operations
Revenues $ (3,238) $ 487,209
Operating expenses (1,838) 297,309
Selling, general and
administration (358) 56,750
Restructuring expenses - -
Amortization (453) 70,328
Net gain on sale of
capital assets 3 (225)
----------------------------------------------------------
Operating income (592) 63,047
Interest on long-term
debt (84) 14,696
Net foreign exchange
(gain) loss - 5
Net gain on financial
instruments 13 (3,988)
Other expense 2 -
----------------------------------------------------------
Income before net
income tax expense
and net loss from
equity accounted
investee (523) 52,334
Net income tax expense (131) 20,165
Net loss from equity
accounted investee (1) 11
----------------------------------------------------------
Net income $ (391) $ 32,158
----------------------------------------------------------
----------------------------------------------------------

Adjusted EBITDA(A) $ (1,060) $ 136,929
Adjusted operating
income(A) $ (611) $ 66,826
Adjusted net income(A) $ (397) $ 32,122
Free cash flow(B)(i) $ (251) $ 35,593

Note:
(i)Prior period amounts have been adjusted to conform to the current
period's presentation.






Nine months ended
----------------------------------------------------------------------------
September 30, September 30, September 30,
2011 2012 2012
----------------------------------------------------------------------------
(unaudited) (unaudited) (unaudited)
----------------------------------------------------------------------------
(organic,
acquisition and (holding FX
other non- constant with
operating the comparative
(as reported) changes) period)
----------------------------------------------------------------------------

Condensed Consolidated Statement of Operations
Revenues $ 1,382,884 $ 32,272 $ 1,415,156
Operating expenses 820,784 36,668 857,452
Selling, general and
administration 160,422 12,246 172,668
Restructuring expenses 1,198 (1,198) -
Amortization 198,694 5,554 204,248
Net gain on sale of
capital assets (2,871) 1,886 (985)
----------------------------------------------------------------------------
Operating income 204,657 (22,884) 181,773
Interest on long-term
debt 48,363 (5,061) 43,302
Net foreign exchange
(gain) loss (83) 95 12
Net gain on financial
instruments (3,883) 2,084 (1,799)
Other expense 827 (720) 107
----------------------------------------------------------------------------
Income before net
income tax expense
and net loss from
equity accounted
investee 159,433 (19,282) 140,151
Net income tax expense 59,323 (3,388) 55,935
Net loss from equity
accounted investee 58 (27) 31
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Net income $ 100,052 $ (15,867) $ 84,185
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----------------------------------------------------------------------------

Adjusted EBITDA(A) $ 400,675 $ (10,155) $ 390,520
Adjusted operating
income(A) $ 204,852 $ (17,594) $ 187,258
Adjusted net income(A) $ 97,008 $ (10,361) $ 86,647
Free cash flow(B)(i) $ 203,183 $ (65,530) $ 137,653


Nine months ended
----------------------------------------------------------
September 30, September 30,
2012 2012
----------------------------------------------------------
(unaudited) (unaudited)
----------------------------------------------------------
(FX impact) (as reported)
----------------------------------------------------------

Condensed Consolidated Statement of
Operations
Revenues $ (14,237) $ 1,400,919
Operating expenses (7,924) 849,528
Selling, general and
administration (1,742) 170,926
Restructuring expenses - -
Amortization (1,896) 202,352
Net gain on sale of
capital assets 10 (975)
----------------------------------------------------------
Operating income (2,685) 179,088
Interest on long-term
debt (368) 42,934
Net foreign exchange
(gain) loss - 12
Net gain on financial
instruments (17) (1,816)
Other expense (2) 105
----------------------------------------------------------
Income before net
income tax expense
and net loss from
equity accounted
investee (2,298) 137,853
Net income tax expense (716) 55,219
Net loss from equity
accounted investee (1) 30
----------------------------------------------------------
Net income $ (1,581) $ 82,604
----------------------------------------------------------
----------------------------------------------------------

Adjusted EBITDA(A) $ (4,598) $ 385,922
Adjusted operating
income(A) $ (2,713) $ 184,545
Adjusted net income(A) $ (1,612) $ 85,035
Free cash flow(B)(i) $ (1,813) $ 135,840

Note:
(i)Prior period amounts have been adjusted to conform to the current
period's presentation.


Other Financial Highlights
(all amounts are in thousands of U.S. dollars, excluding per share amounts)

Three months ended Nine months ended
September 30 September 30
----------------------------------------------------------------------------
2012 2011 2012 2011
----------------------------------------------------------------------------

Operating income $ 63,047 $ 76,221 $ 179,088 $ 204,657
Transaction and related
costs - SG&A 675 966 2,045 1,739
Fair value movements in
stock options - SG&A 237 (5,643) (813) (4,123)
Restricted share
(recovery) expense -
SG&A (143) 1,028 1,215 1,381
Payment made to senior
executive on departure
- SG&A 3,010 - 3,010 -
Restructuring expenses - 73 - 1,198
----------------------------------------------------------------------------
Adjusted operating
income 66,826 72,645 184,545 204,852
----------------------------------------------------------------------------
Net gain on sale of
capital assets (225) (1,092) (975) (2,871)
Amortization 70,328 69,408 202,352 198,694
----------------------------------------------------------------------------
Adjusted EBITDA $ 136,929 $ 140,961 $ 385,922 $ 400,675
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Net income $ 32,158 $ 40,347 $ 82,604 $ 100,052
Transaction and related
costs - SG&A 675 966 2,045 1,739
Fair value movements in
stock options - SG&A 237 (5,643) (813) (4,123)
Restricted share expense
- SG&A (143) 1,028 1,215 1,381
Payment made to senior
executive on departure
- SG&A 3,010 - 3,010 -
Restructuring expenses - 73 - 1,198
Net gain on financial
instruments (3,988) (1,528) (1,816) (3,883)
Other expenses - 32 105 827
Net income tax expense
or (recovery) 173 (170) (1,315) (183)
----------------------------------------------------------------------------
Adjusted net income $ 32,122 $ 35,105 $ 85,035 $ 97,008
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Adjusted net income per
weighted average share,
basic(A)(i) $ 0.28 $ 0.29 $ 0.73 $ 0.80
Adjusted net income per
weighted average share,
diluted(A)(i) $ 0.28 $ 0.29 $ 0.73 $ 0.80

Replacement and growth
expenditures
Replacement expenditures $ 47,482 $ 37,006 $ 119,592 $ 88,067
Growth expenditures 26,751 9,870 54,405 28,625
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Total replacement and
growth expenditures $ 74,233 $ 46,876 $ 173,997 $ 116,692
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Free cash flow(B)
Cash generated from
operating activities
(statement of cash
flows) $ 74,318 $ 133,203 $ 262,577 $ 280,489
Free cash flow(B) $ 35,593 $ 64,390 $ 135,840 $ 203,183
Free cash flow(B) per
weighted average share,
diluted $ 0.31 $ 0.53 $ 1.17 $ 1.68

Dividends
Dividends declared
(common shares) $ 16,207 $ 15,318 $ 48,551 $ 46,228
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----------------------------------------------------------------------------

Note:
(i)Prior period amounts have been adjusted to conform to the current
period's presentation.


Segment Highlights - Additional details regarding the FX impact on our
comparative results can be found in the Foreign Currency sections of this
report.
(all amounts are in thousands of U.S. dollars, unless otherwise stated)

Three months ended
September 30
----------------------------------------------------------------------------
2011 2012 Change 2012 Change
----------------------------------------------------------------------------
(holding FX
constant
with the
(as comparative (as
reported) period) reported)
----------------------------------------------------------------------------

Revenues $ 490,522 $ 490,447 $ (75) $ 487,209 $ (3,313)
----------------------------------------------------------------------------
Canada $ 203,350 $ 208,934 $ 5,584 $ 205,696 $ 2,346
U.S. south $ 190,537 $ 195,678 $ 5,141 $ 195,678 $ 5,141
U.S.
northeast $ 96,635 $ 85,835 $ (10,800) $ 85,835 $ (10,800)

Operating
expenses $ 294,475 $ 299,147 $ 4,672 $ 297,309 $ 2,834
----------------------------------------------------------------------------
Canada $ 112,389 $ 117,517 $ 5,128 $ 115,679 $ 3,290
U.S. south $ 117,661 $ 121,738 $ 4,077 $ 121,738 $ 4,077
U.S.
northeast $ 64,425 $ 59,892 $ (4,533) $ 59,892 $ (4,533)

SG&A (as
reported) $ 51,437 $ 57,108 $ 5,671 $ 56,750 $ 5,313
----------------------------------------------------------------------------
Canada $ 15,106 $ 16,259 $ 1,153 $ 16,019 $ 913
U.S. south $ 19,092 $ 18,586 $ (506) $ 18,586 $ (506)
U.S.
northeast $ 7,742 $ 7,266 $ (476) $ 7,266 $ (476)
Corporate $ 9,497 $ 14,997 $ 5,500 $ 14,879 $ 5,382

EBITDA(A)(as
reported) $ 144,610 $ 134,192 $ (10,418) $ 133,150 $ (11,460)
----------------------------------------------------------------------------
Canada $ 75,855 $ 75,158 $ (697) $ 73,998 $ (1,857)
U.S. south $ 53,784 $ 55,354 $ 1,570 $ 55,354 $ 1,570
U.S.
northeast $ 24,468 $ 18,677 $ (5,791) $ 18,677 $ (5,791)
Corporate $ (9,497) $ (14,997) $ (5,500) $ (14,879) $ (5,382)

Adjusted SG&A $ 55,086 $ 53,311 $ (1,775) $ 52,971 $ (2,115)
----------------------------------------------------------------------------
Canada $ 15,106 $ 16,259 $ 1,153 $ 16,019 $ 913
U.S. south $ 19,092 $ 18,586 $ (506) $ 18,586 $ (506)
U.S.
northeast $ 7,742 $ 7,266 $ (476) $ 7,266 $ (476)
Corporate $ 13,146 $ 11,200 $ (1,946) $ 11,100 $ (2,046)

Adjusted
EBITDA(A) $ 140,961 $ 137,989 $ (2,972) $ 136,929 $ (4,032)
----------------------------------------------------------------------------
Canada $ 75,855 $ 75,158 $ (697) $ 73,998 $ (1,857)
U.S. south $ 53,784 $ 55,354 $ 1,570 $ 55,354 $ 1,570
U.S.
northeast $ 24,468 $ 18,677 $ (5,791) $ 18,677 $ (5,791)
Corporate $ (13,146) $ (11,200) $ 1,946 $ (11,100) $ 2,046


Nine months ended
September 30
----------------------------------------------------------------------------
2011 2012 Change 2012 Change
----------------------------------------------------------------------------
(holding FX
constant
with the
(as comparative (as
reported) period) reported)
----------------------------------------------------------------------------

Revenues $ 1,382,884 $ 1,415,156 $ 32,272 $ 1,400,919 $ 18,035
----------------------------------------------------------------------------
Canada $ 572,004 $ 592,030 $ 20,026 $ 577,793 $ 5,789
U.S. south $ 537,889 $ 578,606 $ 40,717 $ 578,606 $ 40,717
U.S.
northeast $ 272,991 $ 244,520 $ (28,471) $ 244,520 $ (28,471)

Operating
expenses $ 820,784 $ 857,452 $ 36,668 $ 849,528 $ 28,744
----------------------------------------------------------------------------
Canada $ 313,841 $ 329,488 $ 15,647 $ 321,564 $ 7,723
U.S. south $ 326,771 $ 358,133 $ 31,362 $ 358,133 $ 31,362
U.S.
northeast $ 180,172 $ 169,831 $ (10,341) $ 169,831 $ (10,341)

SG&A (as
reported) $ 160,422 $ 172,668 $ 12,246 $ 170,926 $ 10,504
----------------------------------------------------------------------------
Canada $ 46,339 $ 49,029 $ 2,690 $ 47,850 $ 1,511
U.S. south $ 53,562 $ 57,470 $ 3,908 $ 57,470 $ 3,908
U.S.
northeast $ 23,503 $ 22,959 $ (544) $ 22,959 $ (544)
Corporate $ 37,018 $ 43,210 $ 6,192 $ 42,647 $ 5,629

EBITDA(A)(as
reported) $ 401,678 $ 385,036 $ (16,642) $ 380,465 $ (21,213)
----------------------------------------------------------------------------
Canada $ 211,824 $ 213,513 $ 1,689 $ 208,379 $ (3,445)
U.S. south $ 157,556 $ 163,003 $ 5,447 $ 163,003 $ 5,447
U.S.
northeast $ 69,316 $ 51,730 $ (17,586) $ 51,730 $ (17,586)
Corporate $ (37,018) $ (43,210) $ (6,192) $ (42,647) $ (5,629)

Adjusted SG&A $ 161,425 $ 167,184 $ 5,759 $ 165,469 $ 4,044
----------------------------------------------------------------------------
Canada $ 46,339 $ 49,029 $ 2,690 $ 47,850 $ 1,511
U.S. south $ 53,562 $ 57,470 $ 3,908 $ 57,470 $ 3,908
U.S.
northeast $ 23,503 $ 22,959 $ (544) $ 22,959 $ (544)
Corporate $ 38,021 $ 37,726 $ (295) $ 37,190 $ (831)

Adjusted
EBITDA(A) $ 400,675 $ 390,520 $ (10,155) $ 385,922 $ (14,753)
----------------------------------------------------------------------------
Canada $ 211,824 $ 213,513 $ 1,689 $ 208,379 $ (3,445)
U.S. south $ 157,556 $ 163,003 $ 5,447 $ 163,003 $ 5,447
U.S.
northeast $ 69,316 $ 51,730 $ (17,586) $ 51,730 $ (17,586)
Corporate $ (38,021) $ (37,726) $ 295 $ (37,190) $ 831


Revenues
Gross revenue by service type
The table below presents gross revenue by service type prepared on a
consolidated basis and includes the impact of FX.

Three months ended
September 30
----------------------------------------------------------------------------
2012 % 2011 %
----------------------------------------------------------------------------

Commercial $ 167,223 34.3 $ 164,452 33.5
Industrial 87,149 17.9 89,520 18.2
Residential 113,773 23.4 102,989 21.0
Transfer and disposal 168,160 34.5 178,844 36.5
Recycling 15,531 3.2 22,586 4.6
Other 6,950 1.4 5,942 1.2
----------------------------------------------------------------------------
Gross revenues 558,786 114.7 564,333 115.0

Intercompany (71,577) (14.7) (73,811) (15.0)
----------------------------------------------------------------------------
Revenues $ 487,209 100.0 $ 490,522 100.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Nine months ended
September 30
----------------------------------------------------------------------------
2012 % 2011 %
----------------------------------------------------------------------------

Commercial $ 494,331 35.3 $ 480,381 34.7
Industrial 248,060 17.7 252,708 18.3
Residential 323,458 23.1 293,322 21.2
Transfer and disposal 472,605 33.7 491,551 35.5
Recycling 49,752 3.6 57,425 4.2
Other 19,000 1.4 16,576 1.2
----------------------------------------------------------------------------
Gross revenues 1,607,206 114.8 1,591,963 115.1

Intercompany (206,287) (14.8) (209,079) (15.1)
----------------------------------------------------------------------------
Revenues $ 1,400,919 100.0 $ 1,382,884 100.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------



Revenue growth or decline components - expressed in percentages and excluding FX

The table below has been prepared using reported revenues for 2012 and gross revenues for 2011. The table has also been prepared assuming Canadian and U.S. dollar parity. For 2011, the amounts are presented as if Waste Services, Inc.'s operations were combined with ours for the six months ended June 30, 2010.



Three months ended Nine months ended
September 30 September 30
----------------------------------------------------------------------------
2012 2011 (i) 2012 2011 (i)
----------------------------------------------------------------------------

Price
Core price 1.6 1.4 1.5 1.6
Fuel surcharges 0.2 1.1 0.4 1.1
Recycling and other (2.5) 0.8 (1.8) 0.6
----------------------------------------------------------------------------
Total price growth (0.7) 3.3 0.1 3.3

Volume (3.2) 1.0 (1.7) 0.6
----------------------------------------------------------------------------
Total organic (decline) growth (3.9) 4.3 (1.6) 3.9

Acquisitions 3.9 5.4 3.9 6.2
----------------------------------------------------------------------------
Total growth excluding FX - 9.7 2.3 10.1

FX (0.7) (1.0)
------------------------------------------ ------------
Total growth including FX (0.7) 1.3
------------------------------------------ ------------
------------------------------------------ ------------

Note:
(i)Prior period amounts have been adjusted to conform to the current
period's presentation.



Free cash flow(B)

Purpose and objective

The purpose of presenting this non-GAAP measure is to provide similar disclosures presented by other U.S. publicly listed companies in our industry and to provide investors and analysts with an additional measure of our value and liquidity. We use this non-GAAP measure to assess our relative performance to our peers and to assess the availability of funds for growth investment, share repurchases, debt repayment or dividend increases.

Free cash flow(B) - cash flow approach



Three months ended
September 30
----------------------------------------------------------------------------
2012 (i) 2011 Change
----------------------------------------------------------------------------

Cash generated from operating
activities $ 74,318 $ 133,203 $ (58,885)
----------------------------------------------------------------------------

Operating and investing
Stock option expense (recovery) 237 (5,643) 5,880
Acquisition and related costs 675 966 (291)
Payment made to senior
executive on departure 3,010 - 3,010
Restructuring expenses - 73 (73)
Other expenses - 32 (32)
Changes in non-cash working
capital items 31,582 (14,842) 46,424
Capital and landfill asset
purchases (74,233) (46,876) (27,357)
Proceeds from the sale of
capital assets 540 1,754 (1,214)

Financing
Purchase of restricted shares (541) (4,226) 3,685
Net realized foreign exchange
loss (gain) 5 (51) 56
----------------------------------------------------------------------------
Free cash flow(B) $ 35,593 $ 64,390 $ (28,797)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Nine months ended
September 30
----------------------------------------------------------------------------
2012 (i) 2011 Change
----------------------------------------------------------------------------

Cash generated from operating
activities $ 262,577 $ 280,489 $ (17,912)
----------------------------------------------------------------------------

Operating and investing
Stock option expense (recovery) (813) (4,123) 3,310
Acquisition and related costs 2,045 1,739 306
Payment made to senior
executive on departure 3,010 - 3,010
Restructuring expenses - 1,198 (1,198)
Other expenses 105 827 (722)
Changes in non-cash working
capital items 41,335 38,850 2,485
Capital and landfill asset
purchases (173,997) (116,692) (57,305)
Proceeds from the sale of
capital assets 2,107 5,204 (3,097)

Financing
Purchase of restricted shares (541) (4,226) 3,685
Net realized foreign exchange
loss (gain) 12 (83) 95
----------------------------------------------------------------------------
Free cash flow(B) $ 135,840 $ 203,183 $ (67,343)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Note:
(i)Capital and landfill asset purchases include infrastructure
expenditures of approximately $6,900 and $13,800, for the three and nine
months ended September 30, 2012, respectively.



Free cash flow(B) - adjusted EBITDA(A) approach

We typically calculate free cash flow(B) using an operations approach which is similar to the calculation required by our Canadian and U.S. facilities in place at September 30, 2012.



Three months ended
September 30
----------------------------------------------------------------------------
2012 (i) 2011 Change
----------------------------------------------------------------------------

Adjusted EBITDA(A) $ 136,929 $ 140,961 $ (4,032)
----------------------------------------------------------------------------

Purchase of restricted shares (541) (4,226) 3,685
Capital and landfill asset
purchases (74,233) (46,876) (27,357)
Proceeds from the sale of capital
assets 540 1,754 (1,214)
Landfill closure and post- closure
expenditures (1,201) (1,102) (99)
Landfill closure and post- closure
cost accretion expense 1,313 1,271 42
Interest on long-term debt (14,696) (15,303) 607
Non-cash interest expense 1,701 1,640 61
Current income tax expense (14,219) (13,729) (490)
----------------------------------------------------------------------------
Free cash flow(B) $ 35,593 $ 64,390 $ (28,797)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Nine months ended
September 30
----------------------------------------------------------------------------
2012 (i) 2011 Change
----------------------------------------------------------------------------

Adjusted EBITDA(A) $ 385,922 $ 400,675 $ (14,753)
----------------------------------------------------------------------------

Purchase of restricted shares (541) (4,226) 3,685
Capital and landfill asset
purchases (173,997) (116,692) (57,305)
Proceeds from the sale of capital
assets 2,107 5,204 (3,097)
Landfill closure and post- closure
expenditures (5,401) (3,162) (2,239)
Landfill closure and post- closure
cost accretion expense 3,927 3,816 111
Interest on long-term debt (42,934) (48,363) 5,429
Non-cash interest expense 5,069 4,355 714
Current income tax expense (38,312) (38,424) 112
----------------------------------------------------------------------------
Free cash flow(B) $ 135,840 $ 203,183 $ (67,343)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Note:
(i)Capital and landfill asset purchases include infrastructure
expenditures of approximately $6,900 and $13,800, for the three and nine
months ended September 30, 2012, respectively.



Long-term debt to adjusted EBITDA(A)

Our adjusted EBITDA(A) ratio prepared on a combined basis, assuming FX parity, is 2.80 times.

Foreign Currency

(in thousands of U.S. dollars unless otherwise stated)

We have elected to report our financial results in U.S. dollars. However, we earn a significant portion of our revenues and earnings in Canada. We have provided our guidance assuming parity between the Canadian and U.S. dollar. If the U.S. dollar strengthens one cent our reported revenues will decline by approximately $7,600. EBITDA(A) is similarly impacted by approximately $2,500, assuming a strengthening U.S. dollar. The impact on net income for a similar change in FX rate, results in an approximately $1,000 decline. Should the U.S. dollar weaken by one cent, our reported results will improve by similar amounts.



2012
----------------------------------------------------------------------------
Condensed
Consolidated Condensed Consolidated
Balance Statement of Operations and
Sheet Comprehensive Income or Loss
----------------------------------------------------------------------------
Cumulative
Current Average Average
----------------------------------------------------------------------------

December 31
March 31 $ 1.0009 $ 0.9988 $ 0.9988
June 30 $ 0.9813 $ 0.9899 $ 0.9943
September 30 $ 1.0166 $ 1.0052 $ 0.9979

2011
----------------------------------------------------------------------------
Condensed
Consolidated Condensed Consolidated
Balance Statement of Operations and
Sheet Comprehensive Income or Loss
----------------------------------------------------------------------------
Cumulative
Current Average Average
----------------------------------------------------------------------------

December 31 $ 0.9833 $ 1.0109
March 31 $ 1.0290 $ 1.0142 $ 1.0142
June 30 $ 1.0370 $ 1.0334 $ 1.0237
September 30 $ 0.9626 $ 1.0202 $ 1.0225



Quarterly dividend declared

The Company's Board of Directors declared a quarterly dividend of $0.14 Canadian per share to shareholders of record December 31, 2012. The dividend will be paid on January 16, 2013. The Company has designated these dividends as eligible dividends for the purposes of the Income Tax Act (Canada).

Definitions of Adjusted EBITDA and Free cash flow

(A) All references to "Adjusted EBITDA" in this document are to revenues less operating expense and SG&A, excluding certain non-operating or non-recurring SG&A expense, on the consolidated statement of operations and comprehensive income or loss. Adjusted EBITDA excludes some or all of the following: certain SG&A expenses, restructuring expenses, goodwill impairment, amortization, net gain or loss on sale of capital assets, interest on long-term debt, net foreign exchange gain or loss, net gain or loss on financial instruments, other expenses, income taxes and income or loss from equity accounted investee. Adjusted EBITDA is a term used by us that does not have a standardized meaning prescribed by U.S. GAAP and is therefore unlikely to be comparable to similar measures used by other companies. Adjusted EBITDA is a measure of our operating profitability, and by definition, excludes certain items as detailed above. These items are viewed by us as either non-cash (in the case of goodwill impairment, amortization, net gain or loss on financial instruments, net foreign exchange gain or loss, deferred income taxes and net income or loss from equity accounted investee) or non-operating (in the case of certain SG&A expenses, restructuring expenses, net gain or loss on sale of capital assets, interest on long-term debt, other expenses, and current income taxes). Adjusted EBITDA is a useful financial and operating metric for us, our Board of Directors, and our lenders, as it represents a starting point in the determination of free cash flow(B). The underlying reasons for the exclusion of each item are as follows:

Certain SG&A expenses - SG&A expense includes certain non-operating or non-recurring expenses. These expenses include transaction costs related to acquisitions, fair value adjustments attributable to stock options, restricted share expense and payments made to senior executives on their departure. These expenses are not considered an expense indicative of continuing operations. Certain SG&A costs represent a different class of expense than those included in adjusted EBITDA.

Restructuring expenses - restructuring expenses includes costs to integrate various operating locations with our own, exiting certain property and building and office leases, employee severance and employee relocation costs incurred in connection with our acquisition of WSI. These expenses are not considered an expense indicative of continuing operations. Accordingly, restructuring expenses represent a different class of expense than those included in adjusted EBITDA.

Goodwill impairment - as a non-cash item goodwill impairment has no impact on the determination of free cash flow(B).

Amortization - as a non-cash item amortization has no impact on the determination of free cash flow(B).

Net gain or loss on sale of capital assets - proceeds from the sale of capital assets are either reinvested in additional or replacement capital assets or used to repay revolving credit facility borrowings.

Interest on long-term debt - interest on long-term debt is a function of our debt/equity mix and interest rates; as such, it reflects our treasury/financing activities and represents a different class of expense than those included in adjusted EBITDA.

Net foreign exchange gain or loss - as non-cash items, foreign exchange gains or losses have no impact on the determination of free cash flow(B).

Net gain or loss on financial instruments - as non-cash items, gains or losses on financial instruments have no impact on the determination of free cash flow(B).

Other expenses - other expenses typically represent amounts paid to certain management of acquired companies who are retained by us post acquisition and amounts paid to certain executives in respect of acquisitions successfully completed. These expenses are not considered an expense indicative of continuing operations. Accordingly, other expenses represent a different class of expense than those included in adjusted EBITDA.

Income taxes - income taxes are a function of tax laws and rates and are affected by matters which are separate from our daily operations.

Net income or loss from equity accounted investee - as a non-cash item, net income or loss from our equity accounted investee has no impact on the determination of free cash flow(B).

(B) We have adopted a measure called "free cash flow" to supplement net income or loss as a measure of our operating performance. Free cash flow is a term which does not have a standardized meaning prescribed by U.S. GAAP, is prepared before dividends declared and shares repurchased, and may not be comparable to similar measures prepared by other companies. The purpose of presenting this non-GAAP measure is to provide disclosure similar to the disclosure provided by other U.S. publicly listed companies in our industry and to provide investors and analysts with an additional measure of our value and liquidity. We use this non-GAAP measure to assess our performance relative to other U.S. publicly listed companies and to assess the availability of funds for growth investment, debt repayment, share repurchases or dividend increases. All references to "free cash flow" in this document have the meaning set out in this note.

About Progressive Waste Solutions Ltd.

As one of North America's largest full-service waste management companies, we provide non-hazardous solid waste collection, recycling and disposal services to commercial, industrial, municipal and residential customers in 13 U.S. states and the District of Columbia and six Canadian provinces. We serve our customers with vertically integrated collection and disposal assets. Progressive Waste Solutions Ltd.'s shares are listed on the New York and Toronto Stock Exchanges under the symbol BIN.

To find out more about Progressive Waste Solutions, visit our website at www.progressivewaste.com.

Management will hold a conference call on Friday, October 26, 2012, at 8:30 a.m. (ET) to discuss results for the three and nine months ended September 30, 2012. Participants may listen to the call by dialing 1-888-300-0053, conference ID 35210439, at approximately 8:20 a.m. (ET). International or local callers should dial 647-427-3420. The call will also be webcast live at www.streetevents.com and at www.progressivewaste.com. A supplemental slide presentation will be available at www.progressivewaste.com.

A replay will be available after the call until Wednesday, November 9, 2012, at midnight, and can be accessed by dialing 1-855-859-2056, conference ID 35210439. International or local callers can access the replay by dialing 404-537-3406. The audio webcast will also be archived at www.streetevents.com and www.progressivewaste.com.




FOR FURTHER INFORMATION PLEASE CONTACT:
Progressive Waste Solutions Ltd.
Chaya Cooperberg
VP, Investor Relations and Corporate Communications
(905) 532-7517
chaya.cooperberg@progressivewaste.com
www.progressivewaste.com

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