Covanta Holding Corporation Reports 2019 First Quarter Results And Affirms 2019 Guidance
MORRISTOWN, N.J., April 25, 2019 /PRNewswire/ -- Covanta Holding Corporation (NYSE: CVA) ("Covanta" or the "Company"), a world leader in sustainable waste and energy solutions, reported financial results today for the three months ended March 31, 2019.
Three Months Ended
March 31,
2019 2018
---
(Unaudited, $ in millions)
Revenue $453 $458
Net income $5 $201
Adjusted EBITDA $84 $100
Net cash provided by operating activities $37 $3
Free Cash Flow $6 $(52)
Reconciliations of non-GAAP measures can be found in the exhibits to this press release.
Key Highlights
-- Affirming 2019 guidance
-- Reached financial close on Rookery project in the UK
-- Began operations at Manhattan Marine Transfer Station
"The year is off to a strong start, both operationally and strategically, and we are affirming our full-year financial outlook today," said Covanta's President and CEO Stephen J. Jones. "On the strategic front, we are making steady progress in our partnership with the Green Investment Group, achieving another important milestone in Q1 with the Rookery project reaching financial close. With two of our four advanced UK development projects now in construction, we are well on our way towards our goal of generating $40 to $50 million in annual Free Cash Flow from this pipeline. Domestically, we commenced operations at the Manhattan Marine Transfer Station, continued execution of our fleet optimization program, and benefited from stronger waste disposal prices and profiled waste revenue. Through these and other efforts, Covanta is becoming a more efficient and profitable company, and I am pleased with our progress and excited about the opportunities."
More detail on our first quarter results can be found in the exhibits to this release and in our first quarter 2019 earnings presentation found in the Investor Relations section of the Covanta website at www.covanta.com.
2019 Guidance
The Company affirmed guidance for 2019 for the following key metrics:
(In millions)
Metric 2019 2018
Guidance Range (1)
Actual
--- ---
Adjusted
EBITDA
$440 - $465 $457
--- ---
Free
Cash
Flow
$120 - $145 $100
--- ---
(1) For additional information on the
reconciliation of Free Cash Flow to Net cash
provided by operating activities, see Exhibit 5 of
this press release.
Guidance as of April 25, 2019.
Conference Call Information
Covanta will host a conference call at 8:30 AM (Eastern) on Friday, April 26, 2019 to discuss its first quarter results.
The conference call will begin with prepared remarks, which will be followed by a question and answer session. To participate, please dial 1-833-238-7947 approximately 10 minutes prior to the scheduled start of the call. If calling outside of the United States, please dial 1-647-689-4195. Please request the "Covanta Holding Corporation Earnings Conference Call" when prompted by the conference call operator. The conference call will also be webcast live from the Investor Relations section of the Company's website. A presentation will be made available during the call and will be found in the Investor Relations section of the Covanta website at www.covanta.com.
An archived webcast will be available two hours after the end of the conference call and can be accessed through the Investor Relations section of the Covanta website at www.covanta.com.
About Covanta
Covanta is a world leader in providing sustainable waste and energy solutions. Annually, Covanta's modern Energy-from-Waste ("EfW") facilities safely convert approximately 22 million tons of waste from municipalities and businesses into clean, renewable electricity to power one million homes and recycle over 600,000 tons of metal. Through a vast network of treatment and recycling facilities, Covanta also provides comprehensive industrial material management services to companies seeking solutions to some of today's most complex environmental challenges. For more information, visit www.covanta.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, as amended (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 1
Covanta Holding Corporation
Consolidated Statements of Operations
Three Months Ended
March 31,
2019 2018
(Unaudited)
(In millions, except
per share amounts)
OPERATING REVENUE:
Waste and service revenue $
327 $
312
Energy revenue 94 100
Recycled metals revenue 21 24
Other operating revenue 11 22
Total operating revenue 453 458
OPERATING EXPENSE:
Plant operating expense 359 345
Other operating expense, net 17 8
General and administrative expense 30 31
Depreciation and amortization expense 55 54
Total operating expense 461 438
Operating (loss) income (8) 20
OTHER (EXPENSE) INCOME:
Interest expense (36) (38)
Net gain on sale of business and
investments (a) 50 210
Other income, net 1
Total other income 15 172
Income before income tax (expense)
benefit and equity in net income
from unconsolidated investments 7 192
Income tax (expense) benefit (2) 9
Equity in net income from
unconsolidated investments
Net income $
5 $
201
Weighted Average Common Shares
Outstanding:
Basic 131 130
Diluted 133 132
Earnings Per Share:
Basic $
0.04 $
1.55
Diluted $
0.03 $
1.53
Cash Dividend Declared Per Share $
0.25 $
0.25
(a) For additional information, see Exhibit 4 of this Press Release.
Exhibit 2
Covanta Holding Corporation
Consolidated Balance Sheets
As of
March 31, December 31,
2019 2018
---
(Unaudited)
ASSETS (In millions, except per share
amounts)
Current:
Cash and cash equivalents $
88 $
58
Restricted funds held in trust 31 39
Receivables (less allowances of
$7 and $8, respectively) 292 338
Prepaid expenses and other
current assets 79 62
Assets held for sale - 2
Total Current Assets 490 499
Property, plant and equipment,
net 2,511 2,514
Restricted funds held in trust 7 8
Intangible assets, net 274 279
Goodwill 321 321
Other assets 282 222
Total Assets $
3,885 $
3,843
LIABILITIES AND EQUITY
Current:
Current portion of long-term
debt $
15 $
15
Current portion of project debt 10 19
Accounts payable 67 76
Accrued expenses and other
current liabilities 306 333
Total Current Liabilities 398 443
Long-term debt 2,393 2,327
Project debt 131 133
Deferred income taxes 382 378
Other liabilities 127 75
Total Liabilities 3,431 3,356
Equity:
Preferred stock ($0.10 par
value; authorized 10 shares;
none issued and outstanding) -
Common stock ($0.10 par value;
authorized 250 shares; issued
136 shares, outstanding 131
shares) 14 14
Additional paid-in capital 841 841
Accumulated other comprehensive
loss (36) (33)
Accumulated deficit (365) (334)
Treasury stock, at par - (1)
Total Equity 454 487
Total Liabilities and Equity $
3,885 $
3,843
Exhibit 3
Covanta Holding Corporation
Consolidated Statements of Cash Flow
Three Months Ended
March 31,
2019 2018
---
(Unaudited, in millions)
OPERATING ACTIVITIES:
Net income $
5 $
201
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and
amortization expense 55 54
Amortization of
deferred debt
financing costs 1 2
Net gain on sale of
business and
investments (a) (50) (210)
Stock-based
compensation expense 8 9
Deferred income taxes 1 (3)
Other, net (12)
Change in working
capital, net of
effects of
acquisitions and
dispositions 16 (39)
Changes in noncurrent
assets and
liabilities, net 1 1
Net cash provided by
operating activities 37 3
INVESTING ACTIVITIES:
Purchase of property,
plant and equipment (52) (81)
Acquisition of
businesses, net of
cash acquired 2 (4)
Proceeds from the sale
of assets, net of
restricted cash 26 111
Property insurance
proceeds 7
Payment of
indemnification claim
related to sale of
asset (7)
Investment in equity
affiliate (3)
Net cash (used in)
provided by investing
activities (27) 26
FINANCING ACTIVITIES:
Proceeds from
borrowings on
revolving credit
facility 220 170
Payments on long-term
debt (3) (1)
Payments on revolving
credit facility (151) (228)
Payments on equipment
financing capital
leases (1) (1)
Payments on project
debt (10) (10)
Cash dividends paid to
stockholders (35) (33)
Payment of insurance
premium financing (7) (7)
Other, net (2)
Net cash provided by
(used in) financing
activities 11 (110)
Effect of exchange rate
changes on cash and
cash equivalents 3
Net increase (decrease)
in cash, cash
equivalents and
restricted cash 21 (78)
Cash, cash equivalents
and restricted cash at
beginning of period 105 194
Cash, cash equivalents
and restricted cash at
end of period $
126 $
116
(a) For additional information, see Exhibit 4 of this Press Release.
Exhibit 4
Covanta Holding Corporation
Consolidated Reconciliation of Net Income and Net Cash Provided by Operating Activities to Adjusted EBITDA
Three Months Ended
March 31,
2019 2018
(Unaudited, in millions)
Net income $
5 $
201
Depreciation and amortization
expense 55 54
Interest expense 36 38
Income tax expense (benefit) 2 (9)
Net gain on sale of businesses
and investments (a) (50) (210)
Property insurance recoveries,
net (7)
Capital type expenditures at
client owned facilities (b) 13 12
Debt service billings in
excess of revenue recognized 1
Business development and
transaction costs 2
Severance and reorganization
costs 3 2
Stock-based compensation
expense 8 9
Adjustments to reflect
Adjusted EBITDA from
unconsolidated investments 6 4
Other (c) 6 3
Adjusted EBITDA $
84 $
100
Capital type expenditures at
client owned facilities (b) (13) (12)
Cash paid for interest, net of
capitalized interest (47) (33)
Cash paid for taxes, net (1)
Adjustments to reflect
Adjusted EBITDA from
unconsolidated investments (6) (4)
Adjustment for working capital
and other 20 (48)
Net cash provided by operating
activities $
37 $
3
(a) During the three months ended March 31, 2019, we
recorded a $57 million gain related to the
Rookery South Energy Recovery Facility
development project and a $9 million loss related
to the pending divestiture of our Springfield and
Pittsfield EfW facilities.
During the three months ended March 31, 2018, we
recorded a $204 million gain on the sale of 50%
of our Dublin project to our joint venture with
Green Investment Group and $6 million gain on the
sale of our remaining interests in China.
(b) Adjustment for impact of adoption of FASB ASC 853
-Service Concession Arrangements. These types of
capital equipment related expenditures at our
service fee operated facilities were historically
capitalized prior to adoption of this new
accounting standard effective January 1, 2015 and
are capitalized at facilities that we own.
(c) Includes certain other items that are added back
under the definition of Adjusted EBITDA in
Covanta Energy, LLC's credit agreement.
Exhibit 5
Covanta Holding Corporation
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Three Months Ended Full Year
March 31, Estimated
2019
2019 2018
(Unaudited, in millions)
Net cash provided by operating activities $
37 $
3
$230 - $260
Add: Changes in restricted funds - operating (a) (10) 10
Less: Maintenance capital expenditures (b) (31) (45)
(130 - 120)
Free Cash Flow $
6 $
(52)
$120 - $145
===
(a) Adjustment for the impact of the adoption of ASU 2016-18 effective January 1, 2018. As a result of adoption,
the statement of cash flows explains the change during the period in the total of cash, cash equivalents,
and amounts generally described as restricted cash or restricted cash equivalents. Therefore, changes in
restricted funds are eliminated in arriving at net cash, cash equivalents and restricted funds provided by
operating activities.
(b) Purchases of property, plant and equipment are also referred to as capital expenditures. Capital expenditures
that primarily maintain existing facilities are classified as maintenance capital expenditures. The following table
provides the components of total purchases of property, plant and equipment:
Three Months Ended
March 31,
2019 2018
Maintenance capital expenditures $
(31) $
(45)
Net maintenance capital expenditures paid but incurred in prior periods (6) (7)
Capital expenditures associated with construction of Dublin EfW facility (17)
Capital expenditures associated with the New York City MTS contract (11)
Capital expenditures associated with organic growth initiatives (4) (8)
Total capital expenditures associated with growth investments (c) (15) (25)
Capital expenditures associated with property insurance events (4)
Total purchases of property, plant and equipment $
(52) $
(81)
(c) Total growth investments represents investments in growth opportunities, including organic growth initiatives,
technology, business development, and other similar expenditures.
Capital expenditures associated with growth investments $
(15) $
(25)
UK business development projects (1)
Investment in equity affiliate (3)
Asset and business acquisitions, net of cash acquired 2 (5)
Total growth investments $
(17) $
(30)
Covanta Holding Corporation Exhibit 6
Supplemental Information
(Unaudited, $ in millions)
Three Months Ended
March 31,
2019 2018
REVENUE:
Waste and service revenue:
EfW tip fees $
149 $
153
EfW service fees 117 99
Environmental services (a) 32 32
Municipal services (b) 48 45
Other (c) 7 8
Intercompany (d) (26) (26)
Total waste and service 327 312
Energy revenue:
Energy sales 81 87
Capacity 13 13
Total energy 94 100
Recycled metals revenue:
Ferrous 11 15
Non-ferrous 9 9
Total recycled metals 21 24
Other revenue (e) 11 22
Total revenue $
453 $
458
OPERATING EXPENSE:
Plant operating expense:
Plant maintenance $
95 $
90
Other plant operating expense 264 255
Total plant operating expense 359 345
Other operating expense 17 8
General and administrative 30 31
Depreciation and amortization 55 54
Total operating expense $
461 $
438
Operating (loss) income $
(8) $
20
(a) Includes the operation of material processing facilities and related services provided by our Covanta Environmental Solutions business.
(b) Consists of transfer stations and the transportation component of our NYC Marine Transfer Station contract.
(c) Includes waste brokerage, debt service and other revenue not directly related to EfW waste processing activities.
(d) Consists of elimination of intercompany transactions primarily relating to transfer stations.
(e) Consists primarily of construction revenue.
Note: Certain amounts may not total due to rounding.
Covanta Holding Corporation Exhibit 7
Revenue and Operating Income Changes - Q1 2018 to Q1 2019
(Unaudited, $ in millions)
Contract Transitions (b)
Q1 2018 Organic % Waste Energy Transactions (c) Total Q1 2019
Growth (a) Changes
---
REVENUE:
Waste and service:
EfW tip fees $
153 $
5 3.5
%
$
$ $
(10) $
(5) $
149
EfW service fees 99 2 2.1
% (3) 19 18 117
Environmental services 32 1.2
% 32
Municipal services 45 3 6.1
% 3 48
Other revenue 8 5.1
% (2) (2) 7
Intercompany (26) (26)
Total waste and service 312 11 3.5
% (4) 8 14 327
Energy:
Energy sales 87 (3) (3.2)
% 1 (4) (6) 81
Capacity 13 1 8.4
% (1) 1 13
Total energy 100 (2) (1.7)
% 1 (5) (6) 94
Recycled metals:
Ferrous 15 (4) (28.4)
% 1 (3) 11
Non-ferrous 9 0.1
% 9
Total recycled metals 24 (4) (17.7)
% 1 (3) 21
Other revenue 22 (10) (46.0)
% (10) 11
Total revenue $
458 $
(5) (1.1)
% $
(4)
$ $
4 $
(5) $
453
OPERATING EXPENSE:
Plant operating expense:
Plant maintenance $
90 $
4 4.5
%
$
$ $
2 $
5 $
95
Other plant operating expense 255 2 0.9
% (1) 7 8 264
Total plant operating expense 345 6 1.9
% (1) 8 14 359
Other operating expense 8 10 10 17
General and administrative 31 (1) (1) 30
Depreciation and amortization 54 (1) 1 1 55
Total operating expense $
438 $
16 $
(2)
$ $
10 $
23 $
461
Operating income (loss) $
20 $
(21) $
(2)
$ $
(5) $
(28) $
(8)
(a) Reflects performance on a comparable period-over-period basis, excluding the impacts of transitions and transactions.
(b) Includes the impact of the expiration of: (1) long-term major waste and service contracts, most typically representing the transition to a new contract structure, and (2) long-term energy contracts.
(c) Includes the impacts of acquisitions, divestitures, new projects and the addition or loss of operating contracts.
Note: Certain amounts may not total due to rounding.
Operating Metrics Exhibit 8
(Unaudited)
Three Months Ended
March 31,
2019 2018
---
EfW Waste
---
Tons: (in millions)
Tip fee- contracted 2.04 2.08
Tip fee- uncontracted 0.54 0.65
Service fee 2.62 2.11
Total tons 5.20 4.84
Tip Fee revenue per ton:
Tip fee- contracted $
52.64 $
53.33
Tip fee- uncontracted $
76.57 $
65.38
Average tip fee $
57.66 $
56.20
EfW Energy
---
Energy sales: (MWh in millions)
Contracted 0.47 0.52
Hedged 0.80 0.75
Market 0.29 0.33
Total energy 1.56 1.60
Market sales by geography: (MWh in millions)
PJM East 0.1 0.2
NEPOOL 0.1
NYISO -
Other 0.1 0.1
Revenue per MWh (excludes capacity):
Contracted $
67.33 $
67.86
Hedged $
49.67 $
50.07
Market $
32.44 $
44.08
Average revenue per MWh $
51.74 $
54.56
Metals
---
Tons Recovered: (in thousands)
Ferrous 96.3 101.9
Non-ferrous 12.6 11.1
Tons Sold: (in thousands)
Ferrous 84.0 76.6
Non-ferrous 8.3 6.5
Revenue per ton:
Ferrous $
137 $
193
Non-ferrous $
1,123 $
1,192
EfW plant operating expense: ($ in millions)
---
Plant operating expense - gross $
294 $
282
Less: Client pass-through costs (13) (14)
Less: REC sales - contra-expense (3) (3)
Plant operating expense, net $
278 $
266
Note: Waste volume includes solid tons only. Metals and energy volume are presented net of client revenue sharing. Steam sales are converted to MWh equivalent at an assumed average rate
of 11 klbs of steam /MWh. Uncontracted energy sales include sales under PPAs that are based on market prices.
Note: Certain amounts may not total due to rounding.
Discussion of Non-GAAP Financial Measures
We use a number of different financial measures, both United States generally accepted accounting principles ("GAAP") and non-GAAP, in assessing the overall performance of our business. To supplement our assessment of results prepared in accordance with GAAP, we use the measures of Adjusted EBITDA and Free Cash Flow, which are non-GAAP financial measures as defined by the Securities and Exchange Commission. The non-GAAP financial measures of Adjusted EBITDA and Free Cash Flow as described below, and used in the tables above, are not intended as a substitute or as an alternative to net income, cash flow provided by operating activities or diluted earnings per share as indicators of our performance or liquidity or any other measures of performance or liquidity derived in accordance with GAAP. In addition, our non-GAAP financial measures may be different from non-GAAP measures used by other companies, limiting their usefulness for comparison purposes.
The presentations of Adjusted EBITDA and Free Cash Flow are intended to enhance the usefulness of our financial information by providing measures which management internally use to assess and evaluate the overall performance of its business and those of possible acquisition candidates, and highlight trends in the overall business.
Adjusted EBITDA
We use Adjusted EBITDA to provide additional ways of viewing aspects of operations that, when viewed with the GAAP results provide a more complete understanding of our core business. As we define it, Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization, as adjusted for additional items subtracted from or added to net income including the effects of impairment losses, gains or losses on sales, dispositions or retirements of assets, adjustments to reflect the Adjusted EBITDA from our unconsolidated investments, adjustments to exclude significant unusual or non-recurring items that are not directly related to our operating performance plus adjustments to capital type expenses for our service fee facilities in line with our credit agreements. We adjust for these items in our Adjusted EBITDA as our management believes that these items would distort their ability to efficiently view and assess our core operating trends. As larger parts of our business are conducted through unconsolidated investments that we do not control, we adjust EBITDA for our proportionate share of the entities depreciation and amortization, interest expense and taxes in order to improve comparability to the Adjusted EBITDA of our wholly owned entities.
In order to provide a meaningful basis for comparison, we are providing information with respect to our Adjusted EBITDA for the three months ended March 31, 2019 and 2018, reconciled for each such period to net income and cash flow provided by operating activities, which are believed to be the most directly comparable measures under GAAP.
Our projections of the proportional contribution of our interests in the JV to our Adjusted EBITDA and Free Cash Flow are not based on GAAP net income/loss or Cash flow provided by operating activities, respectively, and are anticipated to be adjusted to exclude the effects of events or circumstances in 2019 that are not representative or indicative of our results of operations and that are not currently determinable. Due to the uncertainty of the likelihood, amount and timing of any such adjusting items, we do not have information available to provide a quantitative reconciliation of projected net income/loss to an Adjusted EBITDA projection.
Free Cash Flow
Free Cash Flow is defined as cash flow provided by operating activities, plus changes in operating restricted funds, less maintenance capital expenditures, which are capital expenditures primarily to maintain our existing facilities.
We use the non-GAAP measure of Free Cash Flow as a criterion of liquidity and performance-based components of employee compensation. We use Free Cash Flow as a measure of liquidity to determine amounts we can reinvest in our core businesses, such as amounts available to make acquisitions, invest in construction of new projects, make principal payments on debt, or amounts we can return to our stockholders through dividends and/or stock repurchases.
In order to provide a meaningful basis for comparison, we are providing information with respect to our Free Cash Flow for the three months ended March 31, 2019 and 2018, reconciled for each such period to cash flow provided by operating activities, which we believe to be the most directly comparable measure under GAAP.
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, as amended (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. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words "plan," "believe," "expect," "anticipate," "intend," "estimate," "project," "may," "will," "would," "could," "should," "seeks," or "scheduled to," or other similar words, or the negative of these terms or other variations of these terms or comparable language, or by discussion of strategy or intentions. These cautionary statements are being made pursuant to the Securities Act, the Exchange Act and the PSLRA with the intention of obtaining the benefits of the "safe harbor" provisions of such laws. Covanta cautions investors that any forward-looking statements made by Covanta are not guarantees or indicative of future performance. Important factors, risks, and uncertainties that could cause actual results of Covanta and the JV to differ materially from those forward-looking statements include, but are not limited to:
-- seasonal or long-term fluctuations in the prices of energy, waste
disposal, scrap metal and commodities, and Covanta's ability to renew or
replace expiring contracts at comparable prices and with other
acceptable terms;
-- adoption of new laws and regulations in the United States and abroad,
including energy laws, tax laws, environmental laws, labor laws and
healthcare laws;
-- advances in technology;
-- difficulties in the operation of our facilities, including fuel supply
and energy delivery interruptions, failure to obtain regulatory
approvals, equipment failures, labor disputes and work stoppages, and
weather interference and catastrophic events;
-- failure to maintain historical performance levels at Covanta's
facilities and Covanta's ability to retain the rights to operate
facilities Covanta does not own;
-- Covanta's and the joint ventures ability to avoid adverse publicity or
reputational damage relating to its business;
-- difficulties in the financing, development and construction of new
projects and expansions, including increased construction costs and
delays;
-- Covanta's ability to realize the benefits of long-term business
development and bear the costs of business development over time;
-- Covanta's ability to utilize net operating loss carryforwards;
-- limits of insurance coverage;
-- Covanta's ability to avoid defaults under its long-term contracts;
-- performance of third parties under its contracts and such third parties'
observance of laws and regulations;
-- concentration of suppliers and customers;
-- geographic concentration of facilities;
-- increased competitiveness in the energy and waste industries;
-- changes in foreign currency exchange rates;
-- limitations imposed by Covanta's existing indebtedness and its ability
to perform its financial obligations and guarantees and to refinance its
existing indebtedness;
-- exposure to counterparty credit risk and instability of financial
institutions in connection with financing transactions;
-- the scalability of its business;
-- restrictions in its certificate of incorporation and debt documents
regarding strategic alternatives;
-- failures of disclosure controls and procedures and internal controls
over financial reporting;
-- Covanta's and the joint ventures ability to attract and retain talented
people;
-- general economic conditions in the United States and abroad, including
the availability of credit and debt financing; and
-- other risks and uncertainties affecting Covanta's businesses described
periodic securities filings by Covanta with the SEC.
Although Covanta believes that its plans, cost estimates, returns on investments, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, actual results could differ materially from a projection or assumption in any forward-looking statements. Covanta's and the joint ventures future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties. The forward-looking statements contained in this press release are made only as of the date hereof and Covanta does not have, or undertake, any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.
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