Exhibit 99.1
 
 WASTE CONNECTIONS REPORTS SECOND QUARTER 2011 RESULTS
 
    
    Revenue of $390.2 million, up 18.1%
    
    Internal growth of 5.5% and operating margins above expectations
    
    GAAP EPS and adjusted EPS* of $0.39, up 21.9%
    
    YTD net cash provided by operating activities of $190 million
    
    YTD free cash flow* of $145.5 million, or 20.2% of revenue
    
    Completes new $1.2 billion unsecured revolving credit facility
    
    Returns $59.4 million YTD to stockholders through share repurchases and dividends
 FOLSOM, CA, July 19, 2011
    *
    
    A non-GAAP measure; see accompanying Non-GAAP Reconciliation Schedule.




---



##### 



www.streetevents.com www.wasteconnections.com
 www.wasteconnections.com
 *
    
    A non-GAAP measure; see accompanying Non-GAAP Reconciliation Schedule. Information Regarding Forward-Looking Statements
 Certain statements contained in this release are forward-looking in nature, including statements
related to expected performance of our base business, expected share repurchases and dividend
payments, expected contribution from closed acquisitions, and future acquisition activity and
growth strategy. These statements can be identified by the use of forward-looking terminology such
as believes, expects, may, will, should, or anticipates, or the negative thereof or
comparable terminology, or by discussions of strategy. Our business and operations are subject to
a variety of risks and uncertainties and, consequently, actual results may differ materially from
those projected by any forward-looking statements. Factors that could cause actual results to
differ from those projected include, but are not limited to, the following: (1) our acquisitions
may not be successful, resulting in changes in strategy, operating losses or a loss on sale of the
business acquired; (2) a portion of our growth and future financial performance depends on our
ability to integrate acquired businesses into our organization and operations; (3) downturns in the
worldwide economy adversely affect operating results; (4) our results are vulnerable to economic
conditions and seasonal factors affecting the regions in which we operate; (5) we may be subject in
the normal course of business to judicial, administrative or other third party proceedings that
could interrupt or limit our operations, require expensive remediation, result in adverse
judgments, settlements or fines and create negative publicity; (6) we may be unable to compete
effectively with larger and better capitalized companies and governmental service providers; (7) we
may lose contracts through competitive bidding, early termination or governmental action; (8) price
increases may not be adequate to offset the impact of increased costs or may cause us to lose
volume; (9) increases in the price of fuel may adversely affect our business and reduce our
operating margins; (10) increases in labor and disposal and related transportation costs could
impact our financial results; (11) efforts by labor unions could divert management attention and
adversely affect operating results; (12) we could face significant withdrawal liability if we
withdraw from participation in one or more underfunded multiemployer pension plans in which we
participate; (13) increases in insurance costs and the amount that we self-insure for various risks
could reduce our operating margins and reported earnings; (14) competition for acquisition
candidates, consolidation within the waste industry and economic and market conditions may limit
our ability to grow through acquisitions; (15) our indebtedness could adversely affect our
financial condition; we may incur substantially more debt in the future; (16) each business that we
acquire or have acquired may have liabilities or risks that we fail or are unable to discover,
including environmental
  - 2 -




---



##### 



liabilities; (17) liabilities for environmental damage may adversely affect
our financial condition, business and earnings; (18) our accruals for our landfill site closure and
post-closure costs may be inadequate; (19) the financial soundness of our customers could affect
our business and operating results; (20) we depend significantly on the services of the members of
our senior, regional and district management team, and the departure of any of those persons could
cause our operating results to suffer; (21) our decentralized decision-making structure could allow
local managers to make decisions that adversely affect our operating results; (22) we may incur
charges related to capitalized expenditures of
landfill development projects, which would decrease our earnings; (23) because we depend on
railroads for our intermodal operations, our operating results and financial condition are likely
to be adversely affected by any reduction or deterioration in rail service; (24) our financial
results are based upon estimates and assumptions that may differ from actual results; (25) the
adoption of new accounting standards or interpretations could adversely affect our financial
results; (26) our financial and operating performance may be affected by the inability to renew
landfill operating permits, obtain new landfills and expand existing ones; (27) future changes in
laws or renewed enforcement of laws regulating the flow of solid waste in interstate commerce could
adversely affect our operating results; (28) fluctuations in prices for recycled commodities that
we sell and rebates we offer to customers may cause our revenues and operating results to decline;
(29) extensive and evolving environmental, health, safety and employment laws and regulations may
restrict our operations and growth and increase our costs; (30) climate change regulations may
adversely affect operating results; (31) extensive regulations that govern the design, operation
and closure of landfills may restrict our landfill operations or increase our costs of operating
landfills; (32) alternatives to landfill disposal may cause our revenues and operating results to
decline; and (33) unusually adverse weather conditions may interfere with our operations, harming
our operating results. These risks and uncertainties, as well as others, are discussed in greater
detail in our filings with the Securities and Exchange Commission, including our most recent Annual
Report on Form 10-K . There may be additional risks of which we are not presently aware or that we
currently believe are immaterial which could have an adverse impact on our business. We make no
commitment to revise or update any forward-looking statements in order to reflect events or
circumstances that may change.
  worthingj@wasteconnections.com
  - 3 -




---



##### 



Three months ended
    
    
    Six months endedJune 30,
    
    
    June 30,2010
    
    
    2011
    
    
    2010
    
    
    2011Revenues
    
    $
    330,477
    
    
    $
    390,184
    
    
    $
    638,018
    
    
    $
    721,652Operating expenses:Cost of operations
    
    
    187,346
    
    
    
    221,872
    
    
    
    364,336
    
    
    
    408,938Selling, general and administrative
    
    
    36,353
    
    
    
    41,169
    
    
    
    72,011
    
    
    
    80,007Depreciation
    
    
    33,464
    
    
    
    36,939
    
    
    
    64,908
    
    
    
    69,975Amortization of intangibles
    
    
    3,598
    
    
    
    5,673
    
    
    
    7,184
    
    
    
    9,650Loss (gain) on disposal of assets
    
    
    365
    
    
    
    (267
    )
    
    
    622
    
    
    
    (292
    )Operating income
    
    
    69,351
    
    
    
    84,798
    
    
    
    128,957
    
    
    
    153,374Interest expense
    
    
    (9,161
    )
    
    
    (11,087
    )
    
    
    (21,423
    )
    
    
    (19,920
    )Interest income
    
    
    165
    
    
    
    143
    
    
    
    318
    
    
    
    276Loss on extinguishment of debt
    
    
    (9,734
    )
    
    
    
    
    
    
    (10,193
    )
    
    
    Other income (expense), net
    
    
    (169
    )
    
    
    (245
    )
    
    
    469
    
    
    
    149Income before income tax provision
    
    
    50,452
    
    
    
    73,609
    
    
    
    98,128
    
    
    
    133,879Income tax provision
    
    
    (19,815
    )
    
    
    (29,004
    )
    
    
    (39,678
    )
    
    
    (52,481
    )Net income
    
    
    30,637
    
    
    
    44,605
    
    
    
    58,450
    
    
    
    81,398Less: net income attributable to
noncontrolling interests
    
    
    (237
    )
    
    
    (192
    )
    
    
    (477
    )
    
    
    (446
    )Net income attributable to Waste Connections
    
    $
    30,400
    
    
    $
    44,413
    
    
    $
    57,973
    
    
    $
    80,952Earnings per common share attributable to
Waste Connections common stockholders:Basic
    
    $
    0.26
    
    
    $
    0.39
    
    
    $
    0.50
    
    
    $
    0.71Diluted
    
    $
    0.26
    
    
    $
    0.39
    
    
    $
    0.49
    
    
    $
    0.71Shares used in the per share calculations:Basic
    
    
    116,243,700
    
    
    
    113,509,668
    
    
    
    116,401,140
    
    
    
    113,514,439Diluted
    
    
    117,482,751
    
    
    
    114,308,710
    
    
    
    117,747,552
    
    
    
    114,354,979Cash dividends per common share
    
    $
    
    
    
    $
    0.075
    
    
    $
    
    
    
    $
    0.15
  - 4 -




---



##### 



December 31,
    
    
    June 30,2010
    
    
    2011ASSETSCurrent assets:Cash and equivalents
    
    $
    9,873
    
    
    $
    16,951Accounts receivable, net of allowance for doubtful accounts
of $5,084 and $4,728 at December 31, 2010 and
June 30, 2011, respectively
    
    
    152,156
    
    
    
    174,974Deferred income taxes
    
    
    20,130
    
    
    
    16,231Prepaid expenses and other current assets
    
    
    33,402
    
    
    
    28,449Total current assets
    
    
    215,561
    
    
    
    236,605Property and equipment, net
    
    
    1,337,476
    
    
    
    1,361,804Goodwill
    
    
    927,852
    
    
    
    1,104,823Intangible assets, net
    
    
    381,475
    
    
    
    455,841Restricted assets
    
    
    30,441
    
    
    
    28,185Other assets, net
    
    
    23,179
    
    
    
    26,630$
    2,915,984
    
    
    $
    3,213,888LIABILITIES AND EQUITYCurrent liabilities:Accounts payable
    
    $
    85,252
    
    
    $
    82,293Book overdraft
    
    
    12,396
    
    
    
    10,478Accrued liabilities
    
    
    99,075
    
    
    
    105,920Deferred revenue
    
    
    54,157
    
    
    
    61,720Current portion of long-term debt and notes payable
    
    
    2,657
    
    
    
    2,693Total current liabilities
    
    
    253,537
    
    
    
    263,104Long-term debt and notes payable
    
    
    909,978
    
    
    
    1,135,976Other long-term liabilities
    
    
    47,637
    
    
    
    50,018Deferred income taxes
    
    
    334,414
    
    
    
    364,900Total liabilities
    
    
    1,545,566
    
    
    
    1,813,998Commitments and contingenciesEquity:Preferred stock: $0.01 par value; 7,500,000 shares authorized;
none issued and outstanding
    
    
    
    
    
    
    Common stock: $0.01 par value; 250,000,000 shares authorized;
113,950,081 and 113,034,132 shares issued and outstanding
at December 31, 2010 and June 30, 2011, respectively
    
    
    1,139
    
    
    
    1,130Additional paid-in capital
    
    
    509,218
    
    
    
    473,142Retained earnings
    
    
    858,887
    
    
    
    922,798Accumulated other comprehensive loss
    
    
    (3,095
    )
    
    
    (1,428
    )Total Waste Connections equity
    
    
    1,366,149
    
    
    
    1,395,642Noncontrolling interest in subsidiaries
    
    
    4,269
    
    
    
    4,248Total equity
    
    
    1,370,418
    
    
    
    1,399,890$
    2,915,984
    
    
    $
    3,213,888
  - 5 -




---



##### 



Six months endedJune 30,2010
    
    
    2011Cash flows from operating activities:Net income
    
    $
    58,450
    
    
    $
    81,398Adjustments to reconcile net income to net cash
provided by operating activities:Loss (gain) on disposal of assets
    
    
    622
    
    
    
    (292
    )Depreciation
    
    
    64,908
    
    
    
    69,975Amortization of intangibles
    
    
    7,184
    
    
    
    9,650Deferred income taxes, net of acquisitions
    
    
    7,737
    
    
    
    23,106Loss on redemption of 2026 Notes, net of make-whole payment
    
    
    2,255
    
    
    
    Amortization of debt issuance costs
    
    
    1,090
    
    
    
    540Amortization of debt discount
    
    
    1,245
    
    
    
    Equity-based compensation
    
    
    5,625
    
    
    
    5,962Interest income on restricted assets
    
    
    (271
    )
    
    
    (245
    )Closure and post-closure accretion
    
    
    880
    
    
    
    967Excess tax benefit associated with equity-based compensation
    
    
    (6,423
    )
    
    
    (2,829
    )Net change in operating assets and liabilities, net of acquisitions
    
    
    422
    
    
    
    1,744Net cash provided by operating activities
    
    
    143,724
    
    
    
    189,976Cash flows from investing activities:Payments for acquisitions, net of cash acquired
    
    
    (3,849
    )
    
    
    (216,062
    )Capital expenditures for property and equipment
    
    
    (50,495
    )
    
    
    (46,562
    )Proceeds from disposal of assets
    
    
    4,925
    
    
    
    1,862Decrease (increase) in restricted assets, net of interest income
    
    
    (813
    )
    
    
    2,501Decrease (increase) in other assets
    
    
    39
    
    
    
    (2,764
    )Net cash used in investing activities
    
    
    (50,193
    )
    
    
    (261,025
    )Cash flows from financing activities:Proceeds from long-term debt
    
    
    281,000
    
    
    
    427,500Principal payments on notes payable and long-term debt
    
    
    (308,860
    )
    
    
    (286,202
    )Change in book overdraft
    
    
    (2,172
    )
    
    
    (1,918
    )Proceeds from option and warrant exercises
    
    
    17,774
    
    
    
    2,776Excess tax benefit associated with equity-based compensation
    
    
    6,423
    
    
    
    2,829Payments for repurchase of common stock
    
    
    (83,665
    )
    
    
    (42,381
    )Payments for cash dividends
    
    
    
    
    
    
    (17,041
    )Tax withholdings related to net share settlements
of restricted stock units
    
    
    (3,600
    )
    
    
    (5,271
    )Distributions to noncontrolling interests
    
    
    
    
    
    
    (675
    )Debt issuance costs
    
    
    
    
    
    
    (1,490
    )Net cash provided by (used in) financing activities
    
    
    (93,100
    )
    
    
    78,127Net increase in cash and equivalents
    
    
    431
    
    
    
    7,078Cash and equivalents at beginning of period
    
    
    9,639
    
    
    
    9,873Cash and equivalents at end of period
    
    $
    10,070
    
    
    $
    16,951
  - 6 -




---



##### 



ADDITIONAL STATISTICS
 Internal Growth:
 Three months endedJune 30, 2011Core Price
    
    
    2.8
    %Surcharges
    
    
    0.8
    %Volume
    
    
    0.5
    %Intermodal, Recycling and Other
    
    
    1.4
    %Total
    
    
    5.5
    %
 Revenue Breakdown:
 Three months ended
    
    
    Six months endedJune 30, 2011
    
    
    June 30, 2011Collection
    
    $
    275,170
    
    
    
    61.5
    %
    
    $
    514,607
    
    
    
    62.3
    %Disposal and Transfer
    
    
    133,722
    
    
    
    29.9
    %
    
    
    243,282
    
    
    
    29.4
    %Intermodal, Recycling and Other
    
    
    38,328
    
    
    
    8.6
    %
    
    
    68,471
    
    
    
    8.3
    %Total before inter-company elimination
    
    $
    447,220
    
    
    
    100.0
    %
    
    $
    826,360
    
    
    
    100.0
    %Inter-company elimination
    
    $
    (57,036
    )
    
    
    
    
    
    $
    (104,708
    )Reported Revenue
    
    $
    390,184
    
    
    
    
    
    
    $
    721,652
 Days Sales Outstanding for the three months ended June 30, 2011:
 Internalization for the three months ended June 30, 2011:
 Other Cash Flow Items:
 Three months ended
    
    
    Six months endedJune 30, 2011
    
    
    June 30, 2011Cash Interest Paid
    
    $
    13,386
    
    
    $
    16,732Cash Taxes Paid
    
    $
    12,210
    
    
    $
    12,821
 Debt to Book Capitalization as of June 30, 2011:
 Share Information for the three months ended June 30, 2011:
 Basic shares outstanding
    
    
    113,509,668Dilutive effect of options and warrants
    
    
    451,173Dilutive effect of restricted stock
    
    
    347,869Diluted shares outstanding
    
    
    114,308,710
  - 7 -




---



##### 



NON-GAAP RECONCILIATION SCHEDULE
 Reconciliation of Adjusted Operating Income before Depreciation and Amortization:
  Three months ended
    
    
    Three months endedJune 30, 2010
    
    
    June 30, 2011Operating income
    
    $
    69,351
    
    
    $
    84,798Plus: Depreciation and amortization
    
    
    37,062
    
    
    
    42,612Plus: Closure and post-closure accretion
    
    
    439
    
    
    
    484Plus/less: Loss (gain) on disposal of assets
    
    
    365
    
    
    
    (267
    )Adjustments:Plus: Acquisition-related transaction costs (a)
    
    
    244
    
    
    
    423Adjusted operating income before depreciation and amortization
    
    $
    107,461
    
    
    $
    128,050As % of revenues
    
    
    32.5
    %
    
    
    32.8
    %
 Six months ended
    
    
    Six months endedJune 30, 2010
    
    
    June 30, 2011Operating income
    
    $
    128,957
    
    
    $
    153,374Plus: Depreciation and amortization
    
    
    72,092
    
    
    
    79,625Plus: Closure and post-closure accretion
    
    
    880
    
    
    
    967Plus/less: Loss (gain) on disposal of assets
    
    
    622
    
    
    
    (292
    )Adjustments:Plus: Acquisition-related transaction costs (a)
    
    
    395
    
    
    
    1,094Adjusted operating income before depreciation and amortization
    
    $
    202,946
    
    
    $
    234,768As % of revenues
    
    
    31.8
    %
    
    
    32.5
    %
 
 (a)
    
    Reflects the addback of acquisition-related costs.  - 8 -




---



##### 



NON-GAAP RECONCILIATION SCHEDULE (continued)
 Reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income per diluted
share:
  Three months ended
    
    
    Six months endedJune 30,
    
    
    June 30,2010
    
    
    2011
    
    
    2010
    
    
    2011Reported net income attributable to Waste Connections
    
    $
    30,400
    
    
    $
    44,413
    
    
    $
    57,973
    
    
    $
    80,952Adjustments:Loss on extinguishment of debt, net of taxes (a)
    
    
    6,035
    
    
    
    
    
    
    
    6,320
    
    
    
    Acquisition-related transaction costs, net of taxes (b)
    
    
    151
    
    
    
    507
    
    
    
    245
    
    
    
    923Loss (gain) on disposal of assets, net of taxes (c)
    
    
    648
    
    
    
    (166
    )
    
    
    808
    
    
    
    (181
    )Impact of deferred tax adjustment (d)
    
    
    
    
    
    
    
    
    
    
    1,547
    
    
    
    Adjusted net income attributable to Waste Connections
    
    $
    37,234
    
    
    $
    44,754
    
    
    $
    66,893
    
    
    $
    81,694Diluted earnings per common share attributable to Waste
Connections common stockholders:Reported net income
    
    $
    0.26
    
    
    $
    0.39
    
    
    $
    0.49
    
    
    $
    0.71Adjusted net income
    
    $
    0.32
    
    
    $
    0.39
    
    
    $
    0.57
    
    
    $
    0.71
 
 (a)
    
    Reflects the elimination of costs associated with the early redemption of outstanding debt.(b)
    
    Reflects the elimination of acquisition-related costs.(c)
    
    Reflects the elimination of a loss (gain) on disposal of assets.(d)
    
    Reflects the elimination of an increase to the income tax provision associated with an
adjustment in the Companys deferred tax liabilities primarily resulting from a
voter-approved increase in Oregon state income tax rates.  - 9 -




---



##### 



NON-GAAP RECONCILIATION SCHEDULE (continued)
 Reconciliation of Free Cash Flow:
  Three months ended
    
    
    Three months endedJune 30, 2010
    
    
    June 30, 2011Net cash provided by operating activities
    
    $
    60,044
    
    
    $
    101,597Plus/less: Change in book overdraft
    
    
    (1,191
    )
    
    
    (1,903
    )Plus: Proceeds from disposal of assets
    
    
    4,123
    
    
    
    1,074Plus: Excess tax benefit associated with equity-based compensation
    
    
    3,945
    
    
    
    991Less: Capital expenditures for property and equipment
    
    
    (23,742
    )
    
    
    (27,034
    )Less: Distributions to noncontrolling interests
    
    
    
    
    
    
    Free cash flow
    
    $
    43,179
    
    
    $
    74,725As % of revenues
    
    
    13.1
    %
    
    
    19.2
    %
 Six months ended
    
    
    Six months endedJune 30, 2010
    
    
    June 30, 2011Net cash provided by operating activities
    
    $
    143,724
    
    
    $
    189,976Plus: Change in book overdraft
    
    
    (2,172
    )
    
    
    (1,918
    )Plus: Proceeds from disposal of assets
    
    
    4,925
    
    
    
    1,862Plus: Excess tax benefit associated with equity-based compensation
    
    
    6,423
    
    
    
    2,829Less: Capital expenditures for property and equipment
    
    
    (50,495
    )
    
    
    (46,562
    )Less: Distributions to noncontrolling interests
    
    
    
    
    
    
    (675
    )Free cash flow
    
    $
    102,405
    
    
    $
    145,512As % of revenues
    
    
    16.1
    %
    
    
    20.2
    %
  - 10 -