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8-K - FORM 8-K - COVANTA HOLDING CORP | c16739e8vk.htm |
Exhibit 99.1
COVANTA INCREASES SHARE REPURCHASE AUTHORIZATION;
Additional Purchases of $100 Million Approved
Additional Purchases of $100 Million Approved
MORRISTOWN, N.J., May 6, 2011 Covanta Holding Corporation (NYSE: CVA) (Covanta or the
Company) today announced that its Board of Directors has authorized an additional $100 million in
share repurchases, bringing the total authorized amount to $300 million.
Todays action continues to demonstrate our commitment to actively returning capital while
pursuing our very promising Energy-from-Waste development pipeline. Since we began this program in
June 2010 and the end of this years first quarter, we have returned approximately $390 million to
shareholders through a combination of share repurchases, a special dividend and the institution of
an ongoing quarterly cash dividend. This active capital return program is facilitated by our
strong cash flow generation and balance sheet, said Sanjiv Khattri, Covantas Executive Vice
President and CFO.
The Company expects to fund the share repurchases using available sources of liquidity, including
its substantial cash generated from the business and proceeds from asset sales. The repurchases may
employ a variety of methods including open market purchases, privately negotiated transactions,
block trades or other available alternatives. The amount and timing of any repurchases will be
determined based on an evaluation of a variety of factors at the time of any repurchases. The share
buyback authorization does not obligate the Company to acquire any specific number of shares in any
period, and may be modified, suspended or discontinued at any time without notice to shareholders.
About Covanta
Covanta is an internationally recognized owner and operator of large-scale Energy-from-Waste and
renewable energy projects and a recipient of the Energy Innovator Award from the U.S. Department of
Energys Office of Energy Efficiency and Renewable Energy. Covantas 44 Energy-from-Waste
facilities provide communities with an environmentally sound solution to their solid waste disposal
needs by using that municipal solid waste to generate clean, renewable energy. Annually, Covantas
modern Energy-from-Waste facilities safely and securely convert approximately 20 million tons of
waste into 9 million megawatt hours of clean renewable electricity and more than 9 billion pounds
of steam that are sold to a variety of industries. For more information, visit
www.covantaenergy.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements as defined in
Section 27A of the Securities Act of 1933 (the Securities Act), Section 21E of the Securities
Exchange Act of 1934 (the Exchange Act), the Private Securities Litigation Reform Act of 1995
(the PSLRA) or in releases made by the Securities and Exchange Commission (SEC), all as may be
amended from time to time. Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the actual results, performance or
achievements of Covanta and its subsidiaries,
or general industry or broader economic performance in global markets in which Covanta operates or
competes, 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 assumptions and other important factors that could cause actual results to
differ materially from those forward-looking statements with respect to Covanta, include, but are
not limited to, the risk that Covanta may not successfully close its announced or planned
acquisitions or projects in development and those factors, risks and uncertainties that are
described in periodic securities filings by Covanta with the SEC. Although Covanta believes that
its plans, 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. Covantas future financial condition and results of operations, as
well as any forward-looking statements, are subject to change and 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.
Contacts
Marisa F. Jacobs, Esq.
862.345.5285
Marisa F. Jacobs, Esq.
862.345.5285
James Regan
862.345.5216
862.345.5216
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