TORONTO, ONTARIO--(Marketwired - July 30, 2013) - Progressive Waste Solutions Ltd. (the "Company") (NYSE:BIN)(TSX:BIN) reported financial results for the three and six months ended June 30, 2013. 

Second quarter highlights

• Consolidated revenues of $516.8 million in the second quarter, up 8.7%
• Consolidated organic revenue growth of 1.5% or 2.0% excluding the 0.5% decline in revenues due to lower recycled commodity prices versus the same period a year ago
• Adjusted EBITDA^(A) of $134.9 million, up 1.7%, and adjusted operating income or adjusted operating EBIT^(A) of $67.0 million, up 3.7%
• Free cash flow^(B) of $61.5 million, up 8.8%. Excluding internal infrastructure investments, free cash flow^(B) of $75.2 million, up 25.7% 
• Reported and adjusted net income per share^(A) of $0.28 and $0.31, respectively, versus $0.24 and $0.25 in the same period last year
• Guidance for 2013 updated to reflect changes to our foreign currency exchange assumption, actual results for the six months ended June 30, 2013 and a change to our long-term financing structure
• Board of Directors declares increase of 7.1% to quarterly cash dividend effective September 30, 2013

Management Commentary

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

"We are very pleased with the results of our second quarter, in which we achieved revenue growth of 8.7%, adjusted EBITDA^(A) growth of 1.7%, and free cash flow^(B) growth of 8.8%, despite the impact of weaker foreign currency exchange and recycled commodity prices relative to the year-ago period, as well as adverse weather conditions and one-time expense items in the quarter of approximately $1.1 million," said Joseph Quarin, Vice Chairman and Chief Executive Officer, Progressive Waste Solutions Ltd. "We benefited from acquisitions completed in 2012, as well as solid consolidated organic growth of 1.5%. Core price increased across our collection and transfer and disposal service lines in our U.S. and Canadian operations, and we experienced a notable improvement in industrial collection volumes, which increased 8.0% on a consolidated basis. Against this backdrop, we are focused on our value creation strategy to drive returns in our U.S. and Canadian operations and we remain confident in our expectations for our operating performance in 2013."

Mr. Quarin continued, "We are committed to creating shareholder value, both near-term and long-term, through the prioritization of free cash flow^(B) growth and the disciplined deployment of capital to increase return on invested capital. To this end, during the second quarter, we better positioned our capital structure, resulting in a lower effective corporate tax rate and a corresponding increase to the amounts of adjusted net income per share^(A) and free cash flow^(B) that we expect to generate this year and going forward. With our strengthening free cash flow^(B) profile, we are pleased to announce an increase of 7.1% to our quarterly cash dividend."

Second quarter ended June 30, 2013

Reported revenues increased $41.4 million or 8.7% from $475.4 million in the second quarter of 2012 to $516.8 million in the second quarter of 2013. Expressed on a reportable basis and assuming a foreign currency exchange ("FX") rate of parity between the Canadian and U.S. dollar ("FX parity"), revenues increased 9.2% due in large part to a 7.7% increase attributable to acquisitions. Higher overall core pricing and volumes were partially offset by lower recycled commodity pricing. The impact of lower recycled commodity prices on comparative revenues represented a 0.5% decline.

Operating income was $64.6 million in the second quarter of 2013 versus $65.7 million in the second quarter of 2012. Net income was $32.3 million versus $28.4 million in the second quarter of 2013 and 2012, respectively. 

Adjusted amounts

Adjusted EBITDA^(A) was $134.9 million in the second quarter of 2013 versus $132.7 million posted in the same quarter a year ago. Adjusted operating EBIT^(A) was $67.0 million or 3.7% higher in the quarter compared to $64.7 million in the same period last year. Adjusted net income^(A) was $35.3 million, or $0.31 per diluted share, compared to $28.8 million, or $0.25 per diluted share in the comparative period. 

Six months ended June 30, 2013

For the six months ended June 30, 2013, reported revenues increased $89.7 million or 9.8% from $913.7 million in 2012 to $1,003.4 million. Expressed on a reportable basis and at FX parity, revenues increased 10.2% on a comparative basis. The increase is due in large part to an 8.6% increase attributable to acquisitions and higher overall core pricing, volumes and fuel surcharges, which outpaced lower commodity pricing. The year-to-date impact on comparative revenues resulting from a decline in recycled commodity prices was 0.5%.

For the six months ended June 30, operating income was $123.8 million in 2013 versus $116.0 million in 2012. Net income was $61.6 million versus $50.4 million for the six months ended June 30, 2013 and 2012, respectively. 

Adjusted amounts

For the six months ended June 30, adjusted EBITDA^(A) was $263.9 million or 6.0% higher in 2013 versus $249.0 million in 2012. Adjusted operating EBIT^(A) was $125.4 million, or 6.5% higher compared to the $117.7 million recorded last year. Adjusted net income^(A) was $62.4 million, or $0.54 per diluted share, compared to $52.9 million, or $0.45 per diluted share in the same period last year. 

Other highlights for the three months ended June 30, 2013

• Consolidated core price increased 0.7%, reflecting organic average price change, net of rollbacks and excluding fuel surcharges, across the Company's customer base
• Consolidated organic volume growth of 1.3%. Of the consolidated organic volume growth in the quarter, there was a decline of 220 basis points related to the completion of three municipal contracts and the temporary closure of a transfer station in the Company's Canadian operations
• The Company made an investment in TerraCycle Canada ULC, a specialty recycling firm, to broaden the Company's range of recycling services available to its customers
• The Company reduced its total funded debt to EBITDA ratio to 2.96 times from a total funded debt to EBITDA ratio of 3.07 times at March 31, 2013, as defined and calculated in accordance with its consolidated credit facility
• The Company returned nearly $16.0 million to shareholders through its quarterly dividend. On July 29, 2013, the Company's Board of Directors declared a 7.1% increase in the quarterly cash dividend. The regular quarterly cash dividend, which increases from $0.14 per share to $0.15 per share, is payable on October 15, 2013, to shareholders of record on the close of business on September 30, 2013

2013 Outlook - Guidance Update

The Company is revising its 2013 guidance in light of the weaker Canadian dollar relative to its U.S. counterpart from parity to 97 cents U.S. for each Canadian dollar, the "FX revision". In addition, our full year guidance has been adjusted for net gains on disposal of capital assets and lower current, and higher deferred, income tax expense recorded in the six months ended June 30, 2013 relative to our expectations, the "Q2 revision". The Company is also revising its 2013 full year guidance for its implementation of a long-term financing structure effective June 28, 2013 and the Company's intention to enter into interest rate swaps to fix a portion of the variable rate interest borne on amounts drawn under its consolidated credit facility, collectively the "FS revision".

Our revised guidance for the fiscal year ending 2013 is as follows (in millions of U.S. dollars, except for per share amounts and where otherwise stated):

	Prior guidance		Revised guidance		Impact		Reason
Revenue (in billions)	$2.00 to $2.02		$1.977 to $1.997		Decline		FX revision
Adjusted EBITDA(A)	$545 to $555		$538 to $543		Decline		FX revision
Amortization expense, as a percentage of revenue	14.4	%	14.4	%	No change		-
Effective tax rate as a percentage of income before income tax expense and net loss from equity accounted investee	40	%	35	%	Decline		FS revision
Cash taxes	$52 to $54		$32 to $35		Decline		FX, FS and Q2 revisions
Adjusted net income(A) per diluted share	$1.02 to $1.06		$1.09 to $1.14		Increase		FX, FS and Q2 revisions
Free cash flow(B) excluding additional internal infrastructure investment	$200 to $215		$211 to $225		Increase		FX, FS and Q2 revisions
Capital and landfill expenditures excluding internal infrastructure investment	$210 to $220		$208 to $218		Decline		FX revision
Internal infrastructure investment	$40 to $45		$39 to $44		Decline		FX revision
Expected annual cash dividend, payable on a quarterly basis	C$0.56 per share		C$0.58 per share		Increase		Board of directors approved increase

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 June 30, 2013 and 2012 (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)
			Three months ended								Six months ended
			2013				2012				2013				2012
REVENUES			$	516,807			$	475,435			$	1,003,367			$	913,710
EXPENSES
	OPERATING			318,779				286,878				615,667				552,219
	SELLING, GENERAL AND ADMINISTRATION			65,538				54,884				125,354				114,176
	AMORTIZATION			73,642				68,370				144,941				132,024
	NET GAIN ON SALE OF CAPITAL ASSETS			(5,788	)			(366	)			(6,405	)			(750	)
OPERATING INCOME				64,636				65,669				123,810				116,041
INTEREST ON LONG-TERM DEBT				15,214				13,974				30,457				28,238
NET FOREIGN EXCHANGE (GAIN) LOSS				(2,968	)			-				(2,969	)			7
NET LOSS (GAIN) ON FINANCIAL INSTRUMENTS				1,205				2,717				(1,060	)			2,172
OTHER				-				52				-				105
INCOME BEFORE INCOME TAX EXPENSE AND NET LOSS FROM EQUITY ACCOUNTED INVESTEE				51,185				48,926				97,382				85,519
INCOME TAX EXPENSE
	Current			7,858				13,668				17,657				24,093
	Deferred			11,028				6,866				18,052				10,961
				18,886				20,534				35,709				35,054
NET LOSS FROM EQUITY ACCOUNTED INVESTEE				6				15				39				19
NET INCOME				32,293				28,377				61,634				50,446
OTHER COMPREHENSIVE LOSS:
	Foreign currency translation adjustment			(18,525	)			(10,957	)			(29,821	)			(1,334	)
	Derivatives designated as cash flow hedges, net of income tax $242 and $530 (2012 - $1,146 and $758)			(451	)			(2,131	)			(986	)			(1,410	)
	Settlement of derivatives designated as cash flow hedges, net of income tax ($78) and ($227) (2012 - $58 and ($79))			146				(110	)			422				146
				(305	)			(2,241	)			(564	)			(1,264	)
TOTAL OTHER COMPREHENSIVE LOSS				(18,830	)			(13,198	)			(30,385	)			(2,598	)
COMPREHENSIVE INCOME			$	13,463			$	15,179			$	31,249			$	47,848
Net income per weighted average share, basic and diluted			$	0.28			$	0.24			$	0.54			$	0.43
Weighted average number of shares outstanding (thousands), basic and diluted				115,167				116,416				115,167				117,152

Progressive Waste Solutions Ltd.
Condensed Consolidated Balance Sheets
("Balance Sheet")
June 30, 2013 (unaudited) and December 31, 2012 (stated in accordance with accounting principles generally accepted in the United States of America ("U.S.") and in thousands of U.S. dollars except for issued and outstanding share amounts)
		June 30,				December 31,
		2013				2012
ASSETS
CURRENT
	Cash and cash equivalents	$	34,983			$	29,940
	Accounts receivable		247,961				238,958
	Other receivables		314				440
	Prepaid expenses		34,073				38,762
	Income taxes recoverable		7,549				2,928
	Restricted cash		497				476
	Other assets		598				1,573
			325,975				313,077
OTHER RECEIVABLES			31				72
FUNDED LANDFILL POST-CLOSURE COSTS			9,955				9,885
INTANGIBLES			252,673				287,847
GOODWILL			909,184				929,114
LANDFILL DEVELOPMENT ASSETS			20,771				19,715
DEFERRED FINANCING COSTS			18,322				20,060
CAPITAL ASSETS			909,988				927,518
LANDFILL ASSETS			948,327				963,720
INVESTMENTS			4,792				4,062
OTHER ASSETS			339				491
		$	3,400,357			$	3,475,561
LIABILITIES
CURRENT
	Accounts payable	$	96,527			$	120,341
	Accrued charges		133,416				131,528
	Dividends payable		15,338				16,206
	Income taxes payable		986				1,986
	Deferred revenues		17,519				19,002
	Current portion of long-term debt		6,968				6,907
	Landfill closure and post-closure costs		7,180				8,871
	Other liabilities		2,563				2,527
			280,497				307,368
LONG-TERM DEBT			1,615,478				1,681,370
LANDFILL CLOSURE AND POST-CLOSURE COSTS			110,418				104,281
OTHER LIABILITIES			5,731				6,166
DEFERRED INCOME TAXES			119,560				103,795
			2,131,684				2,202,980
SHAREHOLDERS' EQUITY
	Common shares (authorized - unlimited, issued and outstanding - 114,817,886 (December 31, 2012 - 114,993,864))		1,773,539				1,773,530
	Restricted shares (issued and outstanding - 348,867 (December 31, 2012 - 172,500))		(7,218	)			(3,460	)
	Additional paid in capital		2,493				2,166
	Accumulated deficit		(421,640	)			(451,539	)
	Accumulated other comprehensive loss		(78,501	)			(48,116	)
	Total shareholders' equity		1,268,673				1,272,581
		$	3,400,357			$	3,475,561

Progressive Waste Solutions Ltd.
Condensed Consolidated Statements of Cash Flows
("Statement of Cash Flows")
For the periods ended June 30, 2013 and 2012 (unaudited - stated in accordance with accounting principles generally accepted in the U.S. and in thousands of U.S. dollars)
				Three months ended								Six months ended
				2013				2012				2013				2012
NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES
OPERATING
	Net income			$	32,293			$	28,377			$	61,634			$	50,446
	Items not affecting cash
		Restricted share expense			447				624				937				1,358
		Accretion of landfill closure and post-closure costs			1,406				1,306				2,815				2,614
		Amortization of intangibles			15,018				12,887				30,378				25,815
		Amortization of capital assets			38,371				34,237				76,447				68,136
		Amortization of landfill assets			20,253				21,246				38,116				38,073
		Interest on long-term debt (amortization of deferred financing costs)			849				1,678				1,705				3,368
		Net gain on sale of capital assets			(5,788	)			(366	)			(6,405	)			(750	)
		Net loss (gain) on financial instruments			1,205				2,717				(1,060	)			2,172
		Deferred income taxes			11,028				6,866				18,052				10,961
		Net loss from equity accounted investee			6				15				39				19
	Landfill closure and post-closure expenditures				(1,434	)			(2,666	)			(2,229	)			(4,200	)
	Changes in non-cash working capital items				(8,145	)			15,990				(20,144	)			(9,753	)
Cash generated from operating activities					105,509				122,911				200,285				188,259
INVESTING
	Acquisitions				(1,544	)			(41,861	)			(1,639	)			(48,405	)
	Purchase of investment				(1,018	)			-				(1,018	)			-
	Restricted cash deposits				(20	)			(20	)			(21	)			(22	)
	Investment in other receivables				-				-				(134	)			-
	Proceeds from other receivables				139				99				278				223
	Funded landfill post-closure costs				(64	)			(74	)			(166	)			(160	)
	Purchase of capital assets				(47,303	)			(33,885	)			(98,683	)			(71,271	)
	Purchase of landfill assets				(15,787	)			(15,788	)			(25,793	)			(28,493	)
	Proceeds from the sale of capital assets				13,263				848				14,384				1,567
	Investment in landfill development assets				(363	)			(548	)			(2,139	)			(2,814	)
Cash utilized in investing activities					(52,697	)			(91,229	)			(114,931	)			(149,375	)
FINANCING
	Payment of deferred financing costs				(776	)			-				(824	)			(55	)
	Proceeds from long-term debt				538,277				80,046				558,101				178,987
	Repayment of long-term debt				(566,398	)			(56,664	)			(598,440	)			(122,509	)
	Proceeds from the exercise of stock options				-				-				3				310
	Repurchase of common shares				-				(31,168	)			-				(60,476	)
	Purchase of restricted shares				(1,356	)			-				(4,362	)			-
	Dividends paid to shareholders				(15,754	)			(16,212	)			(31,735	)			(30,981	)
Cash utilized in financing activities					(46,007	)			(23,998	)			(77,257	)			(34,724	)
Effect of foreign currency translation on cash and cash equivalents					(1,990	)			(436	)			(3,054	)			(55	)
NET CASH INFLOW					4,815				7,248				5,043				4,105
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD OR YEAR					30,168				11,000				29,940				14,143
CASH AND CASH EQUIVALENTS, END OF PERIOD				$	34,983			$	18,248			$	34,983			$	18,248
SUPPLEMENTAL CASH FLOW INFORMATION:
	Cash and cash equivalents are comprised of:
		Cash		$	29,270			$	18,245			$	29,270			$	18,245
		Cash equivalents			5,713				3				5,713				3
				$	34,983			$	18,248			$	34,983			$	18,248
	Cash paid during the period for:
		Income taxes		$	12,165			$	15,657			$	23,857			$	32,167
		Interest		$	14,485			$	12,463			$	29,763			$	26,307

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 six months ended June 30, 2013.

Three months ended
		June 30, 2012			June 30, 2013			June 30, 2013			June 30, 2013			June 30, 2013
		(as reported)			(organic, acquisition and other non-operating changes)			(holding FX constant with the comparative period)			(FX impact)			(as reported)
Condensed Consolidated Statement of Operations
Revenues		$	475,435		$	43,914		$	519,349		$	(2,542	)	$	516,807
Operating expenses			286,878			33,306			320,184			(1,405	)		318,779
Selling, general and administration			54,884			11,024			65,908			(370	)		65,538
Amortization			68,370			5,625			73,995			(353	)		73,642
Net gain on sale of capital assets			(366	)		(5,454	)		(5,820	)		32			(5,788	)
Operating income			65,669			(587	)		65,082			(446	)		64,636
Interest on long-term debt			13,974			1,421			15,395			(181	)		15,214
Net foreign exchange gain			-			(2,999	)		(2,999	)		31			(2,968	)
Net loss on financial instruments			2,717			(1,513	)		1,204			1			1,205
Other expense			52			(52	)		-			-			-
Income before net income tax expense and net loss from equity accounted investee			48,926			2,556			51,482			(297	)		51,185
Net income tax expense			20,534			(1,552	)		18,982			(96	)		18,886
Net loss from equity accounted investee			15			(8	)		7			(1	)		6
Net income		$	28,377		$	4,116		$	32,493		$	(200	)	$	32,293
Adjusted EBITDA(A)		$	132,685		$	2,996		$	135,681		$	(785	)	$	134,896
Adjusted EBITA(A)		$	77,202		$	(444	)	$	76,758		$	(486	)	$	76,272
Adjusted operating income or adjusted operating EBIT(A)		$	64,681		$	2,826		$	67,507		$	(465	)	$	67,042
Adjusted net income(A)		$	28,847		$	6,663		$	35,510		$	(220	)	$	35,290
Free cash flow(B)		$	56,536		$	5,165		$	61,701		$	(217	)	$	61,484

Six months ended
		June 30, 2012			June 30, 2013			June 30, 2013			June 30, 2013			June 30, 2013
		(as reported)			(organic, acquisition and other non-operating changes)			(holding FX constant with the comparative period)			(FX impact)			(as reported)
Condensed Consolidated Statement of Operations
Revenues		$	913,710		$	93,574		$	1,007,284		$	(3,917	)	$	1,003,367
Operating expenses			552,219			65,595			617,814			(2,147	)		615,667
Selling, general and administration			114,176			11,741			125,917			(563	)		125,354
Amortization			132,024			13,472			145,496			(555	)		144,941
Net gain on sale of capital assets			(750	)		(5,690	)		(6,440	)		35			(6,405	)
Operating income			116,041			8,456			124,497			(687	)		123,810
Interest on long-term debt			28,238			2,506			30,744			(287	)		30,457
Net foreign exchange loss (gain)			7			(3,007	)		(3,000	)		31			(2,969	)
Net loss (gain) on financial instruments			2,172			(3,238	)		(1,066	)		6			(1,060	)
Other expense			105			(105	)		-			-			-
Income before net income tax expense and net loss from equity accounted investee			85,519			12,300			97,819			(437	)		97,382
Net income tax expense			35,054			798			35,852			(143	)		35,709
Net loss from equity accounted investee			19			21			40			(1	)		39
Net income		$	50,446		$	11,481		$	61,927		$	(293	)	$	61,634
Adjusted EBITDA(A)		$	248,993		$	16,176		$	265,169		$	(1,222	)	$	263,947
Adjusted EBITA(A)		$	65,582		$	7,353		$	150,137		$	(753	)	$	149,384
Adjusted operating income or adjusted operating EBIT(A)		$	117,719		$	8,395		$	126,114		$	(703	)	$	125,411
Adjusted net income(A)		$	52,913		$	9,779		$	62,692		$	(305	)	$	62,387
Free cash flow(B)		$	100,247		$	6,252		$	106,499		$	(159	)	$	106,340

Other Financial Highlights
(all amounts are in thousands of U.S. dollars, excluding per share amounts)
		Three months ended					Six months ended
		June 30					June 30
		2013			2012			2013			2012
Operating income		$	64,636		$	65,669		$	123,810		$	116,041
Transaction and related costs (recoveries) - SG&A			390			1,082			(175	)		1,370
Fair value movements in stock options - SG&A*			1,755			(2,694	)		1,250			(1,050	)
Restricted share expense - SG&A*			261			624			526			1,358
Adjusted operating income or adjusted operating EBIT(A)			67,042			64,681			125,411			117,719
Net gain on sale of capital assets			(5,788	)		(366	)		(6,405	)		(750	)
Amortization			73,642			68,370			144,941			132,024
Adjusted EBITDA(A)			134,896			132,685			263,947			248,993
Amortization of capital and landfill assets			(58,624	)		(55,483	)		(114,563	)		(106,209	)
Adjusted EBITA(A)		$	76,272		$	77,202		$	149,384		$	142,784
Net income		$	32,293		$	28,377		$	61,634		$	50,446
Transaction and related costs (recoveries) - SG&A			390			1,082			(175	)		1,370
Fair value movements in stock options - SG&A*			1,755			(2,694	)		1,250			(1,050	)
Restricted share expense - SG&A*			261			624			526			1,358
Net loss (gain) on financial instruments			1,205			2,717			(1,060	)		2,172
Other expenses			-			52			-			105
Net income tax expense or (recovery)			(614	)		(1,311	)		212			(1,488	)
Adjusted net income(A)		$	35,290		$	28,847		$	62,387		$	52,913

Note:

*Amounts exclude long-term incentive plan ("LTIP") compensation.

Adjusted net income (A)
	per weighted average share, basic		$	0.31	$	0.25	$	0.54	$	0.45
Adjusted net income (A)
	per weighted average share, diluted		$	0.31	$	0.25	$	0.54	$	0.45
Replacement and growth expenditures
Replacement expenditures			$	39,331	$	35,736	$	60,649	$	72,110
Growth expenditures				23,759		13,937		63,827		27,654
Total replacement and growth expenditures			$	63,090	$	49,673	$	124,476	$	99,764
Free cash flow(B)
Cash generated from operating activities (statement of cash flows)			$	105,509	$	122,911	$	200,285	$	188,259
Free cash flow(B)			$	61,484	$	56,536	$	106,340	$	100,247
Free cash flow (B)
	per weighted average share, diluted		$	0.53	$	0.49	$	0.92	$	0.86
Dividends
Dividends paid (common shares)			$	15,754	$	16,212	$	31,735	$	30,981

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
June 30
		2012				2013				Change				2013				Change
		(as reported)				(holding FX constant with the comparative period)								(as reported)
Revenues		$	475,435			$	519,349			$	43,914			$	516,807			$	41,372
Canada		$	198,179			$	201,397			$	3,218			$	198,855			$	676
U.S. south		$	195,521			$	220,988			$	25,467			$	220,988			$	25,467
U.S. northeast		$	81,735			$	96,964			$	15,229			$	96,964			$	15,229
Operating expenses		$	286,878			$	320,184			$	33,306			$	318,779			$	31,901
Canada		$	110,247			$	112,002			$	1,755			$	110,597			$	350
U.S. south		$	120,265			$	139,320			$	19,055			$	139,320			$	19,055
U.S. northeast		$	56,366			$	68,862			$	12,496			$	68,862			$	12,496
SG&A (as reported)		$	54,884			$	65,908			$	11,024			$	65,538			$	10,654
Canada		$	15,917			$	18,279			$	2,362			$	18,050			$	2,133
U.S. south		$	19,285			$	22,144			$	2,859			$	22,144			$	2,859
U.S. northeast		$	7,696			$	8,409			$	713			$	8,409			$	713
Corporate		$	11,986			$	17,076			$	5,090			$	16,935			$	4,949
EBITDA(A)(as reported)		$	133,673			$	133,257			$	(416	)		$	132,490			$	(1,183	)
Canada		$	72,015			$	71,116			$	(899	)		$	70,208			$	(1,807	)
U.S. south		$	55,971			$	59,524			$	3,553			$	59,524			$	3,553
U.S. northeast		$	17,673			$	19,693			$	2,020			$	19,693			$	2,020
Corporate		$	(11,986	)		$	(17,076	)		$	(5,090	)		$	(16,935	)		$	(4,949	)
Adjusted SG&A		$	55,872			$	63,484			$	7,612			$	63,132			$	7,260
Canada		$	15,917			$	18,279			$	2,362			$	18,050			$	2,133
U.S. south		$	19,285			$	22,144			$	2,859			$	22,144			$	2,859
U.S. northeast		$	7,696			$	8,409			$	713			$	8,409			$	713
Corporate		$	12,974			$	14,652			$	1,678			$	14,529			$	1,555
Adjusted EBITDA(A)		$	132,685			$	135,681			$	2,996			$	134,896			$	2,211
Canada		$	72,015			$	71,116			$	(899	)		$	70,208			$	(1,807	)
U.S. south		$	55,971			$	59,524			$	3,553			$	59,524			$	3,553
U.S. northeast		$	17,673			$	19,693			$	2,020			$	19,693			$	2,020
Corporate		$	(12,974	)		$	(14,652	)		$	(1,678	)		$	(14,529	)		$	(1,555	)

Six months ended
June 30
		2012				2013				Change				2013				Change
		(as reported)				(holding FX constant with the comparative period)								(as reported)
Revenues		$	913,710			$	1,007,284			$	93,574			$	1,003,367			$	89,657
Canada		$	372,097			$	381,866			$	9,769			$	377,949			$	5,852
U.S. south		$	382,928			$	432,555			$	49,627			$	432,555			$	49,627
U.S. northeast		$	158,685			$	192,863			$	34,178			$	192,863			$	34,178
Operating expenses		$	552,219			$	617,814			$	65,595			$	615,667			$	63,448
Canada		$	205,885			$	209,306			$	3,421			$	207,159			$	1,274
U.S. south		$	236,395			$	270,345			$	33,950			$	270,345			$	33,950
U.S. northeast		$	109,939			$	138,163			$	28,224			$	138,163			$	28,224
SG&A (as reported)		$	114,176			$	125,917			$	11,741			$	125,354			$	11,178
Canada		$	31,831			$	36,178			$	4,347			$	35,807			$	3,976
U.S. south		$	38,884			$	43,519			$	4,635			$	43,519			$	4,635
U.S. northeast		$	15,693			$	17,127			$	1,434			$	17,127			$	1,434
Corporate		$	27,768			$	29,093			$	1,325			$	28,901			$	1,133
EBITDA(A)(as reported)		$	247,315			$	263,553			$	16,238			$	262,346			$	15,031
Canada		$	134,381			$	136,382			$	2,001			$	134,983			$	602
U.S. south		$	107,649			$	118,691			$	11,042			$	118,691			$	11,042
U.S. northeast		$	33,053			$	37,573			$	4,520			$	37,573			$	4,520
Corporate		$	(27,768	)		$	(29,093	)		$	(1,325	)		$	(28,901	)		$	(1,133	)
Adjusted SG&A		$	112,498			$	124,301			$	11,803			$	123,753			$	11,255
Canada		$	31,831			$	36,178			$	4,347			$	35,807			$	3,976
U.S. south		$	38,884			$	43,519			$	4,635			$	43,519			$	4,635
U.S. northeast		$	15,693			$	17,127			$	1,434			$	17,127			$	1,434
Corporate		$	26,090			$	27,477			$	1,387			$	27,300			$	1,210
Adjusted EBITDA(A)		$	248,993			$	265,169			$	16,176			$	263,947			$	14,954
Canada		$	134,381			$	136,382			$	2,001			$	134,983			$	602
U.S. south		$	107,649			$	118,691			$	11,042			$	118,691			$	11,042
U.S. northeast		$	33,053			$	37,573			$	4,520			$	37,573			$	4,520
Corporate		$	(26,090	)		$	(27,477	)		$	(1,387	)		$	(27,300	)		$	(1,210	)

Revenues
Gross revenue by service type
The table below present's gross revenue by service type prepared on a consolidated basis and includes the impact of FX.
	Three months ended										Six months ended
	June 30										June 30
	2013			%		2012			%		2013			%		2012			%
Commercial	$	176,483		34.1		$	164,746		34.7		$	352,205		35.1		$	327,108		35.8
Industrial		95,424		18.5			84,346		17.7			180,580		18.0			160,911		17.6
Residential		118,774		23.0			108,196		22.8			231,794		23.1			209,685		22.9
Transfer and disposal		185,213		35.8			163,579		34.4			345,461		34.4			304,445		33.3
Recycling		14,416		2.8			17,440		3.7			29,395		2.9			34,221		3.7
Other		11,491		2.2			6,690		1.4			21,597		2.2			12,050		1.3
Gross revenues		601,801		116.4			544,997		114.7			1,161,032		115.7			1,048,420		114.6
Intercompany		(84,994	)	(16.4	)		(69,562	)	(14.7	)		(157,665	)	(15.7	)		(134,710	)	(14.6	)
Revenues	$	516,807		100.0		$	475,435		100.0		$	1,003,367		100.0		$	913,710		100.0

Revenue growth or decline components - expressed in percentages and excluding FX
The table below has been prepared assuming Canadian and U.S. dollar parity except for percentages presented that include FX.
		Three months ended				Six months ended
		June 30				June 30
		2013		2012		2013		2012
Price
	Core price	0.7		1.6		0.9		1.4
	Fuel surcharges	-		0.4		0.1		0.6
	Recycling and other	(0.5	)	(1.4	)	(0.5	)	(1.5	)
	Total price growth	0.2		0.6		0.5		0.5
Volume		1.3		(1.1	)	1.1		(0.9	)
Total organic growth (decline)		1.5		(0.5	)	1.6		(0.4	)
Acquisitions		7.7		3.5		8.6		4.0
Total growth excluding FX		9.2		3.0		10.2		3.6
FX		(0.5	)	(1.7	)	(0.4	)	(1.2	)
Total growth including FX		8.7		1.3		9.8		2.4

Free cash flow^(B)

Purpose and objective

The purpose of presenting this non-GAAP measure is 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												Six months ended
		June 30												June 30
		2013				2012				Change				2013				2012				Change
Cash generated from operating activities		$	105,509			$	122,911			$	(17,402	)		$	200,285			$	188,259			$	12,026
Operating and investing
Stock option expense (recovery)**			1,755				(2,694	)			4,449				1,250				(1,050	)			2,300
LTIP portion of restricted share expense**			(186	)			-				(186	)			(411	)			-				(411	)
Acquisition and related costs (recoveries)			390				1,082				(692	)			(175	)			1,370				(1,545	)
Other expenses			-				52				(52	)			-				105				(105	)
Changes in non-cash working capital items			8,145				(15,990	)			24,135				20,144				9,753				10,391
Capital and landfill asset purchases*			(63,090	)			(49,673	)			(13,417	)			(124,476	)			(99,764	)			(24,712	)
Proceeds from the sale of capital assets			13,263				848				12,415				14,384				1,567				12,817
Financing
Purchase of restricted shares**			(1,334	)			-				(1,334	)			(1,692	)			-				(1,692	)
Net realized foreign exchange (gain) loss			(2,968	)			-				(2,968	)			(2,969	)			7				(2,976	)
Free cash flow(B)		$	61,484			$	56,536			$	4,948			$	106,340			$	100,247			$	6,093

Note:
*	Capital and landfill asset purchases include infrastructure expenditures of approximately $13,700 and $3,300 for the three months ended and $28,100 and $6,900 for the six months ended June 30, 2013 and 2012, respectively.
**	Amounts exclude LTIP compensation.

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

We typically calculate free cash flow^(B) using an operations approach which is better reflects how we manage the business and free cash flow^(B).

	Three months ended									Six months ended
	June 30									June 30
	2013			2012			Change			2013			2012			Change
Adjusted EBITDA(A)	$	134,896		$	132,685		$	2,211		$	263,947		$	248,993		$	14,954
Purchase of restricted shares**		(1,334	)		-			(1,334	)		(1,692	)		-			(1,692	)
Capital and landfill asset purchases*		(63,090	)		(49,673	)		(13,417	)		(124,476	)		(99,764	)		(24,712	)
Proceeds from the sale of capital assets		13,263			848			12,415			14,384			1,567			12,817
Landfill closure and post-closure expenditures		(1,434	)		(2,666	)		1,232			(2,229	)		(4,200	)		1,971
Landfill closure and post-closure cost accretion expense		1,406			1,306			100			2,815			2,614			201
Interest on long-term debt		(15,214	)		(13,974	)		(1,240	)		(30,457	)		(28,238	)		(2,219	)
Non-cash interest expense		849			1,678			(829	)		1,705			3,368			(1,663	)
Current income tax expense		(7,858	)		(13,668	)		5,810			(17,657	)		(24,093	)		6,436
Free cash flow(B)	$	61,484		$	56,536		$	4,948		$	106,340		$	100,247		$	6,093

Note:

*Capital and landfill asset purchases include infrastructure expenditures of approximately $13,700 and $3,300 for the three months and $28,100 and $6,900 for the six months ended June 30, 2013 and 2012, respectively.

**Amounts exclude LTIP compensation.

Funded debt to EBITDA (as defined and calculated in accordance with our consolidated facility)

The ratio of funded debt to EBITDA, which includes first year pro forma EBITDA for completed acquisitions, is 2.96 times. The ratio is higher than our target threshold due in large part to our acquisition activity in 2012 and growth and infrastructure spending. Cash flows from acquisitions beyond the first year of operation will contribute to the further improvement of funded debt relative to EBITDA in subsequent periods. Cash flow contributions from growth and infrastructure spending will materialize over future periods and will also improve this relationship.

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. Based on 2012 results, if the U.S. dollar strengthens by one cent our reported revenues will decline by approximately $7,800. 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 $700 decline. Should the U.S. dollar weaken by one cent, our reported revenues, EBITDA^(A) and net income will improve by amounts similar to those outlined above in the event of a strengthening U.S. dollar. 

	2013						2012
	Condensed Consolidated Balance Sheet		Condensed Consolidated Statement of Operations and  Comprehensive Income or Loss				Condensed Consolidated Balance Sheet		Condensed Consolidated Statement of Operations and  Comprehensive Income or Loss
	Current		Average		Cumulative Average		Current		Average		Cumulative Average
December 31							$	1.0051			$	1.0006
March 31	$	0.9846	$	0.9912	$	0.9912	$	1.0009	$	0.9988	$	0.9988

Quarterly dividend declared

The Company's Board of Directors declared a quarterly dividend of $0.15 Canadian per share to shareholders of record on September 30, 2013. The dividend will be paid on October 15, 2013. The Company has designated these dividends as eligible dividends for the purposes of the Income Tax Act (Canada).

Definitions

^(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, loss on extinguishment of debt, 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, loss on extinguishment of 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 or recoveries 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).

Loss on extinguishment of debt - loss on extinguishment of debt is a function of our debt financing; as such, it reflects our treasury/financing activities and represents a different class of expense than those included in adjusted EBITDA.

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).

All references to "Adjusted EBITA" in this document represent Adjusted EBITDA after deducting amortization of capital and landfill assets. All references to "Adjusted operating income or adjusted operating EBIT" in this document represent Adjusted EBITDA after adjusting for net gain or loss on the sale of capital assets and all amortization expense. All references to "Adjusted net income" are to adjusted operating income after adjusting for restructuring expenses and goodwill impairment, net gain or loss on financial instruments, loss on extinguishment of debt, other expenses and net income tax expense or recovery. 

Adjusted EBITA, Adjusted operating income or adjusted operating EBIT, and Adjusted net income should not be construed as measures of income or of cash flows. Collectively, these terms do not have standardized meanings prescribed by U.S. GAAP and are therefore unlikely to be comparable to similar measures used by other companies. Each of these measures are important for investors and are used by management in the management of its business. Adjusted operating income or adjusted operating EBIT removes the impact of a company's capital structure and its tax rates when comparing the results of companies within or across industry sectors. Management uses Adjusted operating EBIT as a measure of how its operations are performing and to focus attention on amortization and depreciation expense to drive higher returns on invested capital. In addition, Adjusted operating EBIT is used by management as a means to measure the performance of its operating locations and is a significant metric in the determination of compensation for certain employees. Adjusted EBITA accomplishes a similar comparative result as Adjusted operating EBIT, but further removes amortization attributable to intangible assets. Intangible assets are measured at fair value when we complete an acquisition and amortized over their estimated useful lives. We view capital and landfill asset amortization as a proxy for the amount of capital reinvestment required to continue operating our business steady state. We believe that the replacement of intangible assets is not required to continue our operations as the costs associated with continuing operations are already captured in operating or selling, general and administration expenses. Accordingly, we view Adjusted EBITA as a measure that eliminates the impact of a company's acquisitive nature and permits a higher degree of comparability across companies within our industry or across different sectors from an operating performance perspective. Finally, Adjusted net income is a measure of our overall earnings and profits and is further used to calculate our net income per share. Adjusted net income reflects what we believe is our "operating" net income which excludes certain non-operating income or expenses. Adjusted net income is an important measure of a company's ability to generate profit and earnings for its shareholders which is used to compare company performance both amongst and between industry sectors.

^(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.

Updated guidance outlook

Included in our press release for the fourth quarter and year ended December 31, 2012, issued February 14, 2013, was our guidance for the fiscal year ending December 31, 2013, including our 2013 outlook assumptions and factors. We are updating our 2013 guidance outlook as a result of our implementation of a long-term internal financing structure, including our intention to fix a portion of the variable rate interest borne on amounts drawn under our consolidated credit facility, and to update our FX assumption from parity to 97 cents U.S. for each Canadian dollar. We have also updated our 2013 full year guidance for our second quarter performance on the following measures: net gain on sale of capital assets, lower current income tax expense and higher deferred income tax expense. This press release, and our original press release issued February 14, 2013, is available at www.sec.gov and www.sedar.com. 

Changes to assumptions and impact on guidance outlook

(All amounts are in thousands of U.S. dollars, unless otherwise stated)

Foreign currency exchange rate

We have revised our FX expectation for our full year 2013 guidance outlook from parity to 97 cents U.S. for each Canadian dollar. This revision reflects actual FX rates for the six months ending June 30, 2013 and Bloomberg consensus estimates for the balance of the year. The change in FX assumption had the following impact on our 2013 full year guidance: a decline in revenues of approximately $23,000, a decline in adjusted EBITDA^(A) of approximately $7,000, a decline in current income tax expense of approximately $2,000, a decline in adjusted net income^(A) per share of approximately two cents per share, a decline in free cash flow^(B) excluding additional infrastructure investment of approximately $2,000, a decline in capital and landfill expenditures excluding internal infrastructure investment of approximately $2,000 and an approximately $1,000 decline to internal infrastructure investment.

Second quarter performance adjustments

Our full year guidance has been adjusted for net gains on disposal of capital assets and lower current and higher deferred income tax expense recorded in the six months ended June 30, 2013 relative to our expectations to this point in the year. We disposed of redundant operating facilities in western and central Canada, which yielded a net gain on the sale of these properties. We also recorded an impairment charge for a remediation liability attributable to a redundant operating facility in central Canada which partially offset the gain on redundant facility disposals. The sale of select assets in Long Island, New York also resulted in a gain on sale of assets in our U.S. segment. In total, we have adjusted our 2013 guidance outlook by approximately $6,000 as a result of these gains. We have also revised our 2013 guidance outlook for lower current taxes recorded in the six months ended June 30, 2013. Lower year-to-date current income tax expense is due to the Minister of Finance of Canada giving Bill C-48 royal assent on June 26, 2013. The passing of this Bill allowed us to recognize property losses that would have otherwise been lost to us in connection with our wind-up of our business as an income trust in 2009. In 2009, we utilized these property losses for tax purposes and simultaneously recorded a current tax liability for accounting purposes. With Bill C-48 receiving royal assent, we recorded a current tax recovery of approximately C$3,000 in the second quarter of 2013. The balance of the adjustment reflects lower projected state tax expense in Maryland and Pennsylvania and lower current income tax expense in Canada due to a combination of our financial performance and higher than anticipated tax deductions. We have also adjusted our 2013 full year guidance for the recognition of a gain on the implementation of our long-term financing structure between Progressive Waste Solutions Ltd. and its primary operating subsidiaries. The gain recognized for tax purposes eroded a portion of the loss carryforwards available to Progressive Waste Solutions Ltd., resulting in a deferred tax expense in the second quarter of approximately C$3,700. We have further adjusted our deferred tax outlook due to the performance of our U.S. operations in the first six months of this year. The performance in our U.S. operations was stronger than anticipated due in part to Superstorm Sandy volumes which we continued to receive in the first quarter of 2013, coupled with solid organic growth, most notably in our U.S. south segment. Combined, these adjustments had the following impact on our 2013 full year guidance: an approximately $7,000 reduction in current income tax expense and an approximately three cent contribution to adjusted net income^(A) per share. Free cash flow^(B) also benefited from lower current income tax expense by approximately $7,000.

Financing structure

Effective June 28, 2013, we implemented a long-term internal financing structure between Progressive Waste Solutions Ltd. and its primary operating subsidiaries. Under this long-term financing arrangement our primary operating subsidiaries bear a market rate of interest on amounts made available to them. The implementation of this structure is expected to reduce current and deferred income tax expense, on a consolidated basis, and we expect our effective consolidated income tax rate for 2013 will decline from 40% to approximately 35%. The implementation of this structure is expected to result in a reduction to current income tax expense of approximately $9,000, a decline in deferred income tax expense of approximately $3,000 and increase adjusted net income^(A) per diluted share by approximately 10 cents. Free cash flow^(B) will also benefit from lower current income tax expense by the anticipated benefit of approximately $9,000.

Interest rate swap

With the implementation of our long-term internal financing structure, we intend to enter into interest rate swaps to fix a portion of the variable rate interest borne on amounts drawn under our consolidated credit facility. Our updated guidance outlook contemplates swapping variable rate interest to fixed rate interest for approximately $300,000 of amounts drawn on our revolving credit facility. Based on current market rates, we have assumed an incremental increase of approximately 300 basis points to our cost of borrowing compared to our originally prepared guidance outlook issued in February. As a result, we anticipate an approximately $4,500 increase in interest expense and an approximately $1,200 decline in current income tax expense resulting in an approximately three cent decline in adjusted net income^(A) per diluted share compared to our previously issued full year guidance.

Other assumptions and factors

With the exception of the adjustments and their impact on our 2013 full year guidance outlook outlined above, all other assumptions and factors remain unchanged and are consistent with those outlined in our February 14, 2013 press release.

Caution regarding forward looking statements

The Company's 2013 outlook is subject to the same risks and uncertainties outlined in the Risk and Uncertainties section of the Company's Management Discussion and Analysis, as applicable and investors are urged to fully review these sections before making an investment decision. This press release contains forward-looking statements and forward-looking information. Forward-looking statements are not based on historical facts but instead reflect our expectations, estimates or projections concerning future results or events. These statements can generally be identified by the use of forward-looking words or phrases such as "anticipate," "believe," "budget," "continue," "could," "estimate," "expect," "forecast," "goals," "intend," "intent," "belief," "may," "plan," "foresee," "likely," "potential," "project," "seek," "strategy," "synergies," "targets," "will," "should," "would," or variations of such words and other similar words. Forward-looking statements include, but are not limited to, statements relating to future financial and operating results and our plans, objectives, prospects, expectations and intentions. These statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors. Numerous important factors could cause our actual results, performance or achievements to differ materially from those expressed in or implied by these forward-looking statements, including, without limitation, those factors outlined in the Risks and Uncertainties section of the Company's Management Discussion and Analysis. We caution that the list of factors is illustrative and by no means exhaustive. In addition, we cannot assure you that any of our expectations, estimates or projections will be achieved.

All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. All forward-looking statements in this press release are qualified by these cautionary statements. The forward-looking statements in this press release are made as of the date of this press release and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law.

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 Tuesday, July 30, 2013, at 8:30 a.m. (ET) to discuss results for the three and six months ended June 30, 2013. Participants may listen to the call by dialing 1-888-241-0394, conference ID 12359358, at approximately 8:20 a.m. (ET). International or local callers should dial 647-427-3413. 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 Tuesday, August 13, 2013, at midnight, and can be accessed by dialing 1-855-859-2056, conference ID 12359358. 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.