IESI-BFC Press Releases

IESI-BFC Ltd. Announces Strong Results for the Three and Six Months Ended June 30, 2010

Tue, 27 Jul 2010 16:30:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 07/27/10 -- IESI-BFC Ltd. (the "Company") (TSX: BIN)(NYSE: BIN) reported financial results for the three and six months ended June 30, 2010.

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

Management Commentary

Reported revenues increased $45.9 million or 18.1% from $253.7 million in the second quarter of 2009 to $299.6 million in the second quarter of 2010. Excluding the impact of foreign currency exchange ("FX"), reported revenues would have been $285.0 million or 12.3% higher than the comparable period a year ago. In the quarter, organic gross revenue, which includes intercompany revenues, grew 12.0% in Canada. Core price and volume growth, 3.0% and 7.2%, respectively, were the largest contributors to organic gross revenue growth in Canada. Higher fuel surcharges and recycling and other pricing also grew quarter over quarter by 0.9% and 0.9%, respectively. In the U.S., organic gross revenues increased 6.9%. We realized core price growth of 2.0%, a fuel surcharge increase of 0.4%, recycling and other pricing growth of 1.1%, and volume growth of 3.4%.

Strong revenue growth translated into solid growth in adjusted EBITDA(A) and operating income. Adjusted EBITDA(A) was $88.6 million in the second quarter of 2010 versus $73.1 million in the same quarter a year ago. Holding FX constant, adjusted EBITDA(A) was $83.5 million, an increase of $10.4 million or 14.3% period-to-period. Our second quarter adjusted EBITDA(A) margin increased 0.8%, to 29.6%, compared to the previous period. Adjusted operating income was $45.9 million in the quarter compared to $31.9 million in the comparative period a year ago. Holding FX constant, adjusted operating income amounted to $42.7 million, an increase of $10.8 million or 33.8% over the comparative period.

We also generated higher adjusted net income quarter over quarter. Adjusted net income for the second quarter of 2010 was $23.3 million, or $0.25 per weighted average diluted share ("diluted share"), compared to $14.6 million, or $0.18 per diluted share in the comparative period. Adjusted net income excluding the impact of FX was $20.4 million, or $0.22 per diluted share, representing an increase of $5.8 million, or $0.04 per diluted share, over the year ago period.

Free cash flow(B) for the quarter totalled $44.2 million compared to $21.5 million in the comparative period last year. Excluding the impact of FX, free cash flow(B) was $40.7 million, representing a 89.5% increase over the same period a year ago. Free cash flow growth was the result of a strong operating performance, lower interest rates and debt levels, lower capital and landfill purchases, partially offset by higher cash taxes incurred in Canada.

"We achieved steady progress in the second quarter of 2010 as we continued to improve price and volume growth across our operations," said Keith Carrigan, Vice Chairman and Chief Executive Officer of IESI-BFC Ltd. "Our balanced, bottom-up approach to organic improvement resulted in higher revenues and adjusted EBITDA(A) compared to the same quarter a year ago. Most importantly, we were able to convert our organic growth into an adjusted EBITDA(A) margin expansion of 80 basis points and free cash flow(B) growth of nearly 90%, excluding the impact of FX, in the quarter. Our consolidated results also benefited from strategic tuck-in acquisitions that were completed in 2009 and in the first and second quarters of 2010. In particular, we benefited from contributions from our acquisition of York Disposal, one of Canada's largest independent solid waste services providers, which we acquired at the end of March 2010."

Mr. Carrigan continued, "We are very pleased with our financial and operating progress in the quarter and look forward to building on our momentum, having now completed the acquisition of Waste Services, Inc. ("WSI"). As we work diligently on integrating WSI's operations with our own, we remain confident in our ability to quickly achieve the $25 - 30 million in annual run-rate synergies that we originally identified."

"While we will be focused for the balance of 2010 on completing the integration of WSI and capturing the synergies available, we remain committed to identifying opportunities for the creation of future shareholder value. With our growing free cash flow(B) profile, we are well positioned to maintain the payment of our regular quarterly dividend while continuing to pursue strategic and accretive tuck-in and platform acquisitions. For example, following the close of the second quarter we completed the tuck-in acquisition of southern Louisiana-based SWDI LLC ("SWDI"), one of the largest private solid waste services providers in the U.S."

For the six months ended June 30, 2010, revenue was $563.6 million, compared with revenues of $477.6 million in the year ago period. Holding FX constant, year-to-date revenue would have been $532.6 million. Adjusted operating income was $82.4 million compared with $57.1 million in the same period in 2009. Year-to-date adjusted operating income would have been $75.8 million, an increase of 32.8% over 2009, holding FX constant. Adjusted EBITDA(A) for the year-to-date period was $164.5 million compared to $135.7 million in 2009 and would have been $153.7 million holding FX constant. Our year-to-date adjusted EBITDA(A) margin increased 0.8%, to 29.2%, compared to the previous period.

For the six months ended June 30, 2010, adjusted net income was $42.0 million, or $0.45 per weighted average diluted share, compared with $24.7 million or $0.32 per share in the year ago period.

Financial and Other Highlights

For the Three Months Ended June 30, 2010


--  Revenues increased $31.3 million or 12.3%, excluding the impact of FX
--  Adjusted EBITDA(A) increased $10.4 million or 14.3%, excluding the
    impact of FX
--  Adjusted EBITDA(A) margin increased 0.8%, to 29.6%
--  Free cash flow(B) increased $19.2 million or 89.5%, excluding the impact
    of FX
--  Adjusted net income per diluted share, $0.25, or $0.22 excluding the
    impact of FX
--  Core price increased 3.0% in Canada and 2.0% in the U.S.
--  Volumes increased 7.2% in Canada and 3.4% in the U.S.

For the Six Months Ended June 30, 2010


--  Revenues increased $55.0 million or 11.5%, excluding the impact of FX
--  Adjusted EBITDA(A) increased $18.0 million or 13.2%, excluding the
    impact of FX
--  Adjusted EBITDA(A) margin increased 0.8%, to 29.2%
--  Free cash flow(B) increased $27.5 million or 52.9%, excluding the impact
    of FX
--  Adjusted net income per diluted share, $0.45, or $0.39 excluding the
    impact of FX
--  Core price increased 3.4% in Canada and 1.8% in the U.S.
--  Volumes increased 8.0% in Canada and 2.3% in the U.S.

Other Highlights for the Three and Six Months Ended June 30, 2010

WSI Acquisition

On November 11, 2009, we executed an Agreement and Plan of Merger (the "Agreement") with WSI. The Agreement provided for our wholly-owned subsidiary ("Merger Sub") to merge with and into WSI, with WSI surviving the merger as our wholly-owned subsidiary. We completed the acquisition on July 2, 2010.

We executed the transaction pursuant to our strategy of growth through acquisition. Specifically, we believe that the acquisition will provide us with the opportunity to diversify our business across U.S. and Canadian markets, customer segments and service lines. In addition, the transaction enables us to increase our internalization in the Canadian and U.S. northeast markets. We also believe that the acquisition of WSI will create annual synergies and free cash flow(B) and earnings per share accretion, which we expect will enhance short-term and long-term returns to shareholders. We plan to direct the expected additional cash flow resulting from the performance of the combined companies towards any combination of the following: growth, accretive acquisitions, debt reduction or dividend payments.

In connection with our acquisition of WSI, we issued 27,971 thousand of our common shares representing 0.5833 of our shares for each WSI common stock issued and outstanding on July 2, 2010.

In addition, we assumed WSI's unexercised and outstanding options and warrants on closing. Accordingly, we are obligated to issue a maximum of 505 thousand common shares as a result of the WSI stock option plans assumed and 194 thousand common shares on our assumption of WSI's unexercised and outstanding warrants.

As outlined in the "Long-term debt" section of this press release, we amended and restated our long-term debt facilities in Canada and the U.S. Monies available from these facilities were used to repay WSI's outstanding indebtedness on closing. In addition, the credit facilities were upsized to reflect the newly combined operations in both Canada and the U.S. Pricing was increased to levels commensurate with market and maturities were extended to four years from the close of the transaction. Please refer to the "Long-term debt" section of this press release for additional details.

Other Acquisitions

In the second quarter, we also completed one tuck-in acquisition in each of our U.S. south and northeast segments. We also completed an acquisition on July 1, 2010 in our U.S. south segment for consideration of approximately $50,000. Each one of these acquisitions was financed from borrowings under our U.S. credit facility.

2010 Outlook

We provided our updated outlook for 2010 which includes WSI, several tuck-in acquisitions completed in the first and second quarters of 2010 and the SWDI acquisition we completed on July 1, 2010. Our outlook assumes no change in the current economic environment and excludes the impact of any additional acquisitions. For the purposes of these estimates, we are assuming a Canadian to U.S. currency exchange rate of $0.952.

The outlook provided below is forward looking. Our actual results may differ materially and are subject to risks and uncertainties which are outlined in the forward-looking statements section of this press release.


--  Revenue is estimated to be in a range of $1.395 to $1.415 billion
--  Adjusted EBITDA(A) is estimated to be in a range of $405 to $417 million
--  Amortization expense, as a percentage of revenue, is estimated to be in
    a range of 14.5% to 15.0%
--  Capital and landfill expenditures are estimated to be in a range of $127
    to $137 million
--  The effective tax rate is estimated to be around 37.5% to 38.5% of
    income before income tax expense and net loss from equity accounted
    investee
--  Cash taxes are estimated to be between $38 to $39 million
--  Free cash flow(B) is estimated to be in a range of $190 to $200 million
--  Expected annual cash dividend of $0.50 Canadian ("C") per share, payable
    on a quarterly basis

Financial Highlights

(in thousands of U.S. dollars, except per weighted average share amounts, unless otherwise stated)


                            Three months ended June   Six months ended June
                                                 30                      30
----------------------------------------------------------------------------
                                   2010        2009        2010        2009
----------------------------------------------------------------------------
                            (unaudited) (unaudited) (unaudited) (unaudited)
----------------------------------------------------------------------------

Operating results
Revenues                    $   299,582 $   253,700 $   563,624 $   477,593
Operating expenses              174,568     148,597     325,637     279,774
Selling, general and
 administration ("SG&A")         41,187      32,600      80,978      62,677
Amortization                     43,096      41,154      82,613      78,756
Net (gain) loss on sale of
 capital and landfill assets       (369)         19        (431)       (115)
----------------------------------------------------------------------------
Operating income                 41,100      31,330      74,827      56,501
Interest on long-term debt        8,244       8,766      16,181      18,395
Net foreign exchange loss            24          93          54         177
Net gain on financial
 instruments                     (1,208)     (1,701)     (1,750)     (1,171)
Conversion costs                      -         115           -         115
Other expenses                       34          35          58          65
----------------------------------------------------------------------------
Income before income tax
 expense and net loss from
 equity accounted investee       34,006      24,022      60,284      38,920
Income tax expense               14,150       8,917      23,693      14,176
Net loss from equity
 accounted investee                  21           -          46           -
----------------------------------------------------------------------------
Net income                  $    19,835 $    15,105 $    36,545 $    24,744
----------------------------------------------------------------------------

Net income per weighted
 average share, basic       $      0.21 $      0.19 $      0.39 $      0.33
Net income per weighted
 average share, diluted     $      0.21 $      0.18 $      0.39 $      0.32
Weighted average number of
 shares outstanding
 (thousands), basic              82,383      70,809      82,363      65,414
Weighted average number of
 shares outstanding
 (thousands), diluted            93,431      81,946      93,431      76,551

Adjusted EBITDA(A)          $    88,598 $    73,070 $   164,539 $   135,726
Adjusted operating income   $    45,871 $    31,897 $    82,357 $    57,085
Adjusted net income         $    23,342 $    14,628 $    42,010 $    24,661
Adjusted net income per
 weighted average share,
 basic                      $      0.25 $      0.18 $      0.45 $      0.33
Adjusted net income per
 weighted average share,
 diluted                    $      0.25 $      0.18 $      0.45 $      0.32

Replacement and growth
 expenditures (see page 16)
Replacement expenditures    $    19,943 $    16,983 $    31,842 $    29,772
Growth expenditures               8,578      22,234      16,762      29,942
----------------------------------------------------------------------------
Total replacement and growth
 expenditures               $    28,521 $    39,217 $    48,604 $    59,714
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Operating and free cash
 flow(B)
Cash generated from
 operating activities       $    81,196 $    66,456 $   125,236 $   116,052
Free cash flow(B)           $    44,166 $    21,476 $    86,026 $    52,100
Free cash flow(B) per
 weighted average share,
 diluted                    $      0.47 $      0.26 $      0.92 $      0.68

Dividends
Dividends declared (shares) $    10,014 $    17,495 $    19,907 $    31,014
Dividends declared
 (participating preferred
 shares ("PPSs"))                 1,350       2,381       2,677       4,617
----------------------------------------------------------------------------
Total dividends declared    $    11,364 $    19,876 $    22,584 $    35,631
----------------------------------------------------------------------------
----------------------------------------------------------------------------

FX Rates

Our consolidated financial position and operating results have been translated to U.S. dollars applying the FX rates included in the table below. FX rates are expressed as the amount of U.S. dollars required to purchase one Canadian dollar.


                                                                  2010
----------------------------------------------------------------------
                               Condensed        Condensed Consolidated
                            Consolidated   Statement of Operations and
                           Balance Sheet          Comprehensive Income
----------------------------------------------------------------------
                                                            Cumulative
                                 Current        Average        Average
----------------------------------------------------------------------

December 31
March 31                   $      0.9846   $     0.9607   $     0.9607
June 30                    $      0.9429   $     0.9731   $     0.9669

                                                                   2009
-----------------------------------------------------------------------
                                Condensed        Condensed Consolidated
                             Consolidated   Statement of Operations and
                            Balance Sheet          Comprehensive Income
-----------------------------------------------------------------------
                                                             Cumulative
                                  Current        Average        Average
-----------------------------------------------------------------------

December 31                 $      0.9555                  $     0.8760
March 31                    $      0.7935   $     0.8030   $     0.8030
June 30                     $      0.8602   $     0.8568   $     0.8290

FX Impact on Consolidated Results

The following tables have been prepared to assist readers in assessing the impact of FX on select consolidated results for the three and six months ended June 30, 2010.


                                                         Three months ended
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                   June 30,    June 30,    June 30,    June 30,    June 30,
                       2009        2010        2010        2010        2010
----------------------------------------------------------------------------
                (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
----------------------------------------------------------------------------
                              (organic,
                            acquisition (holding FX
                              and other    constant
                                   non-    with the
                        (as   operating comparative                     (as
                  reported)    changes)     period) (FX impact)   reported)
----------------------------------------------------------------------------

Condensed
 Consolidated
 Statement of
 Operations
Revenues         $  253,700  $   31,269  $  284,969  $   14,613  $  299,582
Operating
 expenses           148,597      18,315     166,912       7,656     174,568
SG&A                 32,600       6,125      38,725       2,462      41,187
Amortization         41,154          (6)     41,148       1,948      43,096
Net loss (gain)
 on sale of
 capital and
 landfill assets         19        (337)       (318)        (51)       (369)
----------------------------------------------------------------------------
Operating income     31,330       7,172      38,502       2,598      41,100
Interest on
 long-term debt       8,766        (726)      8,040         204       8,244
Net foreign
 exchange loss           93         (69)         24           -          24
Net gain on
 financial
 instruments         (1,701)        457      (1,244)         36      (1,208)
Conversion costs        115        (115)          -           -           -
Other expenses           35          (1)         34           -          34
----------------------------------------------------------------------------
Income before
 net income tax
 expense and net
 loss from
 equity
 accounted
 investee            24,022       7,626      31,648       2,358      34,006
Net income tax
 expense              8,917       4,292      13,209         941      14,150
Net loss from
 equity
 accounted
 investee                 -          18          18           3          21
----------------------------------------------------------------------------
Net income       $   15,105  $    3,316  $   18,421  $    1,414  $   19,835
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Adjusted
 EBITDA(A)       $   73,070  $   10,442  $   83,512  $    5,086  $   88,598
Adjusted
 operating
 income(A)       $   31,897  $   10,784  $   42,681  $    3,190  $   45,871
Adjusted net
 income(A)       $   14,628  $    5,830  $   20,458  $    2,884  $   23,342
Free cash
 flow(B)         $   21,476  $   19,214  $   40,690  $    3,476  $   44,166

                                                           Six months ended
----------------------------------------------------------------------------
                   June 30,    June 30,    June 30,    June 30,    June 30,
                       2009        2010        2010        2010        2010
----------------------------------------------------------------------------
                (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
----------------------------------------------------------------------------
                              (organic,
                            acquisition (holding FX
                              and other    constant
                                   non-    with the
                        (as   operating comparative                     (as
                  reported)    changes)     period) (FX impact)   reported)
----------------------------------------------------------------------------

Condensed
 Consolidated
 Statement of
 Operations
Revenues        $   477,593 $    54,989 $   532,582 $    31,042 $   563,624
Operating
 expenses           279,774      29,952     309,726      15,911     325,637
SG&A                 62,677      13,011      75,688       5,290      80,978
Amortization         78,756        (476)     78,280       4,333      82,613
Net gain on sale
 of capital and
 landfill assets       (115)       (263)       (378)        (53)       (431)
----------------------------------------------------------------------------
Operating income     56,501      12,765      69,266       5,561      74,827
Interest on
 long-term debt      18,395      (2,876)     15,519         662      16,181
Net foreign
 exchange loss          177        (124)         53           1          54
Net gain on
 financial
 instruments         (1,171)       (662)     (1,833)         83      (1,750)
Conversion costs        115        (115)          -           -           -
Other expenses           65          (7)         58           -          58
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Income before
 net income tax
 expense and net
 loss from
 equity
 accounted
 investee            38,920      16,549      55,469       4,815      60,284
Net income tax
 expense             14,176       7,891      22,067       1,626      23,693
Net loss from
 equity
 accounted
 investee                 -          39          39           7          46
----------------------------------------------------------------------------
Net income      $    24,744 $     8,619 $    33,363 $     3,182 $    36,545
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Adjusted
 EBITDA(A)      $   135,726 $    17,968 $   153,694 $    10,845 $   164,539
Adjusted
 operating
 income(A)      $    57,085 $    18,707 $    75,792 $     6,565 $    82,357
Adjusted net
 income(A)      $    24,661 $    11,629 $    36,290 $     5,720 $    42,010
Free cash
 flow(B)        $    52,100 $    27,539 $    79,639 $     6,387 $    86,026

Management's Discussion

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

Segment Highlights


                                                 Three months ended June 30
----------------------------------------------------------------------------
                       2009         2010      Change         2010    Change
---------------------------------------------------------------------------
                                               (2010
                                          holding FX
                                            constant
                             (holding FX    with the               (2010 as
                           constant with comparative               reported
                                     the period less              less 2009
                        (as  comparative     2009 as          (as        as
                  reported)      period)   reported)    reported) reported)
----------------------------------------------------------------------------

Revenues       $    253,700 $    284,969  $   31,269 $    299,582 $  45,882
----------------------------------------------------------------------------
Canada         $     87,188 $    103,084  $   15,896 $    117,697 $  30,509
U.S. south     $     83,899 $     93,406  $    9,507 $     93,406 $   9,507
U.S. northeast $     82,613 $     88,479  $    5,866 $     88,479 $   5,866

Operating
 expenses      $    148,597 $    166,912  $   18,315 $    174,568 $  25,971
----------------------------------------------------------------------------
Canada         $     44,987 $     53,683  $    8,696 $     61,339 $  16,352
U.S. south     $     52,015 $     57,325  $    5,310 $     57,325 $   5,310
U.S. northeast $     51,595 $     55,904  $    4,309 $     55,904 $   4,309

SG&A (as
 reported)     $     32,600 $     38,725  $    6,125 $     41,187 $   8,587
----------------------------------------------------------------------------
Canada         $     11,617 $     17,423  $    5,806 $     19,885 $   8,268
U.S. south     $     11,165 $     11,939  $      774 $     11,939 $     774
U.S. northeast $      9,818 $      9,363  $     (455)$      9,363 $    (455)

EBITDA(A)(as
 reported)     $     72,503 $     79,332  $    6,829 $     83,827 $  11,324
----------------------------------------------------------------------------
Canada         $     30,584 $     31,978  $    1,394 $     36,473 $   5,889
U.S. south     $     20,719 $     24,142  $    3,423 $     24,142 $   3,423
U.S. northeast $     21,200 $     23,212  $    2,012 $     23,212 $   2,012

Adjusted SG&A  $     32,033 $     34,545  $    2,512 $     36,416 $   4,383
----------------------------------------------------------------------------
Canada         $     11,050 $     13,485  $    2,435 $     15,356 $   4,306
U.S. south     $     11,165 $     11,825  $      660 $     11,825 $     660
U.S. northeast $      9,818 $      9,235  $     (583)$      9,235 $    (583)

Adjusted
 EBITDA(A)     $     73,070 $     83,512  $   10,442 $     88,598 $  15,528
----------------------------------------------------------------------------
Canada         $     31,151 $     35,916  $    4,765 $     41,002 $   9,851
U.S. south     $     20,719 $     24,256  $    3,537 $     24,256 $   3,537
U.S. northeast $     21,200 $     23,340  $    2,140 $     23,340 $   2,140

                                                    Six months ended June 30
----------------------------------------------------------------------------
                      2009         2010       Change         2010     Change
----------------------------------------------------------------------------
                                       (2010 holding
                                         FX constant
                            (holding FX     with the                (2010 as
                          constant with  comparative                reported
                                    the  period less               less 2009
                       (as  comparative      2009 as                      as
                 reported)      period)    reported)(as reported)  reported)
----------------------------------------------------------------------------

Revenues        $  477,593 $    532,582 $     54,989 $    563,624 $   86,031
----------------------------------------------------------------------------
Canada          $  158,171 $    186,750 $     28,579 $    217,792 $   59,621
U.S. south      $  163,946 $    181,206 $     17,260 $    181,206 $   17,260
U.S. northeast  $  155,476 $    164,626 $      9,150 $    164,626 $    9,150

Operating
 expenses       $  279,774 $    309,726 $     29,952 $    325,637 $   45,863
----------------------------------------------------------------------------
Canada          $   81,875 $     95,723 $     13,848 $    111,634 $   29,759
U.S. south      $   99,837 $    110,392 $     10,555 $    110,392 $   10,555
U.S. northeast  $   98,062 $    103,611 $      5,549 $    103,611 $    5,549

SG&A (as
 reported)      $   62,677 $     75,688 $     13,011 $     80,978 $   18,301
----------------------------------------------------------------------------
Canada          $   21,755 $     31,824 $     10,069 $     37,114 $   15,359
U.S. south      $   22,298 $     24,491 $      2,193 $     24,491 $    2,193
U.S. northeast  $   18,624 $     19,373 $        749 $     19,373 $      749

EBITDA(A)(as
 reported)      $  135,142 $    147,168 $     12,026 $    157,009 $   21,867
----------------------------------------------------------------------------
Canada          $   54,541 $     59,203 $      4,662 $     69,044 $   14,503
U.S. south      $   41,811 $     46,323 $      4,512 $     46,323 $    4,512
U.S. northeast  $   38,790 $     41,642 $      2,852 $     41,642 $    2,852

Adjusted SG&A   $   62,093 $     69,162 $      7,069 $     73,448 $   11,355
----------------------------------------------------------------------------
Canada          $   21,171 $     25,785 $      4,614 $     30,071 $    8,900
U.S. south      $   22,298 $     24,243 $      1,945 $     24,243 $    1,945
U.S. northeast  $   18,624 $     19,134 $        510 $     19,134 $      510

Adjusted
 EBITDA(A)      $  135,726 $    153,694 $     17,968 $    164,539 $   28,813
----------------------------------------------------------------------------
Canada          $   55,125 $     65,242 $     10,117 $     76,087 $   20,962
U.S. south      $   41,811 $     46,571 $      4,760 $     46,571 $    4,760
U.S. northeast  $   38,790 $     41,881 $      3,091 $     41,881 $    3,091

Revenues

Gross revenue by service type


                                            Three months ended June 30, 2010
----------------------------------------------------------------------------
                   Canada - stated
                   in thousands of       Canada -                     U.S. -
                          Canadian  percentage of              percentage of
                           dollars  gross revenue        U.S.  gross revenue
----------------------------------------------------------------------------

Commercial           $      48,895           34.8  $   49,048           23.4
Industrial                  24,081           17.1      27,881           13.3
Residential                 19,687           14.0      43,406           20.7
Transfer and
 disposal                   40,235           28.6      76,838           36.6
Recycling and other          7,747            5.5      12,535            6.0
----------------------------------------------------------------------------
Gross revenues             140,645          100.0     209,708          100.0
Intercompany               (19,579)                   (27,823)
----------------------------------------------------------------------------
Revenues             $     121,066                 $  181,885
----------------------------------------------------------------------------

                                            Three months ended June 30, 2009
----------------------------------------------------------------------------
                   Canada - stated
                   in thousands of       Canada -                     U.S. -
                          Canadian  percentage of              percentage of
                     dollars ((i))  gross revenue        U.S.  gross revenue
----------------------------------------------------------------------------

Commercial           $      41,672           35.4  $   46,130           23.7
Industrial                  20,030           17.1      26,557           13.7
Residential                 17,684           15.1      38,908           20.1
Transfer and
 disposal                   33,899           28.9      74,192           38.3
Recycling and other          4,124            3.5       8,048            4.2
----------------------------------------------------------------------------
Gross revenues             117,409          100.0     193,835          100.0
Intercompany               (15,019)                   (27,323)
----------------------------------------------------------------------------
Revenues             $     102,390                 $  166,512
----------------------------------------------------------------------------
((i)) amounts have been adjusted to conform to the current period
presentation.
                                              Six months ended June 30, 2010
----------------------------------------------------------------------------
                   Canada - stated
                   in thousands of       Canada -                     U.S. -
                          Canadian  percentage of              percentage of
                           dollars  gross revenue        U.S.  gross revenue
----------------------------------------------------------------------------

Commercial           $      94,152           36.4  $   97,335           24.4
Industrial                  43,316           16.7      51,641           13.0
Residential                 36,267           14.0      87,094           21.9
Transfer and
 disposal                   69,965           27.0     139,434           35.0
Recycling and other         15,203            5.9      22,761            5.7
----------------------------------------------------------------------------
Gross revenues             258,903          100.0     398,265          100.0
Intercompany               (33,646)                   (52,433)
----------------------------------------------------------------------------
Revenues             $     225,257                 $  345,832
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                              Six months ended June 30, 2009
----------------------------------------------------------------------------
                   Canada - stated
                   in thousands of       Canada -                     U.S. -
                          Canadian  percentage of              percentage of
                     dollars ((i))  gross revenue        U.S.  gross revenue
----------------------------------------------------------------------------

Commercial           $      81,768           37.6  $   92,025           24.8
Industrial                  37,117           17.0      51,662           13.9
Residential                 32,680           15.0      76,833           20.7
Transfer and
 disposal                   57,827           26.6     135,696           36.6
Recycling and other          8,360            3.8      14,631            4.0
----------------------------------------------------------------------------
Gross revenues             217,752          100.0     370,847          100.0
Intercompany               (26,966)                   (51,425)
----------------------------------------------------------------------------
Revenues             $     190,786                 $  319,422
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Gross revenue growth or decline components - expressed in percentages and excluding FX


                Three months ended June 30,     Three months ended June 30,
                                       2010                            2009
----------------------------------------------------------------------------
                      Canada           U.S.          Canada            U.S.
----------------------------------------------------------------------------

Price
 Core price              3.0            2.0             3.3             2.4
 Fuel
  surcharges             0.9            0.4            (1.1)           (3.0)
 Recycling
  and other              0.9            1.1            (0.4)           (2.4)
----------------------------------------------------------------------------
 Total price
  growth
  (decline)              4.8            3.5             1.8            (3.0)

Volume                   7.2            3.4            (1.1)           (4.4)
----------------------------------------------------------------------------
Total organic
 gross
 revenue
 growth
 (decline)              12.0            6.9             0.7            (7.4)

Acquisitions             7.8            1.3             1.5             2.1
----------------------------------------------------------------------------
Total gross
 revenue
 growth
 (decline)              19.8            8.2             2.2            (5.3)
----------------------------------------------------------------------------

             Six months ended June 30, 2010  Six months ended June 30, 2009
----------------------------------------------------------------------------
                      Canada           U.S.          Canada            U.S.
----------------------------------------------------------------------------

Price
  Core price             3.4            1.8             3.5             2.6
  Fuel
   surcharges            0.9            0.1            (0.8)           (2.1)
  Recycling
   and other             1.2            1.4            (0.6)           (2.5)
----------------------------------------------------------------------------
  Total price
   growth
   (decline)             5.5            3.3             2.1            (2.0)

Volume                   8.0            2.3            (1.6)           (4.4)
----------------------------------------------------------------------------
Total organic
 gross
 revenue
 growth
 (decline)              13.5            5.6             0.5            (6.4)

Acquisitions             5.4            1.8             2.5             2.1
----------------------------------------------------------------------------
Total gross
 revenue
 growth
 (decline)              18.9            7.4             3.0            (4.3)
----------------------------------------------------------------------------

Three months ended

We generated price and volume growth in all our service offerings in Canada. Comparative recycling and other pricing growth is largely attributable to higher commodity pricing. Volume gains are the result of higher landfill volumes, new contract wins and strong organic growth. Acquisitions and higher fuel surcharges account for the balance of the comparative change.

We realized pricing growth in all of our service lines in our U.S. south segment, with the exception of our industrial line which was largely unchanged. Volumes were especially strong in our collection lines, which includes commercial, industrial and residential. Higher volumes in this segment's collection lines translated to strong gross revenue growth which was only slightly offset by revenue declines attributable to lower landfill and recycling volumes. As in our Canadian segment, the commodity price rebound drove the increase in recycling revenue growth. Acquisitions completed in 2009 and 2010 and higher fuel surcharges resulting from higher diesel fuel prices, contributed to the remainder of the comparative increase.

Gross revenues in our U.S. northeast segment increased. As in the first quarter of the year, core price declined at our landfills period over period. All other service lines enjoyed higher price, or pricing that was largely unchanged, over the year ago period. The return of commodity pricing also contributed to overall pricing growth for this segment. Higher comparative landfill volumes delivered strong improvements to gross revenue growth, as did volume improvements in our industrial service line, which together more than offset volume declines in all other service lines. Marginally higher fuel surcharges and acquisitions contributed to the balance of our gross revenue growth.

Six months ended

The increase in our Canadian segment gross revenues is attributable to total price, volume and acquisition growth. The reasons for these increases are consistent with those outlined above for the three months ended.

U.S. south segment gross revenues increased. On a year-to-date basis, pricing growth was strong. As outlined for the three months ended, higher pricing contributed to gross revenue growth in all service lines with the exception of industrial and residential pricing which was down slightly. Year-to-date volume improvements are consistent with those outlined for the three months ended and in total delivered a strong contribution to overall gross revenue growth. Acquisitions and recycled material prices also contributed to gross revenue growth, while fuel surcharges were principally unchanged period-to-period.

Gross revenues in our U.S. northeast segment increased. On a year-to-date basis, gross revenue growth benefited from strong year over year pricing in our northeast segment. Lower landfill pricing was the only service line that experienced a decline year-to-date. Attracting volumes at our landfills in combination with the mix of waste materials received is the primary cause for the decline. The return of commodity pricing has made a significant contribution to year-to-date revenue growth. As outlined for the three months ended, higher volumes also contributed to overall gross revenue growth. Volume growth was most pronounced in our landfill and industrial lines. Inclement weather in the first quarter of the year impacted year-to-date volume growth, however we are encouraged by the volume improvements we are realizing in our collection lines. Acquisitions and marginally higher fuel prices also contributed to year-to-date gross revenue growth.

Operating expenses

Three months ended

Excluding the impact of FX, the Canadian segment increase is attributable to higher third party disposal costs, labour and vehicle operating costs. Acquisitions and higher collected waste volumes, partially offset by higher internalized waste, are the primary contributors to the increase in disposal costs. In addition, acquisitions, general wage increases and higher collected waste volumes all contributed to the comparative increase in labour costs. Higher vehicle operating costs are attributable to acquisitions and an increase in diesel fuel consumed to collect and process higher waste volumes.

Operating costs in our U.S. south segment increased period-to-period due to higher labour and vehicle operating costs. Organic growth, including contract wins, and acquisitions are the primary reasons for the comparative increases in both expense categories. General wage increases and higher collected waste volumes also contributed to the comparative increase in labour costs. The increase in vehicle operating costs was due in part to higher diesel fuel costs. Disposal costs were also higher period over period.

In the U.S. northeast, operating costs increased. Higher labour costs are the result of acquisitions and contractual and general wage increases. Commodity rebates are also higher than the comparative period. The return of higher commodity pricing is the primary cause for the increase in rebates. Vehicle operating and disposal costs increased. Acquisitions and organic growth were the primary contributors to these increases. A rise in comparative fuel costs was also a contributing factor to the increase in vehicle operating costs.

Six months ended

As outlined above, for the three months ended, higher disposal, labour and vehicle operating costs attributable to organic and acquisition growth are the primary contributors to the year-to-date increase for our Canadian segment.

Year-to-date our U.S. south segment increases are consistent with those highlighted above for the three months ended. Our U.S. northeast segment increase is comprised of commodity rebates, labour and vehicle operating costs and the reasons for the increases are consistent with those outlined above.

SG&A expenses

Three months ended

Excluding the impact of FX, Canadian segment SG&A expense increased. The majority of the increase is due to transaction and related costs and fair value changes to stock options. The remainder of the change is due to higher salaries, resulting from a higher compliment of sales personnel and general wage increases, and higher professional fees.

The U.S. northeast segment decline is due to a decline in other SG&A expenses none of which were significant individually or in aggregate.

Six months ended

Changes in SG&A expense for the six months ended are consistent with the reasons outlined above for the three months ended for all segments.

WSI Review of Operations - For the three and six months ended June 30, 2010

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

Readers are reminded that we completed the acquisition of WSI on July 2, 2010. Accordingly, WSI's results of operations are not included in our consolidated results for the three and six months ended June 30, 2010. The information provided below is for readers to assess the performance of WSI's operations for the period prior to acquisition.


                                       Three months ended June 30, 2010
------------------------------------------------------------------------
                                 Canada            U.S.           Total
------------------------------------------------------------------------
                            (unaudited)     (unaudited)     (unaudited)

Revenues                 $       67,496  $       59,867  $      127,363
Operating expenses       $       43,340  $       34,824  $       78,164
SG&A (as reported)       $       12,525  $       10,240  $       22,765
  Less: stock based
   compensation                  (4,636)         (2,604)         (7,240)
  Less: transaction costs          (173)         (1,044)         (1,217)
------------------------------------------------------------------------
SG&A (adjusted)          $        7,716  $        6,592  $       14,308

                                        Three months ended June 30, 2009
-------------------------------------------------------------------------
                                  Canada            U.S.           Total
-------------------------------------------------------------------------
                             (unaudited)     (unaudited)     (unaudited)

Revenues                  $       56,748  $       50,737  $      107,485
Operating expenses        $       37,944  $       31,540  $       69,484
SG&A (as reported)        $        6,419  $        6,321  $       12,740
  Less: stock based
   compensation                     (346)           (238)           (584)
  Less: transaction costs              -               -               -
-------------------------------------------------------------------------
SG&A (adjusted)           $        6,073  $        6,083  $       12,156

                                         Six months ended June 30, 2010
------------------------------------------------------------------------
                                 Canada            U.S.           Total
------------------------------------------------------------------------
                            (unaudited)     (unaudited)     (unaudited)

Revenues                 $      128,322  $      118,434  $      246,756
Operating expenses       $       81,129  $       69,775  $      150,904
SG&A (as reported)       $       20,701  $       19,322  $       40,023
  Less: stock based
   compensation                  (5,324)         (3,424)         (8,748)
  Less: transaction costs          (260)         (2,250)         (2,510)
------------------------------------------------------------------------
SG&A (adjusted)          $       15,117  $       13,648  $       28,765


                                          Six months ended June 30, 2009
------------------------------------------------------------------------
                                  Canada            U.S.           Total
------------------------------------------------------------------------
                             (unaudited)     (unaudited)     (unaudited)

Revenues                  $      102,297  $      100,980  $      203,277
Operating expenses        $       69,177  $       63,515  $      132,692
SG&A (as reported)        $       13,182  $       12,767  $       25,949
  Less: stock based
   compensation                   (1,071)           (681)         (1,752)
  Less: transaction costs              -               -               -
------------------------------------------------------------------------
SG&A (adjusted)           $       12,111  $       12,086  $       24,197

WSI - Revenues

Gross revenues by service type


                                            Three months ended June 30, 2010
----------------------------------------------------------------------------
                         Canada -
                        stated in
                     thousands of       Canada -                      U.S. -
                         Canadian  percentage of               percentage of
                          dollars  gross revenue         U.S.  gross revenue
----------------------------------------------------------------------------

Commercial           $     27,831           35.7 $     24,481           35.6
Industrial                 14,120           18.1       11,240           16.4
Residential                14,599           18.7       10,330           15.0
Transfer and disposal      17,340           22.2       20,585           29.9
Recycling and other         4,169            5.3        2,112            3.1
----------------------------------------------------------------------------
Gross revenues             78,059          100.0       68,748          100.0
Intercompany               (8,619)                     (8,881)
----------------------------------------------------------------------------
Revenues             $     69,440                $     59,867
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                            Three months ended June 30, 2009
----------------------------------------------------------------------------
                          Canada -
                         stated in
                      thousands of       Canada -                     U.S. -
                          Canadian  percentage of              percentage of
                           dollars  gross revenue        U.S.  gross revenue
----------------------------------------------------------------------------

Commercial            $     28,178           38.1 $    18,206           32.2
Industrial                  14,961           20.2      11,183           19.8
Residential                 14,342           19.4      11,635           20.6
Transfer and disposal       15,039           20.4      14,401           25.5
Recycling and other          1,435            1.9       1,099            1.9
----------------------------------------------------------------------------
Gross revenues              73,955          100.0      56,524          100.0
Intercompany                (7,305)                    (5,787)
----------------------------------------------------------------------------
Revenues              $     66,650                $    50,737
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                              Six months ended June 30, 2010
----------------------------------------------------------------------------
                         Canada -
                        stated in
                     thousands of       Canada -                      U.S. -
                         Canadian  percentage of               percentage of
                          dollars  gross revenue         U.S.  gross revenue
----------------------------------------------------------------------------

Commercial           $     54,180           36.5 $     48,715           36.0
Industrial                 26,723           17.9       22,330           16.5
Residential                27,383           18.4       21,098           15.6
Transfer and disposal      33,238           22.3       39,277           28.9
Recycling and other         7,359            4.9        4,028            3.0
----------------------------------------------------------------------------
Gross revenues            148,883          100.0      135,448          100.0
Intercompany              (16,182)                    (17,014)
----------------------------------------------------------------------------
Revenues             $    132,701                $    118,434
----------------------------------------------------------------------------


                                              Six months ended June 30, 2009
----------------------------------------------------------------------------
                          Canada -
                         stated in
                      thousands of       Canada -                     U.S. -
                          Canadian  percentage of              percentage of
                           dollars  gross revenue        U.S.  gross revenue
----------------------------------------------------------------------------

Commercial            $     55,098           40.2 $    36,151           32.2
Industrial                  27,067           19.7      22,408           20.0
Residential                 26,114           19.0      23,462           20.9
Transfer and disposal       26,358           19.2      28,306           25.1
Recycling and other          2,552            1.9       1,971            1.8
----------------------------------------------------------------------------
Gross revenues             137,189          100.0     112,298          100.0
Intercompany               (13,851)                   (11,318)
----------------------------------------------------------------------------
Revenues              $    123,338                $   100,980
----------------------------------------------------------------------------

WSI's price, volume and total revenue growth or decline, excluding FX, expressed as a percentage of reportable revenue for the three and six months ended June 30, 2010 is as follows:


                                 Three months ended      Three months ended
                                      June 30, 2010           June 30, 2009
----------------------------------------------------------------------------
                                 Canada        U.S.      Canada        U.S.
----------------------------------------------------------------------------

Price
  Core price                        2.7         3.0         3.9         4.3
  Fuel surcharges                   0.5         1.4        (3.3)       (6.2)
  Recycling and other               0.5         1.9        (0.3)       (1.1)
----------------------------------------------------------------------------
  Total price growth
   (decline)                        3.7         6.3         0.3        (3.0)

Volume                             (0.7)       (0.6)       (2.5)      (14.3)
----------------------------------------------------------------------------
Total organic revenue growth
 (decline)                          3.0         5.7        (2.2)      (17.3)

Acquisitions                        1.2        12.3           -         0.8
----------------------------------------------------------------------------
Total revenue growth
 (decline)                          4.2        18.0        (2.2)      (16.5)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                              Six months ended June   Six months ended June
                                           30, 2010                30, 2009
----------------------------------------------------------------------------
                                  Canada       U.S.      Canada        U.S.
----------------------------------------------------------------------------

Price
  Core price                         3.9        2.8         4.0         3.9
  Fuel surcharges                    0.4        1.3        (2.6)       (5.2)
  Recycling and other                0.7        1.6        (0.4)       (1.2)
----------------------------------------------------------------------------
  Total price growth
   (decline)                         5.0        5.7         1.0        (2.5)

Volume                               1.5       (0.2)       (2.3)      (14.8)
---------------------------------------------------------------------------
Total organic revenue growth
 (decline)                           6.5        5.5        (1.3)      (17.3)

Acquisitions                         1.1       11.8           -         0.8
----------------------------------------------------------------------------
Total revenue growth
 (decline)                           7.6       17.3        (1.3)      (16.5)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Three months ended

Gross revenues for WSI's Canadian operations increased. With the exception of collection volumes, gross revenue growth benefited from higher transfer, landfill and recycling volumes. Higher pricing, including improved commodity pricing, and acquisitions, also contributed to the increase in gross revenues.

WSI's U.S. operations delivered gross revenue gains period over period. Higher pricing and acquisitions both contributed to gross revenue growth. Lower collection volumes were partially offset by higher volumes from landfill, transfer and recycling service lines. Improvements in commodity pricing and an increase in fuel surcharges resulting from higher diesel fuel costs were also contributing factors in second quarter gross revenue growth.

Six months ended

Comparative collection volume shortfalls were partially offset by strong volume growth from WSI's transfer, landfill and recycling service lines. Higher pricing, including commodity pricing and fuel surcharges, coupled with acquisitions also drove gross revenues higher comparatively.

Year-to-date, WSI's U.S. operations realized gross revenue growth. Comparative volume declines in the collection service line were easily offset by strong growth from acquisitions, volumes in all other service lines, and pricing, including commodity pricing and fuel surcharges.

WSI - Operating expenses

Three months ended

Operating costs increased for WSI's Canadian operations. Excluding the impact of FX, operating costs were largely unchanged period-to-period. Lower third-party disposal costs resulting from higher internalized waste volumes, were partially offset by higher labour and diesel fuel costs.

WSI's U.S. operations turned in a period over period increase as a result of higher third-party disposal costs, coupled with higher labour and fuel costs. Recently completed acquisitions are the primary reason for these increases.

Six months ended

Excluding the impact of FX, operating costs increased for WSI's Canadian operations. As outlined above for the three months ended, the most significant changes are due to higher internalized waste volumes which contributed to lower third-party disposal costs, while higher labour and diesel fuel costs offset this decline. Other operating costs are the root cause for the remainder of the change and the cause of the increase. However, other operating costs are neither significant in isolation nor in total.

On a year-to-date basis, WSI's U.S. operating costs increased. Recently completed acquisitions are the primary reason for the rise in third-party disposal costs, labour and fuel costs.

WSI - SG&A

Three months ended

The accelerated vesting of share based payments incurred in connection with WSI's sale to IESI-BFC Ltd, contributed to higher SG&A expense for WSI's Canadian operations. Transaction costs and FX also contributed to the increase. Excluding these items, WSI's SG&A expense rose slightly period over period. Higher bonus expense attributable to a stronger comparative financial performance is the primary reason for the increase.

SG&A expense for WSI's U.S. operations increased period over period. As outlined in the WSI Canadian operations discussion, WSI's U.S. operations recorded an additional expense related to the accelerated vesting of share based payments. Transaction costs, related principally to WSI's sale to IESI-BFC Ltd., also contributed to the increase. The resulting comparative increase is attributable to recently completed acquisitions and general wage increases.

Six months ended

Year-to-date, WSI's Canadian and U.S. operations experienced SG&A expense increases. Higher stock based compensation and transaction costs contributed to the comparative increase in Canadian and U.S. SG&A expense. FX also contributed to the rise in SG&A expense for WSI's Canadian operations.

Free cash flow(B)

Readers are further reminded that we completed the acquisition of WSI on July 2, 2010. Accordingly, WSI's contributions to free cash flow(B) are not included in the tables below.

Purpose and objective

The purpose of presenting this non-GAAP measure is to align our disclosure with other U.S. publicly listed companies in our industry. Investors and analysts use this calculation as a 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 and debt repayment.

Our calculation of free cash flow(B) previously included transaction and related and non-recurring costs. Comparative free cash flow(B) amounts have been adjusted to conform to the current period presentation.

Free cash flow(B) - cash flow approach


                   Three months ended June 30      Six months ended June 30
----------------------------------------------------------------------------
                      2010      2009   Change      2010      2009    Change
----------------------------------------------------------------------------

Cash generated
 from operating
 activities (from
 statement of
 cash flows)      $ 81,196  $ 66,456  $14,740  $125,236  $116,052  $  9,184
----------------------------------------------------------------------------

Operating
Stock option
 expense             2,679       567    2,112     3,440       584     2,856
Acquisition and
 related costs       2,092         -    2,092     4,090         -     4,090
Conversion costs         -       115     (115)        -       115      (115)
Other expenses          34        35       (1)       58        65        (7)
Changes in non-
 cash working
 capital items     (13,338)   (6,324)  (7,014)    1,752    (4,930)    6,682
Capital and
 landfill asset
 purchases         (28,521)  (39,217)  10,696   (48,604)  (59,714)   11,110

Financing
Financing and
 landfill
 development
 costs (net of
 non-cash
 portion)                -       (77)      77         -       (77)       77
Purchase of
 restricted
 shares                  -      (172)     172         -      (172)      172
Net realized
 foreign exchange
 loss                   24        93      (69)       54       177      (123)
----------------------------------------------------------------------------
Free cash flow(B) $ 44,166  $ 21,476  $22,690  $ 86,026  $ 52,100  $ 33,926
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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


                   Three months ended June 30      Six months ended June 30
----------------------------------------------------------------------------
                      2010      2009   Change      2010      2009    Change
----------------------------------------------------------------------------

Adjusted
 EBITDA(A)        $ 88,598  $ 73,070  $15,528  $164,539  $135,726  $ 28,813
----------------------------------------------------------------------------

Restricted share
 expense               417       359       58       830       691       139
Purchase of
 restricted
 shares                  -      (172)     172         -      (172)      172
Capital and
 landfill asset
 purchases         (28,521)  (39,217)  10,696   (48,604)  (59,714)   11,110
Landfill closure
 and post-closure
 expenditures       (1,167)   (1,129)     (38)   (1,552)   (2,355)      803
Landfill closure
 and post-closure
 cost accretion
 expense               882       775      107     1,762     1,517       245
Interest on long-
 term debt          (8,244)   (8,766)     522   (16,181)  (18,395)    2,214
Non-cash interest
 expense               716       795      (79)    1,425     1,545      (120)
Current income
 tax expense        (8,515)   (4,239)  (4,276)  (16,193)   (6,743)   (9,450)
----------------------------------------------------------------------------
Free cash flow(B) $ 44,166  $ 21,476  $22,690  $ 86,026  $ 52,100  $ 33,926
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Three months ended

Free cash flow(B) increased period over period. We generated significant improvements to adjusted EBITDA(A) resulting from strong revenue growth. Lower interest rates and lower total debt levels also contributed to the increase in free cash flow(B) period over period as did lower capital and landfill asset purchases. These contributions were partially offset by higher cash taxes in Canada. Higher Canadian cash taxes are the result of us fully utilizing our available loss carryforwards. The repayment or capitalization of intercompany notes occurring on our conversion from an income trust to a corporation accelerated our use of this shelter.

Six months ended

For the six months ended, free cash flow(B) increased. As outlined above for the three months ended, strong revenue growth contributed to the increase in adjusted EBITDA(A), which in combination with lower capital and landfill expenditures and lower interest expense, partially offset by higher current income tax expense, represent the primary contributors to the improvement.

Capital and landfill purchases

Capital and landfill purchases characterized as replacement and growth expenditures are as follows:


                 Three months ended June 30        Six months ended June 30
----------------------------------------------------------------------------
                  2010       2009    Change       2010       2009    Change
----------------------------------------------------------------------------

Replacement $   19,943 $   16,983 $   2,960  $  31,842 $   29,772 $   2,070
Growth           8,578     22,234   (13,656)    16,762     29,942   (13,180)
----------------------------------------------------------------------------
Total       $   28,521 $   39,217 $ (10,696) $  48,604 $   59,714 $ (11,110)
----------------------------------------------------------------------------

Capital and landfill purchases - replacement

Capital and landfill purchases characterized as "replacement" expenditures represent cash outlays to sustain current cash flows and are funded from free cash flow(B). Replacement expenditures include the replacement of existing capital assets and all construction spending at our landfills.

Three months ended

Excluding the impact of FX, replacement expenditures increased. The U.S. and Canadian segments both contributed to the increase. The U.S. segment increase is a function of higher capital asset spending for vehicles and containers, partially offset by a decline in replacement spending at our landfills. The timing of landfill cell construction is the primary reason for this decline. The increase in our U.S. segment capital asset spend is due to a combination of timing, a larger comparative compliment of capital assets, and targeting the purchase of more capital assets in light of lower landfill spending. The Canadian segment increase is due to capital asset spending attributable to a larger compliment of assets and the timing of spend, partially offset by a decline in landfill assets spending which is due to the timing of landfill construction.

Six months ended

Excluding the impact of FX, replacement expenditures increased. The U.S. segment contributed to the increase, partially offset by the Canadian segment decline. The U.S. segment increase is a function of higher capital asset spending for vehicles and containers, partially offset by a decline in replacement spending at our U.S. landfills. The timing of landfill cell construction is the primary reason for this decline. The increase in our U.S. segment capital asset spend is due to a combination of timing, a larger comparative compliment of capital assets, and targeting the purchase of more capital assets in light of lower landfill spending. The Canadian segment decrease is due to the timing of landfill construction, partially offset by an increase in capital asset spending attributable to a larger compliment of assets and the timing of spend.

Capital and landfill purchases - growth

Capital and landfill purchases characterized as "growth" expenditures represent cash outlays to generate new or future cash flows and are generally funded from free cash flow(B). Growth expenditures include capital assets, including facilities (new or expansion), to support new contract wins and organic business growth.

Three months ended

Excluding the impact of FX, growth expenditures decreased. The decline in current period growth spending is the result of lower vehicle and equipment purchases to service new contracts commencing in the current quarter than those incurred in the comparative quarter a year ago.

Six months ended

Net of foreign currency exchange, growth expenditures in total declined. Growth expenditures in the U.S. declined on a year-to-date basis due to fewer contract wins. Canadian growth expenditures also contributed to the comparative decline. Residential contract wins in the comparative period and the purchase of vehicles to service those contracts, is the primary reason for the Canadian decline in growth expenditures.

Readers are reminded that revenue, adjusted EBITDA(A), and cash flow contributions derived from growth expenditures will materialize over future periods.

Long-term debt

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

Summary details of our long-term debt facilities at June 30, 2010 are as follows:


                                                     Letters of
                                                    credit (not
                                                    reported as
                                                 long-term debt
                                                         on the
                                                      Condensed
                           Available    Facility   Consolidated    Available
                             lending       drawn Balance Sheet)     capacity
----------------------------------------------------------------------------
Canadian long-term debt
 facilities - stated in
 Canadian dollars
Senior secured
 debenture, series B     $    58,000 $    58,000 $            - $          -
Revolving credit
 facility                $   305,000 $   213,000 $       39,872 $     52,128

U.S. long-term debt
 facilities - stated in
 U.S. dollars
Term loan                $   195,000 $   195,000 $            - $          -
Revolving credit
 facility                $   588,500 $    97,500 $      128,088 $    362,912
Variable rate demand
 solid waste disposal
 revenue bonds
 ("IRBs")(1)             $   194,000 $   109,000 $            - $     85,000
----------------------------------------------------------------------------
Note:
(1) Drawings on IRB availability at floating rates of interest, will, under
the terms of the underlying agreement, typically be used to repay revolving
credit advances on our U.S. facility and requires us to issue letters of
credit for an amount equal to the IRB amounts drawn.

Funded debt to EBITDA (as defined and calculated in accordance with our Canadian and U.S. long-term debt facilities)

At June 30, 2010, funded long-term debt to EBITDA is as follows:


                               June 30, 2010               December 31, 2009
----------------------------------------------------------------------------
                      Canada            U.S.          Canada            U.S.
----------------------------------------------------------------------------

Funded debt
 to EBITDA              1.93            2.34            1.92            2.56
Funded debt
 to EBITDA
 maximum                2.75            4.00            2.75            4.00

Changes to long-term debt occurring in conjunction with the acquisition of WSI

Closing Agreements

On June 23, 2010, we entered into a Closing Agreement with the credit parties to our Sixth Amended and Restated Credit Facility Agreement in Canada (the "Canadian facility"). The purpose of entering into this agreement was to secure the terms and conditions of the Canadian facility and certain arrangements regarding funding of the WSI acquisition at closing. As consideration for entering into this agreement, we incurred a ticking fee equal to 72.5 basis points per annum calculated on the total commitment available under the Canadian facility, C$525,000. The ticking fee was calculated daily and was payable from the date of the agreement to the earlier of the Canadian facility being executed or 60 days from the execution date of the Closing Agreement.

On June 14, 2010, we entered into a Closing Agreement with the credit parties to our Amended and Restated Senior Secured Revolving Credit Facility (the "U.S. facility"). The purpose of entering into this agreement is consistent with the purpose outlined above for our Canadian facility. As consideration for entering into this agreement, we incurred a ticking fee equal to 50 basis points per annum calculated on the total commitment available under the U.S. facility, $950,000. The ticking fee was calculated daily and was payable from the date of the agreement to the earlier of the execution of the U.S. facility or July 30, 2010.

Canadian facility

On July 2, 2010, in connection with the closing of the WSI acquisition, the Canadian facility became effective. Monies available from the Canadian facility were used to repay WSI's outstanding Canadian indebtedness on closing and are available for general corporate purposes, including permitted acquisitions, subject to certain restrictions. Entering into the Canadian facility increased our availability from C$305,000 to C$525,000 and increased the total additional availability under the facility (the "accordion feature") from C$45,000 to C$125,000. All committed monies under the Canadian facility are revolving. In addition, the maturity date was extended from May 30, 2011 to July 2, 2014 and certain covenants were amended to reflect the financial condition and operations of the combined Canadian companies. Financial covenant amendments included an increase in the maximum funded debt to EBITDA ratio, as defined and calculated in accordance with the terms of the Canadian facility, from 2.75 times to 3.0 times. The funded debt to EBITDA ratio covenant may also expand to a maximum of 3.25 times for a period of two quarters following the completion of an acquisition which exceeds C$75,000.

Pricing on advances drawn under the facility increased by 125 basis points when our funded debt to EBITDA ratio is in excess of 2.0 times, and by 100 basis points when our funded debt to EBITDA ratio is below 2.0 times. The Canadian facility also introduced new pricing layers for funded debt to EBITDA positions below 1.0 times and in excess of 2.5 times. Pricing ranges from 112.5 to 237.5 basis points over bank prime for borrowings on prime and 212.5 to 337.5 basis points over bankers' acceptances ("BAs") for borrowings on BAs. Pricing on financial letters of credit increased by similar amounts and pricing ranges from 212.5 basis points to 337.5 basis points. Standby fees increased by 32.5 basis points, and range from 55 to 85 basis points, while non-financial letters of credit increased by approximately 82.5 basis points.

Security under the Canadian facility remained largely unchanged, and represents a first priority perfected security interest over all personal and real property of the Canadian operating companies and a pledge of the Canadian operating entities equity held by the Canadian parent.

On July 2, 2010, advances under the Canadian facility were C$348,000 and total letters of credit outstanding amounted to C$52,316. Available capacity under the facility, excluding the accordion, at July 2, 2010 was C$124,684. In addition, our funded debt to EBITDA ratio on closing (as defined and calculated in accordance with our Canadian facility) was 2.08 times.

Canadian Trust Indenture

On July 2, 2010, we entered into the Fifth Amended and Restated Trust Indenture (the "trust indenture"). The purpose of entering into the trust indenture was to permit us to repay WSI's outstanding Canadian indebtedness with accommodations available under the Canadian facility. The amount drawn, maturity, pricing, security and significant terms and covenants in the trust indenture were largely unchanged. Covenant modifications generally reflected the financial condition and operations of the combined Canadian companies and to achieve alignment with changes to the Canadian facility. The financial covenant, funded debt to EBITDA, (as defined and calculated in accordance with the terms of the trust indenture) and referred to above in the Canadian facility section, was modified similarly in the trust indenture. While pricing remained unchanged, pricing was modified to allow for an additional charge should our credit quality deteriorate. Credit quality deterioration, includes, but is not limited to, a rating agency downgrade below investment grade and a funded debt to EBITDA ratio, as defined and calculated in accordance with the terms of the trust indenture, which exceeds 2.75 times.

U.S. facility

On July 2, 2010, in connection with the closing of the WSI acquisition, our U.S. facility became effective. Monies available from the U.S. facility were used to repay WSI's outstanding U.S. indebtedness on closing and are available for permitted acquisitions, subject to certain restrictions, capital expenditures, to refinance existing indebtedness, working capital, letters of credit and for general corporate purposes. Entering into the U.S. facility increased our availability from $783,500 to $950,000 and increased the total additional availability under the facility (the "accordion feature") from $36,500 to $300,000. All committed monies under the U.S, facility are revolving. In addition, the maturity date was extended from January 21, 2012 to July 2, 2014 and certain covenants were amended to reflect the financial condition and operations of the combined U.S. companies. Financial covenants under the U.S. facility remain principally unchanged and include a maximum total funded debt to rolling four-quarter EBITDA ratio of 4.0 times, a minimum rolling four-quarter EBITDA to interest expense ratio of 2.5 times, a capital expenditure maximum of 1.1 times actual depreciation and landfill depletion expense for any fiscal year and precludes IESI from paying dividends if their funded debt to EBITDA ratio exceeds 3.9 times, all of which are defined and calculated in accordance with the terms of the U.S. facility. The U.S. facility requires that we maintain interest rate hedges at fixed rates for at least 40% of the total funded debt, as defined therein. This requirement is unchanged from the conditions included in the preceding facility. We are not required to comply with this condition until October 2010.

Pricing on advances drawn under the facility increased by 125 basis points for LIBOR rate advances at all pricing levels and by 150 to 200 basis points for bank prime advances. Pricing ranges from 250 to 325 basis points over LIBOR for borrowings on LIBOR and 150 to 225 basis points over bank prime for prime rate advances. Pricing on financial letters of credit increased by similar amounts and pricing ranges from 212.5 basis points to 337.5 basis points. Standby fees were largely unchanged and range from 37.5 to 62.5 basis points, while letters of credit increased by approximately 125 basis points.

Security under the U.S. facility remained relatively unchanged, and represents a first priority perfected security interest over all personal and real property of the U.S. operating companies and a pledge of the U.S. operating entities equity held by the U.S. parent.

On July 2, 2010, advances under the U.S. facility were $650,000 and total letters of credit outstanding amounted to $139,683. Available capacity under the facility, excluding the accordion, at July 2, 2010 was $160,317. In addition, our funded debt to EBITDA on closing (as defined and calculated in accordance with our U.S. facility) was 3.24 times.

Long-term debt to pro forma adjusted EBITDA(A)

On the closing of the WSI acquisition, and including other completed acquisitions, our pro forma adjusted EBITDA(A) ratio prepared on a combined basis, assuming FX parity, is approximately 2.6 times.

Changes to long-term debt in the period ended June 30, 2010

Canadian long-term debt facilities

In the first quarter of 2010, we borrowed C$50,000 to fund an acquisition. Borrowings incurred in respect of this acquisition were higher than two times the acquisitions contribution to EBITDA(A). Accordingly, our funded debt to EBITDA ratio increased comparatively. In the second quarter of 2010, we repaid C$19,000 of advances under the facility due in large part to strong cash from operating activities.

U.S. long-term debt facilities

In the first and second quarters, we repaid $10,000 and $18,000, respectively. Strong cash flow from operations and lower capital and landfill expenditures, partially offset by acquisitions, are the primary reasons we were able to repay indebtedness aggressively.

Long-term debt to adjusted EBITDA(A)

At June 30, 2010, we are not in default of our Canadian and U.S. long-term debt facility covenants. As a reminder, covenants are not subject to FX fluctuations. Holding the FX rate at parity results in a long-term debt to adjusted EBITDA(A) ratio of 2.05 times. Readers are further reminded that contributions to adjusted EBITDA(A) from acquisitions completed within the last twelve months are not included in this ratio. We have two revolving credit facilities to support our Canadian and U.S. operations, each of which require financial covenant tests to be prepared independently, and both facilities allow for pro forma acquisition contributions.

Definitions of Adjusted EBITDA and Free cash flow

(A) All references to "Adjusted EBITDA" in this press release are to revenues less operating expense and SG&A, excluding certain non-operating or non-recurring SG&A expense, on the condensed consolidated statement of operations and comprehensive income. Adjusted EBITDA excludes some or all of the following: "certain SG&A expenses, amortization, net gain or loss on sale of capital and landfill assets, interest on long-term debt, net foreign exchange gain or loss, net gain or loss on financial instruments, conversion costs, other expenses, income taxes and net 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 issuers. 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 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 for investee) or non-operating (in the case of certain SG&A expenses, net gain or loss on sale of capital and landfill assets, interest on long-term debt, conversion costs, 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, or non-recurring, expenses. These expenses include transaction costs related to acquisitions and fair value adjustments attributable to stock options. 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.

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 and landfill assets - proceeds from the sale of capital and landfill assets are either reinvested in additional or replacement capital or landfill 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).

Conversion costs - conversion costs represent professional fees incurred on the Fund's conversion from an income trust to a corporation and its eventual wind-up. These expenses are not considered an expense indicative of continuing operations. Conversion costs represent 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. 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).

Adjusted EBITDA should not be construed as a measure of income or of cash flows. The reconciling items between adjusted EBITDA and net income are detailed in the condensed consolidated statement of operations and comprehensive income or loss beginning with operating income before amortization and net gain on sale of capital and landfill assets and ending with net income and includes certain adjustments for expenses recorded to SG&A which management views as not being indicative of continuing operations. The reconciliation between operating income and adjusted EBITDA is provided below. Adjusted operating income and adjusted net income are also presented in the reconciliation below.


                          Three months ended June
                                               30  Six months ended June 30
----------------------------------------------------------------------------
                                2010         2009         2010         2009
----------------------------------------------------------------------------

Operating
 income                  $    41,100  $    31,330  $    74,827  $    56,501
Transaction and related
 costs - SG&A                  2,092            -        4,090            -
Fair value movements in
 stock options - SG&A          2,679          567        3,440          584
----------------------------------------------------------------------------
Adjusted operating income     45,871       31,897       82,357       57,085
----------------------------------------------------------------------------
Net gain or loss on sale
 of capital and landfill
 assets                         (369)          19         (431)        (115)
Amortization                  43,096       41,154       82,613       78,756
----------------------------------------------------------------------------
Adjusted
 EBITDA                  $    88,598  $    73,070  $   164,539  $   135,726
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Net income               $    19,835  $    15,105  $    36,545  $    24,744
Transaction and related
 costs - SG&A                  2,092            -        4,090            -
Conversion
 costs                             -          115            -          115
Fair value movements in
 stock options - SG&A          2,679          567        3,440          584
Net gain or loss on
 financial instruments        (1,208)      (1,701)      (1,750)      (1,171)
Net income tax expense or
 recovery                        (56)         542         (315)         389
----------------------------------------------------------------------------
Adjusted net income      $    23,342  $    14,628  $    42,010  $    24,661
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(B) We have adopted a measure called "free cash flow" to supplement net income or loss as a measure of operating performance. Free cash flow is a term which does not have a standardized meaning prescribed by U.S. GAAP, is prepared before dividends and or distributions declared, and is therefore unlikely to be comparable to similar measures used by other issuers. The objective of presenting this non-GAAP measure is to provide similar disclosures to other U.S. publicly listed companies in the waste industry. We use this non-GAAP measure to assess our performance relative to other publicly listed companies and to assess the availability of funds for growth investment and debt repayment. All references to "free cash flow" in this press release have the meaning set out in this note.

Forward-Looking Statements

This communication includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements may include, without limitation, IESI-BFC Ltd.'s expectations with respect to: the synergies, efficiencies, and capitalization and anticipated financial impacts of the transaction.

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from the expected results. Most of these factors are outside our control and difficult to predict. The following factors, among others, could cause or contribute to such material differences: the ability to realize the expected synergies resulting from the transaction in the amounts or in the timeframe anticipated; and the ability to integrate WSI's businesses into those of IESI-BFC in a timely and cost-efficient manner. Additional factors that could cause IESI-BFC's and WSI's results to differ materially from those described in the forward-looking statements can be found in the 2009 Annual Report on Form 10-K for WSI, and in IESI-BFC's 2009 Annual Report on Form 40-F, Registration Statement on Form F-10, as amended, and Registration Statement on Form F-4, each of which are filed with the SEC and available at the SEC's Internet web site (www.sec.gov), and IESI-BFC's 2009 Annual Information Form filed with the Ontario Securities Commission which is available at the SEDAR web site (www.sedar.com). IESI-BFC and WSI caution that the foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements concerning IESI-BFC, WSI, the transaction or other matters and attributable to IESI-BFC or WSI or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. IESI-BFC and WSI do not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this communication, except as required by law.

About IESI-BFC Ltd.

IESI-BFC Ltd., through its subsidiaries, is one of North America's largest full-service waste management companies, providing non-hazardous solid waste collection and landfill disposal services to commercial, industrial, municipal and residential customers in eleven states and the District of the Columbia in the U.S., and six Canadian provinces. Its two major brands, IESI and BFI Canada, are leaders in their markets, serving customers with vertically integrated collection and disposal assets. IESI-BFC's shares are listed on the New York and Toronto Stock Exchanges under the symbol BIN. To find out more about IESI-BFC Ltd., visit our website at www.iesi-bfc.com.

To find out more about IESI-BFC, visit its website at www.iesi-bfc.com.

Management will hold a conference call on Wednesday, July 28, 2010, at 8:30 a.m. (ET) to discuss results for the three and six months ended June 30, 2010. Participants may listen to the call by dialling 1-888-300-0053, conference ID 85676425, at approximately 8:20 a.m. (ET). International or local callers should dial 647-427-3420. The call will also be webcast live at www.streetevents.com and at www.iesi-bfc.com.

A replay will be available after the call until Wednesday, August 11, 2010, at midnight, and can be accessed by dialling 1-800-642-1687, conference code 85676425. International or local callers can access the replay by dialling 706-645-9291. The audio webcast will also be archived at www.streetevents.com and www.iesi-bfc.com.

IESI-BFC Ltd.

Condensed Consolidated Balance Sheets


June 30, 2010 (unaudited) and December 31, 2009 (stated in accordance with
accounting principles generally accepted in the U.S. and in thousands of
U.S. dollars)
----------------------------------------------------------------------------
                                      June 30, 2010       December 31, 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------

ASSETS

CURRENT
  Cash and cash equivalents     $             8,212     $             4,991
  Accounts receivable                       131,127                 111,839
  Other receivables                             478                     546
  Prepaid expenses                           17,922                  18,276
  Restricted cash                               425                     382
  Other assets                                    -                     770
----------------------------------------------------------------------------
                                            158,164                 136,804

OTHER RECEIVABLES                               982                   1,213

FUNDED LANDFILL POST-CLOSURE
 COSTS                                        8,180                   8,102

INTANGIBLES                                 109,465                 100,917

GOODWILL                                    640,308                 630,470

LANDFILL DEVELOPMENT ASSETS                   8,510                   7,677

DEFERRED FINANCING COSTS                      9,962                   9,358

CAPITAL ASSETS                              448,867                 439,734

LANDFILL ASSETS                             644,936                 661,738

INVESTMENT IN EQUITY
 ACCOUNTED INVESTEE                           3,155                       -

OTHER ASSETS                                     80                   1,574
----------------------------------------------------------------------------
                                $         2,032,609     $         1,997,587
----------------------------------------------------------------------------
----------------------------------------------------------------------------

LIABILITIES

CURRENT
  Accounts payable              $            59,607     $            62,753
  Accrued charges                            76,044                  70,572
  Dividends payable                          11,012                  11,159
  Income taxes payable                       14,370                   6,278
  Deferred revenues                          13,443                  13,156
  Landfill closure and post-
   closure costs                              5,248                   6,622
  Other liabilities                           6,412                   8,312
----------------------------------------------------------------------------
                                            186,136                 178,852

LONG-TERM DEBT                              657,016                 654,992

LANDFILL CLOSURE AND POST-
 CLOSURE COSTS                               68,559                  63,086

OTHER LIABILITIES                             6,152                   3,611

DEFERRED INCOME TAXES                        88,275                  81,500
----------------------------------------------------------------------------
                                          1,006,138                 982,041
----------------------------------------------------------------------------

EQUITY

NON-CONTROLLING INTEREST                    230,302                 230,014

SHAREHOLDERS' EQUITY
  Common shares                           1,083,839               1,082,950
  Restricted shares                          (3,928)                 (3,928)
  Paid in capital                             2,948                   2,118
  Deficit                                  (202,582)               (214,898)
  Accumulated other
   comprehensive loss                       (84,108)                (80,710)
----------------------------------------------------------------------------
Total shareholders' equity                  796,169                 785,532
----------------------------------------------------------------------------
Total equity                              1,026,471               1,015,546
----------------------------------------------------------------------------
                                $         2,032,609     $         1,997,587
----------------------------------------------------------------------------
----------------------------------------------------------------------------

IESI-BFC Ltd.

Condensed Consolidated Statements of Operations and Comprehensive Income


For the three and six months ended June 30, 2010 and 2009 (unaudited -
stated in accordance with accounting principles generally accepted in the
U.S. and in thousands of U.S. dollars, except net income per share amounts)
----------------------------------------------------------------------------
                               Three months ended          Six months ended
----------------------------------------------------------------------------
                                2010         2009         2010         2009
----------------------------------------------------------------------------

REVENUES                 $   299,582  $   253,700  $   563,624  $   477,593
EXPENSES
 OPERATING                   174,568      148,597      325,637      279,774
 SG&A                         41,187       32,600       80,978       62,677
 AMORTIZATION                 43,096       41,154       82,613       78,756
 NET (GAIN) LOSS ON SALE
  OF CAPITAL AND LANDFILL
  ASSETS                        (369)          19         (431)        (115)
----------------------------------------------------------------------------
OPERATING INCOME              41,100       31,330       74,827       56,501
INTEREST ON LONG-TERM
 DEBT                          8,244        8,766       16,181       18,395
NET FOREIGN EXCHANGE LOSS         24           93           54          177
NET GAIN ON FINANCIAL
 INSTRUMENTS                  (1,208)      (1,701)      (1,750)      (1,171)
CONVERSION COSTS                   -          115            -          115
OTHER EXPENSES                    34           35           58           65
----------------------------------------------------------------------------
INCOME BEFORE INCOME TAX
 EXPENSE AND NET LOSS
 FROM EQUITY ACCOUNTED
 INVESTEE                     34,006       24,022       60,284       38,920
INCOME TAX EXPENSE
 Current                       8,515        4,239       16,193        6,743
 Deferred                      5,635        4,678        7,500        7,433
----------------------------------------------------------------------------
                              14,150        8,917       23,693       14,176
NET LOSS FROM EQUITY
 ACCOUNTED INVESTEE               21            -           46            -
----------------------------------------------------------------------------
NET INCOME                    19,835       15,105       36,545       24,744
----------------------------------------------------------------------------

OTHER COMPREHENSIVE
 (LOSS) INCOME
 Foreign currency
  translation adjustment      (7,752)      12,525       (2,405)       7,643
 Commodity swaps
  designated as cash flow
  hedges, net of income
  tax                         (1,506)         755       (1,339)         903
 Settlement of commodity
  swaps designated as
  cash flow hedges, net
  of income tax                  (14)         (21)        (110)         (21)
----------------------------------------------------------------------------
COMPREHENSIVE INCOME     $    10,563  $    28,364  $    32,691  $    33,269
----------------------------------------------------------------------------
----------------------------------------------------------------------------

NET INCOME - CONTROLLING
 INTEREST                $    17,489  $    13,267  $    32,223  $    21,538
NET INCOME - NON-
 CONTROLLING INTEREST    $     2,346  $     1,838  $     4,322  $     3,206
COMPREHENSIVE INCOME -
 CONTROLLING INTEREST    $     9,313  $    24,749  $    28,825  $    28,958
COMPREHENSIVE INCOME -
 NON-CONTROLLING INTEREST$     1,250  $     3,615  $     3,866  $     4,311

Net income per weighted
 average share, basic    $      0.21  $      0.19  $      0.39  $      0.33
Net income per weighted
 average share, diluted  $      0.21  $      0.18  $      0.39  $      0.32
Weighted average number
 of shares outstanding
 (thousands), basic           82,383       70,809       82,363       65,414
Weighted average number
 of shares outstanding
 (thousands), diluted         93,431       81,946       93,431       76,551

                                                                           -
IESI-BFC Ltd.
                                                                           -
Condensed Consolidated Statements of Cash Flows
                                                                           -

                                                                           -
For the three and six months ended June 30, 2010 and 2009 (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
----------------------------------------------------------------------------
                                      2010       2009       2010       2009
----------------------------------------------------------------------------


NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING
ACTIVITIES
OPERATING
  Net income                      $ 19,835  $  15,105  $  36,545  $  24,744
  Items not affecting cash
    Restricted share expense           417        359        830        691
    Write-off of landfill
     development assets                  -         77          -         77
    Accretion of landfill closure
     and post-closure costs            882        775      1,762      1,517
    Amortization of intangibles      6,225      7,275     13,282     14,509
    Amortization of capital assets  19,972     18,693     39,039     37,004
    Amortization of landfill
     assets                         16,899     15,186     30,292     27,243
    Interest on long-term debt
     (deferred financing costs)        716        795      1,425      1,545
    Net (gain) loss on sale of
     capital and landfill assets      (369)        19       (431)      (115)
    Net gain on financial
     instruments                    (1,208)    (1,701)    (1,750)    (1,171)
    Deferred income taxes            5,635      4,678      7,500      7,433
    Net loss from equity accounted
     investee                           21          -         46          -
  Landfill closure and post-
   closure expenditures             (1,167)    (1,129)    (1,552)    (2,355)
  Changes in non-cash working
   capital items                    13,338      6,324     (1,752)     4,930
----------------------------------------------------------------------------
Cash generated from operating
 activities                         81,196     66,456    125,236    116,052
----------------------------------------------------------------------------
INVESTING
  Acquisitions                      (1,488)   (20,406)   (53,935)   (20,640)
  Restricted cash deposits             (43)         -        (43)         -
  Restricted cash withdrawals            -          -          -         82
  Investment in other receivables        -        (41)         -     (1,278)
  Proceeds from other receivables      145        113        284        225
  Funded landfill post-closure
   costs                               (75)      (302)       (85)      (381)
  Purchase of capital assets       (20,757)   (25,181)   (34,659)   (37,840)
  Purchase of landfill assets       (7,764)   (14,036)   (13,945)   (21,874)
  Proceeds from the sale of
   capital and landfill assets         626        188        690      3,603
  Investment in landfill
   development assets                 (678)      (192)      (942)      (439)
----------------------------------------------------------------------------
Cash utilized in investing
 activities                        (30,034)   (59,857)  (102,635)   (78,542)
----------------------------------------------------------------------------
FINANCING
  Payment of deferred financing
   costs                            (2,064)      (190)    (2,065)      (498)
  Proceeds from long-term debt      19,097     90,365     99,865    116,774
  Repayment of long-term debt      (55,134)  (218,423)   (94,025)  (346,384)
  Common shares issued, net of
   issue costs                          (6)   138,726        (12)   209,684
  Purchase of restricted shares or
   trust units                           -       (172)         -       (172)
  Dividends paid to share and
   participating preferred
   shareholders                    (11,364)   (16,714)   (22,584)   (18,640)
----------------------------------------------------------------------------
Cash utilized in financing
 activities                        (49,471)    (6,408)   (18,821)   (39,236)
Effect of foreign currency
 translation on cash and cash
 equivalents                          (901)     1,419       (559)       918
----------------------------------------------------------------------------
NET CASH INFLOW (OUTFLOW)              790      1,610      3,221       (808)
----------------------------------------------------------------------------

CASH AND CASH EQUIVALENTS,
 BEGINNING OF PERIOD OR YEAR         7,422      9,520      4,991     11,938
----------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS, END OF
 PERIOD                           $  8,212  $  11,130  $   8,212  $  11,130
----------------------------------------------------------------------------
----------------------------------------------------------------------------

SUPPLEMENTAL CASH FLOW
 INFORMATION:
  Cash and cash equivalents are
   comprised of:
    Cash                          $  7,269  $  10,046  $   7,269  $  10,046
    Cash equivalents                   943      1,084        943      1,084
----------------------------------------------------------------------------
                                  $  8,212  $  11,130  $   8,212  $  11,130
----------------------------------------------------------------------------
----------------------------------------------------------------------------
  Cash paid during the period for:
    Income taxes                  $  2,581  $   2,927  $   6,421  $   2,562
    Interest                      $  7,456  $  10,102  $  15,857  $  19,613

Contacts:
IESI-BFC Ltd.
Chaya Cooperberg
Director, Investor Relations and Corporate Communications
(416) 401-7729
chaya.cooperberg@bficanada.com
www.iesi-bfc.com

IESI-BFC Ltd. and Waste Services, Inc. Complete Merger Forming North America's Third Largest Solid Waste Management Company

Fri, 02 Jul 2010 11:47:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 07/02/10 -- IESI-BFC Ltd. ("IESI-BFC") (NYSE: BIN)(TSX: BIN) and Waste Services, Inc. ("WSI") (NASDAQ: WSII) today announced that they have completed their merger which establishes North America's third largest solid waste management company. The combined company, which will be headquartered in Toronto, will continue as IESI-BFC Ltd. and trade under the ticker symbol "BIN" on the New York and the Toronto Stock Exchanges.

The merged company will have more than 6,000 employees serving commercial, industrial and residential customers in 11 U.S. states and the District of Columbia, and in six Canadian provinces. The transaction is expected to generate US$25-30 million in net pre-tax annual run rate synergies by the end of the second year following closing.

Under the terms of the agreement, WSI shareholders will receive 0.5833 common shares of IESI-BFC for each WSI common share held. The 28.0 million common shares that IESI-BFC is issuing to WSI represent approximately 23.0% ownership in the combined company, assuming conversion of IESI-BFC's Participating Preferred Shares ("PPSs"). At close, IESI-BFC's total number of outstanding common shares and PPSs is 121.4 million.

The combined company will be led by Keith Carrigan, IESI-BFC's current Vice Chairman and Chief Executive Officer. Thomas Cowee, Vice President and Chief Financial Officer of IESI-BFC, will continue in his current role.

The Board of Directors of the combined company will consist of eight members, including Mr. Carrigan, five directors from the IESI-BFC board of directors and two directors nominated by WSI. WSI has nominated Michael G. DeGroote and David Sutherland-Yoest.

"Today, in completing our transaction with WSI, we have advanced to a top-three position in the North American non-hazardous solid waste management industry," said Keith Carrigan, Vice Chairman and Chief Executive Officer of IESI-BFC. "We look forward to benefiting from the synergies that will result from our combination and creating additional future value for shareholders. We expect the combination to generate additional free cash flow, giving us the ability to deliver shareholder value through several avenues, including the ongoing payment of our regular quarterly dividend. We are very excited to begin this new phase for IESI-BFC and remain committed to delivering excellent customer service, environmental stewardship, and community support."

Additional Transaction Details

In connection with the transaction, IESI-BFC today entered into a new US$950 million amended and restated U.S. credit facility. Advances under the new credit facility were used to repay the outstanding borrowings under both IESI-BFC's previous credit facility and the U.S. portion of WSI's credit facility, as well as WSI's outstanding 9 1/2% Senior Subordinated Notes (the "notes"). The term of the new credit facility is four years and the facility is comprised entirely of a revolver, with initial pricing of LIBOR + 300 basis points. At closing, remaining capacity, net of borrowings and outstanding letters of credit, is approximately US$160 million.

Under the terms of the WSI's notes, the notes were called today at a redemption price of 103.167%. The redemption price, accrued interest and registration penalties have been defeased and are being held in a trust by the trustee of the notes until August 2, 2010, at which time the note holders will receive their redemption payment.

In addition, IESI-BFC entered into a new C$525 million Canadian dollar amended and restated credit facility in Canada. Advances under this new credit facility were used to repay the outstanding borrowings under both IESI-BFC's previous credit facility and the Canadian portion of WSI's credit facility. The term of the new credit facility is four years and the facility is entirely revolver, with initial pricing of BAs + 287.5 basis points. Remaining capacity, net of borrowings and outstanding letters of credit, is approximately C$66 million.

At closing, the combined company's long-term debt, including the current portion, to last-twelve-months EBITDA ratio is approximately 2.70 times.

J.P. Morgan Securities Inc. acted as exclusive financial advisor to IESI-BFC on the transaction. CIBC World Markets Inc. acted as exclusive financial advisor to WSI on the transaction.

Other Acquisition Activities

IESI-BFC today has also announced that it completed several tuck-in acquisitions in its U.S. operations since the beginning of its second fiscal quarter of 2010. Consideration for these acquisitions totalled in excess of US$50 million and they were financed through borrowings under IESI-BFC's U.S. revolving credit facility.

IESI-BFC Sets Date of Second-Quarter 2010 Earnings Release and Conference Call

IESI-BFC will report financial results for the three and six months ended June 30, 2010, on Tuesday, July 27, 2010 after the close of the stock markets. It will host a conference call on Wednesday, July 28, 2010 at 8:30 a.m. (ET).

Participants may listen to the call by dialing 1-888-300-0053, conference ID 85676425, at approximately 8:20 a.m. (ET). International or local callers should dial 647-427-3420. The call will also be webcast live at www.streetevents.com and at www.iesi-bfc.com.

A replay will be available after the call until Wednesday, August 11, 2010, at midnight, and can be accessed by dialing 1-800-642-1687, conference code 85676425. International or local callers can access the replay by dialing 706-645-9291. The audio webcast will also be archived at www.streetevents.com and www.iesi-bfc.com.

About IESI-BFC Ltd.

Forward-Looking Statements

Contacts:
IESI-BFC Ltd.
Andrea Rudnick
Vice President, Corporate Development and Communications
(416) 401-7750

IESI-BFC Ltd.
Chaya Cooperberg
Director, Investor Relations and Corporate Communications
(416) 401-7729
chaya.cooperberg@bficanada.com

Waste Services, Inc. Shareholders Approve Merger With IESI-BFC Ltd.

Wed, 30 Jun 2010 09:30:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 06/30/10 -- IESI-BFC Ltd. ("IESI-BFC") (TSX: BIN)(NYSE: BIN) and Waste Services, Inc. ("WSI") (NASDAQ: WSII) announced that WSI shareholders today voted in favor of the proposed merger between the two companies.

With all the conditions necessary to complete the merger satisfied, and in light of the Canada Day holiday on July 1, 2010, IESI-BFC and WSI have agreed to an intended transaction close date of Friday, July 2, 2010.

Forward-Looking Statements

This communication includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements may include, without limitation, IESI-BFC Ltd.'s expectations with respect to: the synergies, efficiencies, capitalization and anticipated financial impacts of the transaction; and the timing of the completion of the transaction.

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from the expected results. Most of these factors are outside our control and difficult to predict. The following factors, among others, could cause or contribute to such material differences: the ability to realize the expected synergies resulting from the transaction in the amounts or in the timeframe anticipated; and the ability to integrate Waste Services, Inc.'s businesses into those of IESI-BFC Ltd. in a timely and cost-efficient manner. Additional factors that could cause IESI-BFC's and WSI's results to differ materially from those described in the forward-looking statements can be found in the 2009 Annual Report on Form 10-K for WSI, and in IESI-BFC's 2009 Annual Report on Form 40-F, Registration Statement on Form F-10, as amended, and Registration Statement on Form F-4, each of which are filed with the SEC and available at the SEC's Internet web site (www.sec.gov), and IESI-BFC's 2009 Annual Information Form filed with the Ontario Securities Commission which is available at the SEDAR web site (www.sedar.com). IESI-BFC and WSI caution that the foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements concerning WSI, IESI-BFC, the transaction or other matters and attributable to WSI or IESI-BFC or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. WSI and IESI-BFC do not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this communication, except as required by law.

Additional Information

IESI-BFC Ltd. has filed with the SEC a Registration Statement on Form F-4 containing a proxy statement/prospectus. Stockholders are encouraged to read the proxy statement/prospectus regarding the proposed transaction as well as other documents filed with the SEC because they contain important information. Stockholders may obtain a free copy of the definitive proxy statement/prospectus, as well as other filings containing information about IESI-BFC Ltd. and Waste Services, Inc., without charge, at the SEC's Internet site (www.sec.gov).

You may also obtain copies of all documents filed with the SEC regarding this transaction, without charge, from IESI-BFC's website (www.iesi-bfc.com) or from Waste Services' website (www.wasteservicesinc.com) or by directing a request to IESI-BFC Ltd., 135 Queens Plate Drive, Suite 300, Toronto, Ontario, Canada M9W 6V1, Attention: Investor Relations, (416) 401-7729, or to Waste Services, Inc., 1122 International Blvd., Suite 601, Burlington, Ontario, Canada L7L 6Z8, Attention: Shareholder Relations, (905) 319-1237.

About IESI-BFC Ltd.

IESI-BFC Ltd., through its subsidiaries, is one of North America's largest full-service waste management companies, providing non-hazardous solid waste collection and landfill disposal services to commercial, industrial, municipal and residential customers in ten states and the District of the Columbia in the U.S., and five Canadian provinces. Its two brands, IESI and BFI Canada, are leaders in their markets and serve over 1.8 million customers with vertically integrated collection and disposal assets. IESI-BFC's shares trade on the New York and Toronto Stock Exchanges under the symbol BIN.

To find out more about IESI-BFC, visit its website at www.iesi-bfc.com.

About Waste Services, Inc.

Waste Services, Inc. is a multi-regional, integrated solid waste services company that provides collection, transfer, disposal and recycling services in the U.S. and Canada. WSI, a Delaware corporation, is the second largest vertically integrated disposal company in the State of Florida, where it has 10 collection operations, nine transfer stations, seven recycling facilities and three landfills. WSI's shares trade on the NASDAQ under the symbol WSII.

To find out more about WSI, visit its website at www.wasteservicesinc.com.

Contacts:
IESI-BFC Ltd.
Andrea Rudnick
Vice President, Corporate Development and Communications
(416) 401-7750

IESI-BFC Ltd.
Chaya Cooperberg
Director, Investor Relations and Corporate Communications
(416) 401-7729
chaya.cooperberg@bficanada.com
www.iesi-bfc.com

Waste Services, Inc.
Ed Johnson
Executive Vice President and Chief Financial Officer
(905) 319-1237
ejohnson@wsii.us
www.wasteservicesinc.com

IESI-BFC Ltd. and Waste Services, Inc. Receive Approval from Canadian Competition Bureau for Merger

Tue, 29 Jun 2010 21:06:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 06/29/10 -- IESI-BFC Ltd. ("IESI-BFC") (TSX: BIN)(NYSE: BIN) and Waste Services, Inc. ("WSI") (NASDAQ: WSII) announced today that the Canadian Competition Bureau will not challenge their proposed merger.

This is reflected in a consent agreement with the Competition Bureau which will be registered with the Competition Tribunal in Ottawa. Pursuant to the agreement, the companies will divest of certain commercial customer contracts and equipment in five Canadian markets: Calgary and Edmonton, Alberta; and Hamilton, Ottawa and Simcoe County, Ontario. These assets generate, in aggregate, approximately CAD$18.5 million of annualized revenue for the combined company. The companies will also divest of one duplicate transfer station in Hamilton, Ontario.

"We undertook a very rigorous review alongside the Competition Bureau", said Keith Carrigan, Vice-Chairman and Chief Executive Officer of IESI-BFC. "The imposed divestitures are not material to the broader transaction with WSI, and we remain confident that we will achieve our estimated net pre-tax annual run rate synergies of US$25-30 million."

As previously announced, the Special Meeting of WSI's shareholders for the purpose of approving the merger will be held on Wednesday, June 30, 2010 at 9:00 a.m. (ET) at the Hilton Garden Inn, 985 Syscon Road, Burlington, Ontario, Canada in the Labatt Hall "C".

Pending a favorable outcome at the Special Meeting, IESI-BFC and WSI have agreed to close the transaction after the July 1, 2010 Canada Day holiday, with an intended close date of Friday, July 2, 2010.

WSI's financial information for July 1, 2010 will be reflected in IESI-BFC's third quarter report.

Forward-Looking Statements

This communication includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements may include, without limitation, IESI-BFC Ltd.'s expectations with respect to: the synergies, efficiencies, capitalization and anticipated financial impacts of the transaction; and the timing of the completion of the transaction.

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from the expected results. Most of these factors are outside our control and difficult to predict. The following factors, among others, could cause or contribute to such material differences: the ability to realize the expected synergies resulting from the transaction in the amounts or in the timeframe anticipated; and the ability to integrate Waste Services, Inc.'s businesses into those of IESI-BFC Ltd. in a timely and cost-efficient manner. Additional factors that could cause IESI-BFC's and WSI's results to differ materially from those described in the forward-looking statements can be found in the 2009 Annual Report on Form 10-K for WSI, and in IESI-BFC's 2009 Annual Report on Form 40-F, Registration Statement on Form F-10, as amended, and Registration Statement on Form F-4, each of which are filed with the SEC and available at the SEC's Internet web site (www.sec.gov), and IESI-BFC's 2009 Annual Information Form filed with the Ontario Securities Commission which is available at the SEDAR web site (www.sedar.com). IESI-BFC and WSI caution that the foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements concerning WSI, IESI-BFC, the transaction or other matters and attributable to WSI or IESI-BFC or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. WSI and IESI-BFC do not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this communication, except as required by law.

Additional Information

About IESI-BFC Ltd.

IESI-BFC Ltd., through its subsidiaries, is one of North America's largest full-service waste management companies, providing non-hazardous solid waste collection and landfill disposal services to commercial, industrial, municipal and residential customers in ten states and the District of the Columbia in the U.S., and five Canadian provinces. Its two brands, IESI and BFI Canada, are leaders in their markets and serve over 1.8 million customers with vertically integrated collection and disposal assets. IESI-BFC's shares trade on the New York and Toronto Stock Exchanges under the symbol BIN.

To find out more about IESI-BFC, visit its website at www.iesi-bfc.com.

About Waste Services, Inc.

To find out more about WSI, visit its website at www.wasteservicesinc.com.

Contacts:
Contacts for IESI-BFC Ltd.
Andrea Rudnick
Vice President, Corporate Development and Communications
(416) 401-7750

Chaya Cooperberg
Director, Investor Relations and Corporate Communications
(416) 401-7729
chaya.cooperberg@bficanada.com
www.iesi-bfc.com

Contact for Waste Services, Inc.
Ed Johnson
Executive Vice President and Chief Financial Officer
(905) 319-1237
ejohnson@wsii.us
www.wasteservicesinc.com

IESI-BFC Ltd. Announces Quarterly Cash Dividends

Thu, 10 Jun 2010 16:30:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 06/10/10 -- IESI-BFC Ltd. (the "Company") (TSX: BIN)(NYSE: BIN) today declared a regular cash dividend of Canadian $0.125 per share, payable on July 15, 2010, to shareholders of record at the close of business on June 30, 2010.

The Company has designated these dividends as eligible dividends for the purposes of the Income Tax Act (Canada).

Forward-Looking Statements

This press release contains forward-looking statements, within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of the Company. Forward-looking statements are statements that are not historical facts and that are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. A number of factors could cause actual outcomes and results to differ materially from those estimated, forecast or projected. These factors include those set forth in the Company's Annual Information Form for the year ended December 31, 2009. Consequently, readers should not rely on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with these forward looking statements, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

About IESI-BFC Ltd.

IESI-BFC Ltd., through its subsidiaries, is one of North America's largest full-service waste management companies, providing non-hazardous solid waste collection and landfill disposal services to commercial, industrial, municipal and residential customers in ten states and the District of the Columbia in the U.S., and five Canadian provinces. Its two brands, IESI and BFI Canada, are leaders in their markets and serve over 1.8 million customers with vertically integrated collection and disposal assets. IESI-BFC's shares are listed on the New York and Toronto Stock Exchanges under the symbol BIN. To find out more about IESI-BFC Ltd., visit our website at www.iesi-bfc.com.

Contacts:
IESI-BFC Ltd.
Chaya Cooperberg
Director, Investor Relations and Corporate Communications
(416) 401-7729
chaya.cooperberg@bficanada.com

IESI-BFC Ltd. and Waste Services, Inc. Announce Completion of SEC Review of Proxy Statement and Special Meeting of Shareholders to Approve Merger

Mon, 07 Jun 2010 10:50:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 06/07/10 -- IESI-BFC Ltd. ("IESI-BFC") (TSX: BIN)(NYSE: BIN) and Waste Services, Inc. ("WSI") (NASDAQ: WSII) today announced that the United States Securities and Exchange Commission ("SEC") has completed its review of the Proxy Statement/Prospectus for the Special Meeting of WSI's shareholders for the purpose of approving the proposed merger with IESI-BFC.

The Special Meeting of WSI's shareholders will be held on Wednesday, June 30, 2010 at 9:00 a.m. (ET) at the Hilton Garden Inn, 985 Syscon Road, Burlington, Ontario, Canada in the Labatt Hall "C".

Completion of the transaction remains subject to the satisfaction or waiver of certain other closing conditions, including approval from WSI shareholders and the Canadian Competition Bureau.

Forward-Looking Statements

This communication includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements may include, without limitation, IESI-BFC Ltd.'s expectations with respect to: the synergies, efficiencies, capitalization and anticipated financial impacts of the transaction; approval of the transaction by Waste Services, Inc. stockholders; the satisfaction or waiver of the closing conditions to the transaction; and the timing of the completion of the transaction.

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from the expected results. Most of these factors are outside our control and difficult to predict. The following factors, among others, could cause or contribute to such material differences: the ability to obtain the approval of the transaction by Waste Services, Inc. stockholders; the ability to realize the expected synergies resulting from the transaction in the amounts or in the timeframe anticipated; the ability to integrate Waste Services, Inc.'s businesses into those of IESI-BFC Ltd. in a timely and cost-efficient manner; and the ability to obtain governmental approvals of the transaction or to satisfy or waive the other conditions to the transaction on the proposed terms and timeframe. Additional factors that could cause IESI-BFC Ltd.'s results to differ materially from those described in the forward-looking statements can be found in IESI-BFC Ltd.'s 2009 Annual Report on Form 40-F, Registration Statement on Form F-10, as amended, and Registration Statement on Form F-4, each of which are filed with the SEC and available at the SEC's Internet web site (www.sec.gov), and its 2009 Annual Information Form filed with the Ontario Securities Commission which is available at the SEDAR web site (www.sedar.com). IESI-BFC Ltd. cautions that the foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements concerning IESI-BFC Ltd., the transaction or other matters and attributable to IESI-BFC Ltd. or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. IESI-BFC Ltd. does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this communication, except as required by law.

Additional Information

About IESI-BFC Ltd.

IESI-BFC Ltd., through its subsidiaries, is one of North America's largest full-service waste management companies, providing non-hazardous solid waste collection and landfill disposal services to commercial, industrial, municipal and residential customers in ten states and the District of the Columbia in the U.S., and five Canadian provinces. Its two brands, IESI and BFI Canada, are leaders in their markets and serve over 1.8 million customers with vertically integrated collection and disposal assets. IESI-BFC's shares are listed on the New York and Toronto Stock Exchanges under the symbol BIN.

To find out more about IESI-BFC, visit its website at www.iesi-bfc.com.

Contacts:
IESI-BFC Ltd.
Andrea Rudnick
Vice President, Corporate Development and Communications
(416) 401-7750

IESI-BFC Ltd.
Chaya Cooperberg
Director, Investor Relations and Corporate Communications
(416) 401-7729
chaya.cooperberg@bficanada.com
www.iesi-bfc.com

Waste Services, Inc.
Ed Johnson
Executive Vice President and Chief Financial Officer
(905) 319-1237
ejohnson@wsii.us

IESI-BFC Ltd. Announces Strong Results for the Three Months Ended March 31, 2010

Tue, 27 Apr 2010 16:05:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 04/27/10 -- IESI-BFC Ltd. (the "Company") (TSX: BIN)(NYSE: BIN) reported financial results for the three months ended March 31, 2010.

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

Management Commentary

Reported revenues increased $40.1 million or 17.9% from $223.9 million in the first quarter of 2009 to $264.0 million in the first quarter of 2010. Excluding the impact of foreign currency exchange ("FX"), reported revenues would have been $247.6 million or 10.6% higher than the comparable period a year ago. In the quarter, organic gross revenue, which includes intercompany revenues, grew 15.3% in Canada. Core price and volume growth, 3.8% and 9.0%, respectively, were the largest contributors to organic gross revenue growth in Canada. Higher fuel surcharges and recycling and other pricing also grew quarter over quarter by 1.0% and 1.5%, respectively. In the U.S., organic gross revenues increased 4.1%. We realized core price growth of 1.7%, recycling and other pricing growth of 1.7%, and volume growth of 1.0%. A 0.3% decline in fuel surcharges partially offset strong pricing and volume growth.

Strong revenue growth translated into solid growth in adjusted EBITDA(A) and operating income. Adjusted EBITDA(A) was $75.9 million in the first quarter of 2010 versus $62.7 million in the same quarter a year ago. Holding FX constant, adjusted EBITDA(A) was $70.2 million, an increase of $7.5 million or 12.0% period to period. Adjusted operating income was $36.5 million in the quarter compared to $25.2 million in the comparative period a year ago. Holding FX constant, adjusted operating income amounted to $33.1 million, an increase of $7.9 million or 31.4% over the comparative period.

We also generated higher adjusted net income quarter over quarter. Adjusted net income for the first quarter of 2010 was $18.7 million, or $0.20 per diluted share, compared to $10.0 million, or $0.14 per diluted share in the comparative period. Adjusted net income excluding the impact of FX was $15.8 million, or $0.17 per diluted share, representing an increase of $5.8 million, or an increase of $0.03 per diluted share, over the year ago period.

Free cash flow(B) for the quarter totalled $41.9 million compared to $30.6 million in the comparative period last year. Excluding the impact of FX, free cash flow(B) was $38.9 million, representing a 27.2% increase over the same period a year ago. Free cash flow growth was the result of a strong operating performance, lower interest rates and debt levels, partially offset by higher cash taxes incurred in Canada.

"We are encouraged by our revenue growth and overall operating performance in the first quarter of 2010, driven by strong core price and volume growth, as well as higher recycled commodity prices. We enjoyed strong comparative growth on all of our performance measures including adjusted EBITDA(A), operating income, net income, earnings per share and free cash flow(B). These results are even more remarkable considering the challenge of inclement weather we faced in our U.S. south and northeast regions this quarter," said Keith Carrigan, Vice Chairman and Chief Executive Officer of IESI-BFC Ltd.

"We attribute our ability to generate these results to our presence in densely populated markets, bottom-up management style, and focus on balancing price and volume growth in each of the markets we serve. These results couldn't be achieved without the right combination of people and assets. With our first-quarter results in hand, we are confident that we are on course to deliver on our expectations for 2010."

"While we remain focused on the business," Mr. Carrigan continued, "we are also focused on closing our acquisition of Waste Services, Inc. ("WSI"). This transaction, when complete, will position us as North America's third largest solid waste management company. We look forward to significantly benefiting from the strategic combination of our companies."

Financial and Other Highlights

For the Three Months Ended March 31, 2010


--  Revenues increased $23.7 million or 10.6%, excluding the impact of FX
--  Adjusted EBITDA(A) increased $7.5 million or 12.0%, excluding the impact
of FX
--  Free cash flow increased $8.3 million or 27.2%, excluding the impact of
FX
--  Adjusted net income per diluted share, $0.20, or $0.17 excluding the
impact of FX
--  Core price increased 3.8% in Canada and 1.7% in the U.S.
--  Volumes increased 9.0% in Canada and 1.0% in the U.S.

Other Highlights for the Three Months Ended March 31, 2010

In the U.S., the Company plans to increase its total aggregate credit facilities, led by Bank of America to $950 million, from $783.5 million. In Canada, the Company plans to increase the capacity of its revolving credit facility, led by CIBC, to $525 Canadian dollars ("C$") million, from C$305 million.

The amended credit facilities are expected to provide the Company with the financing it needs to consummate its proposed merger with WSI and to provide it with suitable working capital availability post merger. Both amended credit facilities will close commensurate with the acquisition of WSI. The Company expects the transaction to close in the second quarter of 2010. Please see pages 9 and 10 for additional details.

Annual General Meeting

The Company also announced details of its annual general meeting, which are as follows:


Annual General Meeting of Shareholders
Wednesday, June 2, 2010 at 2:00 pm (ET)
The Design Exchange
234 Bay Street
Toronto, Ontario M5K 1B2

Financial Highlights

(in thousands of U.S. dollars, except per weighted average share amounts, unless otherwise stated)



Three months ended March 31
----------------------------------------------------------------------------
2010         2009
----------------------------------------------------------------------------
(unaudited)  (unaudited)
----------------------------------------------------------------------------

Operating results
Revenues                                             $ 264,042     $ 223,893
Operating expenses                                     151,069       131,177
Selling, general and administration ("SG&A")            39,791        30,077
Amortization                                            39,517        37,602
Net gain on sale of capital and landfill assets            (62)        (134)
----------------------------------------------------------------------------
Operating income                                        33,727        25,171
Interest on long-term debt                               7,937         9,629
Net foreign exchange loss                                   30            84
Net (gain) loss on financial instruments                  (542)          530
Other expenses                                              24            30
----------------------------------------------------------------------------
Income before income taxes and loss from equity
accounted investee                                     26,278        14,898
Income tax expense                                       9,543         5,259
Loss from equity accounted investee                         25             -
----------------------------------------------------------------------------
Net income                                            $ 16,710       $ 9,639
----------------------------------------------------------------------------

Net income per weighted average share, basic and
diluted                                                $ 0.18        $ 0.14
Weighted average number of shares outstanding
(thousands), basic                                     82,344        59,516
Weighted average number of shares outstanding
(thousands), diluted                                   93,431        70,653

Adjusted EBITDA(A)                                    $ 75,941      $ 62,656
Adjusted operating income                             $ 36,486      $ 25,188
Adjusted net income                                   $ 18,668      $ 10,033
Adjusted net income per weighted average share,
basic and diluted                                      $ 0.20        $ 0.14

Replacement and growth expenditures (see page 8)
Replacement expenditures                              $ 11,899      $ 12,789
Growth expenditures                                      8,184         7,708
----------------------------------------------------------------------------
Total replacement and growth expenditures             $ 20,083      $ 20,497
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Operating and free cash flow(B)
Cash generated from operating activities              $ 44,040      $ 49,596
Free cash flow(B)                                     $ 41,860      $ 30,624
Free cash flow(B) per weighted average share,
diluted                                                $ 0.45        $ 0.43

Dividends
Dividends declared (shares)                            $ 9,893      $ 13,519
Dividends declared (participating preferred
shares ("PPSs"))                                        1,327         2,236
----------------------------------------------------------------------------
Total dividends declared                              $ 11,220      $ 15,755
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Total dividends declared per weighted average
share, diluted                                         $ 0.12        $ 0.22

FX Rates


2010
----------------------------------------------------------------------------
Consolidated Statement of
Consolidated    Operations and Comprehensive
Balance Sheet                          Income
----------------------------------------------------------------------------
Cumulative
Current           Average       Average
----------------------------------------------------------------------------

December 31
March 31                            $ 0.9846          $ 0.9607      $ 0.9607



2009
----------------------------------------------------------------------------
Consolidated Statement of
Consolidated    Operations and Comprehensive
Balance Sheet                          Income
----------------------------------------------------------------------------
Cumulative
Current           Average       Average
----------------------------------------------------------------------------

December 31                         $ 0.9555                        $ 0.8760
March 31                            $ 0.7935          $ 0.8030      $ 0.8030

FX Impact on Consolidated Results

The following table has been prepared to assist readers in assessing the impact of FX on select consolidated results for the three months ended March 31, 2010.


Three months ended
----------------------------------------------------------------------------
March 31,   March 31,   March 31,   March 31,   March 31,
2009        2010        2010        2010        2010
----------------------------------------------------------------------------
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
----------------------------------------------------------------------------
(organic,
acquisition (holding FX
and other    constant
non-    with the
(as   operating comparative                     (as
reported)    changes)     period) (FX impact)   reported)
----------------------------------------------------------------------------

Consolidated
Statement of
Operations
Revenues           $ 223,893    $ 23,720   $ 247,613    $ 16,429   $ 264,042
Operating
expenses            131,177      11,637     142,814       8,255     151,069
SG&A                  30,077       6,886      36,963       2,828      39,791
Amortization          37,602       (470)      37,132       2,385      39,517
Net gain on sale
of capital and
landfill assets       (134)         74         (60)         (2)        (62)
----------------------------------------------------------------------------
Operating income      25,171       5,593      30,764       2,963      33,727
Interest on
long-term debt        9,629     (2,150)       7,479         458       7,937
Net foreign
exchange loss            84        (55)          29           1          30
Net (gain) loss
on financial
instruments             530     (1,119)       (589)          47       (542)
Other expenses            30         (6)          24           -          24
----------------------------------------------------------------------------
Income before
net income
taxes and loss
from
equity accounted
investee             14,898       8,923      23,821       2,457      26,278
Net income tax
expense               5,259       3,599       8,858         685       9,543
Loss from equity
accounted
investee                  -          21          21           4          25
----------------------------------------------------------------------------
Net income           $ 9,639     $ 5,303    $ 14,942     $ 1,768    $ 16,710
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Adjusted
EBITDA(A)          $ 62,656     $ 7,526    $ 70,182     $ 5,759    $ 75,941
Adjusted
operating
income             $ 25,188     $ 7,923    $ 33,111     $ 3,375    $ 36,486
Adjusted net
income             $ 10,033     $ 5,799    $ 15,832     $ 2,836    $ 18,668
Free cash
flow(B)            $ 30,624     $ 8,325    $ 38,949     $ 2,911    $ 41,860
Management's Discussion
(all amounts are in thousands of U.S. dollars, unless otherwise stated)

Segment Highlights

Three months ended March 31
---------------------------------------------------------------------------
2009         2010     Change        2010     Change
---------------------------------------------------------------------------
(2010
holding FX               (2010 as
constant               reported
less 2009              less 2009
(holding FX         as         (as         as
(as reported)    constant)  reported)   reported)  reported)
---------------------------------------------------------------------------

Revenues           $ 223,893    $ 247,613   $ 23,720   $ 264,042   $ 40,149
---------------------------------------------------------------------------
Canada              $ 70,983     $ 83,666   $ 12,683   $ 100,095   $ 29,112
U.S. south          $ 80,047     $ 87,800    $ 7,753    $ 87,800    $ 7,753
U.S. northeast      $ 72,863     $ 76,147    $ 3,284    $ 76,147    $ 3,284

Operating
expenses          $ 131,177    $ 142,814   $ 11,637   $ 151,069   $ 19,892
---------------------------------------------------------------------------
Canada              $ 36,888     $ 42,040    $ 5,152    $ 50,295   $ 13,407
U.S. south          $ 47,822     $ 53,067    $ 5,245    $ 53,067    $ 5,245
U.S. northeast      $ 46,467     $ 47,707    $ 1,240    $ 47,707    $ 1,240

SG&A
(unadjusted)       $ 30,077     $ 36,963    $ 6,886    $ 39,791    $ 9,714
---------------------------------------------------------------------------
Canada              $ 10,138     $ 14,401    $ 4,263    $ 17,229    $ 7,091
U.S. south          $ 11,133     $ 12,552    $ 1,419    $ 12,552    $ 1,419
U.S. northeast       $ 8,806     $ 10,010    $ 1,204    $ 10,010    $ 1,204

EBITDA(A)(unadj
usted)             $ 62,639     $ 67,836    $ 5,197    $ 73,182   $ 10,543
---------------------------------------------------------------------------
Canada              $ 23,957     $ 27,225    $ 3,268    $ 32,571    $ 8,614
U.S. south          $ 21,092     $ 22,181    $ 1,089    $ 22,181    $ 1,089
U.S. northeast      $ 17,590     $ 18,430      $ 840    $ 18,430      $ 840

Adjusted SG&A       $ 30,060     $ 34,617    $ 4,557    $ 37,032    $ 6,972
---------------------------------------------------------------------------
Canada              $ 10,121     $ 12,300    $ 2,179    $ 14,715    $ 4,594
U.S. south          $ 11,133     $ 12,418    $ 1,285    $ 12,418    $ 1,285
U.S. northeast       $ 8,806      $ 9,899    $ 1,093     $ 9,899    $ 1,093

Adjusted
EBITDA(A)          $ 62,656     $ 70,182    $ 7,526    $ 75,941   $ 13,285
---------------------------------------------------------------------------
Canada              $ 23,974     $ 29,326    $ 5,352    $ 35,085   $ 11,111
U.S. south          $ 21,092     $ 22,315    $ 1,223    $ 22,315    $ 1,223
U.S. northeast      $ 17,590     $ 18,541      $ 951    $ 18,541      $ 951



Revenues
Gross revenue by service type

Three months ended March 31, 2010
----------------------------------------------------------------------------
Canada -
stated in    Canada -                  U.S. -
thousands of  percentage              percentage
Canadian    of gross                of gross
dollars    revenues        U.S.    revenues
----------------------------------------------------------------------------

Commercial                      $ 45,257       38.3%    $ 48,287       25.6%
Industrial                        19,235       16.3%      23,760       12.6%
Residential                       16,580       14.0%      43,688       23.2%
Transfer and disposal             29,730       25.1%      62,596       33.2%
Recycling and other                7,456        6.3%      10,226        5.4%
----------------------------------------------------------------------------
Gross revenues                   118,258      100.0%     188,557      100.0%
Intercompany                    (14,067)                (24,610)
----------------------------------------------------------------------------
Revenues                       $ 104,191               $ 163,947
----------------------------------------------------------------------------

Gross revenue growth (decline) components - expressed in percentages and excluding FX



Three months ended March 31, 2010
----------------------------------------------------------------------------
Canada        U.S.
----------------------------------------------------------------------------

Price
Core price                                                  3.8         1.7
Fuel surcharges                                             1.0       (0.3)
Recycling and other                                         1.5         1.7
----------------------------------------------------------------------------
Total price growth                                          6.3         3.1

Volume                                                       9.0         1.0
----------------------------------------------------------------------------
Total organic gross revenue growth                          15.3         4.1

Acquisitions                                                 2.6         2.4
----------------------------------------------------------------------------
Total gross revenue growth                                  17.9         6.5
----------------------------------------------------------------------------

We enjoyed price and volume growth in all our service offerings in Canada and we were encouraged by the increase in commodity prices which bolstered recycling and other pricing growth comparatively. Volume gains are the result of higher landfill volumes, new contract wins and strong organic growth. Acquisitions and higher fuel surcharges account for the balance of the comparative change.

With the exception of price and volume declines in our industrial service line, price and volume was either up or largely unchanged in all areas of our U.S. south segment operations. While weather inhibited our ability to perform at our maximum potential, we battled through this adversity and we are pleased with our overall performance. Increasing volumes is the result of new contract wins and strong organic growth. As in our Canadian segment, the return of commodity prices supports the increase in recycling and other revenue growth. Acquisitions completed in 2009 contributed to the remainder of the comparative increase, partially offset by lower fuel surcharges.

Gross revenues in our U.S. northeast segment increased. Core price declined at our landfills period over period, but was largely unchanged on a sequential basis. All other service lines enjoyed higher price over the year ago period and the rebound in commodity pricing was a strong contributor to overall pricing growth for this segment. Industrial and recycling volumes fell short of prior period benchmarks, but were up in all other service lines. We attribute the period over period volume declines to inclement weather. These volume declines, however, were most prominent in the first and second months of the quarter, but regained comparative strength in the last month of the quarter. On a sequential basis, industrial volumes increased due to a strong recovery in March. Marginally higher fuel surcharges and acquisitions contributed to the balance of gross revenue growth.

Operating expenses

Excluding the impact of FX, the resulting Canadian segment increase, is due to higher disposal, labour and vehicle operating costs. Higher collected waste volumes, partially offset by higher internalized waste, are the primary contributors to the increase in disposal costs. Acquisitions, general wage increases and higher collected waste volumes all contributed to the comparative increase in labour costs. Higher vehicle operating costs are attributable to acquisitions and an increase in diesel fuel consumed to collect and process higher waste volumes. An increase in diesel fuel costs also contributed to the period over period increase.

Operating costs in our U.S. south segment increased period over period due to higher labour and vehicle operating costs. Acquisitions and contract wins are the primary reasons for the comparative increase. General wage increases and higher collected waste volumes also contributed to the comparative increase in labour costs. Higher disposal costs, net of higher internalized waste volumes, resulted in higher disposal costs period over period. An increase in diesel fuel costs also contributed to the comparative increase.

In the U.S. northeast, operating costs increased period-to-period. General wage increases and vehicle operating costs to service additional transfer and disposal volumes are the primary reasons for the comparative increase. An increase in comparative diesel fuel costs also contributed to the period over period increase.

Fuel hedge agreements in Canada and the U.S. partially offset fuel cost variability in each segment.

SG&A expenses

Excluding the impact of FX, Canadian segment SG&A expense increased. The majority of the increase is due to transaction and related costs and fair value changes to stock options. The remainder of the change is due to higher severance costs, largely incurred in light of the pending merger with WSI, higher salaries, resulting from a higher compliment of sales personnel and general wage increases and professional fees.

Higher salaries and facility and office costs are the primary cause of the quarter over quarter increase in SG&A expense for our U.S. south segment. The comparative increase is largely attributable to acquisitions, new contract wins and weather. Severance costs also contributed to the increase in salaries. We also experienced an increase in doubtful account provisions, which we expect will normalize over the balance of the year.

The U.S. northeast segment increase is due in large part to professional fees, facility and office costs and other SG&A expense. The increase in professional fees relates principally to longer term initiatives in this segment, while higher facility and office costs are due to higher maintenance costs at certain locations, including snow removal, coupled with higher comparative utility costs. Higher doubtful account provisions contributed to the increase in other SG&A expense. We don't expect further increases to our doubtful account provisions in this segment in each of the remaining quarters in 2010.

Free cash flow (B)

Purpose and objective

In the current period, we adjusted our calculation of free cash flow(B) to take into consideration transaction and related costs and non-recurring costs. Accordingly, comparative amounts have been adjusted to conform to the current period presentation.


Free cash flow (B) - cash flow approach

Three months ended March 31
----------------------------------------------------------------------------
2010      2009    Change
----------------------------------------------------------------------------

Cash generated from operating activities (from
statement of cash flows)                       $ 44,040  $ 49,596 $ (5,556)
----------------------------------------------------------------------------

Operating
Reorganization costs (non-recurring capital
tax)                                                            -         -
Stock option expense                                 761        17       744
Acquisition and related costs                      1,998         -     1,998
Conversion costs                                                 -         -
Other expenses                                        24        30       (6)
Changes in non-cash working capital items         15,090     1,394    13,696
Capital and landfill asset purchases            (20,083)  (20,497)       414

Financing
Net realized foreign exchange loss                    30        84      (54)
----------------------------------------------------------------------------
Free cash flow(B)                               $ 41,860  $ 30,624  $ 11,236
----------------------------------------------------------------------------


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

Three months ended March 31
----------------------------------------------------------------------------
2010       2009     Change
----------------------------------------------------------------------------

Adjusted EBITDA(A)                            $ 75,941   $ 62,656   $ 13,285
----------------------------------------------------------------------------

Restricted share expense                           413        332         81
Capital and landfill asset purchases          (20,083)   (20,497)        414
Landfill closure and post-closure
expenditures                                    (385)    (1,226)        841
Landfill closure and post-closure cost
accretion expense                                880         742        138
Interest on long-term debt                     (7,937)    (9,629)      1,692
Non-cash interest expense                          709        750       (41)
Current income tax expense                     (7,678)    (2,504)    (5,174)
----------------------------------------------------------------------------
Free cash flow(B)                             $ 41,860   $ 30,624   $ 11,236
----------------------------------------------------------------------------

Free cash flow(B) increased period over period. We generated significant improvements to adjusted EBITDA(A) resulting from strong revenue growth. Lower interest rates and lower total debt levels contributed to the decline in interest expense, while higher cash taxes in Canada partially offset this decline. Higher Canadian cash taxes are the result of us fully utilizing our available loss carryforwards. The repayment or capitalization of intercompany notes occurring on our conversion from an income trust to a corporation accelerated our use of this shelter.

Capital and landfill purchases

Capital and landfill purchases characterized as replacement and growth expenditures are as follows:


Three months ended March 31
----------------------------------------------------------------------------
2010        2009      Change
----------------------------------------------------------------------------

Replacement                                 $ 11,899    $ 12,789     $ (890)
Growth                                         8,184       7,708         476
----------------------------------------------------------------------------
Total                                       $ 20,083    $ 20,497     $ (414)
----------------------------------------------------------------------------

Capital and landfill purchases - replacement

Excluding the impact of FX replacement expenditures decreased. Our U.S. segment experienced little change period-to-period. The decline in our Canadian segment is due in large part to the timing of landfill cell construction spending at our Lachenaie landfill.

Capital and landfill purchases - growth

Excluding the impact of FX growth expenditures also decreased. The decline is the result of a spending decrease for new contracts commencing in the U.S. partially offset by an increase in spending related to new contract wins in Canada. Higher comparative growth spending in Canada relates principally to vehicles and equipment to service new residential contracts commencing in the quarter.

Readers are reminded that revenue, adjusted EBITDA(A), and cash flow contributions derived from growth expenditures will materialize over future periods.

Long-term debt

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

Summary details of our long-term debt facilities at March 31, 2010 are as follows:


Letters of
credit (not
reported as
long-term debt
on the
Available    Facility    Consolidated   Available
lending       drawn  Balance Sheet)    capacity
----------------------------------------------------------------------------
Canadian long-term debt
facilities - stated in
Canadian dollars
Senior secured
debenture, series B       $ 58,000    $ 58,000             $ -         $ -
Revolving credit
facility                 $ 305,000   $ 232,000        $ 39,569    $ 33,431

U.S. long-term debt
facilities - stated in
U.S. dollars
Term loan                 $ 195,000   $ 195,000             $ -         $ -
Revolving credit
facility                 $ 588,500   $ 115,500       $ 128,088   $ 344,912
Variable rate demand
solid waste disposal
revenue bonds
("IRBs")(1)              $ 194,000   $ 109,000             $ -    $ 85,000

Note:

(1) Drawings on IRB availability at floating rates of interest, will, under the terms of the underlying agreement, typically be used to repay revolving credit advances on our U.S. facility and requires us to issue letters of credit for an amount equal to the IRB amounts drawn.

Funded debt to EBITDA (as defined and calculated in accordance with our Canadian and U.S. long-term debt facilities)

At March 31, 2010, funded long-term debt to EBITDA is as follows:


March 31, 2010     December 31, 2009
----------------------------------------------------------------------------
Canada      U.S.      Canada      U.S.
----------------------------------------------------------------------------

Funded debt to EBITDA                   2.09      2.51        1.92      2.56
Funded debt to EBITDA maximum           2.75      4.00        2.75      4.00

Canadian long-term debt facilities

In April 2010, we entered into a commitment agreement with the Canadian Imperial Bank of Commerce ("CIBC") and Toronto Dominion Securities ("TD") to arrange for a C$525,000 senior secured revolving credit facility on behalf of BFI Canada Inc. ("BFI"). The terms of the agreement permit BFI to increase the total facility by an amount not to exceed C$125,000, subject to certain conditions. The facility will mature four years from the date of closing. Covenants include a total funded debt to last twelve months EBITDA (as defined therein) maximum of three times and a minimum last twelve months EBITDA (as defined therein) to interest expense ratio of four times. The senior secured revolving credit facility is being made available to repay amounts under WSI's credit facilities, for other payments required in connection with the acquisition of WSI and for general corporate purposes. This senior secured revolving credit facility will amend BFI's existing indebtedness. We have entered into this commitment agreement in contemplation of closing our proposed merger with WSI.

U.S. long-term debt facilities

In April 2010, we entered into a commitment agreement with Bank of America Securities LLC and Bank of America, N.A., to arrange for a $950,000 senior secured credit facility on behalf of IESI Corporation ("IESI"). The senior secured credit facility is comprised of a term loan in an amount not to exceed $400,000 and a revolving facility for the remaining amount of the commitment up to an aggregate of $950,000. The terms of the agreement permit IESI to increase the total senior secured facility by an amount not to exceed $200,000, subject to certain conditions. The revolving portion of the facility will mature four years from the date of closing and six years from the date of closing for the term loan portion of the facility. Covenants include a total funded debt to rolling four quarter EBITDA (as defined therein) maximum of four times, a minimum rolling four quarter EBITDA (as defined therein) to interest expense ratio, excluding certain items, of two and one half times, and a capital expenditure restriction not to exceed one point one times actual capital and landfill amortization in any fiscal year. The senior secured credit facility amends IESI's existing senior indebtedness and will be used for on going working capital and other general corporate purposes and other certain purposes. We have entered into this commitment agreement in contemplation of closing our proposed merger with WSI.

Long-term debt to adjusted EBITDA(A)

At March 31, 2010, we are not in default of our Canadian and U.S. long-term debt facility covenants. As a reminder, covenants are not subject to FX fluctuations. Holding the FX rate at parity results in a long-term debt to adjusted EBITDA(A) ratio of 2.24 times. Readers are further reminded that contributions to adjusted EBITDA(A) from acquisitions completed within the last twelve months are not included in this ratio. We have two revolving credit facilities to support our Canadian and U.S. operations, each of which require financial covenant tests to be prepared independently, and both facilities allow for pro forma acquisition contributions.

Proposed Transaction

On November 11, 2009, we executed a merger agreement with WSI. The agreement provides for our wholly-owned subsidiary ("Merger Sub") to merge with and into WSI, with WSI surviving the merger as our wholly-owned subsidiary. We expect to complete the merger in the second calendar quarter of 2010, subject to, among other things, WSI stockholder approval and regulatory approval.

We are executing the transaction pursuant to our strategy of growth through acquisition. Specifically, we believe that the acquisition will provide us with the opportunity to diversify our business across U.S. and Canadian markets, customer segments and service lines. In addition, the transaction will enable us to increase our internalization. We also believe that the acquisition of WSI will create annual synergies and cash flow and earnings per share accretion, enhancing short-term and long-term returns to shareholders. Once the transaction is closed, we plan to direct the expected additional cash flow towards any combination of the following: funding growth, dividend payments, additional accretive strategic acquisitions and debt reduction.

In the merger, each outstanding share of WSI common stock will be converted into the right to receive 0.5833 of our common shares, with cash paid in lieu of fractional shares. This exchange ratio is fixed, subject to certain conditions in the event of a decline in the price of our common shares, and will not be adjusted to reflect stock price changes to the date of the mergers closing. The maximum amount of common shares issuable by us to complete the merger is 29,931, which includes all WSI common stock, options, warrants and restricted stock units, issued and outstanding.

The merger will impact our financial condition, results of operations and cash flows. The effect of the merger on our consolidated balance sheet and statement of operations is outlined in the unaudited pro forma condensed combined financial statements included in Amendment No. 2 to our Form F-4 filing, filed April 19, 2010 with the Securities and Exchange Commission ("SEC"). We expect that our total assets following the merger will be in excess of $3,000,000 and that our net assets will be approximately $1,500,000. In addition, we expect total annualized revenues and adjusted EBITDA(A) to exceed $1,500,000 and $400,000, respectively. These expected amounts are prepared without taking into account any divestitures resulting from regulatory reviews that may be required to complete the transaction.

Completion of the merger remains subject to the satisfaction or waiver of certain closing conditions, including approval from WSI stockholders and the Canadian Competition Bureau. The transaction was reviewed by U.S. antitrust authorities, and the thirty day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 expired on January 19, 2010 without a request for additional documentation or information.

The Company has satisfied the Canadian Competition Bureau's information requests as of April 14, 2010. The Company expects the Bureau's response within 30 days from the date at which it satisfied their requests.

Change in Reporting Currency and Generally Accepted Accounting Principles

In connection with our June 2009 listing on the New York Stock Exchange and U.S. public offering, we elected to report our financial results in U.S. dollars. Accordingly, all comparative financial information contained in this press release has been recast from thousands of Canadian to U.S. dollars, unless otherwise stated.

Electing to report our consolidated financial position and results of operations in U.S. dollars improves comparability of our financial information with our peers and reduces foreign exchange fluctuations in our reported amounts as a significant portion of our assets, liabilities and operations are resident or conducted in the U.S., in U.S. dollars.

We also elected to report our financial results in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP") to improve the comparability of our financial information with our peers. Accordingly, all comparative financial information contained in this press release has been recast from Canadian generally accepted accounting principles to U.S. GAAP.

Definitions of Adjusted EBITDA and Free cash flow

(A) All references to "Adjusted EBITDA" in this press release 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. Adjusted EBITDA excludes some or all of the following: "certain SG&A expenses, amortization, net gain or loss on sale of capital and landfill assets, interest on long-term debt, financing costs, net foreign exchange gain or loss, net gain or loss on financial instruments, conversion costs, 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. or Canadian GAAP and is therefore unlikely to be comparable to similar measures used by other issuers. 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 amortization, net gain or loss on financial instruments, net foreign exchange gain or loss, deferred income taxes and income or loss from equity accounted for investee) or non-operating (in the case of certain SG&A expenses, net gain or loss on sale of capital and landfill assets, interest on long-term debt, conversion costs, 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:

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

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).

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

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

Adjusted EBITDA should not be construed as a measure of income or of cash flows. The reconciling items between adjusted EBITDA and net income are detailed in the consolidated statement of operations and comprehensive income or loss beginning with operating income before amortization and net gain on sale of capital and landfill assets and ending with net income and includes certain adjustments for expenses recorded to SG&A which management views as not indicative of continuing operations. The reconciliation between operating income and adjusted EBITDA is provided below. Adjusted operating income and adjusted net income are also presented in the reconciliation below.


Three months ended March 31
----------------------------------------------------------------------------
2010        2009
----------------------------------------------------------------------------

Operating income                                       $ 33,727     $ 25,171
Transaction and related costs - SG&A                      1,998            -
Fair value movements in stock options - SG&A                761           17
----------------------------------------------------------------------------
Adjusted operating income                                36,486       25,188
----------------------------------------------------------------------------
Net gain on sale of capital and landfill assets             (62)       (134)
Amortization                                             39,517       37,602
----------------------------------------------------------------------------
Adjusted EBITDA                                        $ 75,941     $ 62,656
----------------------------------------------------------------------------

Net income                                             $ 16,710      $ 9,639
Transaction and related costs - SG&A                      1,998            -
Fair value movements in stock options - SG&A                761           17
Net gain or loss on financial instruments                  (542)         530
Net income tax expense or recovery                         (259)       (153)
----------------------------------------------------------------------------
Adjusted net income                                    $ 18,668     $ 10,033
----------------------------------------------------------------------------

(B) We have adopted a measure called "free cash flow" to supplement net income or loss as a measure of operating performance. Free cash flow is a term which does not have a standardized meaning prescribed by U.S. or Canadian GAAP, is prepared before dividends and or distributions declared, and is therefore unlikely to be comparable to similar measures used by other issuers. The objective of presenting this non-GAAP measure is to align our disclosure with other U.S. publicly listed companies in the waste industry. We use this non-GAAP measure to assess our performance relative to other publically listed companies and to assess the availability of funds for growth investment and debt repayment. All references to "free cash flow" in this press release have the meaning set out in this note.

Forward-Looking Statements

This communication includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements may include, without limitation, IESI-BFC Ltd.'s expectations with respect to: the synergies, efficiencies, capitalization and anticipated financial impacts of the transaction; approval of the transaction by Waste Services, Inc. stockholders; the satisfaction or waiver of the closing conditions to the transaction; and the timing of the completion of the transaction.

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from the expected results. Most of these factors are outside our control and difficult to predict. The following factors, among others, could cause or contribute to such material differences: the ability to obtain the approval of the transaction by Waste Services, Inc. stockholders; the ability to realize the expected synergies resulting for the transaction in the amounts or in the timeframe anticipated; the ability to integrate Waste Services, Inc.'s businesses into those of IESI-BFC Ltd. in a timely and cost-efficient manner; and the ability to obtain governmental approvals of the transaction or to satisfy or waive the other conditions to the transaction on the proposed terms and timeframe. Additional factors that could cause IESI-BFC Ltd.'s results to differ materially from those described in the forward-looking statements can be found in IESI-BFC Ltd.'s 2009 Annual Report on Form 40-F, Registration Statement on Form F-10, as amended, and Registration Statement on Form F-4, each of which are filed with the SEC and available at the SEC's Internet web site (www.sec.gov), and its 2009 Annual Information Form filed with the Ontario Securities Commission which is available at the SEDAR web site (www.sedar.com). IESI-BFC Ltd. cautions that the foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements concerning IESI-BFC Ltd., the transaction or other matters and attributable to IESI-BFC Ltd. or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. IESI-BFC Ltd. does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this communication, except as required by law.

Additional Information

The proposed transaction will be submitted to Waste Services, Inc. stockholders for their consideration. IESI-BFC Ltd. has filed with the SEC a Registration Statement on Form F-4 containing a preliminary proxy statement/prospectus. Stockholders are encouraged to read the preliminary proxy statement/prospectus regarding the proposed transaction and the definitive proxy statement/prospectus when it becomes available, as well as other documents filed with the SEC because they contain important information. Stockholders may obtain a free copy of the preliminary proxy statement/prospectus, and will be able to obtain a free copy of the definitive proxy statement/prospectus when it becomes available, as well as other filings containing information about IESI-BFC Ltd. and Waste Services, Inc., without charge, at the SEC's Internet site (www.sec.gov).

You may also obtain copies of all documents filed with the SEC regarding this transaction, without charge, from IESI-BFC's website (www.iesi-bfc.com) or by directing a request to IESI-BFC Ltd., 135 Queens Plate Drive, Suite 300, Toronto, Ontario, Canada M9W 6V1, Attention: Investor Relations, (416) 401-7729.

About IESI-BFC Ltd.

IESI-BFC Ltd., through its subsidiaries, is one of North America's largest full-service waste management companies, providing non-hazardous solid waste collection and landfill disposal services to commercial, industrial, municipal and residential customers in ten states and the District of the Columbia in the U.S., and five Canadian provinces. Its two brands, IESI and BFI Canada, are leaders in their markets and serve over 1.8 million customers with vertically integrated collection and disposal assets. IESI-BFC's shares are listed on the New York and Toronto Stock Exchanges under the symbol BIN.

To find out more about IESI-BFC, visit its website at www.iesi-bfc.com.

Management will hold a conference call on Wednesday, April 28, 2010, at 8:30 a.m. (ET) to discuss results for the three months ended March 31, 2010. Participants may listen to the call by dialling 1-888-300-0053, conference ID 68053263, at approximately 8:20 a.m. (ET). International or local callers should dial 647-427-3420. The call will also be webcast live at www.streetevents.com and at www.iesi-bfc.com.

A replay will be available after the call until Wednesday, May 12, 2010, at midnight, and can be accessed by dialling 1-800-642-1687, conference code 68053263. International or local callers can access the replay by dialling 706-645-9291. The audio webcast will also be archived at www.streetevents.com and www.iesi-bfc.com.

IESI-BFC Ltd.

Consolidated Balance Sheets

March 31, 2010 (unaudited) and December 31, 2009 (stated in accordance with accounting principles generally accepted in the United States of America and in thousands of U.S. dollars)


March 31, December 31,
2010         2009
----------------------------------------------------------------------------

ASSETS

CURRENT
Cash and cash equivalents                              $ 7,422      $ 4,991
Accounts receivable                                    117,367      111,839
Other receivables                                          531          546
Prepaid expenses                                        21,436       18,276
Restricted cash                                            382          382
Other assets                                               831          770
----------------------------------------------------------------------------
147,969      136,804

OTHER RECEIVABLES                                         1,139        1,213

FUNDED LANDFILL POST-CLOSURE COSTS                        8,339        8,102

INTANGIBLES                                             113,515      100,917

GOODWILL                                                646,338      630,470

LANDFILL DEVELOPMENT ASSETS                               8,010        7,677

DEFERRED FINANCING COSTS                                  8,685        9,358

CAPITAL ASSETS                                          455,596      439,734

LANDFILL ASSETS                                         659,186      661,738

INVESTMENT IN EQUITY ACCOUNTED INVESTEE                   3,415            -

OTHER ASSETS                                              1,394        1,574
----------------------------------------------------------------------------
$ 2,053,586  $ 1,997,587
----------------------------------------------------------------------------

LIABILITIES

CURRENT
Accounts payable                                      $ 53,222     $ 62,753
Accrued charges                                         63,987       70,572
Dividends payable                                       11,500       11,159
Income taxes payable                                     8,816        6,278
Deferred revenues                                       14,398       13,156
Landfill closure and post-closure costs                  6,174        6,622
Other liabilities                                        7,398        8,312
----------------------------------------------------------------------------
165,495      178,852

LONG-TERM DEBT                                          705,045      654,992

LANDFILL CLOSURE AND POST-CLOSURE COSTS                  66,284       63,086

OTHER LIABILITIES                                         6,390        3,611

DEFERRED INCOME TAXES                                    83,505       81,500
----------------------------------------------------------------------------
1,026,719      982,041
----------------------------------------------------------------------------

EQUITY

NON-CONTROLLING INTEREST                                230,402      230,014

SHAREHOLDERS' EQUITY
Common shares                                        1,083,851    1,082,950
Restricted shares                                      (3,928)      (3,928)
Paid in capital                                          2,531        2,118
Deficit                                              (210,057)    (214,898)
Accumulated other comprehensive loss                  (75,932)     (80,710)
----------------------------------------------------------------------------
796,465      785,532
----------------------------------------------------------------------------
1,026,867    1,015,546
----------------------------------------------------------------------------
$ 2,053,586  $ 1,997,587
----------------------------------------------------------------------------

IESI-BFC Ltd.

Consolidated Statements of Operations and Comprehensive Income (Loss)

For the three months ended March 31, 2010 and 2009 (unaudited - stated in accordance with accounting principles generally accepted in the United States of America and in thousands of U.S. dollars, except net income per share or trust unit amounts)


Three months ended
----------------------------------------------------------------------------
2010        2009
----------------------------------------------------------------------------

REVENUES                                               $ 264,042   $ 223,893
EXPENSES
OPERATING                                               151,069     131,177
SELLING, GENERAL AND ADMINISTRATION                      39,791      30,077
AMORTIZATION                                             39,517      37,602
NET GAIN ON SALE OF CAPITAL AND LANDFILL ASSETS            (62)       (134)
----------------------------------------------------------------------------
OPERATING INCOME                                          33,727      25,171
INTEREST ON LONG-TERM DEBT                                 7,937       9,629
NET FOREIGN EXCHANGE LOSS                                     30          84
NET (GAIN) LOSS ON FINANCIAL INSTRUMENTS                   (542)         530
OTHER EXPENSES                                                24          30
----------------------------------------------------------------------------
INCOME BEFORE INCOME TAXES AND LOSS FROM EQUITY
ACCOUNTED INVESTEE                                       26,278      14,898
INCOME TAX EXPENSE
Current                                                   7,678       2,504
Deferred                                                  1,865       2,755
----------------------------------------------------------------------------
9,543       5,259
LOSS FROM EQUITY ACCOUNTED INVESTEE                           25           -
----------------------------------------------------------------------------
NET INCOME                                                16,710       9,639
----------------------------------------------------------------------------

OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment                   5,347     (4,882)
Commodity swaps designated as cash flow hedges, net
of income tax                                              166         148
Settlement of commodity swaps designated as cash
flow hedges, net of income tax                            (95)           -
----------------------------------------------------------------------------
COMPREHENSIVE INCOME                                    $ 22,128     $ 4,905
----------------------------------------------------------------------------

NET INCOME - CONTROLLING INTEREST                       $ 14,734     $ 8,271
NET INCOME - NON-CONTROLLING INTEREST                    $ 1,976     $ 1,368
COMPREHENSIVE INCOME - CONTROLLING INTEREST             $ 19,512     $ 4,209
COMPREHENSIVE INCOME - NON-CONTROLLING INTEREST          $ 2,616       $ 696

Net income per weighted average share, basic and
diluted                                                  $ 0.18      $ 0.14
Weighted average number of shares outstanding
(thousands), basic                                       82,344      59,516
Weighted average number of shares outstanding
(thousands), diluted                                     93,431      70,653

IESI-BFC Ltd.

Consolidated Statements of Cash Flows

For the three months ended March 31, 2010 and 2009 (unaudited - stated in accordance with accounting principles generally accepted in the United States of America and in thousands of U.S. dollars)





----------------------------------------------------------------------------
Three months ended
----------------------------------------------------------------------------
2010        2009
----------------------------------------------------------------------------


NET INFLOW (OUTFLOW) OF CASH RELATED TO THE
FOLLOWING ACTIVITIES
OPERATING
Net income                                             $ 16,710     $ 9,639
Items not affecting cash
Restricted share expense                                   413         332
Accretion of landfill closure and post-closure
costs                                                     880         742
Amortization of intangibles                              7,057       7,234
Amortization of capital assets                          19,067      18,311
Amortization of landfill assets                         13,393      12,057
Interest on long-term debt (deferred financing
costs)                                                    709         750
Net gain on sale of capital and landfill assets           (62)       (134)
Net (gain) loss on financial instruments                 (542)         530
Deferred income taxes                                    1,865       2,755
Loss from equity accounted investee                         25           -
Landfill closure and post-closure expenditures            (385)     (1,226)
Changes in non-cash working capital items              (15,090)     (1,394)
----------------------------------------------------------------------------
Cash generated from operating activities                 44,040      49,596
----------------------------------------------------------------------------
INVESTING
Acquisitions                                           (52,447)       (234)
Restricted cash withdrawals                                   -          82
Investment in other receivables                               -     (1,237)
Proceeds from other receivables                             139         112
Funded landfill post-closure costs                         (10)        (79)
Purchase of capital assets                             (13,902)    (12,659)
Purchase of landfill assets                             (6,181)     (7,838)
Proceeds from the sale of capital and landfill
assets                                                     64        3,415
Investment in landfill development assets                 (264)       (247)
----------------------------------------------------------------------------
Cash utilized in investing activities                   (72,601)    (18,685)
----------------------------------------------------------------------------
FINANCING
Payment of deferred financing costs                         (1)       (308)
Proceeds from long-term debt                             80,768      26,409
Repayment of long-term debt                            (38,891)   (127,961)
Common shares issued, net of issue costs                    (6)      70,958
Dividends paid to share and participating preferred
shareholders                                          (11,220)     (1,926)
----------------------------------------------------------------------------
Cash generated from (utilized in) financing
activities                                               30,650    (32,828)
Effect of foreign currency translation on cash and
cash
equivalents                                                  342       (501)
----------------------------------------------------------------------------
NET CASH INFLOW (OUTFLOW)                                  2,431     (2,418)
----------------------------------------------------------------------------

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR               4,991      11,938
----------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS, END OF PERIOD                 $ 7,422     $ 9,520
----------------------------------------------------------------------------

SUPPLEMENTAL CASH FLOW INFORMATION:
Cash and cash equivalents are comprised of:
Cash                                                   $ 7,422     $ 9,519
Cash equivalents                                             -           1
----------------------------------------------------------------------------
$ 7,422     $ 9,520
----------------------------------------------------------------------------
Cash paid (recovered) during the period for:
Income taxes                                           $ 3,840     $ (365)
Interest                                               $ 8,401     $ 9,511

Contacts:
IESI-BFI Ltd.
Chaya Cooperberg
Director, Investor Relations and Corporate Communications
(416) 401-7729
Email: chaya.cooperberg@bficanada.com

IESI-BFC Ltd. Announces Date for First Quarter 2010 Earnings Release and Conference Call

Thu, 08 Apr 2010 16:15:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 04/08/10 -- IESI-BFC Ltd. (the "Company") (TSX: BIN)(NYSE: BIN) will report financial results for the three months ended March 31, 2010, on Tuesday, April 27, 2010 after the close of the stock markets. The Company will host a conference call on Wednesday, April 28, 2010 at 8:30 a.m. (ET).

Participants may listen to the call by dialing 1-888-300-0053, conference ID 68053263, at approximately 8:20 a.m. (ET). International or local callers should dial 647-427-3420. The call will also be webcast live at www.streetevents.com and at www.iesi-bfc.com.

A replay will be available after the call until Wednesday, May 12, 2010, at midnight, and can be accessed by dialing 1-800-642-1687, conference code 68053263. International or local callers can access the replay by dialing 706-645-9291. The audio webcast will also be archived at www.streetevents.com and www.iesi-bfc.com.

About IESI-BFC Ltd.

IESI-BFC Ltd., through its subsidiaries, is one of North America's largest full-service waste management companies, providing non-hazardous solid waste collection and landfill disposal services to commercial, industrial, municipal and residential customers in ten states and the District of the Columbia in the U.S., and five Canadian provinces. Its two brands, IESI and BFI Canada, are leaders in their markets and serve over 1.8 million customers with vertically integrated collection and disposal assets. IESI-BFC's shares are listed on the New York and Toronto Stock Exchanges under the symbol BIN. To find out more about IESI-BFC Ltd., visit our website at www.iesi-bfc.com.

Contacts:
IESI-BFC Ltd.
Chaya Cooperberg
Director, Investor Relations and Corporate Communications
(416) 401-7729
Email: chaya.cooperberg@bficanada.com

IESI-BFC Ltd. Announces Strong Results for the Three Months and Year Ended December 31, 2009

Tue, 23 Feb 2010 17:13:00 -0500

TORONTO, ONTARIO -- (MARKET WIRE) -- 02/23/10 -- IESI-BFC Ltd. (the "Company") (TSX: BIN)(NYSE: BIN) reported financial results for the three months and year ended December 31, 2009.

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

Management Commentary

For the quarter

Revenue totalled $262.5 million in the quarter compared with $243.6 million in the year ago period. Holding foreign currency exchange ("FX") constant with the prior period, revenue in the fourth quarter would have totalled $249.3 million. In the fourth quarter of 2009, we incurred certain, or non-recurring, costs which are recorded to selling, general and administration expense. These costs include transaction costs related to the acquisition of Waste Services, Inc. ("WSI"), $3.6 million, non-cash fair value adjustments attributable to stock options, $1.0 million, and corporate reorganization expenses related to the dismantling of the income trust structure, $1.3 million. With the exception of $0.2 million of stock option expense recorded in the fourth quarter of 2008, these expenses are not comparable to the prior period. All references to adjusted EBITDA(A), operating income, net income and net income per weighted average share, reflect the adjustment of the aforementioned costs. Accordingly, adjusted operating income was $39.4 million in the quarter compared to $34.8 million in the comparative period a year ago. Holding FX constant, adjusted operating income amounted to $37.1 million, an increase of $2.3 million over the comparative period. Adjusted EBITDA(A) was $75.4 million in 2009 versus $67.8 million in the same quarter a year ago. Holding FX constant, adjusted EBITDA(A) was $70.8 million an increase of $3.0 million period to period.

Adjusted net income for the quarter was $15.2 million, or $0.16 per diluted share, compared to $10.1 million, or $0.15 per diluted share in the comparative period. Adjusted net income excluding the impact of FX was $13.8 million, or $0.14 per diluted share, representing an increase of $3.7 million, or a decline of $0.01 per diluted share, period over period. We increased our comparative diluted share count as a result of equity offerings completed in March and June 2009.

In the quarter, organic gross revenue, which includes intercompany revenues, grew 2.9% in Canada. Continued core pricing growth, 3.2%, coupled with volume growth, 0.3%, was partially offset by a fuel surcharge decline of 0.6%. In the U.S., organic gross revenues increased 0.1% in the quarter. While we realized core price growth of 1.8% and recycling and other pricing growth of 0.6%, declines in fuel surcharges, 2.2%, and volumes, 0.1%, offset this growth.

Free cash flow(B) for the quarter totalled $23.5 million compared to $17.4 million in the comparative period last year. Excluding the impact of FX, free cash flow(B) was $20.8 million, representing a 19.4% increase over the same period a year ago.

For the year

For the year ended December 31, 2009, revenues were $1.008 billion, compared with revenues of $1.047 billion in the year ago period. Holding FX constant, year-to-date revenue would have been $1.033 billion. As in the fourth quarter, transaction and related costs, non-cash fair value adjustments for stock options and corporate reorganization costs had a similar impact on year-to date operating income, adjusted EBITDA(A), net income and net income per weighted average share. Accordingly, adjusting for these costs, coupled with fair value movements in rabbi and trust units, adjusted operating income was $133.9 million compared to $122.7 million in the year ago period. Holding FX constant, adjusted operating income was $139.3 million or $16.6 million higher than the year ended December 31, 2008. Adjusted EBITDA(A) was $290.4 million year-to-date versus $290.7 million in 2008. Holding FX constant, adjusted EBITDA(A) was $299.2 million, an increase of $8.5 million year over year.

Adjusted net income for the year was $60.1 million, or $0.71 per diluted share, compared to $51.3 million, or $0.75 per diluted share in the comparative period. Adjusted net income excluding the impact of FX was $63.1 million, or $0.74 per diluted share, representing an increase of $11.8 million, or a decline of $0.01 per diluted share, year over year.

For the year, organic gross revenue, which includes intercompany revenues, grew 1.4% in Canada. Continued core pricing growth, 3.2%, was partially offset by a fuel surcharge, volume and recycling and other pricing declines of 0.6%, 0.2% and 1.0%, respectively. In the U.S., organic gross revenues decreased 4.2% year-to-year. While we realized core price growth of 2.2%, declines in fuel surcharges, 2.6%, volumes, 2.3%, and recycling and other pricing, 1.5%, outpaced this growth.

Free cash flow(B) for the year totalled $114.1 million compared to $92.9 million in the comparative period last year. Excluding the impact of FX, free cash flow(B) was $118.7 million, representing a 27.8% increase over the comparative year.

"Our strong results in the fourth quarter cap a year of solid progress for our business and set us up for a promising performance in 2010," said Keith Carrigan, Vice Chairman and Chief Executive Officer, IESI-BFC Ltd. "On a reported basis, which includes the impact of FX, we achieved a revenue improvement of 7.7% in the quarter. We also achieved an 11.1% increase in adjusted EBITDA(A) and a 35.2% improvement in free cash flow(B). Our business growth can be attributed to our market-by-market strategies for organic improvement as well as targeted tuck-in acquisitions."

Mr. Carrigan continued, "Our achievements in 2009 include two successful equity offerings, a strengthened balance sheet and a listing on the New York Stock Exchange. We also began the process of acquiring WSI, a merger that, when completed, will position us as North America's third largest solid waste management company. As we move forward, we will maintain our disciplined focus on continuous improvement and value creation. For 2010, we anticipate positive revenue and adjusted EBITDA(A) growth as indicated in our 2010 outlook."

Financial and Other Highlights

For the Three months ended December 31, 2009

- Revenues increased $5.7 million or 2.3%, excluding the impact of FX

- Adjusted EBITDA(A) increased $3.0 million or 4.5%, excluding the impact of FX

- Free cash flow increased $3.4 million or 19.4%, excluding the impact of FX

- Adjusted net income per diluted share, $0.16, or $0.14 excluding the impact of FX

- Core price increased 3.2% in Canada and 1.8% in the U.S.

- Volumes increased 0.3% in Canada and declined 0.1% in the U.S.

For the Year ended December 31, 2009

- Revenues declined $14.0 million or 1.3%, excluding the impact of FX

- Adjusted EBITDA(A) increased $8.5 million or 2.9%, excluding the impact of FX

- Free cash flow increased $25.8 million or 27.8%, excluding the impact of FX

- Adjusted net income per diluted share, $0.71, or $0.74 excluding the impact of FX

- Core price increased 3.2% in Canada and 2.2% in the U.S.

- Volumes decreased 0.6% in Canada and 2.3% in the U.S.

- Raised gross common share proceeds of $149.5 million through a U.S. public offering in June 2009 and $74.6 million through a bought deal offering in Canada in March 2009

- At December 31, 2009, our consolidated leverage was 2.16 times adjusted EBITDA(A) and funded debt to EBITDA ratios, as defined and calculated in accordance with our Canadian and U.S. long-term debt facilities, are 1.92 and 2.56 times, respectively

Quarterly Dividend Declared

The Company also announced that its Board of Directors declared a quarterly dividend of $0.125 Canadian per share for shareholders of record on March 31, 2010. The dividend will be paid on April 15, 2010.

2010 Outlook

The Company provided its outlook for 2010 assuming no change in the current economic environment and excluding the impact of any additional acquisitions, including WSI, and the associated expenses to close the WSI acquisition. For the purposes of these estimates, the Company is assuming a Canadian to U.S. currency exchange rate of $0.952.

The outlook provided below is forward looking, and actual results may differ materially depending on risks and uncertainties detailed in the section on forward-looking statements at the end of this press release.

- Revenue is estimated to be in a range of $1.065 to $1.100 billion

- Adjusted EBITDA(A) is estimated to be in a range of $315 to $325 million

- Amortization expense, as a percentage of revenue, is estimated to be in a range of 14.5% to 15.0%

- Capital and landfill expenditures are estimated to be in a range of $105 to $120 million

- Free cash flow(B) is estimated to be in a range of $135 to $145 million

- Expected annual cash dividend of $0.50 Canadian per share payable on a quarterly basis

FX Rates

Our consolidated financial position and operating results have been translated to U.S. dollars applying the following FX rates:


                                        2009                            2008
----------------------------------------------------------------------------
                                Consolidated                    Consolidated
                                   Statement                       Statement
             Consolidated  of Operations and Consolidated  of Operations and
                  Balance      Comprehensive      Balance      Comprehensive
                    Sheet             Income        Sheet             Income
----------------------------------------------------------------------------
                                  Cumulative                      Cumulative
                  Current Average    Average      Current Average    Average
----------------------------------------------------------------------------
March 31        $  0.7935 $0.8030 $   0.8030     $ 0.9729 $0.9959 $   0.9959
June 30         $  0.8602 $0.8568 $   0.8290     $ 0.9817 $0.9901 $   0.9930
September 30    $  0.9327 $0.9113 $   0.8547     $ 0.9435 $0.9599 $   0.9817
December 31     $  0.9555 $0.9467 $   0.8760     $ 0.8166 $0.8248 $   0.9371

Financial Highlights

(in thousands of U.S. dollars, except per weighted average share or trust unit amounts, unless otherwise stated)


                               Three months ended                Year ended
                                      December 31               December 31
----------------------------------------------------------------------------
                                 2009        2008         2009         2008
----------------------------------------------------------------------------
                           (unaudited) (unaudited)
----------------------------------------------------------------------------

Operating results
Revenues                   $  262,462   $ 243,606  $ 1,008,466  $ 1,046,803
Operating expenses            152,135     145,247      588,104      629,748
Selling, general and
 administration ("SG&A")       40,897      30,717      136,846      123,426
Amortization                   36,000      33,562      156,702      168,859
Net gain on sale of
 capital and landfill
 assets                           (70)       (511)        (198)        (862)
----------------------------------------------------------------------------
Operating income               33,500      34,591      127,012      125,632
Interest on long-term debt      7,979      11,379       34,225       51,490
Net foreign exchange loss
 (gain)                            38           5          276         (612)
Net (gain) loss on
 financial instruments           (696)      6,367       (1,562)       9,990
Conversion costs                   90         921          298        3,137
Other expenses                     53          35          162          123
----------------------------------------------------------------------------
Income before income taxes     26,036      15,884       93,613       61,504
Income tax expense             16,161       5,965       39,885        6,545
----------------------------------------------------------------------------
Net income                 $    9,875   $   9,919  $    53,728  $    54,959
----------------------------------------------------------------------------

Net income per weighted
 average share, basic      $     0.11   $    0.14  $      0.64  $      0.80
Net income per weighted
 average share, diluted    $     0.11   $    0.14  $      0.63  $      0.80
Weighted average number of
 shares outstanding
 (thousands), basic            82,332      57,714       73,892       57,706
Weighted average number of
 shares outstanding
 (thousands), diluted          93,431      68,851       85,020       68,843

Adjusted EBITDA(A)         $   75,363   $  67,801  $   290,449  $   290,697
Adjusted operating income  $   39,433   $  34,750  $   133,945  $   122,700
Adjusted net income        $   15,241   $  10,111  $    60,094  $    51,339
Adjusted net income per
 average share, basic      $     0.16   $    0.15  $      0.71  $      0.75
Adjusted net income per
 average share, diluted    $     0.16   $    0.15  $      0.71  $      0.75

Replacement and growth
 expenditures (see page 12)
Replacement expenditures   $   24,580   $  30,085  $    73,674  $    86,291
Growth expenditures             9,821       8,931       48,602       54,804
----------------------------------------------------------------------------
Total replacement and
 growth expenditures       $   34,401   $  39,016  $   122,276  $   141,095
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Operating and free cash
 flow(B)
Cash generated from
 operating activities      $   63,620   $  49,311  $   256,269  $   218,481
Free cash flow(B)          $   23,505   $  17,379  $   114,109  $    92,909
Free cash flow(B) per
 weighted average share
 outstanding, diluted      $     0.25   $    0.25  $      1.34  $      1.35

Dividends and
 distributions
Dividends and
 distributions declared
 (shares or trust units)   $   19,265   $  15,095  $    68,825  $    92,154
Dividends declared
 (participating preferred
 shares ("PPSs"))               2,608       2,922        9,748       17,830
----------------------------------------------------------------------------
Total dividends and
 distributions declared    $   21,873   $  18,017  $    78,573  $   109,984
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Total dividends or
 distributions declared per
 weighted average
 share or trust unit,
 diluted                   $     0.23   $    0.26  $      0.92  $      1.60

FX Impact on Consolidated Results

The following tables have been prepared to assist readers in assessing the impact of FX on select consolidated results for the three months and year ended December 31, 2009.


                                                         Three months ended
----------------------------------------------------------------------------

              December 31,   December    December    December      December
                     2008    31, 2009    31, 2009    31, 2009      31, 2009
----------------------------------------------------------------------------
               (unaudited) (unaudited) (unaudited) (unaudited)   (unaudited)
----------------------------------------------------------------------------
                             (organic,
                          acquisition (holding FX
                                  and    constant
                            other non-   with the
                            operating comparative
             (as reported)    changes)     period) (FX impact) (as reported)
----------------------------------------------------------------------------
Consolidated
 Statement of
 Operations
Revenues        $ 243,606  $    5,666  $  249,272  $   13,190  $    262,462
Operating
 expenses         145,247          51     145,298       6,837       152,135
SG&A               30,717       8,816      39,533       1,364        40,897
Amortization       33,562         202      33,764       2,236        36,000
Net gain on
 sale of capital
 assets              (511)        455         (56)        (14)          (70)
----------------------------------------------------------------------------
Operating
 income            34,591      (3,858)     30,733       2,767        33,500
Interest on
 long-term debt    11,379      (3,806)      7,573         406         7,979
Net foreign
 exchange loss          5          36          41          (3)           38
Net (gain) loss
 on financial
 instruments        6,367      (7,122)       (755)         59          (696)
Conversion
 costs                921        (841)         80          10            90
Other expenses         35          18          53           -            53
----------------------------------------------------------------------------
Income before
 income taxes      15,884       7,857      23,741       2,295        26,036
Net income tax
 expense            5,965       9,793      15,758         403        16,161
----------------------------------------------------------------------------
Net income      $   9,919  $   (1,936) $    7,983  $    1,892  $      9,875
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Adjusted
 EBITDA(A)      $  67,801  $    3,020  $   70,821  $    4,542  $     75,363
Adjusted
 operating
 income         $  34,750  $    2,363  $   37,113  $    2,320  $     39,433
Adjusted net
 income         $  10,111  $    3,658  $   13,769  $    1,472  $     15,241
Free cash
 flow(B)        $  17,379  $    3,375  $   20,754  $    2,751  $     23,505


                                                                 Year ended
----------------------------------------------------------------------------

              December 31,   December    December    December      December
                     2008    31, 2009    31, 2009    31, 2009      31, 2009
----------------------------------------------------------------------------
                             (organic,
                          acquisition (holding FX
                                  and    constant
                            other non-   with the
                      (as   operating comparative
                 reported)    changes)       year) (FX impact) (as reported)
----------------------------------------------------------------------------
Consolidated
 Statement of
 Operations
Revenues       $1,046,803  $  (13,968) $1,032,835  $  (24,369) $  1,008,466
Operating
 expenses         629,748     (29,215)    600,533     (12,429)      588,104
SG&A              123,426      17,104     140,530      (3,684)      136,846
Amortization      168,859      (8,758)    160,101      (3,399)      156,702
Net gain on
 sale of
 capital and
 landfill
 assets              (862)        653        (209)         11          (198)
----------------------------------------------------------------------------
Operating
 income           125,632       6,248     131,880      (4,868)      127,012
Interest on
 long-term
 debt              51,490     (16,634)     34,856        (631)       34,225
Net foreign
 exchange loss
 (gain)              (612)        886         274           2           276
Net (gain)
 loss on
 financial
 instruments        9,990     (11,588)     (1,598)         36        (1,562)
Conversion
 costs              3,137      (2,818)        319         (21)          298
Other expenses        123          39         162           -           162
----------------------------------------------------------------------------
Income before
 income taxes      61,504      36,363      97,867      (4,254)       93,613
Net income
 tax expense        6,545      34,989      41,534      (1,649)       39,885
----------------------------------------------------------------------------
Net income    $    54,959  $    1,374  $   56,333  $   (2,605) $     53,728
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Adjusted
 EBITDA(A)    $   290,697  $    8,455  $  299,152  $   (8,703) $    290,449
Adjusted
 operating
 income       $   122,700  $   16,560  $  139,260  $   (5,315) $    133,945
Adjusted net
 income       $    51,339  $   11,780  $   63,119  $   (3,025) $     60,094
Free cash
 flow(B)      $    92,909  $   25,802  $  118,711  $   (4,602) $    114,109



Management's Discussion

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

Segment Highlights

                                                         Three months ended
----------------------------------------------------------------------------
                        2008       2009     Change       2009        Change
----------------------------------------------------------------------------
                                             (2009
                                           holding
                                                FX                 (2009 as
                                          constant                 reported
                               (holding       less                     less
                         (as         FX    2008 as        (as       2008 as
                    reported)  constant)  reported)  reported)     reported)
----------------------------------------------------------------------------
Revenues           $ 243,606  $ 249,272  $   5,666  $ 262,462  $     18,856
----------------------------------------------------------------------------
Canada             $  80,301  $  83,283  $   2,982  $  96,473  $     16,172
U.S. south         $  83,452  $  86,882  $   3,430  $  86,882  $      3,430
U.S. northeast     $  79,853  $  79,107  $    (746) $  79,107  $       (746)

Operating expenses $ 145,247  $ 145,298  $      51  $ 152,135  $      6,888
----------------------------------------------------------------------------
Canada             $  41,556  $  41,626  $      70  $  48,463  $      6,907
U.S. south         $  50,871  $  53,063  $   2,192  $  53,063  $      2,192
U.S. northeast     $  52,820  $  50,609  $  (2,211) $  50,609  $     (2,211)

SG&A (unadjusted)  $  30,717  $  39,533  $   8,816  $  40,897  $     10,180
----------------------------------------------------------------------------
Canada             $  10,962  $  17,462  $   6,500  $  18,826  $      7,864
U.S. south         $  10,870  $  13,422  $   2,552  $  13,422  $      2,552
U.S. northeast     $   8,885  $   8,649  $    (236) $   8,649  $       (236)



                                                     Year ended December 31
----------------------------------------------------------------------------
                        2008        2009     Change         2009     Change
----------------------------------------------------------------------------
                                              (2009
                                            holding
                                                 FX                (2009 as
                                           constant                reported
                                (holding       less                    less
                         (as          FX    2008 as          (as    2008 as
                    reported)   constant)  reported)    reported)  reported)
----------------------------------------------------------------------------
Revenues          $1,046,803  $1,032,835  $ (13,968) $ 1,008,466  $ (38,337)
----------------------------------------------------------------------------
Canada            $  366,491  $  373,657  $   7,166  $   349,288  $ (17,203)
U.S. south        $  338,143  $  340,187  $   2,044  $   340,187  $   2,044
U.S. northeast    $  342,169  $  318,991  $ (23,178) $   318,991  $ (23,178)

Operating
 expenses         $  629,748  $  600,533  $ (29,215) $   588,104  $ (41,644)
----------------------------------------------------------------------------
Canada            $  196,074  $  190,576  $  (5,498) $   178,147  $ (17,927)
U.S. south        $  213,998  $  209,279  $  (4,719) $   209,279  $  (4,719)
U.S. northeast    $  219,676  $  200,678  $ (18,998) $   200,678  $ (18,998)

SG&A
 (unadjusted)     $  123,426  $  140,530  $  17,104  $   136,846   $ 13,420
----------------------------------------------------------------------------
Canada            $   44,613  $   56,487  $  11,874  $    52,803  $   8,190
U.S. south        $   42,398  $   47,389  $   4,991  $    47,389  $   4,991
U.S. northeast    $   36,415  $   36,654  $     239  $    36,654  $     239



Revenues
Gross revenue by service type

                                       Three months ended December 31, 2009
----------------------------------------------------------------------------
                 Canada - stated        Canada -                     U.S. -
                     in Canadian   percentage of              percentage of
                         dollars  gross revenues       U.S.  gross revenues
----------------------------------------------------------------------------

Commercial             $  42,536         36.2%    $  47,510         24.7%
Industrial                19,506         16.6%       23,477         12.2%
Residential               17,450         14.8%       43,707         22.8%
Transfer and
 disposal                 31,750         27.0%       67,743         35.3%
Recycling and
 other                     6,327          5.4%        9,643          5.0%
----------------------------------------------------------------------------
Gross revenues           117,569        100.0%      192,080        100.0%
Intercompany             (14,627)                   (26,082)
----------------------------------------------------------------------------
Revenues               $ 102,942                  $ 165,998
----------------------------------------------------------------------------
----------------------------------------------------------------------------



                                               Year ended December 31, 2009
----------------------------------------------------------------------------
                 Canada - stated        Canada -                     U.S. -
                     in Canadian   percentage of              percentage of
                         dollars  gross revenues       U.S.  gross revenues
----------------------------------------------------------------------------

Commercial             $ 161,629         35.3%    $ 186,324         24.4%
Industrial                76,345         16.7%      101,847         13.3%
Residential               63,737         13.9%      164,251         21.5%
Transfer and
 disposal                124,251         27.2%      278,109         36.3%
Recycling and
 other                    31,788          6.9%       34,689          4.5%
----------------------------------------------------------------------------
Gross revenues           457,750        100.0%      765,220        100.0%
Intercompany             (59,026)                  (106,042)
----------------------------------------------------------------------------
Revenues               $ 398,724                  $ 659,178
----------------------------------------------------------------------------
----------------------------------------------------------------------------



Gross revenue growth components - expressed in percentages and excluding FX

                                         Three months
                                                ended            Year ended
                                          December 31,          December 31,
                                                 2009                  2009
----------------------------------------------------------------------------
                                 Canada           U.S.      Canada      U.S.
----------------------------------------------------------------------------

Price
 Core price                         3.2           1.8        3.2        2.2
 Fuel surcharges                   (0.6)         (2.2)      (1.0)      (2.6)
 Recycling and other                  -           0.6       (0.2)      (1.5)
----------------------------------------------------------------------------
 Total price                        2.6           0.2        2.0       (1.9)

Volume                              0.3          (0.1)      (0.6)      (2.3)
----------------------------------------------------------------------------
Total organic gross revenue
 growth (decline)                   2.9           0.1        1.4       (4.2)

Acquisitions                        0.4           1.9        1.5        1.9
----------------------------------------------------------------------------
Total gross revenue growth
 (decline)                          3.3           2.0        2.9       (2.3)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Three months ended

Excluding the impact of FX on gross revenues, the increase in Canada is attributable to increases in core price, volumes and acquisitions. The increase in revenues attributable to volume is due in large part to an increase in our commercial and transfer service lines, partially offset by industrial and landfill volume declines. Lower diesel fuel costs are the primary reason for lower fuel surcharges.

U.S. south segment gross revenues increased. Core price, acquisition and volume growth all contributed to the comparative increase. We enjoyed volume growth from our commercial and residential services, as a result of increased sales efforts and contract wins. This volume growth was partially offset by lower comparative industrial, transfer station and landfill volumes, which is attributable to the softer economic environment in this segment. Lower comparative fuel surcharges, due to lower comparative diesel fuel costs, is the primary offset to gross revenue growth. A comparative increase in recycled materials pricing represents the balance of the comparative change.

Gross revenues in our U.S. northeast segment declined. Volume and fuel surcharge declines were partially offset by modest price and acquisition growth. While gross revenues continue to be affected by lower volumes, we are not experiencing any further deterioration as a result of the economic slowdown. Price growth in our commercial, industrial and residential collection lines were partially offset by price declines at our landfills and transfer stations. Volume growth in our landfills has more than offset landfill pricing declines. The balance of the change is the result of higher recycled materials pricing.

Year ended

Excluding the impact of FX on gross revenues, the increase in Canada is attributable to core price and acquisition growth. Fuel surcharge declines and declines due to lower volumes were the primary offsets to core price and acquisition growth. Lower diesel fuel costs are the primary reason for lower fuel surcharges, while lower industrial collection volumes was the most significant contributor to the decline in gross revenues attributable to volumes. A decline in year-to-date recycled materials pricing accounts for the balance of the change.

U.S. south segment gross revenues increased. Core price, acquisition and volume growth all contributed to the comparative increase. We enjoyed volume growth from our commercial and residential services, as a result of increased sales efforts and contract wins. This volume growth was partially offset by lower comparative industrial volumes, which is attributable to the softer economic environment in this segment. Lower comparative fuel surcharges is the primary offset to gross revenue growth as a result of lower comparative diesel fuel costs. A comparative decline in recycled materials pricing represents the balance of the comparative change.

Gross revenues in our U.S. northeast segment declined. Volume and fuel surcharge declines were partially offset by modest price growth in our commercial, industrial and residential collection service lines. While gross revenues continue to be affected by lower volumes, we have not experienced any further deterioration as a result of the economic slowdown. Pricing in our collection service lines remained strong, but was partially offset by pricing at our landfills and transfer stations. Volume growth in our landfills has effectively offset landfill pricing declines. The balance of the change is the result of lower recycled materials pricing. Recycled materials pricing declined significantly in the fourth quarter of 2008, and while pricing has strengthened since the fourth quarter of 2008, it has not reached the same highs as the comparative period in total.

Operating expenses

Three months ended

Excluding the impact of FX, the increase in Canadian segment operating expenses is marginal and is not attributable to one significant change or combination of changes.

Operating costs in our U.S. south segment increased period over period. Higher insurance costs represent a non-cash actuarial adjustment to our U.S. accident claims reserves and account for the majority of the comparative increase. The balance of the increase is due to higher labour costs as a result of higher collected waste volumes, partially offset by lower vehicle operating costs attributable to lower diesel fuel costs.

In our U.S. northeast segment, operating costs declined. The decline is attributable to lower disposal, transportation and vehicle operating costs. Lower disposal costs are the result of the economic slowdown in this region, while lower transportation and vehicle operating costs are due to the comparative decline in diesel fuel costs. Higher accident claims reserves partially offset these declines.

Year ended

Excluding the impact of FX, the resulting Canadian segment decline is due to lower disposal and vehicle operating costs, partially offset by higher labour costs. Lower disposal costs are due to higher internalized waste volumes and lower comparative diesel fuel costs contributed to the overall decline in vehicle operating costs. Higher labour costs are the result of acquisitions, general wage increases and higher collected waste volumes.

Operating costs in our U.S. south segment decreased year over year due to lower vehicle operating costs which are the result of lower diesel fuel costs. Higher labour and insurance costs partially offset lower vehicle operating costs, which are attributable to higher collected waste volumes and non-cash actuarial adjustments to our U.S. accident claims reserves, respectively.

In the U.S. northeast, operating costs declined. The decline is attributable to lower disposal, transportation and vehicle operating costs. Lower disposal costs are the result of the economic slowdown in this region, while lower transportation and vehicle operating costs are due principally to the comparative decline in diesel fuel costs. Higher accident claims reserves partially offset these declines.

SG&A expenses

Three months ended

SG&A expense in our Canadian segment increased excluding the impact of FX. The majority of the increase is the result of transaction and related costs, fair value changes to stock options and reorganization costs. Reorganization costs represent a non-recurring expense we incurred on the amalgamation of the Company with its predecessor and was incurred in connection with the dismantling of the income trust structure.

Our U.S. south segment experienced a comparative increase in SG&A expense. Higher salary expense is the result of higher sales staffing levels and higher performance compensation amounts. Transaction and related costs also contributed to the comparative increase.

The period over period decline in our U.S. northeast segment is due to a non-recurring allowance for doubtful accounts provision recorded in 2008. Transaction and related costs partially offset the comparative decline.

Year ended

Excluding the impact of FX, Canadian segment SG&A expense increased. The reasons for the increase are consistent with those outlined for the three months ended. The balance of the change is due to higher salaries which is due in large part to a higher compliment of sales personnel.

Higher salaries are the primary cause of the year-to-date increase in SG&A expense for our U.S. south segment due to a higher compliment of sales personnel and additional salaries resulting from acquisitions. Our U.S. northeast segment experienced a marginal decline comparatively, which is not attributable to one significant change or combination of changes. Transaction and related costs also contributed to the increase in our U.S. south and northeast segments as did fair value movements in rabbi trust units.

Non-controlling interest

With the adoption of guidance on non-controlling interests in consolidated financial statements, which became effective January 1, 2009, we changed the presentation of non-controlling interests from mezzanine equity to equity on our consolidated balance sheet. Non-controlling interest is no longer deducted in the determination of net income. Instead, net income and each component of other comprehensive income or loss is attributed to shareholders' equity and non-controlling interest. Adopting this guidance affects our determination of net income presented in the consolidated statement of operations and comprehensive income, the presentation of net income and non-controlling interest in the consolidated statement of cash flows, and the presentation of non-controlling interest in the consolidated statement of equity.

Free cash flow (B)

Purpose and objective

The purpose of presenting this non-GAAP measure is to align our disclosure with other U.S. publicly listed companies in our industry. Investors and analysts use this calculation as a measure of our valuation and liquidity. We use this non-GAAP measure to assess our performance relative to other U.S. publicly listed companies, to assess our primary sources and uses of cash flow, and to assess our ability to sustain our dividend policy.

In the current year, we adjusted our calculation of free cash flow(B) to take into consideration transaction and related cost, non-recurring costs and fair value movements in rabbi and trust units. Accordingly, comparative amounts have been adjusted to conform to the current period and year presentation.


Free cash flow (B) - cash flow approach

              Three months ended December 31         Year ended December 31
----------------------------------------------------------------------------
                    2009      2008    Change       2009       2008   Change
----------------------------------------------------------------------------

Cash generated
 from operating
 activities
 (statement of
 cash flows)   $  63,620  $ 49,311  $ 14,309  $ 256,269  $ 218,481  $37,788
----------------------------------------------------------------------------

Operating
Reorganization
 costs
 (non-recurring
 capital tax)      1,315         -     1,315      1,315          -    1,315
Stock option
 expense
 (recovery)        1,006        73       933      2,006     (1,125)   3,131
Fair value
 movements in
 rabbi and
 trust units           -        86       (86)         -     (1,807)   1,807
Acquisition
 and related
 costs             3,612         -     3,612      3,612          -    3,612
Conversion
 costs                90       921      (831)       298      3,137   (2,839)
Other expenses        53        35        18        162        123       39
Changes in
 non-cash
 working
 capital items   (11,828)    6,019   (17,847)   (27,304)    20,709  (48,013)
Capital and
 landfill asset
 purchases       (34,401)  (39,016)    4,615   (122,276)  (141,095)  18,819

Financing
Financing and
 landfill
 development
 costs
 (net of
 non-cash
 portion)              -      (233)      233        (77)    (1,168)   1,091
Purchase of
 restricted
 shares                -       178      (178)      (172)    (3,734)   3,562
Net realized
 foreign
 exchange loss
 (gain)               38         5        33        276       (612)     888
----------------------------------------------------------------------------
Free cash
 flow(B)       $  23,505  $ 17,379   $ 6,126  $ 114,109   $ 92,909  $21,200
----------------------------------------------------------------------------
----------------------------------------------------------------------------



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

             Three months ended December 31          Year ended December 31
----------------------------------------------------------------------------

                    2009      2008   Change       2009       2008    Change
----------------------------------------------------------------------------

Adjusted
 EBITDA(A)      $ 75,363  $ 67,801  $ 7,562  $ 290,449  $ 290,697    $ (248)
----------------------------------------------------------------------------

Restricted
 share expense       404      (321)     725      1,485        633       852
Purchase of
 restricted
 shares                -       178     (178)      (172)    (3,734)    3,562
Capital and
 landfill asset
 purchases       (34,401)  (39,016)   4,615   (122,276)  (141,095)   18,819
Landfill
 closure and
 post-closure
 expenditures     (2,181)     (914)  (1,267)    (7,145)    (2,022)   (5,123)
Landfill
 closure and
 post-closure
 cost
 accretion
 expense             808       684      124      3,130      3,010       120
Interest on
 long-term debt   (7,979)  (11,379)   3,400    (34,225)   (51,490)   17,265
Non-cash
 interest
 expense             681       721      (40)     2,902      3,540      (638)
Current income
 tax expense      (9,190)     (375)  (8,815)   (20,039)    (6,630)  (13,409)
----------------------------------------------------------------------------
Free cash
 flow(B)        $ 23,505  $ 17,379  $ 6,126  $ 114,109   $ 92,909  $ 21,200
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Three months ended

Free cash flow(B) increased period over period. Excluding the impact of FX, adjusted EBITDA(A) increased comparatively due in large part to a stronger comparative performance in Canada. Lower capital and landfill asset purchases in our U.S. segments is a major contributor to the increase in free cash flow(B). This comparative decline in purchases is principally attributable to the timing of landfill cell construction coupled with a reduction in growth capital expenditures. The Canadian segment also contributed to the comparative decline due primarily to the timing of growth expenditures as a result of a decline in new contract wins. Lower interest rates and overall debt levels contributed to the decline in interest expense, while higher cash taxes in Canada partially offset this decline. Higher Canadian cash taxes are the result of eroding loss carryforwards related to the repayment or capitalization of intercompany notes occurring on our conversion from an income trust to a corporation. The timing of restricted share purchases also contributed to the comparative increase in free cash flow(B).

Year ended

For the year ended, free cash flow(B) increased comparatively. As outlined above for the three months ended, lower capital and landfill purchases and borrowing costs are the primary reasons for the increase in free cash flow(B). The reasons for these changes are consistent with those outlined above for the three months ended.

Capital and landfill purchases

Capital and landfill purchases characterized as replacement and growth expenditures are as follows:


            Three months ended December 31         Year ended December 31
--------------------------------------------------------------------------
                    2009     2008   Change       2009      2008    Change
--------------------------------------------------------------------------
Replacement     $ 24,580 $ 30,085 $ (5,505)  $ 73,674  $ 86,291 $ (12,617)
Growth             9,821    8,931      890     48,602    54,804    (6,202)
--------------------------------------------------------------------------
Total           $ 34,401 $ 39,016 $ (4,615) $ 122,276 $ 141,095 $ (18,819)
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Capital and landfill purchases - replacement

Capital and landfill purchases characterized as "replacement expenditures" represent cash outlays to sustain current cash flows and are funded from free cash flow(B). Replacement expenditures may include the replacement of existing capital assets, including vehicles, equipment, containers, compactors, furniture, fixtures and computer equipment. Replacement expenditures also include all construction spending for our operating landfills.

Three months ended

Excluding the impact of FX, replacement expenditures decreased. The decline is attributable to the timing of landfill expenditures in both our U.S. and Canadian segments.

Year ended

Excluding the impact of FX, replacement expenditures decreased. As outlined above for the three months ended, landfill expenditures in our U.S. segment represent the majority of the comparative decline. The balance of the change is attributable to the timing of landfill construction in our Canadian segment.

Capital and landfill purchases - growth

Capital and landfill purchases characterized as "growth expenditures" represent cash outlays to generate new or future cash flows and are generally funded from free cash flow(B). Growth expenditures may include vehicles, equipment, containers, compactors, furniture, fixtures, computer equipment and facilities (new or expansion) to support new contract wins and organic business growth.

Three months ended

Net of FX, growth expenditures decreased. The decline is most pervasive in Canada, as a result of building, infrastructure, vehicle, container and landfill equipment expenditures incurred in 2008 that did not recur in 2009. Both our Canadian and U.S. segments are experiencing lower growth expenditure levels in light of continuing economic weakness.

Year ended

Net of FX, growth expenditures decreased. The decline for the year ended is consistent with the reasons outlined for the three months ended.

Readers are reminded that revenue, adjusted EBITDA(A), and cash flow contributions derived from vehicles, equipment and container growth expenditures will materialize over future periods.

Long-term debt

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

Summary details of our long-term debt facilities at December 31, 2009 are as follows:


                                                       Letters of
                                                      credit (not
                                                      reported as
                                                        long-term
                                                      debt on the
                           Available                 Consolidated  Available
                             lending Facility drawn Balance Sheet)  capacity
----------------------------------------------------------------------------
Canadian long-term debt
 facilities - stated in
 Canadian dollars
Senior secured debenture,
 series B                  $  58,000      $  58,000 $           -  $       -
Revolving credit facility  $ 305,000      $ 178,000 $      39,282  $  87,718

U.S. long-term debt
 facilities - stated in
 U.S. dollars
Term loan                  $ 195,000      $ 195,000 $           -  $       -
Revolving credit facility  $ 588,500      $ 125,500 $     123,700  $ 339,300
Variable rate demand solid
waste disposal revenue
 bonds ("IRBs")(1)         $ 194,000      $ 109,000 $           -  $  85,000

Note:
(1) Drawings on IRB availability at floating rates of interest, will, under
    the terms of the underlying agreement, typically be used to repay
    revolving credit advances on our U.S. facility and requires us to issue
    letters of credit for an amount equal to the IRB drawn amounts.

Funded debt to EBITDA (as defined and calculated in accordance with our Canadian and U.S. long-term debt facilities)

At December 31, 2009, funded long-term debt to EBITDA is as follows:


                                 December 31, 2009   December 31, 2008
-----------------------------------------------------------------------
                                  Canada       U.S.   Canada       U.S.
-----------------------------------------------------------------------

Funded debt-to-EBITDA               1.92      2.56      2.10      3.93
Funded debt-to-EBITDA maximum       2.75      4.00      2.75      4.25

Canadian long-term debt facilities

We drew on our revolving credit facility capacity to repay our C$47,000 senior secured series A debenture which matured on June 26, 2009. Drawing on the revolving credit facility had no impact on our Canadian segment's funded debt to EBITDA covenant, as this covenant includes both revolving credit facility drawings and senior secured debenture borrowings. In the second quarter, we entered into our fifth amendment to our amended and restated credit facility. The fifth amendment simply recognized the wind-up of the Fund and Ridge Landfill Trust. All significant terms and pricing remained unchanged.

U.S. long-term debt facilities

On December 1, 2009, we entered into a 30-year agreement with Seneca County Industrial Development Agency, which permits us access to variable rate demand solid waste disposal industrial revenue bonds ("2009 Seneca IRB Facility"). The 2009 Seneca IRB Facility makes available $90,000 to fund a portion of landfill construction and equipment expenditures at the Company's Seneca Meadows landfill. The 2009 Seneca IRB Facility bears interest at a weekly floating interest rate that approximates the Securities Industry and Financial Markets Association Municipal Swap Index ("SIFMA Index"). Interest is payable monthly in arrears, commencing on February 1, 2010. At December 31, 2009, the daily interest rate applicable to the 2009 Seneca IRB Facility was 0.35%. The 2009 Seneca IRB Facility matures on December 1, 2039 and is guaranteed by IESI Corporation ("IESI"). At December 31, 2009, $5,000 was drawn under this facility.

Long-term debt to adjusted EBITDA(A)

At December 31, 2009, we are not in default of our Canadian and U.S. long-term debt facility covenants. As a reminder, covenants are not subject to FX fluctuations. Holding the FX rate at parity results in a long-term debt to adjusted EBITDA(A) ratio of 2.16 times. Readers are further reminded that contributions to adjusted EBITDA(A) from acquisitions completed within the last twelve months are not included in this ratio. We have two revolving credit facilities to support our Canadian and U.S. operations, each of which require financial covenant tests to be prepared independently, and both facilities allow for pro forma acquisition contributions.

Proposed Transaction

We are executing the transaction pursuant to our strategy of growth through acquisition. Specifically, we believe that the acquisition will provide the opportunity to diversify our business across U.S. and Canadian markets, customer segments and service lines. In addition, the transaction will enable us to increase our internalization. We also believe that the acquisition of WSI will create annual synergies and cash flow and earnings per share accretion, enhancing short-term and long-term returns to stockholders. Upon closing the transaction, we plan to direct the additional cash flow expected to be created from the transaction towards any combination of the following: funding growth, dividend payments, additional accretive strategic acquisitions and debt reduction.

In the merger, each outstanding share of WSI common stock will be converted into the right to receive 0.5833 of our common shares for each share of WSI common stock, with cash paid in lieu of fractional shares. This exchange ratio is fixed, subject to certain conditions in the event of a decline in the price of our common shares, and will not be adjusted to reflect stock price changes prior to closing of the merger.

The merger will have a significant impact on our financial condition, results of operations and cash flows. The effect of the merger on our consolidated balance sheet and statement of operations is outlined in the unaudited pro forma condensed combined financial statements included in our Form F-4 filing, filed January 19, 2010 with the Securities and Exchange Commission. We expect that our total assets following the merger will be in excess of $3,000,000 and that our net assets will be approximately $1,500,000. In addition, we expect total annualized revenues to exceed $1,500,000 and total annual adjusted EBITDA(A) will be in excess of $400,000. These expected amounts are provided without taking into account divestitures stemming from regulatory reviews required to complete the transaction.

Change in Reporting Currency and Generally Accepted Accounting Principles

In connection with our listing on the New York Stock Exchange and U.S. public offering, we elected to report our financial results in U.S. dollars. Accordingly, all comparative financial information for the three months and year ended December 31, 2008 contained in this press release has been recast from thousands of Canadian to U.S. dollars, unless otherwise stated.

Electing to report our financial position and results of operations in U.S. dollars improves comparability of our financial information with our peers and reduces foreign exchange fluctuations in our reported amounts as a significant portion of our assets, liabilities and operations are resident or conducted in the U.S., in U.S. dollars.

Conversion

Pursuant to a plan of arrangement, BFI Canada Income Fund (the "Fund") converted from a trust to a corporation on October 1, 2008. The conversion resulted in unitholders of the Fund receiving one common share of BFI Canada Ltd., predecessor to IESI-BFC Ltd. ("IESI-BFC"), for each trust unit held on the effective date of conversion. The Class A unit held by IESI was redeemed by the Fund for ten Canadian dollars and IESI-BFC issued, and IESI subscribed for, 11,137 special voting shares for aggregate cash consideration of ten Canadian dollars. The PPSs issued by IESI remained outstanding and were exchangeable into common shares of IESI-BFC on a one for one hundred basis, instead of trust units of the Fund. The conversion did not constitute a change of control. Accordingly, the consolidated financial statements have been prepared applying continuity of interests accounting. With the exception of amounts related to the fourth quarter ended 2008, the comparative figures presented herein are those of the Fund.

Definitions of Adjusted EBITDA and Free cash flow

(A) All references to "Adjusted EBITDA" in this press release 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. Adjusted EBITDA excludes some or all of the following: "certain SG&A expenses, amortization, net gain or loss on sale of capital and landfill assets, interest on long-term debt, financing costs, net foreign exchange gain or loss, net gain or loss on financial instruments, conversion costs, other expenses, and income taxes". Adjusted EBITDA is a term used by us that does not have a standardized meaning prescribed by U.S. or Canadian GAAP and is therefore unlikely to be comparable to similar measures used by other issuers. 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 amortization, net gain or loss on financial instruments, net foreign exchange gain or loss, and deferred income taxes) or non-operating (in the case of certain SG&A expenses, net gain or loss on sale of capital and landfill assets, interest on long-term debt, conversion costs, 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, or non-recurring, expenses. These expenses include transaction costs related to acquisitions, fair value adjustments attributable to stock options and rabbi and trust units, and corporate reorganization expense. 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.

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

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).

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


                                  Three months ended Year ended December 31
----------------------------------------------------------------------------
                                      2009      2008        2009       2008
----------------------------------------------------------------------------
Operating income                   $33,500  $ 34,591   $ 127,012  $ 125,632

Net gain on sale of capital and
 landfill assets                       (70)     (511)       (198)      (862)
Amortization                        36,000    33,562     156,702    168,859
Transaction and related costs -
 SG&A                                3,612         -       3,612          -
Fair value movements in stock
 options - SG&A                      1,006        73       2,006     (1,125)
Fair value movements in rabbi and
 trust units - SG&A                      -        86           -     (1,807)
Corporate reorganization expense -
 SG&A                                1,315         -       1,315          -
----------------------------------------------------------------------------
Adjusted EBITDA                    $75,363  $ 67,801   $ 290,449  $ 290,697
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(B) We have adopted a measure called "free cash flow" to supplement net income or loss as a measure of operating performance. Free cash flow is a term which does not have a standardized meaning prescribed by U.S. or Canadian GAAP, is prepared before dividends and or distributions declared, and is therefore unlikely to be comparable to similar measures used by other issuers. The objective of presenting this non-GAAP measure is to align our disclosure with disclosures presented by other U.S. publicly listed companies in the waste industry, to assess our primary sources and uses of cash flow, and to assess our ability to sustain our dividend. All references to "free cash flow" in this press release have the meaning set out in this note.

Forward-Looking Statements

This communication includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements may include, without limitation, IESI-BFC Ltd.'s expectations with respect to: the synergies, efficiencies, capitalization and anticipated financial impacts of the transaction; approval of the transaction by Waste Services, Inc. stockholders; the satisfaction or waiver of the closing conditions to the transaction; and the timing of the completion of the transaction.

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from the expected results. Most of these factors are outside our control and difficult to predict. The following factors, among others, could cause or contribute to such material differences: the ability to obtain the approval of the transaction by Waste Services, Inc. stockholders; the ability to realize the expected synergies resulting for the transaction in the amounts or in the timeframe anticipated; the ability to integrate Waste Services, Inc.'s businesses into those of IESI-BFC Ltd. in a timely and cost-efficient manner; and the ability to obtain governmental approvals of the transaction or to satisfy or waive the other conditions to the transaction on the proposed terms and timeframe. Additional factors that could cause IESI-BFC Ltd.'s results to differ materially from those described in the forward-looking statements can be found in the Registration Statement on Form F-10, as amended, of IESI-BFC Ltd., and the Registration Statement on Form F-4 of IESI-BFC Ltd., each filed with the SEC and available at the SEC's Internet web site (www.sec.gov). IESI-BFC Ltd. cautions that the foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements concerning IESI-BFC Ltd., the transaction or other matters and attributable to IESI-BFC Ltd. or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. IESI-BFC Ltd. does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this communication, except as required by law.

Additional Information

About IESI-BFC Ltd.

IESI-BFC Ltd., through its subsidiaries, is one of North America's largest full-service waste management companies, providing non-hazardous solid waste collection and landfill disposal services to commercial, industrial, municipal and residential customers in ten states and the District of the Columbia in the U.S., and five Canadian provinces. Its two brands, IESI and BFI Canada, are leaders in their markets and serve over 1.8 million customers with vertically integrated collection and disposal assets. IESI-BFC's shares are listed on the New York and Toronto Stock Exchanges under the symbol BIN. To find out more about IESI-BFC Ltd., visit its website at www.iesi-bfc.com.

Management will hold a conference call on Wednesday, February 24, 2010, at 8:30 a.m. (ET) to discuss results for the three months and year ended December 31, 2009. Participants may listen to the call by dialling 1-888-300-0053, conference ID 53103100, at approximately 8:20 a.m. (ET). International or local callers should dial 647-427-3420. The call will also be webcast live at www.streetevents.com and at www.iesi-bfc.com.

A replay will be available after the call until Wednesday, March 10, 2010, at midnight, and can be accessed by dialling 1-800-642-1687, conference code 53103100. International or local callers can access the replay by dialling 706-645-9291. The audio webcast will also be archived at www.streetevents.com and www.iesi-bfc.com.

IESI-BFC Ltd.

Consolidated Balance Sheets

December 31, 2009 and December 31, 2008 (stated in accordance with accounting principles generally accepted in the United States of America and in thousands of U.S. dollars)


-----------------------------------------------------------------
                                           December     December
                                           31, 2009     31, 2008
-----------------------------------------------------------------
ASSETS
CURRENT
 Cash and cash equivalents              $     4,991  $    11,938
 Accounts receivable                        111,839      107,767
 Other receivables                              546          228
 Prepaid expenses                            18,276       19,597
 Restricted cash                                382           82
 Other assets                                   770            -
-----------------------------------------------------------------
                                            136,804      139,612
OTHER RECEIVABLES                             1,213          394

FUNDED LANDFILL POST-CLOSURE COSTS            8,102        6,115

INTANGIBLES                                 100,917      119,898

GOODWILL                                    630,470      617,832

LANDFILL DEVELOPMENT ASSETS                   7,677        8,589

DEFERRED FINANCING COSTS                      9,358        9,936

CAPITAL ASSETS                              439,734      408,681

LANDFILL ASSETS                             661,738      621,862

OTHER ASSETS                                  1,574            -
-----------------------------------------------------------------
                                        $ 1,997,587  $ 1,932,919
-----------------------------------------------------------------

LIABILITIES

CURRENT
 Accounts payable                       $    62,753  $    54,134
 Accrued charges                             70,572       55,509
 Dividends payable                           11,159        2,337
 Income taxes payable                         6,278        1,387
 Deferred revenues                           13,156       10,800
 Current portion of long-term debt                -       38,380
 Landfill closure and post-closure costs      6,622        7,210
 Other liabilities                            8,312            -
-----------------------------------------------------------------
                                            178,852      169,757

LONG-TERM DEBT                              654,992      835,210

LANDFILL CLOSURE AND POST-CLOSURE COSTS      63,086       50,857

OTHER LIABILITIES                             3,611       15,045

DEFERRED INCOME TAXES                        81,500       64,348
-----------------------------------------------------------------
                                            982,041    1,135,217
-----------------------------------------------------------------
EQUITY

NON-CONTROLLING INTEREST                    230,014      230,452

SHAREHOLDERS' EQUITY
 Common shares                            1,082,950      868,248
 Restricted shares                           (3,928)      (3,756)
 Paid in capital                              2,118          633
 Deficit                                   (214,898)    (193,135)
 Accumulated other comprehensive loss       (80,710)    (104,740)
-----------------------------------------------------------------
                                            785,532      567,250
-----------------------------------------------------------------
                                          1,015,546      797,702
-----------------------------------------------------------------
                                        $ 1,997,587  $ 1,932,919
-----------------------------------------------------------------
-----------------------------------------------------------------

IESI-BFC Ltd.

Consolidated Statements of Operations and Comprehensive Income (Loss)

For the three months (unaudited) and years ended December 31, 2009 and 2008 (stated in accordance with accounting principles generally accepted in the United States of America and in thousands of U.S. dollars, except net income per share or trust unit amounts)


----------------------------------------------------------------------------
                               Three months ended                Year ended
----------------------------------------------------------------------------
                                  2009       2008         2009         2008
----------------------------------------------------------------------------
REVENUES                     $ 262,462  $ 243,606  $ 1,008,466  $ 1,046,803
EXPENSES
 OPERATING                     152,135    145,247      588,104      629,748
 SELLING, GENERAL AND
  ADMINISTRATION                40,897     30,717      136,846      123,426
 AMORTIZATION                   36,000     33,562      156,702      168,859
NET GAIN ON SALE OF CAPITAL
 AND LANDFILL ASSETS               (70)      (511)        (198)        (862)
----------------------------------------------------------------------------
OPERATING INCOME                33,500     34,591      127,012      125,632
INTEREST ON LONG-TERM DEBT       7,979     11,379       34,225       51,490
NET FOREIGN EXCHANGE LOSS
 (GAIN)                             38          5          276         (612)
NET (GAIN) LOSS ON FINANCIAL
 INSTRUMENTS                      (696)     6,367       (1,562)       9,990
CONVERSION COSTS                    90        921          298        3,137
OTHER EXPENSES                      53         35          162          123
----------------------------------------------------------------------------
INCOME BEFORE INCOME TAXES      26,036     15,884       93,613       61,504
INCOME TAX EXPENSE
 (RECOVERY)
 Current                         9,190        375       20,039        6,630
 Deferred                        6,971      5,590       19,846          (85)
----------------------------------------------------------------------------
                                16,161      5,965       39,885        6,545
----------------------------------------------------------------------------
NET INCOME                       9,875      9,919       53,728       54,959
----------------------------------------------------------------------------

OTHER COMPREHENSIVE INCOME
 (LOSS)
 Foreign currency translation
  adjustment                     3,064    (29,253)      25,049       47,088
 Commodity swaps designated
  as cash flow hedges, net of
  income                         2,072     (1,260)       2,717       (1,260)
 Settlement of commodity
  swaps designated as cash
  flow hedges,
  net of income tax                 30          -         (332)           -
----------------------------------------------------------------------------
COMPREHENSIVE INCOME (LOSS)  $  15,041  $ (20,594) $    81,162  $   100,787
----------------------------------------------------------------------------
----------------------------------------------------------------------------

NET INCOME - CONTROLLING
 INTEREST                    $   8,731  $   8,313  $    47,062  $    46,050
NET INCOME - NON-CONTROLLING
 INTEREST                    $   1,144  $   1,606  $     6,666  $     8,909
COMPREHENSIVE INCOME (LOSS)
 - CONTROLLING INTEREST      $  13,297  $ (20,594) $    71,092  $   100,787
COMPREHENSIVE INCOME -
 NON-CONTROLLING INTEREST    $   1,744  $       -  $    10,070  $         -

Net income per weighted
 average share, basic        $    0.11  $    0.14  $      0.64  $      0.80
Net income per weighted
 average share, diluted      $    0.11  $    0.14  $      0.63  $      0.80
Weighted average number of
 shares outstanding
 (thousands), basic             82,332     57,714       73,892       57,706
Weighted average number of
 shares outstanding
 (thousands), diluted           93,431     68,851       85,020       68,843

IESI-BFC Ltd.

Consolidated Statements of Cash Flows


----------------------------------------------------------------------------
                                     Three months ended          Year ended
----------------------------------------------------------------------------
                                        2009       2008      2009      2008
----------------------------------------------------------------------------

NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES
OPERATING
 Net income                        $   9,875  $   9,919  $ 53,728  $ 54,959
 Items not affecting
  cash
  Restricted share
   expense                               404       (321)    1,485       633
  Write-off of landfill
   development assets                      -        233        77     1,168
  Accretion of landfill
   closure and
   post-closure costs                    808        684     3,130     3,010
  Amortization of
   intangibles                         6,996      7,276    28,669    31,512
  Amortization of capital
   assets                             18,638     18,752    74,532    76,854
  Amortization of
   landfill assets                    10,366      7,534    53,501    60,493
  Interest on long-term
   debt (deferred
   financing costs)                      681        721     2,902     3,540
  Net gain on sale of
   capital and landfill
   assets                                (70)      (511)     (198)     (862)
  Net (gain) loss on
   financial instruments                (696)     6,367    (1,562)    9,990
  Deferred income taxes                6,971      5,590    19,846       (85)
 Landfill closure and
  post-closure
  expenditures                        (2,181)      (914)   (7,145)   (2,022)
 Changes in non-cash
  working capital items               11,828     (6,019)   27,304   (20,709)
----------------------------------------------------------------------------
Cash generated from
 operating activities                 63,620     49,311   256,269   218,481
----------------------------------------------------------------------------
INVESTING
 Acquisitions                         (5,224)    (2,623)  (27,385)  (59,134)
 Restricted cash
  deposits                              (382)         -      (382)        -
 Restricted cash
  withdrawals                              -        (59)       82     1,473
 Investment in other
  receivables                            (36)         -    (1,434)        -
 Proceeds from other
  receivables                            133         57       487       428
 Funded landfill
  post-closure costs                    (362)      (413)   (1,021)   (1,550)
 Purchase of capital
  assets                             (22,849)   (20,673)  (81,219)  (82,071)
 Purchase of landfill
  assets                             (11,552)   (18,343)  (41,057)  (59,024)
 Proceeds from the sale
  of capital and landfill
  assets                                 667        653     4,487     2,001
 Investment in landfill
  development assets                    (775)     1,576    (1,530)   (3,626)
----------------------------------------------------------------------------
Cash utilized in
 investing activities                (40,380)   (39,825) (148,972) (201,503)
----------------------------------------------------------------------------
FINANCING
 Payment of deferred
  financing costs                     (1,706)      (149)   (2,106)   (3,283)
 Proceeds from long-term
  debt                                47,794     75,725   190,609   275,427
 Repayment of long-term
  debt                               (46,372)   (63,361) (443,320) (169,051)
 Common shares issued,
  net of issue costs                       -          -   209,264        (3)
 Purchase of restricted
  shares or trust units                    -        156      (172)   (3,756)
 Dividends paid to share and
  participating preferred
  shareholders and distributions
  paid to unitholders                (31,667)   (25,088)  (70,849) (117,055)
----------------------------------------------------------------------------
Cash utilized in
 financing activities                (31,951)   (12,717) (116,574)  (17,721)
Effect of foreign
 currency translation on
 cash and cash
 equivalents                           4,677      2,245     2,330       780
----------------------------------------------------------------------------
NET CASH (OUTFLOW)
 INFLOW                               (4,034)      (986)   (6,947)       37
----------------------------------------------------------------------------

CASH AND CASH
 EQUIVALENTS, BEGINNING
 OF PERIOD OR YEAR                     9,025     12,924    11,938    11,901
----------------------------------------------------------------------------
CASH AND CASH
 EQUIVALENTS, END OF
 YEAR                              $   4,991  $  11,938   $ 4,991  $ 11,938
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SUPPLEMENTAL CASH FLOW
 INFORMATION:
 Cash and cash
  equivalents are
  comprised of:
  Cash                             $   4,991  $  11,558   $ 4,991  $ 11,558
  Cash equivalents                         -        380         -       380
----------------------------------------------------------------------------
                                   $   4,991  $  11,938   $ 4,991  $ 11,938
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash paid during the
 period or year for:
 Income taxes                      $  14,215  $    (402) $ 16,785  $  9,286
 Interest                          $   5,719  $  15,827  $ 33,428  $ 47,510

Contacts:
IESI-BFI Ltd.Chaya Cooperberg
Director, Investor Relations and Corporate Communications
(416) 401-7729
chaya.cooperberg@bficanada.com

IESI-BFC Ltd. Announces Date for Fourth Quarter and Fiscal 2009 Earnings Release and Conference Call

Fri, 29 Jan 2010 09:00:00 -0500

TORONTO, ONTARIO -- (MARKET WIRE) -- 01/29/10 -- IESI-BFC Ltd. (the "Company") (TSX: BIN)(NYSE: BIN) will report financial results for the three and twelve months ended December 31, 2009, on Tuesday, February 23, 2010 after the close of the stock markets. The Company will host a conference call on Wednesday, February 24, 2010 at 8:30 a.m. (ET).

Participants may listen to the call by dialing 1-888-300-0053, conference ID 53103100, at approximately 8:20 a.m. (ET). International or local callers should dial 647-427-3420. The call will also be webcast live at www.streetevents.com and at www.iesi-bfc.com.

A replay will be available after the call until Wednesday, March 10, 2010, at midnight, and can be accessed by dialing 1-800-642-1687, conference code 53103100. International or local callers can access the replay by dialing 706-645-9291. The audio webcast will also be archived at www.streetevents.com and www.iesi-bfc.com.

About IESI-BFC Ltd.

IESI-BFC Ltd., through its subsidiaries, is one of North America's largest full-service waste management companies, providing non-hazardous solid waste collection and landfill disposal services to commercial, industrial, municipal and residential customers in ten states and the District of the Columbia in the U.S., and five Canadian provinces. Its two brands, IESI and BFI Canada, are leaders in their markets and serve over 1.8 million customers with vertically integrated collection and disposal assets. IESI-BFC's shares are listed on the New York and Toronto Stock Exchanges under the symbol BIN. To find out more about IESI-BFC Ltd., visit our website at www.iesi-bfc.com.

Contacts:
IESI-BFC Ltd.Chaya Cooperberg
Director, Investor Relations and Corporate Communications
(416) 401-7729
chaya.cooperberg@bficanada.com