Allwaste Inc. Announces Third Quarter Earnings.HOUSTON--(BUSINESS WIRE)--July 9, 1996--Allwaste, Inc. (NYSE NYSE See: New York Stock Exchange :ALW ALW Allowance ALW Andrew Lloyd Webber ALW Advanced Laboratory Workstation ALW Walla Walla, WA, USA (Airport Code) ALW Assisted Living Workgroup ALW Airlift Wing ALW Air Launched Weapon ALW Air-Land Warfare ALW Apple Laser Writer ) today announced results for the third fiscal quarter and nine month period ended May 31, 1996. Net income for the three months ended May 31, 1996, was $2.6 million or $.07 per share compared to $3.0 million or $.08 per share in the same period of fiscal 1995. Revenues for the fiscal 1996 third quarter rose 14% to $98.7 million compared to $86.6 million in the corresponding three month period of 1995. The fiscal 1995 third quarter results include income of $872,000 or $.02 per share from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . For the nine months ended May 31, 1996, net income was $7.7 million or $.20 per share compared to $9.1 million or $.24 per share for the nine month period of fiscal 1995. Revenues, on a continuing basis, for the nine month period of fiscal 1996 increased 15.8% to $286.8 million, compared to $247.7 million for fiscal 1995. The fiscal 1996 nine month results include a gain on the sale of discontinued operations of $3.8 million or $.10 per share, and income from discontinued operations of $2.5 million or $.07 per share for the corresponding nine month period in fiscal 1995. Commenting on the quarter, Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. M. Chiste, President and Chief Executive Officer of Allwaste said, "Our third fiscal quarter saw Allwaste return to solid profitability as the initiatives embodied em·bod·y tr.v. em·bod·ied, em·bod·y·ing, em·bod·ies 1. To give a bodily form to; incarnate. 2. To represent in bodily or material form: in our Target 2000 Program began to bear fruit. During the quarter, we reduced long- long- Adverb (in combination) for or lasting a long time: long-established, long-lasting term debt by over $10 million, while at the same time, we repurchased 622,600 shares of Allwaste's stock, bringing our total stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. to over 1.2 million shares. Also, we began seeing the cost-saving benefits of our restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plan, although these were partially offset by certain non-recurring expenses related to various initiatives. "As we begin to focus on fiscal 1997, we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the direction of the company and the value-adding initiatives we have put into place. We remain committed to the goals and objectives outlined in our Target 2000 Program and creating long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. shareholder value. In addition to our strong emphasis on safety and operating excellence, major initiatives, including our ALLIES(TM) Program, extensive sales training and the AllQuest Enterprise start-ups, are all beginning to evolve into value-adding enhancements." Allwaste, Inc. is a Houston-based, diversified diversified (di·verˑ·s industrial resource and services company with 131 locations throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and Mexico. Its ALLIES(TM) (ALLwaste's Integrated Environmental Services The various combinations of scientific, technical, and advisory activities (including modification processes, i.e., the influence of manmade and natural factors) required to acquire, produce, and supply information on the past, present, and future states of space, atmospheric, ) Program is designed to provide industrial customers the opportunity to outsource their critical support functions. -0-
ALLWASTE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
For the Nine For the Three
Months Ended Months Ended
May 31, May 31, May 31, May 31,
1996 1995 1996 1995
--------- --------- --------- ---------
(Restated) (Restated)
Revenues $ 286,807 $ 247,662 $ 98,731 $ 86,638
Cost of
Operations 215,783 180,529 73,110 63,254
--------- --------- --------- ---------
Gross Profit 71,024 67,133 25,621 23,384
Selling, General
& Administrative 58,274 50,083 18,942 17,819
--------- --------- --------- ---------
Net Operating
Income 12,750 17,050 6,679 5,565
Interest Expense (7,327) (5,680) (2,506) (2,080) Interest Income 773 299 280 100
Other, Net 1,263 156 535 227
--------- --------- --------- ---------
Income From
Continuing
Operations,
Before
Income Taxes 7,459 11,825 4,988 3,812
Income Tax
Provision (3,580) (5,376) (2,443) (1,679)
Minority
Interest, Net 62 154 38 37
--------- --------- --------- ---------
Income From
Continuing
Operations 3,941 6,603 2,583 2,170
Discontinued Operations
Income From Glass
Recycling
Operations -- 2,491 -- 872
Gain on Sale of
Glass Recycling
Operations 3,764 -- -- --
--------- --------- --------- ---------
Net Income $ 7,705 $ 9,094 $ 2,583 $ 3,042
========= ========= ========= =========
Net Income
Per Common Share
Continuing
Operations $ 0.10 $ 0.17 $ 0.07 $ 0.06
Discontinued
Operations 0.10 0.07 -- 0.02
--------- --------- --------- ---------
Net Income
Per Common
Share $ 0.20 $ 0.24 $ 0.07 $ 0.08
========= ========= ========= =========
Weighted Average
Shares Outstanding 39,262 38,605 39,063 38,698
========= ========= ========= =========
-0-
CONTACT: Allwaste Inc. T. Wayne Wren wren, small, plump perching songbird of the family Troglodytidae. There are about 60 wren species, and all except one are restricted to the New World. The plumage is usually brown or reddish above and white, gray, or buff, often streaked, below. , 713/625-7062 Dana G. Flores Flores, town, Guatemala Flores (flōrəs), town (1990 est. pop. 2,200), capital of Petén department, N Guatemala. Flores was built on an island in the southern part of Lake Petén Itzá and on the site of the , 713/625-7047 |
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