Continental announces second quarter earnings.

CLARK, N.J.--(BUSINESS WIRE)--Aug. 1, 1996--Continental Waste Industries Inc. (NASDAQ: CONT) announced today second quarter 1996 earnings of $1,592,481, an increase of 21% over the $1,314,648 reported in the prior year.

The company recorded revenue of $16,254,478, a 51% increase as compared to $10,769,885 of revenue reported for the quarter ended June 30, 1995. Due, in part, to a planned major hauling company acquisition not closing until after the quarter and other acquisitions delayed directly as a result of the pending acquisition by Republic Industries Inc., earnings per share remained unchanged at 11 cents.

Furthermore, the company reported that while landfill operating margins remain on target, the hauling division margins continue to be hurt by higher than anticipated costs principally related to operating labor and collection route conversions and rerouting.

For the six months ended June 30, 1996, the company recorded earnings of $2,909,846, an increase of 24% over the $2,337,898 reported in the prior year. The company recorded revenue of $30,188,957, a 47% increase as compared to $20,478,298 of revenue reported for the six months ended June 30, 1995. Due, in part, to planned acquisitions not closing during the first half of 1996, earning per share remained stable at 20 cents.

The 51% and 47% increase in revenue for the quarter and six month periods, respectively, was primarily attributable to companies acquired after the second quarter of 1995 and same store growth in the waste collection segment and primarily higher customer pricing.

On July 1, 1996, the company completed its acquisition of Statewide Environmental Contractors Inc. and its affiliated companies, Recycling Industries Inc. and Lomac Realty. These three companies have combined revenues of approximately $12 million and all are engaged in the waste management business in central New Jersey.

On June 27, 1996, the company entered into a definitive agreement to merge with Republic Industries Inc. (NASDAQ: RWIN) in a stock-for-stock transaction. The proposed transaction is subject to approval by the stockholders of the company, the filing and clearance of the Republic registration statement and the company's related proxy statement by the Securities and Exchange Commission. The company anticipates that the merger with Republic will be consummated in the fourth quarter of 1996.

Continental provides integrated solid waste management services to residential, commercial and industrial customers concentrated in the eastern half of the United States and in Costa Rica. These services include non-hazardous landfill disposal, solid waste collection, and transfer station operations.

Continental currently owns and operates 11 landfills, 10 collection operations, 14 transfer stations, 4 recycling facilities, and employs over 800 persons. -0-

                   Continental Waste Industries Inc.
                   Consolidated Statements of Income
                             (Unaudited)

                                            Quarters Ended
                                               June 30,
                                   1996      %         1995       %

Revenue                        $16,254,478  100%    $10,769,885  100%

Costs and expenses:
 Operating expenses              8,819,937   54%      4,704,522   44%
 General and administrative
  expenses                       2,209,271   14%      1,712,004   16%
 Depreciation and amortization   2,467,447   15%      1,398,791   13%

   Income from operations        2,757,823   17%      2,954,568   27%

Other income (expenses):
 Interest expense, net            (492,713)  -3%       (598,419)  -6%
 Other income (expenses), net      522,801    3%        (66,608)  -1%

   Other income (expenses), net     30,088    0%       (665,027)  -6%

Income before income taxes and
 minority interest in
 subsidiaries                    2,787,911   17%      2,289,541   21%
Provision for income taxes      (1,143,044)  -7%       (950,160)  -9%

Income before minority interest
 in subsidiaries                 1,644,867   10%      1,339,381   12%
Minority interest in
 subsidiaries                      (52,386)  -0%        (24,733)  -0%

Net income                      $1,592,481   10%     $1,314,648   12%

Earnings per share                   $0.11                $0.11

-0-
                                          Six Months Ended
                                               June 30,
                                   1996      %         1995       %

Revenue                        $30,188,957  100%    $20,478,298  100%

Costs and expenses:
 Operating expenses             16,258,761   54%      9,376,272   46%
 General and administrative
  expenses                       3,706,738   12%      2,983,937   15%
 Depreciation and amortization   4,755,739   16%      2,758,981   13%

   Income from operations        5,467,719   18%      5,359,108   26%

Other income (expenses):
 Interest expense, net            (926,118)  -3%     (1,127,169)  -6%
 Other income (expenses), net      512,332    2%       (102,375)  -0%

   Other income (expenses), net   (413,786)  -1%     (1,229,544)  -6%

Income before income taxes and
 minority interest in
 subsidiaries                    5,053,933   17%      4,129,564   20%
Provision for income taxes      (2,072,113)  -7%     (1,722,970)  -8%

Income before minority interest
 in subsidiaries                 2,981,820   10%      2,406,594   12%
Minority interest in
 subsidiaries                      (71,974)  -0%        (68,696)  -0%

Net income                      $2,909,846   10%     $2,337,898   11%

Earnings per share                   $0.20                $0.20

CONTACT: Continental Waste Industries Inc., Clark

Carlos E. Aguero or Michael J. Drury

908/396-0018