Continental reports 1994 earnings which exceed analysts' expectations.

CLARK, N.J.--(BUSINESS WIRE)--Feb. 21, 1995--Continental Waste Industries Inc. today announced year end 1994 earnings, before an extraordinary item, of $2,767,637 was up 190 percent from the $952,791 reported in the same period last year.

The company recorded revenues of $28,728,298, a 77 percent increase as compared to $16,203,848 of revenues reported for the year ended Dec. 31, 1993. For the year, earnings before extraordinary gain were 60 cents per share in 1994 compared to 31 cents per share in 1993, or a 94 percent increase. The company recorded an 8 cents per share, net extraordinary gain on the early retirement of certain debt at a discount. The 190 percent increase in income before extraordinary gain for the year is due primarily to the July 1994 acquisition of Victory Waste Inc. and increased landfill volumes and corresponding operating income margin improvement.

The company also announced earnings of $1,076,713 for the quarter ended Dec. 31, 1994, up 532 percent from the $170,496 reported for the same period last year. The company recorded revenues of $9,593,427, a 130 percent increase as compared to $4,174,191 of revenues reported in the fourth quarter of 1993. The company reported net income and per share earnings of 17 cents in the current quarter, vs. 5 cents, per share earnings for the quarter ended Dec. 31, 1993. The more than threefold increase in earnings gain for the fourth quarter is due primarily to the acquisition of Victory Waste Inc., in July of 1994, and increased landfill volumes and corresponding operating income margin improvement.

Continental provides integrated solid waste management services to approximately 115,000 residential, commercial and industrial customers concentrated in the Midwestern and Mid-South regions of the United States. These services include non-hazardous landfill disposal, solid waste collection, and transfer station operations. The company also recently began solid waste management services in Latin America.

Continental currently owns and operates 8 landfills, 6 collection operations and 10 transfer stations and employs over 350 persons. Three additional transfer stations are in various stages of permitting or construction. -0-

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

                            Quarters Ended         Year Ended
                                Dec. 31              Dec. 31
                            1994       1993       1994      1993

Revenue                $9,593,427  $4,174,191  $28,728,298  $16,203,848
Costs and expenses:
 Operating expenses     5,222,400   2,751,521   17,224,249   11,208,880
 General and
  administrative
  expenses              1,735,845     547,027    4,484,856    2,066,668
 Income from operations 2,635,182     875,643    7,019,193    2,928,300
Other income (expenses):
 Interest expense        (642,965)   (375,452)  (1,881,173)  (1,303,110)
 Other income (expenses),
  net                      (1,945)     21,873       (9,599)      21,461
                           ------      ------        -----       ------
 Other income (expenses),
  net                    (644,910)   (353,579)  (1,890,772)  (1,281,649)
Income before income
 taxes, minority interest
 and extraordinary gain  1,990,272    522,064    5,128,421    1,646,651
Provision for income
 taxes                    (863,719)  (378,778)  (2,244,505)    (721,070)
Minority interest          (49,840)    27,210     (116,279)      27,210

Income before extraordinary
 gain                    1,076,713    170,496    2,767,637      952,791
Extraordinary gain (net
 of $280,280 of income
 taxes)                      ---        ---        356,720       ---
Net income              $1,076,713  $ 170,496  $ 3,124,357  $  952,791

Earnings per share:
 Primary:
 Income before
  extraordinary gain    $     0.18  $    0.06  $      0.66  $     0.35
 Extraordinary gain           ---         ---         0.09        ---
Net income              $     0.18  $    0.06  $      0.75  $     0.35

Fully diluted:
 Income before
  extraordinary gain    $     0.17  $    0.05  $      0.60  $     0.31
 Extraordinary gain            ---        ---         0.08        ---
 Net income             $     0.17  $    0.05  $      0.68  $     0.31

CONTACT: Continental Waste Industries Inc.

Carlos E. Aguero or Michael Drury, 908/396-0018