WESTERN WASTE REPORTS FIRST QUARTER RESULTS
WESTERN WASTE REPORTS FIRST QUARTER RESULTS LOS ANGELES, Nov. 7 /PRNewswire/ -- Western Waste Industries
(NYSE: WW) today announced that net income for its first fiscal quarter ended Sept. 30, 1991 was $2,718,000, or $.19 per share, compared with $2,857,000, or $.21 per share, in the same quarter of fiscal 1990. Revenue was $51,632,000 vs. $51,071,000 in the prior year's quarter.
"Our growth continues to be restrained by the economy," stated Kosti Shirvanian, president and chief executive officer. "This reduced our industrial volumes during the quarter." Shirvanian noted that the quarter was also affected by higher levels of insurance expense. Non-operating expense benefited from capitalizing interest on ongoing projects. "We have noticed some signs that our industrial volumes are improving and are cautiously optimistic," he added. "Later this fiscal year, we expect to bring a number of new disposal projects on line which should enhance results." Western Waste Industries is a leading integrated solid waste management company, providing collection, recycling, composting and disposal services for commercial, industrial and residential customers. The company has locations in California, Texas, Florida, Arkansas, and Louisiana and Colorado. Western Waste operates six landfills and has announced eight new disposal projects. WESTERN WASTE INDUSTRIES Consolidated Statement of Income (In thousands, except share data) (Unaudited) For the Three Months Ended Sept. 30 1991 1990 Revenue $51,632 $51,071 Costs & expenses: Operating 38,122 37,388 Selling, general and administrative 8,377 7,528 Total costs and expenses 46,499 44,916 Income from operations 5,133 6,155 Non-operating income (expense): Interest expense (989) (1,554) Other 312 160 Total (677) (1,394) Income before income taxes 4,456 4,761 Income taxes 1,738 1,904 Net income $2,718 $2,857 Primary earnings per common share $.19 $.21 Average number of common shares outstanding 14,021 13,706 -0- 11/7/91 /CONTACT: Richard F. Widrig of Western Waste Industries, 310-329-1425; or Craig A. Parsons of Rifkind, Pondel & Parsons, 310-207-9300, for Western Waste Industries/ (WW) CO: Western Waste Industries ST: California IN: SU: ERN SE-EH -- LA010 -- 2057 11/07/91 09:03 EST
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|Date:||Nov 7, 1991|
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