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WHEELABRATOR TECHNOLOGIES INC. REPORTS RECORD OPERATING RESULTS FOR THE THIRD QUARTER

 WHEELABRATOR TECHNOLOGIES INC. REPORTS RECORD
 OPERATING RESULTS FOR THE THIRD QUARTER
 OAK BROOK, Ill., Oct. 14 /PRNewswire/ -- Wheelabrator Technologies Inc. (NYSE: WTI) today reported record operating results for the three months ended Sept. 30, 1992.
 Operating results for the third quarter increased to $33 million, or $0.36 per share, from $25 million, or $0.29 per share, for the same period of 1991. In addition, in 1991 the company realized a $4 million, or $0.05 per share, gain on the sale of a foreign manufacturing operation.
 For the nine months ended Sept. 30, 1992, net income was $97 million, or $1.04 per share, compared with $97 million, or $1.16 per share, in the year-earlier period. Earnings for the first three quarters of 1992 included a $47 million nontaxable gain related to the initial public offering of Waste Management International plc. Earnings for the first three quarters of 1991 included a $47 million pretax ($29 million after tax) gain on the sale of Wheelabrator's interests in certain foreign manufacturing operations.
 Excluding the effects of previously announced one-time charges related to the early adoption of new accounting standards related to income taxes and postretirement benefits in 1992 ($42 million after tax), the Waste Management International gain and the 1991 gain on the sale of interests in certain foreign manufacturing operations, net income for the nine month period was $92 million, or $0.99 per share, compared with $68 million, or $0.81 per share in 1991. Revenue for the nine-month period was $1.1 billion, an increase of 27 percent compared to the same period in 1991.
 During the quarter, the company's plans to construct, own and operate a 3,000-ton-per-day trash-to-energy facility in the Brooklyn Navy Yards were advanced when New York's City Council approved its solid waste plan. In processing the city's waste, the plant will generate steam, providing the energy equivalent of approximately one million barrels of oil a year.
 The construction project has an estimated value of $450 million. Construction is expected to begin in 1996, with operations commencing in 1999.
 In September, Mecklenburg County, N.C. selected a Wheelabrator subsidiary to begin negotiations on a contract to design, construct and operate a 600-ton-per-day trash-to-energy facility in Charlotte, N.C. The plant will be owned by Mecklenburg County.
 Wheelabrator Environmental Systems will provide development support to the county and will operate and maintain the facility following construction. Wheelabrator's RUST International Corp. will be the engineering and construction contractor. The facility will sell steam to an adjacent General Tire manufacturing facility and electricity to Duke Power, while providing Mecklenburg County with safe and reliable solid waste disposal well into the next century. The county's schedule calls for construction to begin in the summer of 1993 with the facility operational by 1996.
 Shortly after the quarter ended, the Connecticut Department of Environmental Protection issued a final decision approving all permit applications required by Wheelabrator Environmental Systems for the construction of a trash-to-energy facility in Lisbon, Conn. The facility, designed to process 600 tons of municipal solid waste per day, is expected to begin construction in the first quarter of 1993 and begin operations in 1995.
 Wheelabrator Technologies Inc., a multifaceted environmental services company, is a majority-owned subsidiary of Waste Management, Inc. Wheelabrator is the nation's leading developer and operator of trash-to-energy and cogeneration facilities, offers premier environmental engineering services and supplies air pollution control systems for industrial and utility applications. It also provides composting and a range of water and wastewater treatment services including sludge management.
 WHEELABRATOR TECHNOLOGIES INC. INCOME STATEMENTS
 (Unaudited, in millions, except per share amounts)
 Three months ended Sept. 30 1992 1991
 Revenues $382.0 $286.0
 Gain related to foreign equity investments -- 7.0
 Other income, net 12.3 12.6
 Total 394.3 305.6
 Cost of sales 282.5 212.2
 Selling, general and administrative expenses 36.4 28.8
 Interest expense 20.9 14.8
 Total costs and expenses 339.8 255.8
 Income before income taxes 54.5 49.8
 Income tax provision 21.1 20.4
 Net income $ 33.4 $ 29.4
 Earnings per common share. $ 0.36 $ 0.34
 Weighted average common shares outstanding 93.5 87.4
 Nine months ended Sept. 30 1992 1991
 Revenues $1,062.6 $838.6
 Gain related to foreign equity investments 47.0 47.1
 Other income, net 44.1 37.3
 Total 1,153.7 923.0
 Cost of sales 793.5 649.8
 Selling, general and administrative expenses 109.3 80.0
 Interest expense 56.1 37.6
 Total costs and expenses 958.9 767.4
 Income before income taxes and cumulative effect
 of accounting changes 194.8 155.6
 Income tax provision 55.6 58.4
 Income before cumulative effect of
 accounting changes 139.2 97.2
 Cumulative effect of change in method of
 accounting for postretirement benefits, net (29.0) --
 Cumulative effect of change in method of
 accounting for income taxes. (13.2) --
 Net income $ 97.0 $ 97.2
 Earnings per common share:
 Before cumulative effect of accounting changes $ 1.49 $ 1.16
 Cumulative effect of change in method of
 accounting for postretirement benefits (0.31) --
 Cumulative effect of change in method of
 accounting for income taxes (0.14) --
 Net income $ 1.04 $ 1.16
 Weighted average common shares outstanding 93.6 84.1
 -0- 10/14/92
 /CONTACT: James E. Koenig, 708-572-8822, or William J. Plunkett, 708-572-8898, both of Wheelabrator/
 (WTI) CO: Wheelabrator Technologies Inc. ST: Illinois IN: SU: ERN


TS -- NY017 -- 9709 10/14/92 09:11 EDT
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Date:Oct 14, 1992
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