Printer Friendly

BROWNING-FERRIS ANNOUNCES INCOME FOR FIRST QUARTER OF FISCAL 1992

BROWNING-FERRIS ANNOUNCES INCOME FOR FIRST QUARTER OF FISCAL 1992
    HOUSTON, Jan. 22 /PRNewswire/ -- Browning-Ferris Industries, Inc. (NYSE: BFI) today reported net income for the first three months of fiscal 1992, ended Dec. 31, 1991, of $40,298,000 or 26 cents per share, on revenues of $801.3 million.  These results compare with net income for the comparable prior year period of $60,836,000, or 40 cents per share, on revenues of $801.8 million.
    William D. Ruckelshaus, chairman and chief executive officer of the company, said, "BFI's results were generally in line with our expectations.  The factors that impacted earnings and revenue growth in 1991 such as the weak economy, lower landfill volumes and higher landfill costs, and a weak pricing environment, continue to negatively impact our results.  We believe that we are effectively addressing these issues and that we have the people and programs in place to show improved results in the future."
    The number of common and common equivalent shares used to compute first quarter net income per share was 153,698,000 vs. 153,957,000 in the first quarter of fiscal 1991.
    Browning-Ferris Industries, Inc. is one of the largest publicly held companies engaged in providing waste services.  Subsidiaries and affiliates collect, transport, treat and dispose of commercial, residential and municipal solid waste and industrial wastes.  BFI subsidiaries are also involved in recycling, resource recovery facilities, medical waste services, portable restroom services and municipal and commercial sweeping operations.
             BROWNING-FERRIS INDUSTRIES, INC. AND SUBSIDIARIES
                   Consolidated Statement of Income
                      (Unaudited, in thousands)
    The following are the consolidated operating results of Browning- Ferris Industries, Inc. and subsidiaries for the three months ended Dec. 31, 1991, compared with the same period of fiscal year 1991.
     Three Months Ended Dec. 31;            1991                 1990
    Revenues                              $801,328              $801,799
    Cost of operations                     575,760               546,382
    Gross profit                           225,568               255,417
    Selling, general & admin-
      istrative expense                    143,392               137,307
    Income from operations                  82,176               118,110
    Interest, net                           16,114                18,379
    Income before
      income taxes                          66,062                99,731
    Income taxes                            25,764                38,895
    Net income                              40,298                60,836
    Number of common and
      common equivalent
      shares used in comput-
      ing earnings per share               153,698               153,957
    Earnings per common
      and common equivalent
      share                                  $0.26                 $0.40
    -0-             1/22/92
    /CONTACT:  Fletcher Thorne-Thomsen Jr. of Browning-Ferris Industries, 713-870-8100/
    (BFI) CO:  Browning-Ferris Industries Inc. ST:  Texas IN: SU:  ERN FC -- NY016 -- 2098 01/22/92 09:09 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 22, 1992
Words:414
Previous Article:ALPHA 1 BIOMEDICALS APPOINTS HAUTALA TO VICE PRESIDENT, CORPORATE DEVELOPMENT
Next Article:MINE SAFETY APPLIANCES DECLARES DIVIDEND
Topics:


Related Articles
BROWNING-FERRIS ANNOUNCES FISCAL 1991 RESULTS, TAKES SPECIAL CHARGE RELATED TO LANDFILL OPERATIONS
FIRST TEAM SPORTS ANNOUNCES EARNINGS
BROWNING-FERRIS ANNOUNCES SECOND QUARTER AND MID-YEAR RESULTS
BROWNING-FERRIS ANNOUNCES THIRD QUARTER AND NINE MONTHS RESULTS
BROWNING-FERRIS ANNOUNCES FISCAL 1992 RESULTS
BROWNING-FERRIS ANNOUNCES INCOME FOR FIRST QUARTER OF FISCAL 1993
BROWNING-FERRIS ANNOUNCES SECOND QUARTER AND MID-YEAR RESULTS
WESTERN WASTE REPORTS FISCAL 1993 RESULTS; ENGAGES SALOMON BROTHERS INC. AS FINANCIAL ADVISOR
BROWNING-FERRIS FIRST QUARTER REVENUE UP 39%; NET INCOME UP 52%; EARNINGS PER SHARE UP 34%
BROWNING-FERRIS SECOND QUARTER REVENUE UP 43%; NET INCOME UP 50%; EARNINGS PER SHARE UP 37%; RECORD SECOND QUARTER RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters