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BROWNING-FERRIS ANNOUNCES SECOND QUARTER AND MID-YEAR RESULTS

 HOUSTON, April 22 /PRNewswire/ -- Browning-Ferris Industries, Inc. (NYSE: BFI) today reported net income for the second quarter of fiscal 1993, ended March 31, 1993, of $50,836,000 or 30 cents per share, on revenues of $826 million. These results compare with net income for the comparable prior year period of $38,671,000, or 25 cents per share, on revenues of $782 million.
 Net income for the first six months of fiscal 1993 was $103,123,000 or 61 cents per share, on revenues of $1,674 million. For the corresponding six-month period of the prior fiscal year, net income was $78,969,000, or 51 cents per share, on revenues of $1,583 million.
 "With these results, BFI is reporting two consecutive quarters of improved earnings compared with the corresponding quarters last year," William D. Ruckelshaus, chairman and CEO, said. "The results were achieved in a highly competitive environment marked by continuing price and volume pressure on revenues, without any pronounced strengthening of the economy. BFI's improved performance reflects primarily our internal cost-reduction efforts, which will continue. However, the prospects for similar future improvement will depend in part on a rebound in the economy."
 The quarter's results benefited from lower selling, general and administrative expenses and lower net interest expense as a result of increased interest income from the net proceeds of BFI's 1992 financing program.
 Although revenue growth in BFI's solid waste collection and disposal businesses was adversely affected by the price and volume pressures referred to above, BFI's recycling and medical waste businesses are growing rapidly, with incremental volumes increasing the profitability of those business segments. International performance continued to be affected by weak economies in many of the foreign countries where BFI operates, as well as by currency exchange rates.
 During the second quarter, BFI completed 20 acquisitions in North America, adding approximately $21 million in annualized revenues, and BFI's Spanish affiliate completed the acquisition of collection and disposal companies in Barcelona with revenues of approximately $30 million. BFI was also awarded a permit during the quarter for a new 1500 ton-per-day landfill near Birmingham, Alabama, and signed contracts to operate two municipal landfills in Texas and Louisiana.
 The number of common and common equivalent shares used to compute net income per share for the six months was 170,343,000 versus 154,166,000 for the first six months of fiscal 1992.
 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 and medical waste services.
 BROWNING-FERRIS INDUSTRIES, INC. AND SUBSIDIARIES
 Consolidated Statement of Income
 (Unaudited, expressed in thousands)
 Periods ended Three months Six months
 March 31 1993 1992(A) 1993 1992(A)
 Revenues $825,530 $781,980 $1,673,734 $1,583,308
 Cost of operations 592,658 561,802 1,202,787 1,142,534
 Gross profit 232,872 220,178 470,947 440,774
 Selling, general &
 administrative expense 136,781 139,726 274,504 278,146
 Income from operations 96,091 80,452 196,443 162,628
 Interest, net 12,753 17,056 27,389 33,170
 Income before income taxes 83,338 63,396 169,054 129,458
 Income taxes 32,502 24,725 65,931 50,489
 Net income $50,836 $38,671 $103,123 $78,969
 Number of common and
 common equivalent shares
 used in computing earnings
 per share 170,892 154,638 170,343 154,166
 Earnings per common and
 common equivalent share $0.30 $0.25 $0.61 $0.51
 (A) -- Certain reclassifications have been made in prior year amounts to conform to the current year presentation.
 BROWNING-FERRIS INDUSTRIES, INC. AND SUBSIDIARIES
 Consolidated Statement of Income
 (Unaudited, expressed in Thousands)
 Periods ended Three months Six months
 March 31 1993 1992(A) 1993 1992(A)
 Revenues $825,530 $781,980 $1,673,734 $1,583,308
 Cost of operations 592,658 561,802 1,202,787 1,142,534
 Gross profit 232,872 220,178 470,947 440,774
 Selling, general &
 administrative expense 136,781 139,726 274,504 278,146
 Income from operations 96,091 80,452 196,443 162,628
 Interest, net 12,753 17,056 27,389 33,170
 Income before income taxes 83,338 63,396 169,054 129,458
 Income taxes 32,502 24,725 65,931 50,489
 Net income $50,836 $38,671 $103,123 $78,969
 Number of common and
 common equivalent shares
 used in computing earnings
 per share 170,892 154,638 170,343 154,166
 Earnings per common and
 common equivalent share $0.30 $0.25 $0.61 $0.51
 (A) -- Certain reclassifications have been made in prior year amounts to conform to the current year presentation.
 -0- 4/22/93
 /CONTACT: Peter G. Block, 713-870-7854, or (investors) Sandra D. Glatzau, 713-870-7161, both of Browning Ferris Industries, Inc./
 (BFI)


CO: Browning-Ferris Industries, Inc. ST: Texas IN: ENV SU: ERN

TS -- NY141 -- 9780 04/22/93 17:28 EDT
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Date:Apr 22, 1993
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