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CHEMICAL WASTE MANAGEMENT, INC. REPORTS SECOND QUARTER RESULTS

 OAK BROOK, Ill., July 19 /PRNewswire/ -- Chemical Waste Management, Inc. (NYSE: CHW) today reported financial results for its second quarter ended June 30, 1993.
 Earnings per share in the second quarter of 1993 of $.11 compared with earnings of $.26 in the year-earlier second quarter. The company's 1993 second quarter earnings were increased $.05 per share as a result of a gain related to the merger of The Brand Companies, Inc. into Rust International Inc. The company's 1992 second quarter earnings were increased $.07 per share as a result of a gain related to the initial public offering of shares by Waste Management International plc, offset by a special charge relating to two of Chemical Waste Management's incineration facilities.
 Net income for the second quarter totaled $22,616,000 compared with $52,382,000 in the same quarter of 1992. Revenue of $534,006,000 compared with $397,288,000 reported in last year's second quarter.
 For the six months ended June 30, 1993, Chemical Waste Management earned $43,870,000 compared with $82,312,000 before cumulative effect of change in accounting principle in the year-earlier period. Revenue totaled $1,029,422,000 versus $770,564,000 in the first half of 1992. Earnings per share were $.21 compared with $.40 in the first six months of last year.
 Results for the second quarter and first half of 1993 reflect the consolidation of Rust International Inc., an engineering, construction, environmental and infrastructure consulting, environmental restoration and other on-site industrial services company formed in January 1993.
 As Chemical Waste Management announced on June 21, the core business, excluding Rust International and the special gain, broke even during the quarter. The company's results were impacted by a decline in waste volumes from environmental cleanup projects generating hazardous waste for off-site treatment and disposal at the company's facilities. Chemical Waste Management said its second quarter results were also impacted by the sluggish economy affecting its customers, and particularly by softness in the commercial hazardous waste incineration market leading to reduced pricing.
 Overall, the uncertain demand for off-site treatment and disposal of hazardous waste from cleanup projects and the weakness noted in the hazardous waste incineration market do not show signs of improving substantially in the near term. As a consequence, the company said that its management is reviewing possible alternatives to the current configuration of the company's network of treatment and disposal facilities in order to better serve its customers and improve operating margins in its core business. In addition, the company said that it will be reviewing whether certain of its assets relating to hazardous waste incineration services are appropriately valued in light of the market conditions referred to above. Depending on the outcome of these reviews, expected to be completed during the third quarter of 1993, the possibility exists that the company will record a charge which could be material to its results of operations.
 Chemical Waste Management, Inc. is a leading provider of hazardous waste management services in North America, including waste reduction, recycling and resource recovery and collection, treatment and disposal services.
 CHEMICAL WASTE MANAGEMENT, INC. AND SUBSIDIARIES
 Consolidated Statements Of Income
 (000's omitted except per share amounts)
 Three Months Ended
 June 30 1992 1993
 Revenue $ 397,288 $ 534,006
 Costs and Expenses
 Operating $ 278,562 $ 424,815
 Special Charge 51,000 --
 Selling and administrative 54,085 70,313
 Interest expense 7,948 8,342
 Minority interest and sundry
 expense (income), net (2,782) 5,161
 Gains on issuance of stock
 by subsidiary and equity
 investee (47,000) (10,462)
 Income Before Income Taxes $ 55,475 $ 35,837
 Provision for Income Taxes 3,093 13,221
 Net Income for the Period $ 52,382 $ 22,616
 Average Shares and Equivalent
 Shares Outstanding During
 the Period 205,373 211,348
 Earnings Per Common and
 Common Equivalent Share $ 0.26 $ 0.11
 CHEMICAL WASTE MANAGEMENT, INC. AND SUBSIDIARIES
 Consolidated Statements Of Income
 (000's omitted except per share amounts)
 Six Months Ended
 June 30, 1992 1993
 Revenue $ 770,564 $1,029,422
 Costs and Expenses
 Operating $ 547,335 $ 815,016
 Special Charge 51,000 --
 Selling and administrative 104,873 137,922
 Interest expense 15,319 15,024
 Minority interest and sundry
 expense (income), net (4,518) (2,438)
 Gains on issuance of stock
 by subsidiary and equity
 investee (47,000) (10,462)
 Income Before Income Taxes and
 Cumulative Effect of Change in
 Accounting Principle $ 103,555 $ 74,360
 Provision for Income Taxes 21,243 30,490
 Income Before Cumulative Effect
 of Change in Accounting Principle $ 82,312 $ 43,870
 Cumulative Effect of Change in
 Accounting for Postretirement
 Benefits Other than Pensions,
 net of tax 3,000 --
 Net Income for the Period $ 79,312 $ 43,870
 Average Shares and Equivalent
 Shares Outstanding During
 the Period 205,447 211,968
 Earnings (Loss) Per Common and
 Common Equivalent Share
 Income Before Cumulative Effect of
 Change in Accounting Principle $ 0.40 $ 0.21
 Cumulative Effect of Change in
 Accounting for Postretirement
 Benefits Other than Pensions,
 net of tax (0.01) --
 Net Income $ 0.39 $ 0.21
 -0- 7/19/93
 /CONTACT: Bob Reincke, 708-218-1670, or Bruce Tobecksen, analysts 708-572-8968, both for Chemical Waste Management/
 (CHW)


CO: Chemical Waste Management ST: Illinois IN: ENV SU: ERN

LD -- NY095 -- 3320 07/19/93 19:39 EDT
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Date:Jul 19, 1993
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