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CHEMICAL WASTE MANAGEMENT, INC. REPORTS THIRD QUARTER RESULTS

 OAK BROOK, Ill., Oct. 18 /PRNewswire/ -- Chemical Waste Management, Inc. (NYSE: CHW) today reported financial results for its third quarter ended Sept. 30, 1993.
 Revenue in the 1993 third quarter was $541.6 million compared with $394 million in the quarter the year earlier.
 As announced on Sept. 30, Chemical Waste Management recorded a special asset revaluation and restructuring charge in the third quarter of $363 million (after tax), which translates into $1.74 per share. The charge related primarily to a revaluation of CWM's thermal treatment businesses, including incinerators and fuels blending operations.
 Third quarter results also include an increase in the tax provision of $3.3 million or $.02 per share for the impact of the Omnibus Budget Reconciliation Act of 1993 on deferred taxes and on the current year provision to apply the new law retroactively to Jan. 1.
 As a result of these items, the company today reported a net loss for the third quarter of $359.9 million, or $1.72 per share. In the third quarter of 1992, Chemical Waste Management had net income of $38.7 million, or $.19 per share.
 Results for the third quarter and first nine months of 1993 reflect the consolidation of Rust International Inc., a leading provider of environmental and infrastructure consulting, engineering, construction, environmental restoration and other on-site industrial services.
 For the nine months ended Sept. 30, 1993, Chemical Waste Management lost $316 million, or $1.50 per share, compared with income of $118 million, or $.58 per share, in the same period of 1992. Revenue totaled $1.571 billion compared with $1.165 billion in the year earlier period.
 Earnings for the first nine months of 1992 were increased by $.07 per share due to the combined effect of a nontaxable gain from the April 1992 initial public offering of shares of Waste Management International plc and a special charge relating to two of the company's incinerators, and decreased by $.01 per share for a one time after-tax charge relating to the early adoption, effective Jan. 1, 1992, of two new accounting standards.
 Results for the first nine months of 1993 include a gain of $.05 per share relating to the issuance of shares by Rust in the year's second quarter.
 Excluding special items and the effect of accounting changes, earnings per share for the nine months ended Sept. 30, 1993 would have been $.19 compared with earnings per share of $.52 in the period in 1992.
 In its announcement of Sept. 30, the company said it was undertaking a strategic reconfiguration of its operations to meet current market demand. The company's planned actions will eliminate by year end 1994 approximately 1,200 positions from its work force. Other measures include consolidating certain treatment and disposal operations, selling selected service centers in marginal service lines and geographies, centralizing several functions to improve efficiencies, restructuring its sales and service organizations and seeking joint venture partners and reviewing other strategic alternatives for its Port Arthur, Texas incinerator.
 CWM said its actions reflect recent changes in its industry including fewer remediation projects requiring off-site disposal; an uncertain regulatory direction regarding hazardous waste management, Superfund and other special cleanup requirements for industry; overcapacity of treatment and disposal facilities, especially incinerators; and continued sluggishness in the American economy.
 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 Sept. 30, 1992 1993
 Revenue $ 394,031 $ 541,565
 Costs And Expenses:
 Operating $ 273,033 $ 435,196
 Special Charge 3,750 550,000
 Selling And Administrative 52,248 75,469
 Interest Expense 7,832 10,380
 Minority Interest And Sundry
 Expense(Income), Net (4,697) 1,477
 Gains On Issuance Of Stock
 By Subsidiary -- (169)
 Income(Loss)Before Income Taxes 61,865 (530,788)
 Provision(Benefit)For Income
 Taxes 23,174 (170,904)
 Net Income(Loss)For The Period 38,691 (359,884)
 Average Shares And Equivalent
 Shares Outstanding During
 The Period 204,306 209,641
 Earnings(Loss)Per Common And
 Common Equivalent Share $ .19 $ (1.72)
 CHEMICAL WASTE MANAGEMENT, INC. AND SUBSIDIARIES
 Consolidated Statements Of Income
 (000's omitted except per share amounts)
 Nine Months Ended Sept. 30, 1992 1993
 Revenue $ 1,164,595 $ 1,570,987
 Costs and Expenses:
 Operating $ 820,368 $ 1,250,212
 Special charge 54,750 550,000
 Selling and administrative 157,121 213,391
 Interest expense 23,151 25,404
 Minority interest and sundry
 (income), net (9,215) (961)
 Gains on issuance of stock by
 subsidiary and equity investee (47,000) (10,631)
 Income (Loss) before Income Taxes
 and Cumulative Effect of
 Change in Accounting Principle 165,420 (456,428)
 Provision (Benefit) for Income
 Taxes 44,417 (140,414)
 Income (Loss) before Cumulative
 Effect of Change in
 Accounting Principle $ 121,003 $ (316,014)
 Cumulative Effect of Change in
 Accounting for Postretirement
 Benefits Other than Pensions,
 net of tax 3,000 --
 Net Income (Loss) for the Period 118,003 (316,014)
 Average Shares and Equivalent
 Shares Outstanding During
 the Period 205,005 211,170
 Earnings (Loss) Per Common and
 Common Equivalent Share:
 Income (Loss) before Cumulative
 Effect of Change in Accounting
 Principle $ .59 $ (1.50)
 Cumulative Effect of Change in
 Accounting for Postretirement
 Benefits Other than Pensions,
 net of tax (.01) --
 Net Income(Loss) $ .58 $ (1.50)
 -0- 10/18/93
 /CONTACT: Bob Reincke, 708-218-1670, Bruce Tobecksen, analysts 708-572-8968, both for Chemical Waste Management/
 (CHW)


CO: Chemical Waste Management, Inc. ST: Illinois IN: ENV SU: ERN

LD -- NY103 -- 3672 10/18/93 20:57 EDT
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Publication:PR Newswire
Date:Oct 18, 1993
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