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CHEMICAL WASTE MANAGEMENT ANNOUNCES SECOND QUARTER RESULTS

 CHEMICAL WASTE MANAGEMENT ANNOUNCES SECOND QUARTER RESULTS
 OAK BROOK, Ill., July 15 /PRNewswire/ -- Chemical Waste Management Inc. (NYSE: CHW) today announced results for its second quarter ended June 30, 1992. Earnings for the second quarter were increased by seven cents per share as a result of a gain related to the initial public offering of shares by Waste Management International plc and a special charge relating to two incinerator facilities.
 Net income for the second quarter totaled $52,382,000, compared with $31,408,000 in the second quarter of 1991. Revenue of $397,288,000 increased from the $343,572,000 reported in last year's second quarter. Earnings per share of 26 cents compared with 15 cents reported in 1991's second quarter.
 For the six months ended June 30, 1992, Chemical Waste Management earned $79,312,000, compared with $55,422,000 in the year-earlier period. Revenue totaled $770,564,000, up from the $648,344,000 in the first half of 1991. Earnings per share were 39 cents, compared with 27 cents in the first six months of last year.
 "Our special projects business is relatively strong," said D.P. Payne, president and chief executive officer of Chemical Waste Management. "However, the weak economy continues to impact our base business," he noted.
 During the second quarter, the company signed a contract valued at more than $15 million for the processing of mixed radioactive and hazardous waste at the Department of Energy's Oak Ridge Reservation in Tennessee. The project involves dewatering and processing of more than 32,000 drums of material during a one-year period, and is in addition to previous work the company had won for the repackaging of more than 44,000 drums of solidified mixed waste.
 Also during the second quarter, the U.S. Supreme Court ruled in favor of Chemical Waste Management regarding Alabama's tax on out-of state waste shipments, finding unconstitutional the $72.00 per ton differential between out-of-state waste and waste generated within Alabama. The U.S. Supreme Court has remanded the case to the state court for consideration of appropriate relief to the company.
 On June 30, 1992, the state of Louisiana reduced its taxes on hazardous waste disposed in commercial facilities by about 53 percent, an action that will enable companies and governmental agencies more readily to select a disposal site based on its level of environmental protection, not on its level of taxation. Chemical Waste Management operates a hazardous waste treatment and disposal site at Lake Charles, La.
 As Chemical Waste Management announced on June 29, 1992, during the second quarter of 1992 Waste Management International sold previously unissued ordinary shares in its initial public offering. Chemical Waste Management owns 12 percent of Waste Management International and the nontaxable gain realized by the company as a result of the offering amounted to $47 million, or 23 cents per share.
 Chemical Waste Management recognized in the second quarter a special charge of $51 million ($32 million, or 16 cents per share after tax), related to two incinerators in Chicago and Tijuana, Mexico.
 During the quarter, the company entered into an agreement with the Illinois Environmental Protection Agency providing for the payment of $3 million in penalties related to operations at the company's Chicago hazardous waste facility. The agreement requires a continued suspension of operations at the facility until a new operating permit is granted, a process that will take some months to complete.
 The second quarter charge includes the anticipated costs of ongoing maintenance of the facility during its shut-down period, severance pay for laid-off personnel, unaccrued penalties imposed under the agreement and other miscellaneous costs. The company is working constructively with the IEPA on a new environmental permit so the facility can return to full commercial operation.
 Additionally, the company revised its plans for a mobile hazardous waste incinerator following a decision in April by Mexican environmental authorities requiring relocation of the unit. Although operation of the incinerator had not commenced, costs had been incurred to develop the necessary infrastructure and to prepare for trial burns.
 At the same time, the company announced it would record a one-time cumulative after-tax charge related to the early adoption, effective Jan. 1, 1992, of two new accounting standards: Financial Accounting Statement No. 109, Accounting for Income Taxes; and Financial Accounting Statement No. 106, Accounting for Postretirement Benefits Other Than Pensions.
 The adoption of FAS No. 109 does not impact earnings, but requires a change in the method of accounting for income taxes to an asset and liability approach.
 The adoption of FAS No. 106 results in a one-time cumulative after tax charge of $.01 per share. This standard requires accounting for certain postretirement benefits other than pensions on an accrual basis. Previously, such expenses were accounted for on a cash basis. In accordance with generally accepted accounting principles, this charge does not impact second quarter results, but is reflected in the earnings for the six-month period which ended June 30, 1992. The adoption of the two new accounting standards is not expected to have a material adverse impact on future results of operations.
 Chemical Waste Management Inc. is the largest comprehensive hazardous waste management and industrial services company in the United States. It provides waste reduction services; recycling and resource recovery; collection, treatment and disposal of hazardous wastes; services for the management of radioactive and mixed wastes; and the remediation of environmentally impaired sites.
 CHEMICAL WASTE MANAGEMENT, INC. AND SUBSIDIARIES
 Consolidated Statements Of Income
 Three Months Ended June 30 1992 1991
 Revenue $397,288,000 $343,572,000
 Costs and Expenses
 Operating $278,562,000 $236,913,000
 Special Charge 51,000,000 --
 Selling & Administrative 54,085,000 49,416,000
 Gain on issuance of stock by
 subsidiary (47,000,000) (418,000)
 Interest Expense 7,948,000 2,894,000
 Minority interest and sundry
 expense (income), net (2,782,000) 1,999,000
 Income Before Income Taxes and
 Cumulative Effect of Change
 in Accounting Principle $ 55,475,000 $ 52,768,000
 Provision for Income Taxes 3,093,000 21,360,000
 Net Income $ 52,382,000 $ 31,408,000
 Average Shares and Equivalent
 Shares Outstanding 205,373,000 207,630,000
 Earnings Per Common and
 Common Equivalent Share $0.39 $0.27
 Certain amounts in previously issued financial statements have been reclassified to conform to 1992 classifications.
 CHEMICAL WASTE MANAGEMENT, INC. AND SUBSIDIARIES
 Consolidated Statements Of Income
 Six Months Ended June 30 1992 1991
 Revenue $770,564,000 $648,344,000
 Costs and Expenses
 Operating $547,335,000 $453,293,000
 Special Charge 51,000,000 --
 Selling & Administrative 104,873,000 95,949,000
 Gain on issuance of stock by
 subsidiary (47,000,000) (3,565,000)
 Interest Expense 15,319,000 4,048,000
 Minority interest and sundry
 expense (income), net (4,518,000) 5,481,000
 Income Before Income Taxes and
 Cumulative Effect of Change
 in Accounting Principle $103,555,000 $ 93,138,000
 Provision for Income Taxes 21,243,000 37,716,000
 Income Before Cumulative Effect of
 Change in Accounting Principle $ 82,312,000 $ 55,422,000
 Cumulative Effect of Change in
 Accounting for Postretirement
 Benefits Other than Pensions 3,000,000 --
 Net Income $ 79,312,000 $ 55,422,000
 Average Shares and Equivalent
 Shares Outstanding 205,447,000 207,838,000
 Earnings (Loss) Per Common and
 Common Equivalent Share
 Income Before Cumulative Effect
 of Change in Accounting Principle $0.40 $0.27
 Cumulative Effect of Change in
 Accounting for Postretirement
 Benefits Other than Pensions ($0.01) --
 Net Income $0.39 $0.27
 Certain amounts in previously issued financial statements have been reclassified to conform to 1992 classifications.
 -0- 7/15/92
 /CONTACT: Joseph Pokorny, 708-218-1689, or investors, Bruce Tobecksen, 708-218-1602, both of Chemical Waste Management/
 (CHW) CO: Chemical Waste Management Inc. ST: Illinois IN: SU: ERN


SM -- NY005 -- 9407 07/15/92 09:20 EDT
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