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LAIDLAW INC. ANNOUNCES FOURTH QUARTER RESULTS

 LAIDLAW INC. ANNOUNCES FOURTH QUARTER RESULTS
 BURLINGTON, Ont., Oct. 15 /PRNewswire/ -- Despite the weakened North


American economy, Laidlaw Inc. (NYSE: LDW) reported fourth quarter income from operations(A) has increased 51 percent to $39,895,000 compared with $26,440,000 reported for the same three month period ended Aug. 31, 1991.
 Income from continuing operations, before unusual items, increased to $24,882,000 -- $0.09 per share -- compared with $3,607,000 -- $0.01 per share -- for the same three-month period in 1991. An average of 9 percent more shares was outstanding in the 1992 quarter. Revenue increased 4 percent to $424,396,000 from the $406,212,000 reported for the comparable 1991 period.
 Net income for the quarter was $24,882,000 -- $0.09 per share -- compared with a loss in last year's quarter of $465,596,000 -- $1.84 per share -- the result of a $469,203,000 unusual item related primarily to the write-down of Laidlaw's investment in ADT Limited in which it holds a 28.4 percent equity interest. There were no unusual items in 1992.
 For the year ended Aug. 31, 1992, income from operations declined 4 percent to $237,696,000 from the $246,834,000 reported last year.
 Income from continuing operations before unusual and extraordinary items increased 7 percent to $138,492,000 from the $129,942,000 reported for last year. Earnings per share for the year were $0.52 compared with $0.51 for the 1991 fiscal year. There was an average of 8 percent more shares outstanding, year-over-year. Revenue increased 2 percent to $1,925,617,000 from the $1,882,426,000 reported last year.
 After giving effect to an extraordinary item of $6,100,000 (after tax) -- $0.02 per share -- related to the settlement of a class action lawsuit in the third quarter, net income for the 1992 fiscal year was $132,392,000 - $0.50 per share. This compares with a net loss in fiscal 1991 of $344,361,000 -- $1.41 per share -- after giving effect to unusual items of $459,203,000 -- $1.86 per share -- and a loss from discontinued operations of $15,100,000 -- $0.06 per share -- both related principally to ADT Limited.
 The board of directors has declared a quarterly dividend of $0.04 (Canadian) per Class A and B common shares and the regular quarterly dividend of $0.25 (Canadian) per Class G first preference share. All dividends are payable Nov. 15, 1992, to shareholders registered at the close of business on Oct. 30, 1992. Dividends are converted to U.S. dollars for payment to U.S. shareholders.
 In commenting on the results Laidlaw's president and CEO, Donald K. Jackson said "The improving operating performance trend during 1992 is a credit to the efforts of our 35,000 employees throughout North America. Another challenging year is behind us and we're a stronger company as a result. We've improved our balance sheet, reduced our costs and strengthened the delivery of services to our customers. While we foresee little growth in the economy in the near future, we are now in excellent financial and managerial shape to continue to build on the achievements of 1992."
 (A) before interest expense, interest dividend and other income, equity in earnings of associated companies and unusual items
 -0- 10/15/92
 /CONTACT: Paul Van Damme, vice president, controller, 416-336-1800; or Tag Watson, vice president, communications, 416-336-1800, both of Laidlaw/
 (LDW) CO: Laidlaw Inc. ST: Ontario IN: SU: ERN


PS -- NY039 -- 0328 10/15/92 10:29 EDT
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Publication:PR Newswire
Date:Oct 15, 1992
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