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 BURLINGTON, Ontario, Jan. 11 /PRNewswire/ -- Laidlaw Inc. (NYSE: LDWA & B) has reported revenue for the three months ended Nov. 30, 1993 increased 6 percent to $546,223,000 from the $512,910,000 reported for the same period one year ago.
 Income from operations declined to $64,331,000 compared with $72,018,000.
 Increased interest costs, along with a decline in the equity in earnings of Attwoods plc and ADT Limited contributed to a lower net income of $38,045,000 or $0.14 per share compared with $48,892,000 or $0.18 for the same period in 1992. There were 277,188,000 shares outstanding in each of the quarters.
 Hazardous Waste and Passenger Services acquisitions, primarily in the U.S., accounted for most of the revenue gains in the first quarter. As well, the revenue for the solid waste segment reflects the divestiture of several unprofitable operations during the past year. In Canada, the results for all segments reflect a 6.5 per cent decline in the Canadian/U.S. exchange rate.
 James Bullock, President and Chief Executive Officer, Laidlaw, noted "Our U.S. margins in our solid waste segment increased, primarily resulting from the restructuring programs of last year, but were somewhat impacted by price declines in our largest Canadian market, Ontario. In the hazardous waste business we have experienced a continuation of the operational disruptions at the Company's Pinewood landfill facility in South Carolina and a decline in Canadian activities, which have overshadowed positive trends in other areas of this business. Our passenger services business is performing satisfactorily having absorbed significant acquisitions in both school bus and healthcare transportation and extra insurance and labor costs. The business has demonstrated an ability to solidify its profit base."
 "As we look forward to the balance of fiscal 1994, we are confident that we have for the most part addressed and arrested major elements contributing to our reduced profitability. Our businesses in our core operations should develop some momentum during the balance of the year as we enjoy the opportunity of an improving North American economy," added Mr. Bullock.
 The board of directors has declared a quarterly dividend of $0.04 (Cdn.) per Class A and B Common Share and the regular quarterly dividend of $0.25 (Cdn.) per Class G Preference Share. All dividends are payable February 15, 1994 to shareholders of record at the close of business February 1, 1994. Dividends are converted to U.S. dollars for payment to U.S. shareholders.
 Laidlaw Inc. is North America's largest school bus operator, second largest hazardous waste management service company and the third largest manager of household, commercial and industrial wastes.
 -- before interest expense, interest, dividend and other income, equity in earnings of associated companies and income taxes
 Note: all figures are in $U.S. except of dividends which are denominated in $Cdn.
 Consolidated Statements Of Income
 (U.S. $000's omitted except per share amounts)
 Three Months Ended Nov. 30 1993 1992
 Solid waste services $188,229 $195,572
 Hazardous waste services 130,649 119,528
 Passenger services 227,345 197,810
 Total revenue 546,223 512,910
 Operating expenses 375,431 339,552
 Selling, general and
 administrative expenses 42,153 37,527
 Depreciation and
 amortization 64,308 63,813
 Income (loss) from
 operations 64,331 72,018
 Interest expense (28,708) (25,897)
 Interest, dividend and
 other income 2,819 3,996
 Equity in earnings of
 associated companies 9,716 10,998
 Income (loss) before
 income taxes 48,158 61,115
 Income taxes (10,113) (12,223)
 Net income (loss)
 for the period $38,045 $48,892
 Earnings (loss) per share $0.14 $0.18
 Income from operations
 Solid waste services 19,331 18,891
 Hazardous waste services 11,440 19,303
 Passenger services 33,560 33,824
 Total 64,331 72,018
 Operating margins
 Solid waste services 10.3 pct 9.7 pct
 Hazardous waste services 8.8 pct 16.1 pct
 Passenger services 14.8 pct 17.1 pct
 Total 11.8 pct 14.0 pct
 Tax rate 21.0 pct 20.0 pct
 Debt/Equity - November 30/93 0.88:1
 - August 31/93 0.89:1
 -0- 1/11/94
 /CONTACT: Les Haworth, Sr. vice president and CFO, Tuesday

evening at Royal York Hotel, 416-368-2511 or Tag Watson, vice president, communications of Laidlaw, 416-368-2511/

CO: Laidlaw Inc. ST: Ontario IN: ENV HOU SU: ERN

WB -- NY083 -- 1165 01/11/94 17:33 EST
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Publication:PR Newswire
Date:Jan 11, 1994

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