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REPUBLIC WASTE INDUSTRIES REPORTS SECOND QUARTER AND SIX MONTH RESULTS

 ATLANTA, July 29 /PRNewswire/ -- Republic Waste Industries, Inc. (NASDAQ: RWIN; TSE) today reported that net income for the quarter ended June 30 was $1,403,000, or $.05 per share, compared with $2,471,000, or $.10 per share, for the same quarter last year of which $.03 per share was from the gain on the sale of marketable securities.
 Revenue for the quarter ended June 30 was $26,465,000 vs. $28,185,000 last year. There was a 7 percent increase in weighted average shares outstanding, from 25,775,000 to 27,632,000 for the second quarters of 1992 and 1993, respectively.
 For the six month period ended June 30 net income was $1,823,000 or $.07 per share compared with a net loss of $17.9 million or $(.71) per share after non-recurring charges and loss on discontinued operations. Before the non-recurring charges and loss on discontinued operations in 1992, net income for continuing operations was $2,299,000 or $.09 per share of which $.05 per share was from the gain on the sale of marketable securities. Revenue for the six months was $50,929,000 compared with $53,621,000 for the same period last year. The weighted average number of shares increased 10 percent from 25,632,000 to 27,645,000 for the respective six month periods.
 The solid waste segment of the company's operations continued to show good revenue and bottom line growth, the decrease in income from continuing operations for the three month and six month periods of 1993, in comparison to the same periods in 1992, is totally attributable to the hazardous waste segment of operations. The hazardous waste segment continued to record a small loss during the second quarter of 1993 on a 21 percent decrease in revenue from the same quarter of 1992. The solid waste segment, however, recorded meaningful increases in both revenue and operating income during this second quarter, compared with last year, as a result of increased volumes at the company's special waste site in Texas as well as the late 1992 acquisition in North Carolina.
 The company anticipates the positive revenue and earnings trend in the solid waste operations to continue throughout the rest of 1993 and beyond. This trend together with the full impact of cost reductions being implemented in the hazardous waste segment, causes management to be hopeful that the company will continue to show steadily improving operating results for the remainder of 1993.
 Republic Waste Industries is an emerging waste service company serving the needs of a broad range of solid and hazardous waste generators in the North American environmental services industry.
 REPUBLIC WASTE INDUSTRIES, INC.
 CONDENSED CONSOLIDATED INCOME STATEMENT DATA
 (In thousands, except per share data)
 (Unaudited)
 3 mos. ended 6/30/93 6/30/92
 Revenues $ 28,185 $ 26,465
 Operating income $ 3,109 $ 2,101
 Unusual item - Stout acquisition,
 restructuring and financing costs
 (net of income taxes) $ --- $ ---
 Income from continuing operations $ 2,471 $ 1,403
 Discontinued operations:
 Loss from operations $ --- $ ---
 Loss on disposition --- ---
 Total $ --- $ ---
 Net income (loss) $ 2,471 $ 1,403
 Earnings (loss) per common and
 common equivalent share:
 Continuing operations $ .10 $ .05
 Discontinued operations --- ---
 Net income (loss) $ .10 $ .05
 Weighted average common and common
 equivalent shares 25,775 27,632
 6 mos. ended 6/30/93 6/30/92
 Revenues $ 53,621 $ 50,929
 Operating income $ 5,061 $ 2,978
 Unusual item - Stout acquisition,
 restructuring and financing costs
 (net of income taxes) $ (1,682) $ ---
 Income from continuing operations $ 2,299 $ 1,823
 Discontinued operations:
 Loss from operations $ (2,664) $ ---
 Loss on disposition (17,563) ---
 Total $(20,227) $ ---
 Net income (loss) $(17,928) $ 1,823
 Earnings (loss) per common and
 common equivalent share:
 Continuing operations $ .09 $ .07
 Discontinued operations (.80) ---
 Net income (loss) $ (.71) $ .07
 Weighted average common and common
 equivalent shares 25,235 27,645
 CONDENSED CONSOLIDATED BALANCE SHEET DATA
 12/31/92 6/30/93
 Working capital $ 6,509 $ 6,439
 Total assets $ 167,396 $165,759
 Long-term debt, net of current
 maturities $ 18,452 $ 17,677
 Stockholders' equity $ 97,255 $ 97,941
 Total capitalization $ 115,707 $115,618
 -0- 7/29/93
 /CONTACT: Courtland Peddy of Republic Waste Indstries, 404-431-7140/
 (RWIN)


CO: Republic Waste Industries, Inc. ST: Georgia IN: ENV SU: ERN

RA-BN -- AT014 -- 7245 07/29/93 13:21 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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