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REPUBLIC WASTE INDUSTRIES REPORTS THIRD QUARTER AND NINE MONTH RESULTS AS WELL AS A SHARE BUY BACK PROGRAM

 ATLANTA, Oct. 28 /PRNewswire/ -- Republic Waste Industries, Inc. (NASDAQ: RWIN; TSE) today reported that net income for the quarter ended Sept. 30 was $1,964,000, or $.07 per share, compared with $2,063,000, or $.08 per share, for the same quarter last year of which $.01 per share was from the gain on the sale of marketable securities.
 Revenue for the quarter ended Sept. 30 was $27,600,000 vs. $26,514,000 last year. Weighted average shares outstanding increased from 26,786,000 to 27,670,000 for the third quarters of 1992 and 1993, respectively.
 For the nine month period ended Sept. 30 net income was $3,787,000 or $.14 per share compared with a net loss of $15.9 million or $(.61) 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 from continuing operations was $4,362,000, or $.17 per share, of which $.06 per share was from the gain on the sale of marketable securities. Revenue for the nine months was $78,529,000 compared with $80,135,000 for the same period last year. The weighted average number of shares increased 7 percent from 25,765,000 to 27,681,000 for the respective nine month periods.
 The recent cost reduction programs instituted by the company in the hazardous waste treatment operations are beginning to pay off, resulting in a quarterly profit from that division for the first time during 1993. The solid waste division continues to record improved revenue and operating earnings.
 The registration statement on Form S-3, filed with the Securities and Exchange Commission by the company in August 1993, covering the registration of shares of common stock held by the former shareholders of Stout Environmental, Inc., will be withdrawn with no shares having been sold, and related litigation has been resolved.
 The company is also announcing that it may buy back up to 1.3 million shares or 4.8 percent of its outstanding common stock during the next 12 months. The repurchasing of shares is intended to achieve a more favorable balance between market supply of the shares and market demand, as well as take advantage of the relatively low market price of the company's common stock. Repurchases will be effected at prevailing prices from time to time on the open market. The repurchased shares will represent additions to treasury stock and may be used for future acquisitions.
 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 9 mos. ended
 9/30/92 9/30/93 9/30/92 9/30/93
 Revenue $ 26,514 $ 27,600 $ 80,135 $ 78,529
 Operating income $ 2,975 $ 2,867 $ 8,036 $ 5,845
 Unusual item -- Stout acquis.,
 restructuring and financing
 costs (net of inc. taxes) $ --- $ --- $ (1,743) $ ---
 Income from cont. opers. $ 2,063 $ 1,964 $ 4,362 $ 3,787
 Discontinued operations --
 Loss from operations $ --- $ --- $ (2,664) $ ---
 Loss on disposition --- --- (17,563) ---
 Total $ --- $ --- $(20,227) $ ---
 Net income (loss) $ 2,063 $ 1,964 $(15,865) $ 3,787
 Earnings (loss) per common and common equiv. share --
 Continuing operations $ .08 $ .07 $ .17 $ .14
 Discontinued operations --- --- (.78) ---
 Net income (loss) $ .08 $ .07 $ (.61) $ .14
 Wtd. avg. common and common
 equivalent shares 26,786 27,670 25,765 27,681
 CONDENSED CONSOLIDATED BALANCE SHEET DATA
 12/31/92 9/30/93
 Working capital $ 6,509 $ 10,420
 Total assets $167,396 $177,906
 Long-term debt, net of current maturities $ 18,452 $ 27,724
 Stockholders' equity $ 97,255 $ 99,543
 Total capitalization $115,707 $127,267
 -0- 10/28/93
 /CONTACT: Courtland D. Peddy of Republic Waste Industries, 404-431-7140/
 (RWIN)


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

RA-XX -- AT018 -- 8025 10/28/93 14:21 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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