Printer Friendly

REPUBLIC WASTE REPORTS 258 PERCENT INCREASE IN FOURTH QUARTER NET INCOME

REPUBLIC WASTE REPORTS 258 PERCENT INCREASE IN FOURTH QUARTER NET INCOME
 ATLANTA, Feb. 10 /PRNewswire/ -- Republic Waste Industries, Inc. (NASDAQ: RWIN; TSE) reported net income of $1,623,000 for the quarter ended Dec. 31, 1991, an increase of 258 percent over $453,000 reported for the same quarter of 1990.
 Revenue increased 26 percent to $15,631,000 from $12,452,000 last year, and although 26.6 million weighted average shares were outstanding during the quarter compared with 9.1 million shares last year, earnings per share increased 60 percent to $.08 per share from $.05.
 For the year ended Dec. 31, 1991, net income before nonrecurring charges increased 172 percent to $5,273,000 from $1,936,000 last year on a 62 percent revenue increase to $51,579,000 from $31,752,000. An average of 16.2 million weighted average shares were outstanding for the year compared with 6.1 million for last year, an increase of 166 percent and earnings per share before nonrecurring items were $.32 per share compared with $.32 last year. During the second quarter of 1991, nonrecurring charges totaling $3,161,000 net of tax, or $.19 per share were recorded resulting in net income of $2,112,000 or $.13 per share for the year, vs. $.32 per share for 1990.
 The recently announced Stout Environmental acquisition has not been reflected in any of the results shown above. Since Stout will be accounted for as a pooling of interests, at closing the above results will be retroactively restated to include amounts pertaining to Stout.
 M.G. DeGroote, chief executive officer, and Don Koogler, chief operating officer, stated that the vastly improved net income for the quarter and the year ended Dec. 31, 1991, over last year, was primarily a result of significant overhead cost reductions at the corporate office and in the operating divisions of the company as well as improved bottom-line performance in the operating divisions during the second half of 1991, and the inclusion of the companies acquired in 1991. The 26 percent increase in revenue to $15,631,000 from $12,452,000 in the fourth quarter of 1990 is primarily a result of the 1991 acquisitions partially offset by a reduction in revenue from the company's excavation and demolition business during the quarter.
 Republic Waste is an integrated solid and hazardous waste management company providing disposal, recycling, collection, transportation and treatment services to the public and private sectors.
 REPUBLIC WASTE INDUSTRIES, INC.
 Condensed Consolidated Statements of Operations
 (in thousands, except per share data)
 (unaudited)
 3 mos. ended Year ended
 12/31/91 12/31/90 12/31/91 12/31/90
 Revenues $15,631 $12,452 $51,579 $31,752
 Income before non-recurring
 charges and income taxes 2,704 669 8,788 3,226
 Net income before non-
 recurring charges 1,623 453 5,273 1,936
 Non-recurring charges, net
 of income taxes --- --- (3,161) ---
 Net income $ 1,623 $ 453 $ 2,112 $ 1,936
 Earnings per common and
 common equivalent share
 (see note)
 Before non-recurring charges $ .08 $ .05 $ .32 $ .32
 Non-recurring charges --- --- (.19) ---
 Net income .08 .05 .13 .32
 Weighted average common and
 common equivalent shares 26,591 9,098 16,245 6,132
 Condensed Consolidated Balance Sheet Data
 (in thousands)
 (unaudited)
 Dec. 31, 1991 Dec. 31, 1990
 Working capital (deficit) $ 10,316 $ (2,157)
 Total assets 148,466 73,821
 Long-term debt, net of current maturities 14,217 7,922
 Stockholders' equity 92,426 35,383
 NOTE: For the quarter ended Dec. 31, 1991, the Modified Treasury Stock Method was used in computing earnings per share, although for the year ended Dec. 31, 1991, the Simple Method was used since the Modified Treasury Stock Method would have increased earnings per share by $.01
 Consolidated Statements of Operations
 (in thousands, except per share data)
 (unaudited)
 Year ended Dec. 31 1990 Pct. 1991 Pct.
 Revenues $31,752 $51,579
 Expenses:
 Cost of operations 19,711 62 31,270 61
 Selling, general and administrative 8,154 26 10,045 19
 Interest expense, net 661 1,476
 Total 28,526 42,791
 Income before income taxes and
 non-recurring charges 3,226 10 8,788 17
 Income tax provision 1,290 3,515
 Income before non-recurring charges 1,936 6 5,273 10
 Non-recurring charges, net of tax --- 3,161
 Net income $ 1,936 $ 2,112
 Earnings per common and common
 equivalent share:
 Before non-recurring charges $ 0.32 $ 0.32
 Non-recurring charges --- (.19)
 Net income $ 0.32 $ 0.13
 Weighted average common and common
 equivalent shares 6,132 16,245
 -0- 2/10/92
 /CONTACT: Courtland Peddy of Republic Waste Industries, 404-431-7140/
 (RWIN) CO: Republic Waste Industries, Inc. ST: Georgia IN: SU: ERN


BR-BN -- AT008 -- 8423 02/10/92 15:45 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 10, 1992
Words:793
Previous Article:MASSMUTUAL REPORTS STRONG FINANCIAL PERFORMANCE FOR 1991
Next Article:OHIO'S MAJOR TELEPHONE COMPANIES PROPOSE INCENTIVE REGULATION FRAMEWORK TO PUCO
Topics:


Related Articles
REPUBLIC BANCORP REPORTS PROFITS UP 234 PERCENT
REPUBLIC WASTE REPORTS INCREASED FIRST QUARTER RESULTS FROM CONTINUING OPERATIONS (BEFORE UNUSUAL COSTS) AND THE SALE OF ITS DEMOLITION OPERATIONS
CHEMICAL WASTE MANAGEMENT REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR 1992
REPUBLIC WASTE INDUSTRIES REPORTS INCREASED 1992 RESULTS FROM CONTINUING OPERATIONS
HORSEHEAD RESOURCE DEVELOPMENT REPORTS REVENUE AND EARNINGS GAINS
REPUBLIC WASTE INDUSTRIES REPORTS FIRST QUARTER RESULTS
REPUBLIC WASTE INDUSTRIES, INC. REPORTS $.10 PER SHARE EARNINGS FROM OPERATIONS FOR THE FOURTH QUARTER OF 1993 VERSUS $.07 PER SHARE IN THE FOURTH...
REPUBLIC WASTE INDUSTRIES REPORTS VASTLY IMPROVED FIRST QUARTER RESULTS
REPUBLIC WASTE INDUSTRIES REPORTS A SUBSTANTIAL INCREASE IN 1994 NET INCOME AND EARNINGS PER SHARE AS WELL AS PROGRESS TOWARD THE SPIN-OFF OF ITS...
REPUBLIC ENVIRONMENTAL SYSTEMS REPORTS SUBSTANTIALLY IMPROVED REVENUE AND PROFIT GROWTH IN REPORTING ITS FIRST QUARTERLY RESULTS AS A STAND ALONE...

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters