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REPUBLIC WASTE REPORTS INCREASED FIRST QUARTER RESULTS FROM CONTINUING OPERATIONS (BEFORE UNUSUAL COSTS) AND THE SALE OF ITS DEMOLITION OPERATIONS

 REPUBLIC WASTE REPORTS INCREASED FIRST QUARTER RESULTS
 FROM CONTINUING OPERATIONS (BEFORE UNUSUAL COSTS)
 AND THE SALE OF ITS DEMOLITION OPERATIONS
 ATLANTA, May 14 /PRNewswire/ -- Republic Waste Industries, Inc. (NASDAQ: RWIN; TSE: RWI) reported net income from continuing operations before unusual item for the quarter ended March 31, of $1,458,000, or $.06 per share, compared with $62,000, or $.00 per share, for the same period last year.
 Revenues for the first quarter 1992 increased 19 percent to $25,436,000 from $21,340,000 last year. Weighted average common and common equivalent shares outstanding were 24,712,000 for the first quarter of 1992, compared with 14,547,000 shares for the first quarter of 1991, a 70 percent increase. During the quarter, unusual costs totaling $1,630,000 net of tax, or $.07 per share, were recorded resulting in a $.01 per share loss from continuing operations for the quarter. These unusual costs consisted of acquisition, restructuring and financing costs related to the Stout acquisition completed in March which was accounted for as a pooling-of-interests.
 Republic Waste has sold its demolition business, Republic Environmental Services, Inc. (RESI), which has been reported as a discontinued operation. In the first quarter, Republic Waste recorded a $2.7 million (net of tax) loss from RESI's operations and a $17.6 million non-cash loss on the disposition of RESI primarily due to the write-off of goodwill. These losses resulted in an $.82 per share loss from discontinued operations in the first quarter of 1992, compared with income of $.06 per share for the same period of 1991 which represented virtually all of the income for the first quarter of 1991. Republic Waste will retain the net operating loss carryforwards generated by RESI of approximately $17 million, which can be utilized in future periods to offset taxable income.
 Michael G. DeGroote, chief executive officer, stated that "the vastly improved income from continuing operations before the unusual costs reflect the achievements made in the solid waste division of Republic Waste. No contribution was made from the hazardous waste division in the first quarter due primarily to slow winter months in the hazardous waste treatment business and the lack of management focus on operations at Stout while the extensive due diligence, accounting and negotiations were going on throughout the first quarter of 1992. Since the acquisition of Stout was completed at the end of March, solid progress in the hazardous waste operations is being made which will vastly improve bottom-line results. The disposition of the demolition operations will enhance Republic's operational efficiences, improve the consistency of our earnings and reduce goodwill amortization charges in future periods."
 Earlier this week, MGD Holdings Ltd. exercised warrants to purchase 2 million shares of Republic Waste's common stock, providing an additional $11 million cash equity to Republic.
 Republic Waste Industries is an emerging waste service company serving the needs of a broad range of solid and hazardous waste generators in a heavily regulated, diverse, fragmented and changing North American environmental services industry.
 REPUBLIC WASTE INDUSTRIES, INC.
 CONDENSED CONSOLIDATED INCOME STATEMENT DATA
 (In thousands, except per share data)
 (Unaudited)
 3 mos. ended 3/31/92 3/31/91
 Revenues $ 25,436 $ 21,340
 Income from continuing operations
 before unusual item and income taxes $ 2,315 $ 104
 Income from continuing operations
 before unusual item $ 1,458 $ 62
 Unusual item - Stout acquisition,
 restructuring and financing costs
 (net of income taxes) $ (1,630) $ ---
 Income (loss) from continuing
 operations $ (172) $ 62
 Discontinued operations:
 Income (loss) from operations $ (2,664) $ 808
 Loss on disposition $(17,563) $ ---
 Total $(20,227) $ 808
 Net income (loss) $(20,399) $ 870
 Earnings (loss) per common and
 common equivalent share:
 Continuing operations:
 Before unusual item $ .06 $ .00
 Unusual item (.07) .00
 Discontinued operations (.82) .06
 Net income (loss) $ (.83) $ .06
 Weighted average common and common
 equivalent shares 24,712 14,547
 CONDENSED CONSOLIDATED BALANCE SHEET DATA
 3/31/92 12/31/91
 Working capital (deficit) $ (3,212) $ 4,800
 Total assets $ 153,096 $177,630
 Long-term debt, net of current
 maturities $ 14,815 $ 15,690
 Stockholders' equity $ 76,489 $ 96,611
 Total capitalization $ 91,304 $112,301
 -0- 5/14/92
 /CONTACT: Courtland Peddy of Republic Waste Indstries, 404-431-7140/
 (RWIN) CO: Republic Waste Industries, Inc. ST: Georgia IN: SU: ERN


BR-EA -- AT013 -- 0364 05/14/92 15:36 EDT
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Date:May 14, 1992
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