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WASTE MANAGEMENT, INC. REPORTS RESULTS FOR THIRD QUARTER AND FIRST NINE MONTHS

 WASTE MANAGEMENT, INC. REPORTS RESULTS
 FOR THIRD QUARTER AND FIRST NINE MONTHS
 OAK BROOK, Ill., Oct. 15 /PRNewswire/ -- Waste Management, Inc. (NYSE: WMX) today reported third quarter net income and revenue.
 For the three months ended Sept. 30, 1992, net income rose 5 percent to $216,746,000, or $0.44 per share, from $207,190,000, or $0.42 per share, in the year-earlier period. Revenue for the three months increased 18 percent to a record $2,262,690,000 from $1,914,902,000 in the period in 1991.
 For the nine months ended Sept. 30, 1992, net income was $667,231,000, or $1.35 per share, versus $579,784,000, or $1.18 per share, a year earlier. Revenue in the nine months rose 17 percent to $6,457,947,000 versus $5,540,539,000 a year earlier.
 Earnings for the nine months were increased by $0.23 per share due to the combined effect of a nontaxable gain from the April 1992 initial public offering of shares by the company's Waste Management International plc subsidiary and second quarter special charges primarily relating to the revaluation of the company's medical waste business and to two of its Chemical Waste Management, Inc. subsidiary's incinerators.
 The company also previously recorded onetime after-tax charges of approximately $71 million, or $0.14 per share, related to the early adoption, effective Jan. 1, 1992, of Financial Accounting Standard No. 109, Accounting for Income Taxes and Financial Accounting Standard No. 106, Employer's Accounting for Postretirement Benefits Other Than Pensions.
 Nine-month 1991 earnings included an approximately $0.03 per share gain in the second quarter relating to the sale by the company's Wheelabrator Technologies Inc. subsidiary of its French abrasives business. Excluding the impact of these unusual items from 1992 and 1991, net income for the nine months rose 10 percent to $622,632,000, or $1.26 per share, versus $565,826,000, or $1.15 per share, in the period in 1991.
 "All of our businesses are continuing to grow despite the poor economy. Our international expansion, in particular, is proceeding at a strong rate," said Dean L. Buntrock, chairman and chief executive officer.
 "The weak economic conditions that have prevailed in North America continued to impact our industrial services areas in the third quarter. This has affected the overall volume of the solid and hazardous wastes we manage and impacted our ability to obtain price increases. As the quarter ended, we saw no signs of economic improvement.
 "Still, we are very optimistic about our company's strength and business prospects. As we look to next year, we plan to continue our disciplined approach to our businesses, managing our costs, improving our productivity and focusing on improved sales and marketing."
 Yesterday, the company's principal publicly traded subsidiaries, Chemical Waste Management, Inc., Wheelabrator Technologies Inc. and Waste Management International plc, reported improved earnings for the third quarter.
 On Sept. 30, the state of Alabama enacted legislation increasing from approximately 400,000 to 600,000 tons per year the amount of hazardous wastes that may be received at Chemical Waste Management's Emelle, Ala., hazardous waste disposal facility. Most waste received at the facility will be taxed at $51 per ton rather than the $113 per ton rate that had been in effect earlier. The law brings Alabama into line with the U.S. Supreme Court decision that barred it from taxing out-of- state waste at a higher rate than hazardous waste generated in the state.
 In the quarter, plans by Wheelabrator Technologies to develop new trash-to-energy facilities in New York City and Mecklenburg County, N.C., were advanced. The New York City Council approved the city's solid waste plan, which incorporates a new 3,000-ton-per-day plant to be built by Wheelabrator. The company was selected to begin negotiations with Mecklenburg County, N.C., to design, construct and operate a 500- ton-per day trash-to-energy facility in Charlotte, N.C. Shortly after the quarter ended, the state of Connecticut issued a final decision approving all permit applications required by Wheelabrator to construct a 500-ton-per-day trash-to-energy facility in Lisbon, Conn.
 Waste Management International continued its expansion in the third quarter, reporting continued internal growth and benefiting from acquisitions in the United Kingdom, France, Sweden, the Netherlands and Finland. From the Swedish government, the company acquired a 90.1 percent stake in Svensk Avfallskonvertering AB (SAKAB), Sweden's largest hazardous waste company. In France, it announced the formation of a partnership with one of that nation's largest construction groups, Societe Auxilaire Enterprise, to develop solid waste collection, treatment and disposal services.
 Waste Management, Inc., based in Oak Brook, is the leading international environmental services company. Operating through subsidiaries and divisions throughout the United States, Canada and 20 countries overseas, it provides comprehensive solid and hazardous waste services, energy recovery and environmental technologies and engineering resources.
 WASTE MANAGEMENT, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 (000's omitted except per share amounts, unaudited)
 Period ended THREE MONTHS
 Sept. 30 1991(A) 1992
 Revenue $1,914,902 $2,262,690
 Operating expenses $1,299,117 $1,549,185
 Selling and administrative expenses 226,791 266,681
 Goodwill amortization 15,105 19,892
 Gains from stock
 transactions of subsidiaries (15,493) --
 Gains from exchange of Exchangeable LYONs (64) --
 Interest expense 43,613 55,110
 Interest income (10,805) (12,780)
 Minority interest and sundry expense, net 12,375 23,261
 Income before income taxes $ 344,263 $ 361,341
 Provision for income taxes 137,073 144,595
 Net income $ 207,190 $ 216,746
 Average common and common
 equivalent shares outstanding 493,574 492,391
 Earnings per common and
 common equivalent share $0.42 $0.44
 (A) Certain items have been restated to conform to 1992 classifications
 WASTE MANAGEMENT, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 (000's omitted except per share amounts, unaudited)
 Period ended Nine Months
 Sept. 30 1991(A) 1992
 Revenue $5,540,539 $6,457,947
 Operating expenses $3,785,591 $4,444,690
 Special charges -- 159,700
 Selling and administrative expenses 674,650 771,241
 Goodwill amortization 47,122 56,703
 Gains from stock
 transactions of subsidiaries (28,598) (263,489)
 Gains from exchange of Exchangeable LYONs (15,443) (191)
 Interest expense 124,945 165,973
 Interest income (44,003) (46,235)
 Minority interest and sundry expense, net 27,615 76,184
 Income before income taxes and
 cumulative effect of accounting changes $ 968,660 $1,093,371
 Provision for income taxes 388,876 355,001
 Income before cumulative effect
 of accounting changes $ 579,784 $ 738,370
 Cumulative Effect of Accounting Changes, Net of
 Minority Interest in Portion Relating to
 Subsidiaries :
 Postretirement benefits, net of tax -- (36,579)
 Income taxes -- (34,560)
 Net income $ 579,784 $ 667,231
 Average common and common
 equivalent shares outstanding 492,610 494,911
 Earnings (loss) Per Common and
 Common Equivalent Share:
 Before cumulative effect of accounting changes$1.18 $1.49
 Cumulative Effect of Accounting Changes :
 Postretirement benefits -- (.07)
 Income taxes -- (.07)
 Net income $1.18 $1.35
 (A) Certain items have been restated to conform to 1992 classifications
 -0- 10/15/92
 /CONTACT: James E. Koenig, 708-572-8822 (analyst), or William J. Plunkett, 708-572-8898 (media), both of Waste Management, Inc./
 (WMX) CO: Waste Management, Inc. ST: Illinois IN: SU: ERN


AH -- NY020 -- 0281 10/15/92 09:49 EDT
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