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WASTE MANAGEMENT, INC. REPORTS FIRST QUARTER REVENUES AND EARNINGS

 OAK BROOK, Ill., April 20 /PRNewswire/ -- Waste Management Inc. (NYSE: WMX) today reported increased net income and revenue for the first quarter of 1993.
 Net income for the three months ended March 31, 1993 increased to $199,285,000, or $.41 per share, from $192,094,000, or $.39 per share, before cumulative effect of accounting changes in the same quarter a year earlier. Revenue in the quarter rose to $2,135,341,000 from $2,020,078,000 a year earlier.
 The company's 1992 first quarter earnings were impacted by one-time after-tax charges of approximately $71 million, or $.14 per share, which are not reflected in the above results. These charges are 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.
 "Waste Management continues to grow in North America and internationally," said Dean L. Buntrock, chairman and chief executive officer. "Although the American economy's recovery continues to be slow, we have begun to see some hopeful signs of improvement in certain areas of our environmental services business. We have continued to manage our costs well and are optimistic that our investments in our facilities and North American solid waste sales and marketing effort will lead to expanded market share. Most importantly, an improved economy should benefit our overall environmental business.
 "Our facilities and resources worldwide and the range of the integrated environmental services available from our affiliated companies position us to play a prominent role in our growing, global marketplace."
 Waste Management's publicly traded subsidiaries earlier this week reported their earnings and details of progress in their operations. These include Chemical Waste Management, Inc.; Wheelabrator Technologies Inc.; and Waste Management International plc.
 Waste Management's newest operating group, Rust International Inc., also reported first quarter earnings this week. Rust International is expected to become a publicly traded company on May 7, 1993, which is the expected closing date of its proposed merger with The Brand Companies Inc., an industrial services company that was previously majority owned by Chemical Waste Management.
 Rust International began operations on Jan. 1, 1993. The new company, formed to pursue the environmental engineering and consulting, infrastructure design, construction, remedial and industrial services markets, was created by combining certain businesses of Chemical Waste Management, Wheelabrator Technologies and The Brand Companies.
 Waste Management, Inc., based in Oak Brook, Ill., is the leading international environmental services company. Operating through subsidiaries and affiliates throughout the United States, Canada and 15 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
 For The Three Months Ended March 31
 (Unaudited, 000's omitted except per share amounts)
 1992 1993
 Revenue $2,020,078 $2,135,341
 Operating expenses $1,408,350 1,479,080
 Selling and administrative expenses 241,880 264,110
 Goodwill amortization 17,454 20,777
 Gains from stock transactions of subsidiaries (23,489) --
 Gains from exchange of Exchangeable LYONs (167) (22)
 Interest expense 57,289 59,443
 Interest income (16,841) (10,758)
 Minority interest and sundry expense
 (income), net 13,366 (2,949)
 Income before income taxes and
 cumulative effect of accounting changes $ 322,236 $ 325,660
 Provision for income taxes 130,142 126,375
 Income before cumulative effect
 of accounting changes $ 192,094 $ 199,285
 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 $ 120,955 $ 199,285
 Average shares and equivalent
 shares outstanding 496,440 490,194
 Earnings (loss) per common and common
 equivalent share
 Before cumulative effect of accounting changes $0.39 $0.41
 Cumulative effect of accounting changes --
 Postretirement benefits (0.07) --
 Income taxes (0.07) --
 Net income $0.25 $0.41
 -0- 4/20/93
 /CONTACT: James E. Koenig, analyst 708-572-8822, or William J. Plunkett, media 708-572-8898, both for Waste Management Inc./
 (WMX)


CO: Waste Management Inc. ST: Illinois IN: ENV SU: ERN

LD -- NY116 -- 8366 04/20/93 18:55 EDT
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Date:Apr 20, 1993
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