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WASTE MANAGEMENT, INC. REPORTS REVENUE AND NET INCOME FOR FOURTH QUARTER AND YEAR

 OAK BROOK, Ill., Feb. 4 /PRNewswire/ -- Waste Management, Inc. (NYSE: WMX) today reported results for the fourth quarter and full year 1992.
 For the quarter ended Dec. 31, 1992, net income was $182,805,000, or $.37 per share, versus $26,539,000, or $.05 per share, in the period a year earlier. Revenue in the quarter was up 10 percent to $2,203,080,000 from $2,010,375,000 in the same period in 1991.
 Fourth quarter 1992 net income after tax and minority interest was reduced by $23,392,000, or approximately $.05 per share, as a result of charges by the company's Chemical Waste Management, Inc. and The Brand Companies, Inc. subsidiaries reflecting a writedown of Brand's investment in its asbestos abatement business and the restructuring of operations in connection with the formation of Rust International Inc.
 In the fourth quarter of 1991, the company recorded a special after- tax charge of $181,000,000, or approximately $.37 per share, primarily related to the company's revised estimates of future liabilities associated with the Comprehensive Environmental Response, Liability and Compensation Act (CERCLA) relating to disposal facilities which its subsidiaries or their predecessors had previously used or operated. None of the locations at which the liabilities existed involved facilities sited and designed by the company. Excluding the impact of these items in 1992 and 1991, net income for the quarter was $206,197,000, or $.42 per share, versus $207,539,000, or $.42 per share, in the fourth quarter of 1991.
 For the full year ended Dec. 31, 1992, net income was $850,036,000, or $1.72 per share, versus $606,323,000, or $1.23 per share, in 1991. Revenue in 1992 increased 15 percent to $8,661,027,000 from $7,550,914,000 in 1991.
 Earnings for the full year were increased by $.18 per share due to the net 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 in addition to the fourth quarter charges discussed above.
 The company also previously recorded onetime after-tax charges of approximately $71 million, or $.14 per share, related to the early adoption, effective January 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.
 Full-year earnings for 1991 included an approximately $.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 these unusual items of income and expense from 1992 and 1991 results, net income for the year was $828,829,000, or $1.68 per share, versus $773,365,000, or $1.57 per share, in 1991.
 "Our environmental services businesses continued to grow in 1992 despite the effects of the lingering weak economy in North America," said Dean L. Buntrock, chairman and chief executive officer. "As 1993 begins, we are starting to see some signs of improvement in the economy.
 "During the past year, we made important organizational changes in our solid and hazardous waste companies, continued our international expansion and created a new group to pursue the environmental engineering, construction and infrastructure services markets. We believe these changes and continued attention to managing costs and improving productivity will help us achieve continued growth in 1993. Should the economy improve, we would expect it to benefit all of our environmental services businesses."
 In the quarter, Waste Management announced the formation of Rust International Inc., a company which will pursue the environmental, infrastructure, construction and industrial services markets. Rust, which began operations Jan. 1, 1993, was created by combining certain businesses of Wheelabrator Technologies Inc. and Chemical Waste Management, Inc. and the businesses of The Brand Companies, Inc., all Waste Management subsidiaries.
 These businesses included Wheelabrator's Rust International industrial design, engineering, construction and project management business and its SEC Donohue environmental engineering and consulting business. Chemical Waste Management contributed its Remedial Services Group, its majority interest in The Brand Companies, an industrial services company, and its 12 percent ownership in Waste Management International plc.
 The transaction calls for Brand to be merged into a wholly owned subsidiary of Rust. In the merger, Brand stockholders will have the option to receive shares in Rust on a one-for-one basis for each Brand share or $18.75 per share in cash.
 Also in the quarter, Wheelabrator Technologies completed the acquisition of four environmental businesses from JWP Inc. The businesses are two air pollution control subsidiaries, JWP Air Technologies and JWP Amcec Corp., and two sludge pelletization projects under development in New York City and Baltimore. Wheelabrator also began construction in the quarter on a $92-million cogeneration facility in Polk County, Florida designed to convert 350,000 tons of waste wood and 25,000 tons of tires each year into electrical energy.
 The Wheelabrator board of directors elected John M. Kehoe Jr. president and chief operating officer of the company. Kehoe, who has served as president of Wheelabrator Environmental Systems Inc. and has more than 18 years of experience with the company, succeeds Rodney Gilbert who became president and chief operating officer of Rust International.
 In the quarter, Waste Management International announced plans to acquire 75 percent of Environnement Service SA, a firm engaged in solid waste collection and disposal and industrial cleaning throughout the greater Paris area. Shortly after the end of the year, Waste Management International also announced that its Wessex Waste Management Ltd. joint venture with Wessex Water plc had acquired Waste Management Ltd., which was the solid waste services business of NFC plc and was previously unrelated to Waste Management, Inc. or Waste Management International plc. Waste Management Ltd. is a major solid waste services provider in Britain. Waste Management International also announced that it will acquire an additional shareholding of approximately five percent of the ordinary share capital of Wesssex Water for approximately $97 million bringing Waste Management's total equity interest to approximately 20 percent.
 On Jan. 18, 1992, Waste Management's board of directors approved a proposal to change the company's name to WMX Technologies, Inc., reflecting the significant expansion of services available to its customers that go beyond its original waste services focus. At the same time, the company said it intends to retain the name Waste Management, Inc. for use by its North American solid waste operations. The proposal is subject to stockholder approval at the company's May 14, 1993, annual meeting.
 Waste Management, Inc., based in Oak Brook, is the leading international environmental services company. Operating through subsidiaries and affiliates 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)
 Three months ended Dec. 31 1992 1991(a)
 Revenue $2,203,080 $2,010,375
 Operating expenses $1,503,822 $1,379,728
 Special charges 56,450 296,000
 Selling and administrative expenses 277,806 236,285
 Goodwill amortization 20,441 14,560
 Gains from stock transactions of subsidiaries -- (9,448)
 Gains from exchange of Exchangeable LYONs -- (27)
 Interest expense 57,079 43,613
 Interest income (11,458) (11,797)
 Minority interest and sundry
 (income) expense, net (6,101) 2,222
 Income before income taxes $ 305,041 $ 59,239
 Provision for income taxes 122,236 32,700
 Net income $ 182,805 $ 26,539
 Average common and common
 equivalent shares outstanding 490,525 494,775
 Earnings per common and
 common equivalent share $0.37 $0.05
 (A) -- Certain items have been restated to conform to 1992 classifications.
 WASTE MANAGEMENT, INC. AND SUBSIDIARIES
 Consolidated 1992
 1991(A)
 Revenue $8,661,027 $7,550,914
 Operating expenses $5,945,762 $5,165,319
 Special charges 219,900 296,000
 Selling and administrative expenses 1,048,047 910,935
 Goodwill amortization 77,144 61,682
 Gains from stock transactions of subsidiaries(263,489) (38,046)
 Gains from exchange of Exchangeable LYONs (191) (15,470)
 Interest expense 223,052 168,558
 Interest income (57,693) (55,800)
 Minority interest and sundry expense, net 70,083 29,837
 income before income taxes and
 cumulative effect of accounting changes $1,398,412 $1,027,899
 Provision for income taxes 477,237 421,576
 Income before cumulative effect
 of accounting changes $ 921,175 $ 606,323
 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 $ 850,036 $ 606,323
 Average common and common
 equivalent shares outstanding 493,948 493,167
 Earnings (loss) per common and
 common equivalent share
 Before cumulative effect of accounting changes $1.86 $1.23
 -0- 2/4/93
 /CONTACT: William J. Plunkett, 708-572-8898, or (investors) James E. Koenig, 708-572-8822, both of Waste Management Inc.
 (WMX)


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

TS -- NY024 -- 2822 02/04/93 09:30 EST
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