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WASTE MANAGEMENT INTERNATIONAL ANNOUNCES FIRST QUARTER PROFITS

 WASTE MANAGEMENT INTERNATIONAL ANNOUNCES FIRST QUARTER PROFITS
 -- Turnover up by 34 percent to 186 million pounds
 -- Pre-tax profits (before minority interests) of 27 million pounds,
 an increase of 52 percent
 -- Net profits increase 44 percent to 15 million pounds
 -- Earnings per share of 5.1 pence, up 42 percent
 LONDON, April 15 /PRNewswire/ -- Waste Management International plc, (NYSE: WMX) which raised 405 million pounds sterling during its recent flotation, today announced pre-tax profits (before minority interests) of 27 million pounds for the first quarter to March 31, 1992, compared with 17.9 million pounds for the comparable 1991 period.
 The company, a leading international provider of waste management services, announced turnover for the 1992 period of 186 million pounds, compared with 139 million pounds for first quarter 1991. Net profits for the quarter were 15.4 million pounds, up from 10.7 million pounds in the first quarter 1991. The earnings per share for the quarter were 5.1 pence, up from 3.6 pence per share in the 1991 period.
 WASTE MANAGEMENT INTERNATIONAL PLC
 Consolidated Statements of Income
 (Unaudited, in millions of pounds)
 For the three months ended March 31: 1992 1991
 Revenue 186,179 139,344
 Costs and expenses
 Operating 132,342 102,651
 Selling and administrative 27,913 17,957
 Income from operations 25,924 18,736
 Other expenses
 Interest income 2,931 5,509
 Interest expense (5,817) (4,856)
 Other income, net 4,261 (1,448)
 Income before income taxes
 and minority interest 27,299 17,941
 Provision for income taxes 8,903 6,527
 Net income before minority interest 18,396 11,414
 Minority interest 3,020 725
 Net income 15,376 10,689
 Earnings per ordinary share (A) 5.1p 3.6p
 (A) -- Earnings per ordinary share for 1991 have been computed on the basis of 300 million ordinary shares outstanding after the reorganization of the company in March 1992, and does not include 75 million ordinary shares issued in April 1992 in the company's initial public offering.
 (B) -- Net income and earnings per ordinary share determined in accordance with United States generally accepted accounting principles (US GAAP) are shown in the following table:
 1992 1991
 (In millions of pounds)
 Net income as shown above 15,376 10,689
 Amortization of goodwill (3,414) (2,307)
 As adjusted to conform
 to US GAAP 11,962 8,382
 Net income per Ordinary
 Share in conformity with
 US GAAP 4.0 pence 2.8 pence
 Net income per ADS (translated at the average rate of exchange between the pound sterling and the dollar for the quarter -- $1.7850 equal 1.00 pound in 1992 and $1.8853 equal 1.00 pound in 1991) was $0.14 in 1992 and $0.10 in 1991.
 -0- 4/15/92
 /CONTACT: Gillian Pattison, in London: 71-499-8684, or Bill Plunkett, 708-572-8898, or (investors) James Koenig, 708-572-8822, or Larry Glascott, in London: 71-499-2538, all of Waste Management/
 (WMX) CO: Waste Management International plc; Waste Management Inc. ST: Illinois IN: SU: ERN


TS -- NY071 -- 8720 04/15/92 12:52 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
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