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WESTERN WASTE REPORTS FISCAL 1993 RESULTS; ENGAGES SALOMON BROTHERS INC. AS FINANCIAL ADVISOR

 LOS ANGELES, Oct. 14 /PRNewswire/ -- Western Waste Industries (NYSE: WW) today reported results for its fourth quarter and fiscal year ended June 30, 1993. Western also announced that following the discontinuance of its discussions with Browning-Ferris Industries, it has engaged Salomon Brothers Inc. to assist the company with corporate development and strategic planning issues.
 For the fiscal year ended June 30, 1993, the company incurred a net loss of $10.1 million, or $.73 per share, compared with net income of $2.4 million, or $.17 per share in the prior fiscal year. Revenue increased 5 percent to $231.2 million from $219.4 million in fiscal 1992.
 The net loss in fiscal 1993 reflected pretax charges of $11.0 million for the fourth quarter, including $6.0 million for reserves pertaining to anticipated losses over the life of a waste collection contract, $4.0 million related to increased self-insured loss reserves which result from the trend of increasing development of known claims along with the pattern shown by payments made in settlement of self-insured losses and $1.0 million for other reserves, in addition to the previously reported charges of $18.2 million related to landfills, real estate and other reserves, net of a gain on a sale of assets. In the prior year, the company had pretax charges of $12.2 million related to closure of a division and other factors.
 Net income for the full year 1993 exclusive of these charges, would have been $8.9 million or $.64 per share. In the prior year, net income exclusive of charges would have been $9.8 million, or $.70 per share.
 For the fourth quarter ended June 30, 1993, the net loss was $4.9 million, or $.35 per share, vs. net income of $2.2 million, or $.16 per share, in the prior year period. Exclusive of the pretax charges of $11.0 million in the 1993 quarter, the company would have posted net income of $2.2 million, or $.16 per share. Revenue for the quarter was $58.7 million compared with $57.8 million a year earlier.
 Western Waste Industries is an integrated solid waste service company, providing collection, recycling, composting and disposal for commercial, industrial and residential customers. The company has operations in California, Texas, Florida, Arkansas, Louisiana and Colorado.
 WESTERN WASTE INDUSTRIES
 Consolidated Statement of Operations
 (In thousands, except share data)
 (Unaudited) (Audited)
 Three months 12 months
 Ended June 30, Ended June 30,
 1993 1992 1993 1992
 Revenue $58,720 $57,769 $231,205 $219,376
 Costs & expenses:
 Operating 54,969 44,535 187,648 165,232
 Selling, general and
 administrative 10,570 8,785 37,076 35,061
 Special charges 0 0 21,043 0
 Total costs and
 expenses 65,539 53,320 245,767 200,293
 Income (loss) from
 operations (6,819) 4,449 (14,562) 19,083
 Non-operating income
 (expense):
 Interest expense (907) (939) (3,480) (3,917)
 Other 195 419 3,576 (6,856)
 Disposal of division 0 0 0 (4,050)
 Total (712) (520) 96 (14,823)
 Income (loss)
 before income
 taxes (7,531) 3,929 (14,466) 4,260
 Income taxes (benefit) (2,640) 1,761 (4,350) 1,890
 Net income (loss) ($4,891) $2,168 ($10,116) $2,370
 Earnings (loss) per
 common share:
 Primary and
 fully diluted ($.35) $.16 ($.73) $.17
 Average number of
 shares outstanding 13,859 13,965 13,818 14,031
 -0- 10/14/93
 /CONTACT: Richard F. Widrig of Western Waste Industries, 310-222-8723; or Craig A. Parsons of Pondel Parsons & Wilkinson, 310-207-9300/
 (WW)


CO: Western Waste Industries ST: California IN: ENV SU: ERN

MF-JB -- LA014 -- 2045 10/14/93 09:09 EDT
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Publication:PR Newswire
Date:Oct 14, 1993
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