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WHEELABRATOR TECHNOLOGIES ANNOUNCES GAIN OF 50 CENTS PER SHARE FROM WASTE MANAGEMENT INTERNATIONAL OFFERING; ADOPTS NEW ACCOUNTING STANDARDS

WHEELABRATOR TECHNOLOGIES ANNOUNCES GAIN OF 50 CENTS PER SHARE FROM WASTE MANAGEMENT INTERNATIONAL OFFERING; ADOPTS NEW ACCOUNTING STANDARDS
 OAK BROOK, Ill., June 29 /PRNewswire/ -- Wheelabrator Technologies Inc. (NYSE: WTI) said today that it would record a gain in the second quarter related to the initial public offering of shares by Waste Management International plc. (NYSE: WME).
 Although the company typically does not comment on analysts' estimates, it expects its earnings for the second quarter ending June 30, 1992, excluding the gain from the international offering, to be in line with analysts' expectations.
 During the second quarter of 1992, Waste Management International sold previously unissued ordinary shares in its initial public offering. Waste Management International owns substantially all of the waste services operations outside of North America previously owned by Waste Management, Inc., and is currently owned 56 percent by Waste Management, 12 percent by each of Wheelabrator Technologies and Chemical Waste Management, which are majority-owned subsidiaries of Waste Management, Inc., and 20 percent by public stockholders. The nontaxable gain realized by the company as a result of the offering amounted to approximately $47 million, or $.50 per share.
 At the same time, the company announced it would record one-time charges related to its early adoption, effective Jan. 1, 1992, of two new accounting standards: Financial Accounting Statement No. 109, Accounting for Income Taxes, and Financial Accounting Statement No. 106, Employer's Accounting for Postretirement Benefits Other Than Pensions.
 The adoption of FAS No. 109, which will result in a one-time cumulative charge of approximately $13 million, or $0.14 per share, requires a change in the method of accounting for income taxes to an asset and liability approach.
 Adopting FAS No. 106 will result in a one-time cumulative after-tax charge of approximately $29 million, or $0.31 per share. This standard requires accounting for certain postretirement benefits other than pensions on an accrual basis. Previously, such expenses were accounted for on a cash basis.
 In accordance with generally accepted accounting principles, these charges will not impact second quarter results but will be reflected in the earnings for the six-month period ending June 30, 1992. The adoption of the two new accounting standards is not expected to have a material adverse impact on future results of operations.
 Wheelabrator Technologies is a multifaceted environmental services company. It is the nation's leading developer and operator of trash-to- energy and cogeneration facilities, a leader in environmental engineering and in supplying air pollution control systems for industrial and utility applications. It provides composting systems and a range of water and wastewater treatment services including sludge management.
 -0- 6/29/92
 /CONTACT: James E. Koenig-analyst, 708-572-8822, or William J. Plunkett-media, 708-572-8898, both for Wheelabrator/
 (WTI WME) CO: Wheelabrator Technologies Inc.; Waste Management International plc. ST: Illinois IN: SU: OFR


TQ -- NY017 -- 4611 06/29/92 10:17 EDT
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Date:Jun 29, 1992
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