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WHEELABRATOR TECHNOLOGIES REPORTS RECORD NET INCOME FOR SECOND QUARTER

WHEELABRATOR TECHNOLOGIES REPORTS RECORD NET INCOME FOR SECOND QUARTER
 OAK BROOK, Ill., July 15 /PRNewswire/ -- Wheelabrator Technologies Inc. (NYSE: WTI) today reported record net income for the three months ended June 30, 1992.
 Net income increased to $79 million, compared with net income of $48 million in the second quarter a year earlier. Earnings of $0.84 per share compared with $0.58 per share reported in last year's second quarter. Earnings for the 1992 period included a $47 million nontaxable gain related to the initial public offering of Waste Management International plc. Earnings for the second quarter of 1991 included a $40 million pretax ($25 million after tax) gain on the sale of Wheelabrator's interest in a foreign manufacturing operation. Excluding these gains, net income for the second quarter of 1992 was $32 million, or $0.34 per share, compared with $23 million, or $0.28 per share for the same period in 1991.
 For the six months ended June 30, 1992, net income was $64 million, or $0.68 per share, compared with $68 million, or $0.82 per share, in the year-earlier period. Excluding the effects of previously announced one-time charges related to the early adoption of two new accounting standards in 1992 ($42 million after tax), the Waste Management International gain and the 1991 gain on the sale of the interest in a foreign manufacturing operation, net income for the six month period was $59 million, or $0.63 per share, compared with $43 million, or $0.52 per share in 1991. Revenue for the six-month period was $681 million, an increase of 23 percent compared to the first half of 1991.
 As previously announced, Wheelabrator Technologies recorded a gain in the second quarter related to the initial public offering of shares by Waste Management International. The nontaxable gain realized by Wheelabrator as a result of the offering amounted to approximately $47 million, or $0.50 per share.
 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 each by Wheelabrator Technologies and Chemical Waste Management and 20 percent by public stockholders.
 Wheelabrator also announced earlier that 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 resulted 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 resulted 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 do not impact second quarter results but are reflected in the earnings for the six-month period ending June 30, 1992. The proforma effect of the accounting changes on previously reported 1991 and first quarter 1992 earnings was not significant.
 During the quarter, Wheelabrator completed the previously announced acquisition of ARI Technologies Inc. In addition, Wheelabrator continues to grow its environmental engineering business, both domestically and in Europe.
 Also during the quarter, a subsidiary of Wheelabrator Technologies received final permits from the Pennsylvania Department of Environmental Resources allowing Wheelabrator to commence construction of a 1,600-ton-per-day trash-to-energy facility in Falls Township, Pa. In March, the company was awarded a contract by the city of Philadelphia to dispose of 1,000 tons per day of that city's waste at the Falls trash-to-energy plant. Construction will begin this summer with commercial operations expected to commence in 1994.
 Wheelabrator Technologies Inc. is a multifaceted environmental services company. It is the nation's leading developer and operator of trash-to-energy and cogeneration facilities, offers premier environmental engineering and supplies air pollution control systems for industrial and utility applications. It also provides composting and a range of water and wastewater treatment services including sludge management.
 WHEELABRATOR TECHNOLOGIES INC. INCOME STATEMENTS
 (in millions, except per share amounts; unaudited)
 Three Months Ended June 30, 1992 1991
 Revenues $359.3 $290.5
 Gain related to foreign equity investments 47.0 40.1
 Other income, net 14.8 10.9
 421.1 341.5
 Cost of sales 264.3 229.9
 Selling, general and administrative expenses 38.7 26.5
 Interest expense 19.3 11.8
 Total costs and expenses 322.3 268.2
 Income before income taxes 98.8 73.3
 Income tax provision 19.6 25.0
 Net income 79.2 48.3
 Earnings per common share 0.84 0.58
 Weighted average common shares outstanding 94.3 83.1
 WHEELABRATOR TECHNOLOGIES INC. INCOME STATEMENTS
 (in millions, except per share amounts; unaudited)
 Six Months Ended June 30, 1992 1991
 Revenues $680.6 $552.6
 Gain related to foreign equity investments 47.0 40.1
 Other income, net 31.8 24.7
 759.4 617.4
 Cost of sales 511.1 437.6
 Selling, general and administrative expenses 72.9 51.2
 Interest expense 35.1 22.7
 Total costs and expenses 619.1 511.5
 Income before income taxes and
 cumulative effect of accounting changes 140.3 105.9
 Income tax provision 34.5 38.0
 Income before cumulative effect
 of accounting changes 105.8 67.9
 Cumulative effect of change in method of
 accounting for postretirement benefits,
 net of tax effect of $15.8 (29.0) --
 Cumulative effect of change in method of
 accounting for income taxes (13.2) --
 Net income 63.6 67.9
 EARNINGS PER COMMON SHARE:
 Before cumulative effect of
 accounting changes $ 1.13 $ 0.82
 Cumulative effect of change in method of
 accounting for postretirement benefits (.31) --
 Cumulative effect of change in method of
 accounting for income taxes (.14) --
 Net income $ 0.68 $ 0.82
 Weighted average common shares outstanding 94.0 83.0
 -0- 7/15/92
 /CONTACT: William J. Plunkett, 708-572-8898, or for analysts, James E. Koenig, 708-572-8822, both for Wheelabrator Technologies/
 (WTI) CO: Wheelabrator Technologies Inc. ST: Illinois IN: SU: ERN


MA -- NY020 -- 9456 07/15/92 10:34 EDT
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Date:Jul 15, 1992
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