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WMX TECHNOLOGIES, INC. REPORTS FIRST QUARTER RESULTS

 OAK BROOK, Ill., April 19 /PRNewswire/ -- WMX Technologies, Inc. (NYSE: WMX) today reported its financial results for the first quarter.
 Net income for the three months ended March 31, 1994 was $162,612,000, or $.34 per share, compared with $199,285,000, or $.41 per share, in the same period in 1993. Revenue in the quarter was $2,284,067,000 versus $2,135,341,000 in the year-earlier period.
 "We are encouraged by the improvement we are seeing in our Waste Management solid waste services company, which is the largest of our subsidiaries," said Dean L. Buntrock, chairman and chief executive officer. "The organizational changes we made in Waste Management late in 1993 to focus our managers on improving division-level operations and profitability, managing costs and improving returns are beginning to show results.
 "Severe winter weather impacted the results of Waste Management, Chemical Waste Management, Rust International and Waste Management International. Conditions in the hazardous waste industry remain difficult. However, Chemical Waste Management is on schedule with its restructuring program and continues its efforts to lower costs and improve productivity. Our Rust International, Wheelabrator Technologies and Waste Management International groups continue to meet our expectations.
 "While 1993 was a difficult year for us, we believe we have improved the ability of our business groups to better respond to the changing requirements of their specific markets. We expect to return to positive earnings growth in 1994 and believe our stated target of 5 percent to 10 percent growth in earnings is achievable."
 The company said severe weather conditions in January and February in the Midwest, North and Northeast regions of the country disrupted Waste Management solid waste operations. The company said Waste Management's results in the first quarter appear to be benefiting from the nation's improving economy, noting that volumes in its roll-off and disposal businesses were trending upward during the quarter. In the quarter a year ago, results included the benefits of disposal volumes resulting from Hurricane Andrew in Florida.
 During the quarter, Wheelabrator Technologies completed refinancing of the Westchester County, N.Y., trash-to-energy facility. The Wheelabrator Air Pollution Control unit was awarded the contract to erect three 750-foot chimneys for the Salt River Project in Page, Arizona. The contract has estimated revenue of $40 million. Wheelabrator Clean Water Systems received approval from the Ontario Ministry of Environment and Energy to build, own and operate a 170-ton- per-day composting facility in Trenton, Ontario. In February, Wheelabrator Engineered Systems acquired Memtek Corporation of Billerica, Massachusetts, adding to the company's industrial wastewater treatment capabilities.
 Rust International was awarded contracts for environmental investigation and design services at Brooks Air Force Base in San Antonio, Texas and Robins Air Force Base in Georgia. Rust was also notified of its selection as one of the contractors to bid on numerous remediation opportunities at Tinker Air Force Base near Oklahoma City, Eglin Air Force Base outside Fort Walton Beach, Florida, Kelly Air Force Base near San Antonio, Texas and Hill Air Force Base in Ogden, Utah. Rust continued its expansion overseas in the first quarter, completing the acquisition of Kennedy & Donkin Ltd., a 950-person engineering firm in the United Kingdom. Domestically, it completed the acquisitions of Wahler Associates and Lichliter/Jameson & Associates, expanding its consulting expertise in California and the Southwest.
 During the first quarter, Waste Management International began processing waste at its new hazardous waste treatment facility in Indonesia and expects to open the facility commercially in the next month.
 WMX Technologies, Inc. is the leading international environmental services company. Based in Oak Brook, Illinois, its principal subsidiaries include Waste Management, Inc., Chemical Waste Management, Wheelabrator Technologies, Rust International and Waste Management International.
 WMX TECHNOLOGIES, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 FOR THE THREE MONTHS ENDED MARCH 31
 (Unaudited)
 (000's omitted except per share amounts)
 1993(A) 1994
 REVENUE $2,135,341 $2,284,067
 Operating expenses $1,479,080 $1,596,911
 Selling and administrative expenses 264,110 286,934
 Goodwill amortization 20,777 27,211
 Interest expense 59,443 84,230
 Interest income (10,758) (10,764)
 Minority interest 29,406 28,780
 Sundry income, net (32,377) (17,410)
 Income before income taxes $ 325,660 $ 288,175
 Provision for income taxes 126,375 125,563
 NET INCOME $ 199,285 $ 162,612
 AVERAGE SHARES AND EQUIVALENT
 SHARES OUTSTANDING 490,194 483,847
 EARNINGS PER COMMON AND COMMON
 EQUIVALENT SHARE $0.41 $0.34
 (A) -- Certain amounts have been restated to conform to 1994 classifications.
 -0- 4/19/94
 /CONTACT: William J. Plunkett, 708-572-8898, or (analysts) James E. Koenig, 708-572-8822, both of WMX Technologies/
 (WMX)


CO: WMX Technologies, Inc. ST: Illinois IN: ENV SU: ERN

CK -- NY135 -- 7232 04/19/94 18:55 EDT
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Publication:PR Newswire
Date:Apr 19, 1994
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