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WMX TECHNOLOGIES, INC. REPORTS THIRD QUARTER RESULTS

 OAK BROOK, Ill., Oct. 20 /PRNewswire/ -- WMX Technologies, Inc. reported financial results for the third quarter.
 Revenue in the quarter ended Sept. 30, 1993, was $2,322,745,000 versus $2,262,690,000 in the quarter a year earlier.
 As previously announced, the company's Chemical Waste Management, Inc. subsidiary recorded a special asset revaluation and restructuring charge of $363 million (after-tax) in the third quarter related primarily to a revaluation of its thermal treatment businesses, including incinerators and fuels-blending operations. The charge reduced WMX Technologies' net income in the quarter by approximately $285 million, or $.59 per share.
 Third quarter results also include increases in the tax provision of approximately $24 million, or $.05 per share, for the impact of the Omnibus Budget Reconciliation Act of 1993 on deferred tax and on the current year provision to apply the new law retroactively to January 1, and approximately $5 million, or $.01 per share, to apply the higher tax rate to third quarter earnings.
 As a result of the above items, WMX Technologies reported a net loss for the third quarter of $127,156,000, or $.26 per share. Excluding these items, the company's net income for the period would have been $186,244,000, or $.39 per share, versus $216,746,000, or $.44 per share, in the quarter a year earlier.
 For the nine months ended Sept. 30, 1993, revenue was $6,748,668,000 compared with $6,457,947,000 in the period a year earlier. Net income for the nine months ended Sept. 30, 1993, was $289,853,000, or $.60 per share, compared with $667,231,000, or $1.35 per share, a year earlier.
 Earnings for the first nine months of 1992 were increased by $.23 per share due to the combined effect of a nontaxable gain from the April 1992 initial public offering of shares by the company's Waste Management International plc subsidiary and special charges primarily relating to the revaluation of the company's medical waste business and to two of its Chemical Waste Management hazardous waste incinerators recorded in the second quarter. The company also recorded onetime after-tax charges of approximately $71 million, or $.14 per share, related to the early adoption, effective Jan. 1, 1992, of Financial Accounting Standard No. 109, Accounting for Income Taxes and Financial Accounting Standard No. 106, Employer's Accounting for Postretirement Benefits Other Than Pensions.
 Results for the first nine months of 1993 included a gain of approximately $.02 per share relating to the issuance of shares by the Company's Rust International Inc. subsidiary in the year's second quarter.
 Excluding special items and the effect of accounting changes, earnings per share for the nine months ended September 30 would have been $1.23 compared with $1.26 per share in the period in 1992.
 "Our overall growth is continuing," said Dean L. Buntrock, chairman and chief executive officer. "On a year-over-year basis, the recent quarter saw improvement in our North American solid waste operations. Our Wheelabrator Technologies and Rust International units performed well and Waste Management International reported record earnings.
 "Chemical Waste Management undertook the steps we believe are necessary to respond to changes in the hazardous waste industry and to return it to profitability."
 WMX Technologies' publicly traded subsidiaries reported earnings earlier this week. These subsidiaries include Chemical Waste Management, Inc.; Wheelabrator Technologies Inc.; Rust International Inc. and Waste Management International plc.
 Buntrock said the company was establishing a Waste Management, Inc. corporate headquarters group to streamline the administration of its solid waste companies, enabling its senior operations management to devote more resources to expanding these businesses. No additional personnel will be needed to staff that organization, he noted. He said Phillip B. Rooney, president and chief operating officer of WMX Technologies, Inc., will serve as Chairman of the unit. Rooney will provide increased focus on the growth and profitability of the unit with a particular emphasis on cost control and increasing return on invested capital. Joseph Holsten, vice president and chief financial officer of Rust International, will leave Rust to become vice president and chief financial officer of the organization.
 During the quarter, Wheelabrator Technologies completed financing for the construction of a new 500-ton-per-day trash-to-energy plant in Lisbon, Conn., which is expected to begin operations in 1995. The subsidiary signed a letter of intent with Westchester County, N.Y., to retrofit the company-operated trash-to-energy facility there with acid gas scrubbers and refinance the facility to take advantage of low interest rates. In addition, Wheelabrator Technologies formed a joint venture with Babcock and Wilcox Inc. to develop international independent power projects. The quarter saw Wheelabrator Technologies acquire HPD Inc., which specializes in the design and installation of industrial wastewater treatment systems.
 Rust International Inc. was awarded two total environmental restoration contracts by the Omaha District, Corps of Engineers in the quarter. The contracts, running for four years with two three-year options, have an estimated contract revenue of $350 million. The subsidiary also was awarded a $46-million contract by the Omaha District, Army Corps of Engineers, to remediate and restore the Drake Chemical Superfund site in Lock Haven, Pa. Rust continued to expand its engineering resources abroad, completing acquisitions of firms in Sweden, Hong Kong, England, Germany and Australia.
 During the third quarter, Waste Management International announced that a subsidiary was awarded a 13-year contract by the Hong Kong government to develop a solid waste landfill. Construction of the facility has begun and operations are expected to start in late 1994. In West Java, Indonesia, another subsidiary began construction of that nation's first hazardous waste treatment facility. Operations are expected to begin in early 1994. In Spain, the city of Murcia awarded the company a 10-year solid waste collection and street cleaning contract. The company also opened a solid waste landfill in New Zealand.
 WMX Technologies, Inc., formerly named Waste Management, Inc., is the leading international environmental services company. Based in Oak Brook, its operations include the Waste Management, Inc. East, South, Midwest and West groups, 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 Sept. 30
 (Unaudited)
 (000's omitted except per share amounts)
 1992 (A) 1993
 REVENUE $2,262,690 $2,322,745
 Operating expenses $1,546,435 $1,610,071
 Special charges 3,750 550,000
 Selling and administrative expenses 265,681 286,589
 Goodwill amortization 19,892 23,593
 Interest expense 55,110 81,248
 Interest income (12,780) (9,555)
 Minority interest 41,619 (46,550)
 Sundry income, net (18,358) (16,510)
 Income (loss) before income taxes $ 361,341 $ (156,141)
 Provision (benefit) for income taxes 144,595 (28,985)
 NET INCOME (LOSS) $ 216,746 $ (127,156)
 AVERAGE SHARES AND EQUIVALENT
 SHARES OUTSTANDING 492,391 482,920
 EARNINGS (LOSS) PER COMMON AND COMMON
 EQUIVALENT SHARE $.44 $(.26)
 (A) Certain amounts have been restated to conform to 1993 classifications.
 WMX TECHNOLOGIES, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 For the nine months ended Sept. 30
 (Unaudited)
 (000's omitted except per share amounts)
 1992 (A) 1993
 REVENUE $6,457,947 $6,748,668
 Operating expenses $4,441,940 $4,669,002
 Special charges 163,450 550,000
 Selling and administrative expenses 770,241 829,483
 Goodwill amortization 56,703 67,654
 Gains from stock transactions
 of subsidiaries (263,489) (15,109)
 Interest expense 165,973 216,247
 Interest income (46,235) (31,268)
 Minority interest 131,496 20,381
 Sundry income, net (55,503) (81,403)
 Income before income taxes and cumulative
 effect of accounting changes $1,093,371 $ 523,681
 Provision for income taxes 355,001 233,828
 Income before cumulative effect
 of accounting changes $ 738,370 $ 289,853
 Cumulative effect of accounting changes,
 net of minority interest in portion
 relating to subsidiaries --
 Postretirement benefits, net of tax (36,579) --
 Income taxes (34,560) --
 NET INCOME $ 667,231 $ 289,853
 AVERAGE SHARES AND EQUIVALENT
 SHARES OUTSTANDING 494,911 485,911
 EARNINGS (LOSS) PER COMMON AND
 COMMON EQUIVALENT SHARE
 Before cumulative effect of
 accounting changes $1.49 $.60
 Cumulative effect of accounting changes --
 Postretirement benefits (.07) --
 Income taxes (.07) --
 Net income $1.35 $.60
 (A) Certain amounts have been restated to conform to 1993 classifications.
 -0- 10/20/93
 /CONTACT: William J. Plunkett (media), 708-572-8898, or James e. Koenig, 708-572-8822 (analyst), both of WMX/
 (WMX) CO: WMX Technologies, Inc. ST: Illinois IN: ENV SU: ERN


LG -- NY030 -- 4445 10/20/93 09:51 EDT
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Date:Oct 20, 1993
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