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Waste Management,Mc.
<br /> crs; h ��; yJr,. 3003 Butterfield Road
<br /> 1/4es ,'- - , �� , 3 B l 1 Oak Brook Illinois 60521
<br />�:',2 7.2, � "� 5�` s`t ,m . ,. . ,. 40, v, (708) 572-8800
<br /> for further information, contact:
<br /> Analyst Contact: Media Contact:
<br /> James E. Koenig William J. Plunkett
<br /> (708) 572-8822 (708) 572-8898
<br /> WASTE MANAGEMENT, INC. REPORTS REVENUE
<br /> AND NET INCOME FOR FOURTH QUARTER AND YEAR
<br /> Oak Brook, Illinois, February 4, 1993 -- Waste Management, Inc. today reported
<br /> results for the fourth quarter and full year 1992.
<br /> For the quarter ended December 31, 1992, net income was $182,805,000, or $.37 per
<br /> share, versus $26,539,000, or $.05 per share, in the period a year earlier. Revenue in the
<br /> quarter was up 10 percent to $2,203,080,000 from $2,010,375,000 in the same period in
<br /> 1991.
<br /> Fourth quarter 1992 net income after tax and minority interest was reduced by
<br /> $23,392,000, or approximately $.05 per share, as a result of charges by the Company's
<br /> Chemical Waste Management, Inc. and The Brand Companies, Inc. subsidiaries reflecting a
<br /> writedown of Brand's investment in its asbestos abatement business and the restructuring of
<br /> operations in connection with the formation of Rust International Inc.
<br /> In the fourth quarter of 1991, the Company recorded a special after-tax charge of
<br /> $181,000,000, or approximately $.37 per share, primarily related to the Company's revised
<br /> estimates of future liabilities associated with the Comprehensive Environmental Response,
<br /> Liability and Compensation Act (CERCLA) relating to disposal facilities which its
<br /> subsidiaries or their predecessors had previously used or operated. None of the locations at
<br /> which the liabilities existed involved facilities sited and designed by the Company.
<br /> Excluding the impact of these items in 1992 and 1991, net income for the quarter was
<br /> $206,197,000, or $.42 per share, versus $207,539,000, or $.42 per share, in the fourth
<br /> quarter of 1991.
<br /> For the full year ended December 31, 1992, net income was $850,036,000, or $1.72
<br /> per share, versus $606,323,000, or $1.23 per share, in 1991. Revenue in 1992 increased 15
<br /> percent to $8,661,027,000 from $7,550,914,000 in 1991.
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