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WASTE MANAGEMENT, INC. AND SUBSIDIARIES <br /> CONSOLIDATED STATEMENTS OF INCOME <br /> FOR THE TWELVE MONTHS ENDED DECEMBER 31 <br /> (000's omitted except per share amounts) <br /> 1992 1991 * <br /> REVENUE $8,661,027 $7,550,914 <br /> Operating expenses $5,945,762 $5,165,319 <br /> Special charges 219,900 296,000 <br /> Selling and administrative expenses 1,048,047 910,935 <br /> Goodwill amortization 77,144 61,682 <br /> Gains from stock transactions of subsidiaries (263,489) (38,046) <br /> Gains from exchange of Exchangeable LYONs (191) (15,470) <br /> Interest expense 223,052 168,558 <br /> Interest income (57,693) (55,800) <br /> Minority interest and sundry expense, net 70,083 29.837 <br /> Income before income taxes and <br /> cumulative effect of accounting changes $1,398,412 $1,027,899 <br /> Provision for income taxes 477,237 421,576 <br /> Income before cumulative effect <br /> of accounting changes $ 921,175 $ 606,323 <br /> Cumulative effect of accounting changes, net of <br /> minority interest in portion relating to <br /> subsidiaries -- <br /> Postretirement benefits, net of tax (36,579) -- <br /> Income taxes (34.560) <br /> NET INCOME $ 850,036 $ 606,323 <br /> AVERAGE COMMON AND COMMON <br /> EQUIVALENT SHARES OUTSTANDING 493,948 493,167 <br /> EARNINGS (LOSS) PER COMMON AND <br /> COMMON EQUIVALENT SHARE <br /> Before cumulative effect of accounting changes $1.86 $1.23 <br /> Cumulative effect of accounting changes -- <br /> Postretirement benefits (.07) -- <br /> Income taxes (.07) -- <br /> Net income $1.72 1.23 <br /> * Certain items have been restated to conform to 1992 classifications. <br /> Wilt <br />