Allied Reports Fall in Earnings, Completes Financing Plan

Scottsdale, Ariz. -- Allied Waste Industries Inc. has reported revenues for the first quarter ended March 31, 2003, were $1.309 billion, compared to $1.316 billion for the first quarter 2002. Operating income was $250 million, compared to $284 million in the same period one year ago. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $382 million. Separately, Allied Waste announced the completion and funding of its new credit facility, which includes a $1.5 billion revolver and a $1.2 billion term loan. The refinancing of the existing credit facility was the final piece of the multifaceted financing plan announced in March.