WMI Announces Financial Results and Acquisitions

Lynn Schenkman

Houston -- Waste Management Inc. (WMI) announced financial results for the first quarter ended March 31, 2003. Revenues for the quarter were $2.72 billion as compared to $2.61 billion in the same period one year ago. Net income before cumulative effect of changes in accounting principles for the quarter was $107 million or 18 cents per share. Net income for the quarter after considering the unfavorable cumulative effect of changes in accounting principles of $46 million was $61 million or 10 cents per diluted share. For more details, visit

www.wm.com

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WMI also has announced it will purchase collection, transfer and landfill assets in five states from Scottsdale, Ariz.-based Allied Waste. The operations representing approximately $125 million in annual revenue include hauling, transfer and material recovery facilities in several counties of New Jersey; hauling operations in South Carolina, Georgia and Colorado; and hauling and landfill operations in Oklahoma. The transaction between Allied and WMI will be complete pending state regulatory and governmental approvals and Hart-Scott-Rodino Antitrust Improvement Act clearance. The agreement is valued at approximately $73 million.