Allied Waste says taxes nullified fourth quarter profits

Citing state and federal income taxes as a factor, Scottsdale, Ariz.-based Allied Waste Industries reported zero net income for the fourth quarter 2006. The company reported net income of $400,000, or zero cents per diluted share, on revenue of $1.49 billion, compared to a net income of $51.9 million, or 15 cents per diluted share, and revenue of $1.47 billion for the last quarter of 2005. In a press release, Allied blamed the results on one-time income tax related expenses totaling $58.2 million, or 16 cents per diluted share.

Meanwhile, the company reported net income of $118 million, or 33 cents per diluted share, for all of 2006. Revenue for the year was $6.03 billion. This compares to net income of $151.8 million on revenue of $5.7 billion for 2005.