Date: April 24, 2003
Source: News Room
Allied Waste Industries, Inc. (NYSE: AW) reported financial results for the first quarter ended March 31, 2003. Revenues for the first quarter were $1.309 billion vs. $1.316 billion for last year's first quarter, operating income for the first quarter was $250 million vs. $284 million last year, EBITDA was $382 million vs. $404 million last year, and cash flow from operations was $163 million compared to $324 million last year. Resulting net income per share was $0.06 per share vs. $0.17 per share last year. A change in accounting method (SFAS 143) added $0.02 per share that implies even weaker run-rate earnings. A rough winter and higher fuel costs are contributing factors. Management expressed continued confidence in ongoing cost cutting measures and a new pricing initiative that should bolster revenues.
More information: www.alliedwaste.com.
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