Allied Waste Posts Positive Fourth Quarter and Full Year 2006
Allied Waste Industries (NYSE: AW) reported positive fourth quarter and full-year results for the period ended Dec. 31, 2006. However, net income for the quarter dropped to $0.0 per share on the basis of a couple of unusual tax related matters, but would otherwise have been $0.17 per share. "We are pleased with the strength of Allied's operating and financial results" boasted Chairman and CEO John Zillmer, who noted that cash flow had increased by 17% in the quarter. Internal growth of 4% was driven by average price increases of 4.8% but offset by a slight decrease in volume of 0.8% due to reduced hurricane related cleanup that had been unusually high last year. For the full year, pricing growth of 5.9% coupled with volume growth of .8% gave them internal growth of 6.7%...Read More »
Waste Management to Pay $29 Million to Settle Dispute Over Joint Venture Sale
Waste Management said Thursday in an SEC filing that it was ordered to pay about $29 million to settle a dispute involving its sale of a joint venture in Mexico. An international arbitration tribunal ruled against Waste Management during the fourth quarter of 2006. The dispute involved issues of valuation of the joint venture, the filing said. The payment includes monetary damages, interest dating back to the date of the sale in 2000, and certain fees and expenses, the filing said...Read More »
Study Verifies More Hazardous Waste Facilities in Minority Areas
Researchers from the University of Michigan have completed a study that, in their words, "verifies what the environmental justice movement has argued for decades, that poorer minority neighborhoods are more often chosen for hazardous waste facilities than more affluent white neighborhoods." The study argues against the assertion that hazardous waste facilities usually come first driving demographic change toward a higher minority composition. Rather, the researchers found that the demographic shifts often began before the sites were developed, leading them to conclude that "demographic shift ... lowers the social capital and political clout of the neighborhood so it becomes the path of least resistance."...Read More »
Artificial Tire Reef Is Now An Ecological Disaster
An artificial reef of used tires created in 1972 off Fort Lauderdale, Fla. has become an ecological disaster. Tires frequently wash up on beaches and become wedged under natural coral reefs, killing the coral. Coastal America, a conservation group, is coordinating a cleanup where Navy divers will to retrieve the tires as part of their training and Broward County will manage their disposal. "We've literally dumped millions of tires in our oceans," said Jack Sobel, a senior marine scientist. "I believe that people who were behind the artificial tire reef promotions actually were well intentioned and thought they were doing the right thing."...Read More »
Waste Services to Announce 4Q and Year-End on Feb. 28
Waste Services plans to release its 2006 fourth quarter financial results at the close of markets on Wednesday, February 28, 2007. Company management will host a conference call on the following day to answer questions and discuss those results...Read More »
Converted Organics Inc. Closes $17.5 Million Bond Deal
Converted Organics Inc. announced the closing of a tax-exempt New Jersey Economic Development Authority Solid Waste Revenue Bond deal in the principal amount of $17.5 million. The proceeds of the bonds will be used to develop and construct the Company's initial facility in Woodbridge, NJ. The 20-year bonds will bear interest at 8.0% annually. Converted Organics produces organic biostimulants (natural soil amendments or fertilizer products) through food waste recycling...Read More »
Budget Waste Buys P.J.'s Waste and Recycling Services
Budget Waste, Inc., which only last week signed a letter of intent to buy Able Machine Shop Ltd., this week acquired P.J.'s Waste and Recycling Services Ltd., which has a significant presence in the Calgary, Alberta market where it has operated for over 18 years. Dan Zembal, Budget's V.P. of Business Development explained that "the type of equipment P.J.'s will bring to our existing fleet is ideally suited to our recycling strategy ... to offer our recycling clients improved services [and] add solutions to existing projects."...Read More »
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