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Registration No. 33-44849
Filed Pursuant to Rules 424(b)(3) and (c)
PROSPECTUS SUPPLEMENT DATED FEBRUARY 14, 1994 TO
PROSPECTUS DATED JUNE 23, 1993
On February 8, 1994, WMX Technologies, Inc. (the "Company") announced
operating results for the fourth quarter and full year 1993. For the quarter
ended December 31, 1993, revenue was $2,386,909,000 versus $2,203,080,000 in the
quarter a year earlier. Net income was $162,923,000, or $0.34 per share, versus
$182,805,000, or $0.37 per share, in the quarter in 1992. For the full year
ended December 31, 1993, revenue was $9,135,577,000 compared with $8,661,027,000
in 1992. Net income was $452,776,000, or $0.93 per share, compared with
$850,036,000, or $1.72 per share, in 1992.
Net income for both 1993 and 1992 was impacted by special charges, gains
from stock issuances of subsidiaries, and, in 1992, accounting changes. The
following table reconciles reported earnings per share to earnings excluding
such items:
<TABLE>
<CAPTION>
Fourth Quarter Full Year
--------------- --------------
1992 1993 1992 1993
----- ----- ----- -----
<S> <C> <C> <C> <C>
Reported earnings per share $ .37 $ .34 $1.72 $ .93
Chemical Waste Management asset
revaluation and restructuring
charge -- -- -- .59
Gain on stock issuances by
subsidiaries -- -- (.42) (.02)
Other special charges .05 -- .24 --
Adjustment to deferred income
taxes resulting from 1993 tax
law change -- -- -- .03
Accounting changes -- -- .14 --
----- ----- ----- -----
Earnings per share excluding
above items $ .42 $ .34 $1.68 $1.53
===== ===== ===== =====
</TABLE>
In addition, higher U.S. tax rates in effect in 1993 negatively impacted
1993 income by approximately $0.04 per share compared to 1992.
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On February 9, 1994, the Company announced that financial results in the
first quarter ending March 31, 1994 are expected to be flat compared with the
fourth quarter of 1993. The Company's target for 1994 is a 5% to 10% growth in
earnings per share over the $1.53 from 1993.
The Company also announced that its Board of Directors approved a capital
expenditures budget for 1994 of $1.55 billion. The Company said it would
allocate $710 million to its North American solid waste services subsidiary,
Waste Management, Inc., and $67 million to its North American hazardous waste
services subsidiary, Chemical Waste Management, Inc. The Company said it also
would allocate $240 million to its Wheelabrator Technologies Inc. energy, water,
wastewater, and air pollution control services and systems subsidiary; $130
million to its Rust International Inc. environmental engineering, consulting,
remediation and industrial services company and $400 million to its
international subsidiary, Waste Management International plc. On this basis,
the Company targeted positive cash flow of $200 to $400 million during 1994.
