<PAGE>
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
OCTOBER 17, 1995
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
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WMX TECHNOLOGIES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
(STATE OR OTHER JURISDICTION OF INCORPORATION)
1-7327 36-2660763
(COMMISSION FILE NUMBER) (IRS EMPLOYER
IDENTIFICATION NO.)
3003 BUTTERFIELD ROAD, OAK BROOK, ILLINOIS 60521
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(708) 572-8800
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
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Item 5. Other Events.
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On October 17, 1995, the registrant issued a news release reporting
its results of operations for the third quarter of 1995. The registrant also
announced that its majority-owned subsidiary Waste Management International plc
may record a charge that could be material to the results of operations
following a review of operations and management structure that is expected to be
completed in the fourth quarter.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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No financial statements, pro forma financial information or exhibits are
filed as a part of this report.
2
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WMX TECHNOLOGIES, INC.
By: /s/ Thomas A. Witt
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Thomas A. Witt
Vice President
Dated: October 17, 1995
3
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WMX TECHNOLOGIES, INC.
EXHIBIT INDEX
Number and Description of Exhibit*
---------------------------------
1. None
2 None
4. None
16. None
17. None
20. None
23. None
24. None
27. None
99.1 News release dated October 17, 1995 issued by WMX Technologies, Inc.
- - - ------------------
* Exhibits not listed are inapplicable.
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[WMX LETTERHEAD]
Exhibit 99.1
Analyst Contact: Media Contact:
James E. Koenig William J. Plunkett
(708) 572-8822 (708) 572-8898
WMX TECHNOLOGIES REPORTS THIRD QUARTER FINANCIAL RESULTS
Oak Brook, Illinois, October 17, 1995 -- WMX Technologies, Inc., the global
environmental services company, today reported financial results for the third
quarter.
Net income for the three months ended September 30, 1995 was $234 million,
or $.48 per share, versus $213 million, or $.44 per share, in the period a year
earlier.
Revenue in the quarter increased 9 percent to $2.8 billion from $2.6
billion a year earlier.
For the nine months ended September 30, 1995, net income was $554 million,
or $1.14 per share, compared with $579 million, or $1.20 per share, for the same
period in 1994. The 1995 nine-month results include first-half charges, related
to a revaluation of investments in hazardous waste treatment and processing
technologies and facilities by the Company's Chemical Waste Management
subsidiary and costs related to the early extinguishment of LYONs debt, which
reduced earnings per share by $.20. Excluding these charges, earnings per share
for the nine months ended September 30, 1995 would have been $1.34.
Revenue for the nine months rose 11 percent to $8.3 billion from $7.4
billion in 1994.
"Our earnings for the third quarter were improved over 1994," said Dean L.
Buntrock, Chairman and Chief Executive Officer of WMX Technologies. "Our North
American solid waste operations continued to perform well and again contributed
substantially to our continued growth despite a recent decline in market prices
for recyclables." Mr. Buntrock said WMX is continuing to focus on its plan to
manage its businesses to grow earnings while generating cash and increasing its
return on assets.
The revenues of WMX's largest subsidiary, Waste Management, Inc., increased
10 percent in the quarter as compared with the same period a year earlier.
Acquisitions and internally generated volume growth increased recycling revenue,
but prices of the commodities it collects and markets, particularly certain
grades of paper fiber, softened in the quarter, which negatively impacted the
results, the Company said.
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During the quarter, Waste Management completed the acquisition of New
England CR Inc., which has a processing capacity of 325,000 tons of materials a
year, operates 15 recovery facilities for recyclable materials and has one under
construction. The acquisition expands Waste Management's processing network to
more than 160 material recovery facilities in North America. Waste Management
completed 32 acquisitions overall in the quarter. The Company also won or
renewed a number of contracts, the most notable of which were in Oakland,
California and Vancouver, Washington. In Oakland, the Company will utilize
innovative one-pass vehicle collection technology, enabling it to reduce its
costs of operations.
The Company indicated that its Wheelabrator Technologies Inc. and Rust
International Inc. subsidiaries performed as expected. Chemical Waste
Management continued to face difficult conditions in its marketplace, although
it reported slightly improved results compared to the second quarter.
Waste Management International plc results were mixed as continued weakness
in France and Italy and in the hazardous waste market offset good performances
in the United Kingdom, The Netherlands, Germany, Hong Kong, Spain and New
Zealand. During the third quarter, the new management team at Waste Management
International began an extensive review of operations and management structure
to reduce country and corporate overhead and improve operating results, return
on assets and cash flow. Depending on the outcome of this review, which is
expected to be completed in the fourth quarter, the possibility exists that
Waste Management International will record a charge that could be material to
the results of operations.
WMX Technologies, Inc. is the leading international environmental services
company. Based in Oak Brook, Illinois, its principal subsidiaries include Waste
Management, Inc., Chemical Waste Management, Inc., Wheelabrator Technologies
Inc., Rust International Inc. and Waste Management International plc.
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END OF TEXT/TABLES TO FOLLOW
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WMX TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED SEPTEMBER 30
(Unaudited)
(000's omitted except per share amounts)
<TABLE>
<CAPTION>
1994 1995
---------- ----------
<S> <C> <C>
REVENUE $2,603,110 $2,826,033
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Operating expenses $1,809,485 $1,985,581
Goodwill amortization 27,776 30,558
Selling and administrative expenses 293,175 298,394
Interest expense 83,528 107,133
Interest income (8,747) (8,402)
Minority interest 41,885 38,665
Sundry income, net (18,606) (24,225)
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Income before income taxes $ 374,614 $ 398,329
Provision for income taxes 161,729 164,481
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NET INCOME $ 212,885 $ 233,848
========== ==========
AVERAGE COMMON AND COMMON EQUIVALENT
SHARES OUTSTANDING 484,162 486,286
========== ==========
EARNINGS PER COMMON AND COMMON
EQUIVALENT SHARE $0.44 $0.48
===== =====
</TABLE>
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WMX TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30
(Unaudited)
(000's omitted except per share amounts)
<TABLE>
<CAPTION>
1994 1995
----------- -----------
<S> <C> <C>
REVENUE $7,438,899 $8,286,936
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Operating expenses $5,173,285 $5,839,594
Special charges -- 140,600
Goodwill amortization 82,708 90,704
Selling and administrative expenses 877,801 898,868
Interest expense 246,029 327,220
Interest income (25,154) (31,803)
Minority interest 112,635 109,604
Sundry income, net (48,803) (55,777)
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Income before income taxes $1,020,398 $ 967,926
Provision for income taxes 441,784 413,706
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NET INCOME $ 578,614 $ 554,220
========== ==========
AVERAGE COMMON AND COMMON EQUIVALENT
SHARES OUTSTANDING 483,985 485,495
========== ==========
EARNINGS PER COMMON AND
COMMON EQUIVALENT SHARE $1.20 $1.14
===== =====
</TABLE>
