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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
July 22, 1997
Date of Report (Date of earliest event reported)
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WASTE MANAGEMENT, 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 60523
(Address of principal executive offices) (Zip code)
(630) 572-8800
(Registrant's telephone number, including area code)
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Item 5. Other Events.
On July 22, 1997, the registrant, Waste Management, Inc., formerly named
WMX Technologies, Inc. (the "Company"), reported its results for the quarter and
six months ended June 30, 1997.
Excluding the Company's share ($10.4 million, or $0.02 per share) of a
special charge recorded by OHM Corporation, in which the Company has a 37-
percent equity interest, the Company's second quarter net income from continuing
operations was $190 million, or $0.41 per share, compared with $218 million, or
$0.44 per share, in 1996. Revenue from continuing operations was $2.33 billion
in the current and year-earlier quarter.
Six months 1997 net income from continuing operations, excluding the OHM
charge, was $369 million, or $0.78 per share, versus $398 million, or $0.81 per
share, a year earlier. Revenue from continuing operations for the first six
months of 1997 was $4.53 billion compared with $4.48 billion a year earlier.
In the quarter, capital spending was $217 million, compared with $297
million in the second quarter of 1996. For the six months, capital spending was
$368 million, down from $578 million in the first six months of 1996. Capital
spending for full year 1997 was budgeted at $900 million, approximately equal to
depreciation and amortization.
In the first six months of this year, the Company generated approximately
$65 million in cash flow from operations, net of capital expenditures and
dividends. In addition, year to date the Company generated approximately $1.3
billion in proceeds from asset divestitures.
The Company divested nine North American solid waste businesses in the
second quarter of 1997 for a price of $234 million. The largest of these
transactions was its sale of most of its Canadian operations. In the first six
months of this year, the Company divested 17 solid waste operations in North
America representing $181 million in revenue for a total price of $265 million.
In Europe, the Company's Waste Management International plc subsidiary
completed in June the sale of substantially all of its remaining operations in
France for 67.5 million pounds.
The Company also indicated that in light of the above-described results,
the Company has revised its full-year earnings estimate to $1.65 per share
for 1997, excluding the effect of the OHM special charge.
Except for historical data, the information in this report constitutes
forward-looking statements. Forward-looking statements are inherently uncertain
and subject to risks and the statements should be viewed with caution. Actual
results or experience could differ materially from the forward-looking
statements as a result of many factors, including the ability of the Company to
meet anticipated price increase and new business sales goals, fluctuation in
recyclable commodity prices, adverse weather conditions, slowing of the overall
economy, increased interest costs arising from a change in the Company's
leverage, failure of the Company's restructuring plans to produce the cost
savings anticipated by the Company, inability to complete contemplated
dispositions of Company businesses and assets at anticipated prices and terms,
and the timing and cost of the Company's stock repurchases.
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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.
WASTE MANAGEMENT, INC.
By: /s/ Herbert A. Getz
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Herbert A. Getz
Senior Vice President
Dated: July 24, 1997
