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Exhibit 99.2
REPUBLIC CONTACTS
Media Inquiries: Will Flower (954) 769-6392
Investor Inquiries: Tod Holmes (954) 769-2387
Ed Lang (954) 769-3591
REPUBLIC SERVICES, INC. ANNOUNCES ADDITIONAL
$100 MILLION
STOCK REPURCHASE PROGRAM
FORT LAUDERDALE, FLA., OCTOBER 25, 2000...Republic Services, Inc.
(NYSE: RSG) announced today that its Board of Directors has authorized the
repurchase of up to an additional $100 million of its common stock. The stock
repurchases may be made in the open market, in privately negotiated transactions
or a combination of both. The timing and amounts of any repurchases will be at
the discretion of management and will depend on many factors, including the
market price of the common stock and overall market conditions. The common stock
that is repurchased will be held in treasury.
This stock repurchase program is in addition to the $50 million stock
repurchase program announced by the Company in July 2000. Since that
announcement, the Company has repurchased 1.26 million shares representing an
investment of $17.7 million.
"It is our belief that the Company is currently undervalued," said
James E. O'Connor, Chief Executive Officer of Republic Services, Inc. "Based on
our business plan and outlook for 2001, the stock repurchase programs represent
an excellent use of Company resources."
Assuming the completion of both stock repurchase programs (representing
an investment of $150 million), Republic Services anticipates having a debt to
capitalization ratio between 40% and 45%. The Company remains committed to
maintaining its investment grade rating.
Republic Services, Inc. is a leading provider of solid waste
collection, transfer and disposal services in the United States. The Company's
operating units are focused on providing solid waste services for commercial,
industrial, municipal and residential customers.
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Certain statements and information included herein, including projections of
the Company's future repurchases of common stock, its future debt to
capitalization ratio and its ability to maintain its investment grade rating,
constitute "forward-looking statements" within the meaning of the Federal
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance, or achievements of the Company
to be materially different from any future results, performance, or achievements
expressed or implied, in or by such forward-looking statements. Such factors
include, among other things, whether the Company's estimates and underlying
assumptions concerning its selected balance sheet accounts, closure and
post-closure costs, available airspace, and projected costs and expenses related
to the Company's landfills and property, plant and equipment and labor and fuel
rates and inflationary trends turn out to be correct or appropriate, and various
factors that will impact the actual business and financial performance of the
Company such as competition in the solid waste industry; dependence on
acquisitions for growth; the Company's ability to manage growth; compliance with
and future changes in environmental regulations; the Company's ability to obtain
approval from regulatory agencies in connection with expansions at the Company's
landfills; the ability to obtain financing on acceptable terms to finance the
Company's operations and growth strategy and for the Company to operate within
the limitations imposed by financing arrangements; the ability of the Company to
repurchase common stock at prices that are accretive to earnings per share; the
Company's dependence on key personnel; general economic conditions, including
but not limited to inflation and changes in fuel, labor and other variable costs
that are generally not within the control of the Company; dependence on large,
long-term collection contracts; risks associated with undisclosed liabilities of
acquired businesses; risks associated with pending legal proceedings; and other
factors contained in the Company's filings with the Securities and Exchange
Commission.
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