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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) May 9, 2000
Allied Waste Industries, Inc.
(Exact name of registrant as specified in charter)
Delaware
(State or other jurisdiction of incorporation)
0-19285 88-0228636
(Commission File Number) (IRS Employer Identification No.)
15880 N. Greenway-Hayden Loop, Suite 100
Scottsdale, Arizona 85260
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (480) 627-2700
Not Applicable
(Former name or former address, if changed since last report)
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<PAGE>
Item 5. Other Events
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On May 9, 2000 Allied Waste Industries, Inc. (the "Company" or "Allied") issued
a press release announcing its financial results for the first quarter of 2000.
The press release along with unaudited supplemental data is provided herein.
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2
<PAGE>
Contact: Investor Relations
Allied Waste Industries, Inc.
(480) 627-2700
FOR IMMEDIATE RELEASE
ALLIED WASTE ANNOUNCES FIRST QUARTER 2000 RESULTS
SCOTTSDALE, ARIZONA, MAY 9, 2000 - Allied Waste Industries, Inc. (NYSE: AW)
today announced financial results for the first quarter of 2000, the company's
second full quarter of operation as a combined enterprise since the completion
of its acquisition of Browning-Ferris Industries, Inc. (BFI). The company
highlighted the following:
|X| Revenues were approximately $1.4 billion and EBITDA adjusted for
acquisition-related and unusual costs was $462.2 million;
|X| Adjusted cash EPS was $0.36 and adjusted free cash flow was $45 million;
|X| Adjusted EPS was $0.15;
|X| Internal growth of 6% reflects healthy industry fundamentals;
|X| Debt was reduced by $94.7 million in the first quarter to approximately
$10.15 billion.
For the first quarter ended March 31, 2000, EBITDA (earnings before interest,
taxes, depreciation and amortization), adjusted for acquisition-related and
unusual costs, was $462.2 million, essentially flat compared to the $465.7
million reported for the fourth quarter of 1999 reflecting solid internal growth
offset by seasonality.
Adjusted net income available to common shareholders was $27.9 million, or $0.15
per share, on revenues of $1.378 billion. The adjusted results for the first
quarter ended March 31, 2000 exclude the effects of acquisition-related and
unusual costs; these charges decreased earnings per share by $0.14 in the first
quarter. Adjusted cash EPS (adjusted earnings per share plus after-tax goodwill
amortization and less after-tax capitalized interest) was $0.36.
Consistent with its report of third and fourth quarter 1999 results, Allied
Waste has not provided March 31, 1999 historical results of operations for
comparison as such comparisons are not meaningful due to the magnitude and
financial structure of the BFI acquisition, which was completed on July 30,
1999.
"Industry conditions remain positive. We are pleased with the performance of our
operations during the first quarter, although we continue to expect that the
true potential of our asset base will not be seen until later this year, when we
realize the benefits of pending divestitures and swap transactions and our
ongoing pricing initiatives," said Tom Van Weelden, Chairman and CEO of Allied
Waste.
Commentary on Free Cash Flow
Free cash flow for the quarter ended March 31, 2000 was $45 million, before
consideration of the company's market development activities during the period.
Free cash flow is defined as Adjusted EBITDA, less cash interest, cash taxes,
closure, post-closure and environmental expenditures, capital expenditures
(other than for acquisitions) and changes in non-acquisition related working
capital. For the first quarter, days sales outstanding in accounts receivable
(DSO) was 55 days.
3
<PAGE>
Divestiture and Swap Program Update
During the past nine months since the completion of the BFI acquisition, Allied
Waste has realized approximately $1.3 billion in net cash proceeds from asset
sales, including asset sales since January 1, 2000 totaling approximately $320
million. The company continues to expect that it will fully complete before the
end of 2000 its currently outstanding net asset divestiture and swap
transactions. Separately, during the first quarter, Allied Waste acquired
tuck-in solid waste operations totaling approximately $154 million in gross
annual revenues for cash consideration of approximately $279 million.
Balance Sheet Information
During the first quarter, total debt decreased by $94.7 million to approximately
$10.15 billion at March 31, 2000, after consideration of market development and
divestiture activity during the period.
As announced previously, capacity on the company's revolving credit facility was
approximately $438 million at March 31, 2000. The company's Tranche D Term Loan
balance was approximately $198 million at March 31, 2000 and is expected to be
repaid with asset-sale proceeds in the third quarter of 2000.
Information for Second Quarter 2000
Allied Waste plans to formally report second-quarter results in early August
2000. The reported results for the second quarter will include non-recurring
costs the company incurs related to its acquisition transition and integration
efforts. Based on the results of operations for the quarter ended March 31, 2000
being reported today and preliminary indications of the results of operations
for the second quarter ending June 30, 2000, Allied Waste has made the following
preliminary forecast of results for the second quarter:
|X| Revenues are expected to be between $1.43 billion and $1.46 billion.
|X| Adjusted EBITDA is expected to be between $500.0 million and $510.0
million. Adjusted EBITDA is earnings before interest, taxes, depreciation
and amortization, adjusted to exclude non-recurring transition and
integration costs.
|X| Total debt is expected to be between $10.0 billion and $10.1 billion at
June 30, 2000 reflecting current expectations about the timing of the
completion of certain divestitures and acquisitions involved in the
company's asset swap and divestiture program.
|X| Capacity on the company's revolving credit facility at June 30, 2000 is
expected to be between $380 million and $430 million.
The company said that its expectations for the second quarter ending June 30,
2000 are premised on current assumptions about the timing of certain "in-bound"
assets to be acquired in pending swap transactions and the timing of certain
pending asset sales.
Allied Waste Industries, Inc., a leading waste services company, provides
collection, recycling and disposal services to residential, commercial and
industrial customers in the United States. As of March 31, 2000, the company
operated 349 collection companies, 154 transfer stations, 158 landfills and 91
recycling facilities in 42 states.
Safe Harbor for Forward-Looking Statements
Certain matters discussed in this press release are "forward-looking statements"
intended to qualify for the safe harbors from liability established by the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements can generally be identified as such by the context of the statements,
including words such as the Company "believes," "anticipates," "expects" or
words of similar import. Similarly, statements that describe the Company's
future plans, objectives or goals are forward-looking statements.
Such forward-looking statements are subject to certain risks and uncertainties
which could cause actual results to differ materially from those currently
anticipated. Examples of such risks and uncertainties include, without
limitation the ability of Allied to continue its vertical integration business
strategy in a successful manner; the ability of Allied to successfully pursue
and continue a disciplined market development program, the ability of Allied to
successfully integrate the acquired operations, to exit certain regional markets
and certain non-strategic businesses, whether and when the recent transactions
concluded or completed will be accretive to Allied's earnings, the amount of
consideration to be paid and timing of the closing of potential transactions
currently under definitive agreement, and whether Allied will be successful in
negotiating asset sales at a pace sufficient to achieve the Company's stated
goal.
Other factors which could materially affect such forward-looking statements can
be found in the Company's periodic reports filed with the Securities and
Exchange Commission, including risk factors detailed in Management's Discussion
and Analysis in Allied's Form 10-K for the year ended December 31, 1999.
Shareholders, potential investors and other readers are urged to consider these
factors carefully in evaluating the forward-looking statements and are cautioned
not to place undue reliance on such forward-looking statements. The
forward-looking statements made herein are only made as of the date of this
press release and the Company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or circumstances.
4
<PAGE>
<TABLE>
<CAPTION>
ALLIED WASTE INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(amounts in thousands, except per share data)
(unaudited)
For the Three Months Ended
March 31, 2000
----------------------------------------------------------------------
Reported Adjustments(1) As Adjusted % of Rev
-------------- ----------------- --------------- -------------
<S> <C> <C> <C> <C>
Revenue............................................ $1,378,294 $ -- $ 1,378,294 100.0%
Cost of operations................................. 809,956 -- 809,956 58.8
Sales, general and administrative expenses......... 106,155 -- 106,155 7.7
Depreciation and amortization...................... 111,597 -- 111,597 8.1
Goodwill amortization.............................. 54,014 -- 54,014 3.9
-------------- ----------------- ---------------
Operating income before acquisition related
and unusual costs.............................. 296,572 -- 296,572 21.5
Acquisition related and unusual costs.............. 36,049 (36,049) --
-------------- ----------------- ---------------
Operating income................................. 260,523 36,049 296,572 21.5
Equity in earnings of unconsolidated
subsidiaries..................................... (13,497) -- (13,497) (1.0)
Interest expense, net.............................. 213,803 -- 213,803 15.5
-------------- ----------------- ---------------
Net income before income taxes................... 60,217 36,049 96,266 7.0
Income tax provision............................... 33,661 16,498 50,159 3.6
Minority interest.................................. 1,591 -- 1,591 0.1
-------------- ----------------- ---------------
Net income before extraordinary loss............. 24,965 19,551 44,516 3.3
Extraordinary loss, net of income tax benefit(2)... 6,484 (6,484) --
-------------- ----------------- ---------------
Net income....................................... 18,481 26,035 44,516 3.3
Preferred dividends(3)............................. 16,610 -- 16,610 1.3
-------------- ----------------- ---------------
Net income to common shareholders................ $ 1,871 $ 26,035 $ 27,906 2.0
============== ================= ===============
Income per common share............................ $ 0.01 $ 0.15
============== ===============
Cash income per common share(4).................... $ 0.28 $ 0.36
============== ===============
Weighted average common and common
equivalent shares................................ 189,461 189,461
============== ===============
- ------------------------------------------------------- -------------- -- ----------------- -- --------------- - -------------
EBITDA $ 426,134 $ 462,183 33.5%
- ------------------------------------------------------- -------------- -- ----------------- -- --------------- - -------------
<FN>
(1) Adjustments remove the effects of the acquisition-related costs, primarily associated with the acquisition of
Browning-Ferris Industries, Inc. ("BFI"). The adjusted income tax rate for the three months ended March 31, 2000 is
52.1%.
(2) Extraordinary loss reflects the write-off of deferred debt issuance costs in connection with the early extinguishment of
the Asset Sale Term Loan.
(3) Preferred dividends reflect the 6.5% dividends related to the $1 billion Series A Senior Convertible Preferred Stock
issued in connection with the acquisition of BFI.
(4) Cash income per common share adjusts income per common share to remove the impact of tax effected goodwill amortization
and tax effected capitalized interest.
</FN>
</TABLE>
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<TABLE>
<CAPTION>
ALLIED WASTE INDUSTRIES, INC.
Summary Data Sheet
Statement of Cash Flows Data
(amounts in thousands, unaudited)
Three Months Ended
March 31, 2000
-----------------------
<S> <C>
Operating Activities --
Net income..................................................................................... $ 18,481
Adjustments to reconcile net income to cash provided by operating activities --
Provisions for:
Depreciation and amortization................................................................ 165,611
Undistributed earnings of equity investment in unconsolidated subsidiaries................... (12,142)
Doubtful accounts............................................................................ 5,907
Accretion of debt and amortization of debt issuance costs.................................... 12,033
Deferred income taxes........................................................................ 33,657
Gain on sale of assets....................................................................... (4,540)
Extraordinary loss on early extinguishment of debt........................................... 6,484
Change in operating assets and liabilities, excluding the effects of
purchase acquisitions --
Accounts receivable, prepaid expenses, inventories and other................................. 55,011
Accounts payable, accrued liabilities, unearned income and other............................. (125,768)
Acquisition related and non-recurring accruals............................................... (55,091)
Closure and post-closure provision............................................................. 15,824
Closure and post-closure expenditures.......................................................... (10,537)
Environmental expenditures..................................................................... (7,159)
----------------------
Cash provided by operating activities............................................................ 97,771
----------------------
Investing Activities --
Cost of market development acquisitions, net of cash acquired................................ (279,170)
Proceeds from divestitures, net of swap activity............................................. 319,681
Accruals for acquisition price and severance costs........................................... (16,910)
Net repayment from unconsolidated subsidiaries............................................... 4,470
Capital expenditures......................................................................... (89,475)
Capitalized interest......................................................................... (10,067)
Proceeds from sale of fixed assets........................................................... 24,985
Change in deferred acquisition costs and notes receivable.................................... (7,798)
----------------------
Cash used for investing activities (54,284)
----------------------
Financing Activities --
Proceeds from long-term debt................................................................. 895,000
Payments of long-term debt................................................................... (996,110)
----------------------
Cash used for financing activities............................................................... (101,110)
----------------------
Decrease in cash and cash equivalents........................................................ (57,623)
Cash and cash equivalents, beginning of period............................................... 121,405
----------------------
Cash and cash equivalents, end of period..................................................... $ 63,782
======================
</TABLE>
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<TABLE>
<CAPTION>
ALLIED WASTE INDUSTRIES, INC.
Summary Data Sheet
Balance Sheet Data
(amounts in thousands, except per share data, unaudited)
March 31,
2000
----------------------
<S> <C>
ASSETS
Current Assets --
Cash and cash equivalents......................................................................... $ 63,782
Accounts receivable, net of allowance of $52,630.................................................. 808,603
Prepaid and other current assets.................................................................. 203,322
Deferred income taxes, net........................................................................ 122,646
Assets held for sale.............................................................................. 418,400
----------------------
Total current assets............................................................................ 1,616,753
Property and equipment, net....................................................................... 3,865,787
Goodwill, net..................................................................................... 8,529,782
Other assets...................................................................................... 707,251
----------------------
Total assets.................................................................................... $ 14,719,573
======================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities --
Current portion of long-term debt................................................................. $ 508,480
Accounts payable.................................................................................. 392,647
Accrued closure, post-closure and environmental costs............................................. 154,490
Accrued interest.................................................................................. 162,119
Other accrued liabilities......................................................................... 540,548
Unearned revenue.................................................................................. 235,062
----------------------
Total current liabilities....................................................................... 1,993,346
Long-term debt, less current portion.............................................................. 9,640,088
Deferred income taxes............................................................................. 229,385
Accrued closure, post-closure and environmental costs............................................. 871,614
Other long-term obligations....................................................................... 327,634
Commitments and contingencies
Series A convertible preferred stock, 1,000 shares authorized, issued and outstanding,
liquidation preference of $1,044 per share........................................................ 1,017,994
Stockholders' equity.............................................................................. 639,512
----------------------
Total liabilities and stockholders' equity...................................................... $ 14,719,573
======================
</TABLE>
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<TABLE>
<CAPTION>
ALLIED WASTE INDUSTRIES, INC.
Summary Data Sheet
(amounts in thousands, except percentages and per share data)
(unaudited)
Statement of Operations Data:
- ---------------------------------------
Three Months Ended
March 31, 2000
-----------------------
<S> <C>
Revenues --
Gross revenue.................................................................................. $ 1,641,887
Less intercompany revenue...................................................................... (263,593)
----------------------
Revenue...................................................................................... $ 1,378,294
======================
Revenue Mix --
Collection(1).................................................................................. 63.0%
Landfill(1).................................................................................... 22.2%
Transfer....................................................................................... 4.3%
Recycling...................................................................................... 6.6%
Other.......................................................................................... 3.9%
======================
Total........................................................................................ 100.0%
======================
Internalization Based on Disposal Volumes........................................................ 62.0%
======================
Landfill Volumes in Tons......................................................................... 15,962
======================
Internal Growth.................................................................................. 6.0%
======================
Interest Expense --
Interest expense, gross........................................................................ $ 230,323
Interest capitalized for assets held for sale.................................................. (17,883)
Interest income................................................................................ (603)
Capitalized interest........................................................................... (10,067)
Amortization of debt discount and debt issuance costs.......................................... 12,033
----------------------
Net interest expense......................................................................... $ 213,803
======================
Cash EPS --
Adjusted net income............................................................................ $ 44,516
Add: Non-deductible goodwill amortization.................................................. 42,813
Deductible goodwill amortization, net of taxes at 39.5%............................... 6,777
Less: Capitalized interest, net of taxes at 39.5%........................................... (6,091)
----------------------
Adjusted net income for cash EPS............................................................... $ 88,015
======================
Weighted average common and common equivalent shares --
Diluted(2)............................................................................ 246,550
======================
Cash EPS - Diluted.................................................................... $ 0.36
======================
<FN>
(1) The portion of collection revenues attributable to disposal charges for waste collected by the Company and disposed
at the Company's landfills has been excluded from collection revenues and included in landfill revenues.
(2) Assumes the dilutive impact of the conversion of the Series A convertible preferred stock.
</FN>
</TABLE>
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<TABLE>
<CAPTION>
ALLIED WASTE INDUSTRIES, INC.
Summary Data Sheet
(amounts in thousands, except percentages)
(unaudited)
Balance Sheet Data:
- -----------------------------
From December 31, 1999
Through March 31, 2000
---------------------------
<S> <C>
Rollforward of Debt Balance --
Debt balance at December 31, 1999......................................................... $ 10,243,219
Net income................................................................................ 18,481
Depreciation and amortization............................................................. 165,611
Other non-cash provisions................................................................. 41,399
Change in closure, post-closure and environmental accruals................................ (1,872)
Change in operating working capital....................................................... (70,757)
Decrease in acquisition related working capital........................................... (55,091)
--------------------------
Less cash flow provided by operating activities......................................... 97,771
--------------------------
Payments for market development acquisitions.............................................. (279,170)
Proceeds from divestitures, net of swap activity.......................................... 319,681
Proceeds from the sale of fixed assets.................................................... 24,985
Payments for BFI acquisition and severance................................................ (16,910)
Capital expenditures (including capitalized interest)..................................... (99,542)
Other investing activities................................................................ (3,328)
--------------------------
Plus cash flow used for investing activities............................................ (54,284)
--------------------------
Plus other activity..................................................................... (6,459)
Less decrease in cash................................................................. 57,623
--------------------------
Debt balance at March 31, 2000........................................................ $ 10,148,568
==========================
March 31, 2000
--------------------------
Capital Structure --
Long-term debt (including current portion)................................................ $ 10,148,568
Equity (including Series A convertible preferred stock)................................... 1,657,506
--------------------------
Debt to total capitalization.......................................................... 86.0%
==========================
Days Sales Outstanding -- 55 days
==========================
</TABLE>
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<TABLE>
<CAPTION>
ALLIED WASTE INDUSTRIES, INC.
Summary Data Sheet
(amounts in thousands)
(unaudited)
Other Data --
- --------------------
For the Three Months Ended March 31, 2000
Reported As Adjusted
----------------------- ----------------------
Free Cash Flow --
<S> <C> <C>
EBITDA................................................................. $ 426,134 $ 462,183
Less: Cash interest............................................... (226,386) (226,386)
Cash taxes.................................................. (25,730) (13,309)
Closure, post-closure and environmental expenditures........ (17,696) (17,696)
Capital expenditures, other than for acquisitions........... (89,475) (89,475)
Expenditures for acquisition related and unusual costs...... (55,091) --
Payments for BFI acquisition and severance.................. (16,910) --
Change in working capital................................... (70,757) (70,757)
----------------------- ----------------------
Free cash flow before market development................ $ (75,911) $ 44,560
======================= ======================
Three Months Ended
March 31, 2000
----------------------
Shares Outstanding --
Weighted average common and common equivalent shares
Basic..................................................................................... 188,673
Diluted................................................................................... 189,461
Common stock outstanding at end of period......................................................... 189,103
Market Development Excluding Swap Activity --
Annualized revenue acquired....................................................................... $ 153,868
Annualized revenue acquired (after intercompany eliminations)..................................... 140,257
Capital Expenditures --
Fixed asset purchases............................................................................. $ 64,969
Cell development.................................................................................. 24,506
----------------------
Total..................................................................................... $ 89,475
======================
Summary of Acquisition Related Charges --
Acquisition related transition costs.............................................................. $ 25,434
Net adjustments to BFI related costs.............................................................. 10,615
----------------------
Total reported acquisition related costs.................................................. $ 36,049
======================
Estimate of Future Acquisition Related Costs --
Estimate of future acquisition related costs at December 31, 1999................................. $ 115,000
Acquisition related costs incurred during the three months ended March 31, 2000................... (25,434)
----------------------
Estimated future acquisition related costs at March 31, 2000...................................... $ 89,566
======================
</TABLE>
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<TABLE>
<CAPTION>
Allied Waste Industries, Inc.
Divestiture Program
As of March 31, 2000
(in millions)
(unaudited)
Estimated Estimated Estimated
Gross Annual Annual
Acquirer Operations of: Proceeds (1) Revenue EBITDA
- ------------------------------------ --------------------------------- ---------------- ---------------- ----------------
Completed divestitures:
<S> <C> <C> <C>
SITA SITA $ 444 $ -- $ --
Stericycle BFI medical waste 411 198 44
Superior BFI 196 91 34
Republic BFI 60 31 11
Waste Connections BFI & Allied 42 17 8
Other BFI & Allied 98 106 17
---------------- ---------------- ----------------
Total completed divestitures 1,251 443 114
Pending divestitures:
Republic BFI (2) 9 10 1
Republic Allied (3) 2 4 1
---------------- ---------------- ----------------
Subtotal - Republic 11 14 2
Gas Recovery Systems BFI gas (4) 53 -- --
Other Allied 2 3 1
---------------- ---------------- ----------------
Total pending divestitures (assets held for sale) 66 17 3
Other potential divestitures BFI & Allied 477 170 48
---------------- ---------------- ----------------
Total divestitures 1,794 630 165
Less: estimated tax impact (62) -- --
---------------- ---------------- ----------------
Net divestitures $ 1,732 $ 630 $ 165
================ ================ ================
<FN>
Footnotes:
(1) Includes $42 million of standard holdback funds generally received 30 to 90
days subsequent to close.
(2) Operations were sold subsequent to March 31, 2000 for approximately $9 million.
(3) Operations were sold subsequent to March 31, 2000 for approximately $2 million.
(4) Operations were sold subsequent to March 31, 2000 for approximately $53 million.
</FN>
</TABLE>
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<TABLE>
<CAPTION>
Allied Waste Industries, Inc.
Swap Program
As of March 31, 2000
(in millions)
(unaudited)
Estimated Estimated Estimated
Gross Annual Annual
Acquirer Operations of: Proceeds (1) Revenue EBITDA(2)
- ------------------------------------ --------------------------------- --------------- ---------------- ----------------
Divestitures ("Outbound"):
Completed divestitures:
<S> <C> <C> <C>
Superior BFI $ 10 $ 6 $ 1
Republic BFI 58 49 9
Waste Management BFI Canada 75 64 17
--------------- ---------------- ----------------
Total completed divestitures 143 119 27
Pending divestitures:
Waste Management BFI 15 6 3
Republic BFI 110 86 17
Republic Allied 24 23 3
--------------- ---------------- ----------------
Subtotal - Republic 134 109 20
Superior BFI 37 25 5
Superior Allied 42 14 5
--------------- ---------------- ----------------
Subtotal - Superior 79 39 10
Other BFI 124 96 25
--------------- ---------------- ----------------
Total pending divestitures (assets held for sale) 352 250 58
Other Potential divestitures BFI & Allied (3) 11 11 4
--------------- ---------------- ----------------
Total divestitures $ 506 $ 380 $ 89
================ =============== ================
Purchases ("Inbound"):
Completed purchases:
Allied Republic $ 57 $ 25 $ 7
Allied Waste Management 50 37 10
--------------- ---------------- ----------------
Total completed purchases 107 62 17
Pending purchases:
Allied Republic 137 121 23
Allied Superior 105 35 13
Allied Waste Management (4) 188 111 37
Allied Waste Connections (5) 8 5 2
--------------- ---------------- ----------------
Total pending purchases 438 272 75
Total purchases $ 545 $ 334 $ 92
================ ================ ================
Net impact to Allied before taxes $ (39) $ (46) $ 3
Less: Estimated Tax Impact (55) -- --
--------------- ---------------- ----------------
Net Impact to Allied after taxes $ (94) $ (46) $ 3
================ ================ ================
<FN>
Footnotes:
(1) Includes $14 million of standard holdback funds generally received 30 to 90 days subsequent to close.
(2) Excludes expected annualized synergies of approximately $20 million.
(3) Operations were sold subsequent to March 31, 2000 for approximately $11 million.
(4) Certain operations were purchased subsequent to March 31, 2000 for approximately $70 million.
(5) Operations were purchased subsequent to March 31, 2000 for approximately $8 million.
</FN>
</TABLE>
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant, Allied Waste Industries, Inc., has caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
ALLIED WASTE INDUSTRIES, INC.
By: /s/PETER S. HATHAWAY
----------------------------------------------
Peter S. Hathaway
Vice President & Chief Accounting Officer
Date: May 9, 2000
13
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