|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: ALGER SEPARATE ACCOUNT A OF GOLDEN AMERICAN LIFE INSUR CO, NSAR-U, 2000-02-24 |
Next: NEUROGEN CORP, 3/A, 2000-02-24 |
================================================================================
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) February 23, 2000
ALLIED WASTE INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
0-19285 88-0228636
(Commission File Number) (IRS Employer Identification No.)
15880 North 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)
================================================================================
<PAGE>
Item 5. Other Events.
On February 23, 2000 Allied Waste Industries, Inc. (the "Company" or
"Allied") issued a press release announcing its financial results for the fourth
quarter of 1999. The data provided herein is unaudited supplemental data
pertaining to the three and twelve months ended December 31, 1999.
<PAGE>
<TABLE>
<CAPTION>
Allied Waste Industries, Inc.
Summary Data Sheet
(amounts in thousands, unaudited)
Three Months Ended
Consolidated Statement of Cash Flows: December 31, 1999
- ------------------------------------- ---------------------
<S> <C>
Operating Activities --
Net income $ 31,012
Adjustments to reconcile net income to cash
provided by operating activities --
Provisions (benefit) for:
Deprecation and amortization 157,683
Undistributed earnings of equity investment, net of dividends 16,723
Loss on assets held for sale 11,686
Doubtful accounts 6,887
Senior note accretion and debt discount amortization 3,386
Deferred income taxes (769)
Gain on sale of fixed assets (1,706)
Change in operating assets and liabilities, excluding the effects
of purchase acquisitions -- Accounts receivable, prepaid
expenses, inventories and other assets (83,793)
Accounts payable, accrued liabilities, unearned income and other liabilities
(excluding acquisition related accruals) 118,085
Acquisition related accruals (37,753)
Closure and post-closure costs 12,615
Closure and post-closure expenditures (11,123)
Environmental expenditures (9,035)
---------------------
Cash provided by operating activities 213,898
---------------------
Investing Activities --
Cost of acquisitions, net of cash acquired, excluding BFI (4,045)
Payments for BFI acquisition (41,037)
Net contributions to unconsolidated subsidiaries (24,856)
Capital expenditures, other than for acquisitions (158,427)
Capitalized interest (10,480)
Proceeds from sale of fixed assets 12,870
Proceeds from sale of assets held for sale 468,880
Change in deferred acquisition costs and notes receivable (3,989)
---------------------
Cash provided by investing activities 238,916
---------------------
Financing Activities --
Net proceeds from the exercise of stock options 519
Proceeds from long-term debt, net of issuance costs 314,817
Repayments of long-term debt (748,389)
---------------------
Cash used for financing activities (433,053)
---------------------
Increase in cash and cash equivalents 19,761
Cash and cash equivalents, beginning of period 101,644
---------------------
Cash and cash equivalents, ending of period $ 121,405
=====================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Allied Waste Industries, Inc.
Summary Data Sheet
(amounts in thousands, except per share data, unaudited)
December 31,
1999
-------------------------
Balance Sheet Data:
- -------------------
ASSETS
Current Assets--
<S> <C>
Cash and cash equivalents $ 121,405
Accounts receivable, net of allowance of $59,490 913,447
Prepaid and other current assets 238,755
Deferred income taxes, net 115,263
Assets held for sale 891,900
--------------
Total current assets 2,280,770
Property and equipment, net 3,738,388
Goodwill, net 8,238,929
Other assets 737,362
--------------
Total assets $ 14,995,449
==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities--
Current portion of long-term debt $ 1,002,928
Accounts payable 481,318
Accrued closure, post-closure and environmental costs 177,252
Accrued interest 158,251
Other accrued liabilities 700,128
Unearned revenue 238,371
--------------
Total current liabilities 2,758,248
Long-term debt, less current portion 9,240,291
Deferred income taxes 204,786
Accrued closure, post-closure and environmental costs 809,530
Other long-term obligations 343,039
Commitments and contingencies
Series A convertible preferred stock, 1,000 shares authorized, issued
and outstanding, liquidation preference of $1,028 per share 1,001,559
Stockholders' equity 637,996
-------------
Total liabilities and stockholders' equity $ 14,995,449
=============
</TABLE>
<PAGE>
<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 Twelve Months
Ended Ended
12/31/99 12/31/99
---------------- ---------------
Revenues:
- ---------
<S> <C> <C>
Gross revenue $1,653,414 $4,012,581
Less intercompany revenue (269,374) (671,510)
--------------- --------------
Revenue $1,384,040 $3,341,071
=============== ==============
Revenue Mix:
- ------------
Collection (1) 62.7% 60.7%
Landfill (1) 22.6% 25.3%
Transfer 4.6% 5.6%
Recycling 6.1% 5.1%
Other 4.0% 3.3%
------ ------
Total 100.0% 100.0%
====== ======
Internalization Based on Disposal Volumes 60% 61%
- -----------------------------------------
Landfill volumes in tons 16,805 45,349
- ------------------------
Internal Growth 6%
- ----------------
Interest expense:
- -----------------
Interest incurred $ 218,992 $ 461,306
Less capitalized interest (10,480) (25,474)
---------- ----------
Net interest expense $ 208,512 $ 435,832
========== ==========
Cash EPS:
- ---------
Adjusted net income $ 50,644 $ 186,979
Add: Non-deductible goodwill amortization 43,125 70,833
Deductible goodwill amortization, net of taxes at 39.5% 5,881 24,135
Less: Capitalized interest, net of taxes at 39.5% (6,340) (15,412)
---------- ---------
Adjusted net income for cash EPS $ 93,310 $ 266,535
========== =========
Weighted average common and common equivalent shares:
Diluted (2)
245,911 214,361
Cash EPS - Diluted $ 0.38 $ 1.24
========= ========
<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) Includes the dilutive impact of the conversion of the Series A
convertible preferred stock.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Allied Waste Industries, Inc.
Summary Data Sheet
(amounts in thousands, except percentages)
(unaudited)
Balance Sheet Data:
- -------------------
From 9/30/99
through
12/31/99
---------------
Rollforward of Debt Balance:
- -----------------------------
<S> <C>
Debt balance at September 30, 1999 $10,665,322
Net income 31,012
Depreciation and amortization 157,683
Other non-cash provisions 36,207
Change in closure, post-closure and environmental accruals (7,543)
Increase in operating working capital 34,292
Decrease in acquisition related working capital (37,753)
------------
Cash flow provided by operating activities 213,898
------------
Payments for acquisitions, excluding BFI (4,045)
Payments for BFI acquisition (41,037)
Capital expenditures (including American Ref-Fuel and capitalized interest) (193,763)
Proceeds from divestitures of operations and sales of fixed assets 481,750
Change in deferred acquisition costs and notes receivable (3,989)
------------
Cash flow provided by investing activities 238,916
------------
Other activity (10,950)
Increase in cash (19,761)
------------
Debt balance at December 31, 1999 $10,243,219
============
12/31/99
---------------
Capital Structure:
- ------------------
Long-term debt (including current portion) $10,243,219
Equity (including Series A convertible preferred stock) 1,639,555
-------------
Debt to total capitalization 86.2%
=============
Days Sales Outstanding 55 days
- ----------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Allied Waste Industries, Inc.
Summary Data Sheet
(amounts in thousands)
(unaudited)
Other Data:
- -----------
For the Three Months Ended 12/31/99
-------------------------------------
Reported As Adjusted
--------------- ---------------
Free Cash Flow:
- ---------------
<S> <C> <C>
EBITDA $ 426,616 $ 465,698
Less: Cash interest (182,485) (182,485)
Cash taxes (6,047) (6,047)
Closure, post-closure and environmental expenditures (20,158) (20,158)
Capital expenditures, other than for acquisitions (158,427) (158,427)
Expenditures for acquisition related costs (37,753) -
Payments for BFI acquisition (41,037) -
Add: Change in working capital 34,292 34,292
--------- --------
Free cash flow before market development 15,001 132,873
Market development (4,045) (4,045)
--------- ---------
Free cash flow after market development $ 10,956 $ 128,828
========= =========
Three Months Twelve Months
Ended Ended
12/31/99 12/31/99
--------------- ---------------
Shares Outstanding:
- -------------------
Weighted average common and common equivalent shares:
Basic 188,434 187,801
Diluted 189,732 190,661
Common stock outstanding at end of period 189,056 189,056
Market Development Excluding BFI and Related Swap Activity:
- ----------------------------------------------------------
Annualized revenue acquired $ 1,910 $ 226,809
Annualized revenue acquired (after intercompany eliminations) 1,700 208,965
Capital Expenditures:
- ---------------------
Fixed asset purchases $ 83,966 $ 193,932
Cell development 74,461 145,260
---------- ---------
Total $ 158,427 $ 339,192
========== =========
Summary of Acquisition Related Charges:
- ---------------------------------------
Acquisition related transition costs $ 33,106
Net adjustments to BFI related costs 1,076
Write down of Allied assets held for sale due to changes
to sales agreements 11,686
Reversal of acquisition accruals related to 1998 pooling
transactions (6,786)
-----------
Total reported acquisition related costs $ 39,082
===========
Estimate of Future Acquisition Related Costs:
- ---------------------------------------------
Estimate of future acquisition related costs at September 30, 1999 $ 202,000
Acquisition related costs incurred during the three months ended
December 31, 1999 (33,106)
Reduction of estimated future acquisition related costs (53,894)
-----------
Estimated future acquisition related costs at December 31, 1999 $ 115,000
===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Allied Waste Industries, Inc.
Divestiture Program (excluding asset swaps)
As of December 31, 1999
(amounts in millions)
(unaudited)
Estimated Estimated Estimated
Gross Annual Annual
Acquiror Operations of: Proceeds Revenue EBITDA
- ------------------------------------ --------------------------------- ------------- ------------- -------------
Completed divestitures:
<S> <C> <C> <C>
SITA SITA $ 444 $ - $ -
Stericycle BFI medical waste 411 198 44
Republic BFI 20 18 2
Waste Connections Allied 23 12 5
Other BFI 18 17 4
------ ------ ------
Total completed divestitures 916 245 55
Pending divestitures:
Republic BFI (a) 53 37 10
Superior BFI 205 91 34
Waste Connections BFI 19 5 3
Gas Recovery Systems BFI gas 50 - -
Other BFI (b) 35 39 6
Other Allied (c) 3 4 1
------ ------ ------
Subtotal - Other 38 43 7
Total pending divestitures (assets held for sale) 365 176 54
Other potential divestitures BFI and Allied (d) 510 210 50
------ ------ ------
Total divestitures 1,791 631 159
Less: estimated tax impact (25) - -
------ ------ ------
Net divestitures $ 1,766 $ 631 $ 159
======== ======= =======
<FN>
Footnotes:
(a) Amount includes certain operations that were sold subsequent to December 31,
1999 for approximately $40 million.
(b) Amount includes certain operations that were sold subsequent to December 31,
1999 for approximately $27 million.
(c) Amount includes certain operations that were sold subsequent to December 31,
1999 for approximately $1 million.
(d) Amount includes certain operations that were sold subsequent to December 31,
1999 for approximately $11 million.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Allied Waste Industries, Inc.
Divestiture Program (asset swaps only)
As of December 31, 1999
(amounts in millions)
(unaudited)
Estimated Estimated Estimated
Gross Annual Annual
Acquiror Operations of: Proceeds Revenue EBITDA (a)
- ---------------------------------- -------------------------- ----------------------------------
Divestitures ("Outbound"):
- --------------------------
Completed divestitures:
<S> <C> <C> <C>
Superior BFI $ 10 $ 6 $ 1
Pending divestitures:
Waste Management BFI Canada 222 162 45
Waste Management BFI 12 6 3
------ ------ ------
Subtotal - Waste Management 234 168 48
Republic BFI (b) 168 135 26
Republic Allied 25 22 4
------ ------ ------
Subtotal - Republic 193 157 30
Superior BFI 37 25 5
Superior Allied 64 28 9
------ ------ ------
Subtotal - Superior 101 53 14
Total pending divestitures (assets held for sale) 528 378 92
Other potential divestitures BFI and Allied 25 20 5
------ ------ ------
Total divestitures $ 563 $ 404 $ 98
====== ====== ======
Purchases ("Inbound"):
Allied Republic (c) $ 194 $ 144 $ 32
Allied Superior 114 44 15
Allied Waste Management (d) 260 153 53
Allied Waste Connections 8 7 3
------ ------ ------
Total purchases $ 576 $ 348 $ 103
====== ====== ======
Net impact to Allied before taxes $ (13) $ (56) $ 5
Less: estimated tax impact (123) - -
------ ------ ------
Net impact to Allied after taxes $(136) $ (56) $ 5
====== ====== ======
<FN>
Footnotes:
(a) Excludes expected annualized synergies of $25 million.
(b) Amount includes certain operations that were sold subsequent to December 31,
1999 for approximately $58 million.
(c) Amount includes certain operations that were purchased subsequent to
December 31, 1999 for approximately $57 million.
(d) Amount includes certain operations that were purchased subsequent to
December 31, 1999 for approximately $50 million.
</FN>
</TABLE>
<PAGE>
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 and Chief Accounting
Officer
Date: February 23, 2000
|
|