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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
Date of Report (Date of earliest event reported): October 8, 1998
Waste Management, Inc.
(Exact name of Registrant as specified in its charter)
Delaware 1-12154 73-1309529
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
1001 Fannin Street, Suite 4000
Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 512-6200
2
Item 5. Other Events.
On October 8, 1998, Waste Management, Inc. issued a press
release reaffirming its earnings outlook for the second half of 1998 and for
1999. The press release is attached hereto as Exhibit 99.1 and is incorporated
herein by reference.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired.
None.
(b) Pro forma financial information.
None.
(c) Exhibits.
99.1. Press Release issued by Waste Management, Inc. on
October 8, 1998
3
EXHIBIT INDEX
Exhibit
No. Description
- ------- -----------
99.1 Press Release issued by Waste Management, Inc. on October 8, 1998
4
SIGNATURES
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 hereunto duly authorized.
WASTE MANAGEMENT, INC.
/s/ Bryan J. Blankfield
Date: October 8, 1998 -----------------------------------
Name: Bryan J. Blankfield
Title: Vice President and Assistant
Secretary
[WASTE MANAGEMENT LETTERHEAD]
FOR IMMEDIATE RELEASE
For Further Information:
Waste Management, Inc.
Cherie Rice
(713) 512-6548
WMI #98-14
WASTE MANAGEMENT REAFFIRMS EARNINGS OUTLOOK
HOUSTON, TEXAS (October 8, 1998) - Waste Management, Inc. (NYSE: WMI)
today reaffirmed its earnings outlook for the second half of 1998 and for 1999.
The Company's earnings expectations for the second half of 1998 continue to be
$1.05 to $1.10 per diluted share and $3.00 to $3.05 per diluted share for the
year ending December 31, 1999.
John E. Drury, Chief Executive Officer of Waste Management, Inc.
stated, "Our stock traded down sharply yesterday. We therefore felt it necessary
to clarify to investors that we have not seen deterioration to the fundamentals
of our business." He further added, "In fact, our domestic volumes continue to
be very strong. While approximately 13% of our revenues are generated from our
international operations, a recently completed hands-on review of these
operations has given us confidence that our international business will meet our
1999 earnings expectations."
It was also noted that the integration of the former USA Waste Services
and the former Waste Management has been progressing very smoothly, and that the
Company continues to expect to realize $800 million in annual synergies from the
transaction in 1999 and $200 million in the fourth quarter of this year.
Waste Management, Inc., based in Houston, is the global leader in
providing waste management services. In North America the Company operates
throughout the United States, the District of Columbia, Canada, Puerto Rico, and
Mexico serving municipal, commercial, industrial and residential customers.
Certain statements provided in this release constitute forward-looking
statements that involve a number of risks and uncertainties. These risks and
uncertainties may cause actual results to differ materially from expected
results and are described in detail in the Securities and Exchange Commission
filings which have been made by Waste Management.
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