-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, C5n9DdcQfffHPQ9D8kfE5en70uTF472RxiqZItojkYmllSWLXioBIBAVFEnJDkV6 pMq8iNmD9CSyD9vyZLLW1A== 0000950131-97-004570.txt : 19970725 0000950131-97-004570.hdr.sgml : 19970725 ACCESSION NUMBER: 0000950131-97-004570 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970722 ITEM INFORMATION: Other events FILED AS OF DATE: 19970724 SROS: CSX SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WMX TECHNOLOGIES INC CENTRAL INDEX KEY: 0000104938 STANDARD INDUSTRIAL CLASSIFICATION: REFUSE SYSTEMS [4953] IRS NUMBER: 362660763 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07327 FILM NUMBER: 97644947 BUSINESS ADDRESS: STREET 1: 3003 BUTTERFIELD RD CITY: OAK BROOK STATE: IL ZIP: 60521 BUSINESS PHONE: 6305728800 MAIL ADDRESS: STREET 1: 3003 BUTTERFIELD ROAD CITY: OAKBROOK STATE: IL ZIP: 60521 FORMER COMPANY: FORMER CONFORMED NAME: WASTE MANAGEMENT INC DATE OF NAME CHANGE: 19930527 8-K 1 FORM 8-K - -------------------------------------------------------------------------------- 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 July 22, 1997 Date of Report (Date of earliest event reported) -------------- 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) - -------------------------------------------------------------------------------- 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. 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 thereunto duly authorized. WASTE MANAGEMENT, INC. By: /s/ Herbert A. Getz ------------------------ Herbert A. Getz Senior Vice President Dated: July 24, 1997 -----END PRIVACY-ENHANCED MESSAGE-----