James P. Zeumer
  Senior Vice President, Public Affairs,
  Communications and Investor Relations
    Reported Q4 Earnings Climb to $0.27 Per Share
    Strong Pricing Drives Q4 Revenue to Over $1.5 Billion
    Q4 Gross Margins* Expand 180 Basis Points to 38.6%
    Full Year Free Cash Flow* Up 92% to $479 Million
    2008 Outlook Shows Continued Strong Financial Gains
Phoenix, AZ – February 14, 2008 – Allied Waste Industries, Inc. (NYSE: AW), the nation’s second largest waste services company, today reported financial results for its fourth quarter and year-ended December 31, 2007. For the quarter, income from continuing operations was $117.6 million, or $0.27 per diluted share, inclusive of a tax benefit of $0.03 per share. Prior year earnings from continuing operations of $8.2 million, or $0.00 per diluted share, include charges totaling $0.17 per share associated with tax related matters, divestitures and asset impairments. For the quarter, adjusted earnings per share from continuing operations increased 41% over the prior year.
Total revenue for the fourth quarter was $1.52 billion, an increase of $54.8 million, or 3.7%, over prior year revenue of $1.47 billion. Higher revenue for the quarter was driven by a 5.7% increase in average price as the Company continued to benefit from ongoing implementation of its strategic pricing program. In addition, the Company’s fuel recovery fee increased 50 basis points in the fourth quarter compared with the prior year which reflects the impact of higher diesel fuel costs. Higher prices for the period were partially offset by a 3.8% decrease in volumes related primarily to the continued slowing of the economy.
“This past year saw an acceleration in key business performance measures including earnings growth, margin expansion, cash flow generation and, in turn, debt reduction,” said John Zillmer, Chairman and Chief Executive Officer. “By strengthening our core capabilities, we have been able to deliver excellent financial results, while building an operating and financial platform that supports the future growth of Allied Waste.”
Gross profit* for the quarter was $586.7 million, up $47.0 million, or 8.7%, over the comparable period last year. Gross profit as a percentage of revenue increased to 38.6%. The 180 basis point expansion in gross margins reflects the positive impact of higher prices, the systematic elimination of low-margin business and the Company’s continued success in flexing down costs in response to lower volumes. Operating income for the quarter increased 17.6% to $294.6 million, compared with $250.5 million last year. Fourth quarter operating income as a percent of revenue was 19.4%, an increase of 230 basis points over the same period last year.
Fourth quarter cash flow from operations was $324.3 million, compared with $289.8 million in the prior year, as the quarter benefited from higher operating income, partially offset by changes in working capital. Free cash flow* for the quarter gained 14.0% to $164.2 million, as increased cash flow from operations was partially offset by higher capital expenditures. Free cash flow for the full year increased 92% to $479.0 million, compared with $250.1 million for the prior year, resulting primarily from the strong increase in operating income and favorable changes in working capital.
For the year ended December 31, 2007, Allied Waste’s revenue was $6.07 billion, an increase of $160.2 million, or 2.7%, over prior year. Continued strong pricing for the year of 6.0% was partially offset by a 3.5% decline in annual volumes driven primarily by a slowdown in housing construction.


The following information was filed by Allied Waste Industries Inc on Thursday, February 14, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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