James P. Zeumer
  Senior Vice President, Public Affairs, Communications & Investor Relations
Phoenix, AZ — February 15, 2007 — Allied Waste Industries, Inc. (NYSE: AW), a leading waste services company, today reported financial results for the fourth quarter and full-year ended December 31, 2006. Allied Waste highlighted the following information from its reported quarterly financial results:
    Internal revenue growth of 4.0% was driven by average price increases of 4.8%, partially offset by a decrease in volume of 0.8%;
    Operating income increased 8.1% to $254 million compared to $235 million for the fourth quarter 2005 and the operating margin expanded by 100 basis points in the quarter, compared with 2005. The fourth quarter 2006 operating income includes an $8 million charge due to asset impairments;
    Reported fourth quarter 2006 diluted earnings from continuing operations of $0.00 per share includes a $0.16 charge for income tax related matters and a $0.01 charge due to asset impairments. Before these charges, fourth quarter diluted earnings were $0.17 per share. Prior year fourth quarter EPS of $0.15 per share includes a $0.03 benefit for tax related matters;
    Cash flow from operations increased 17% to $280 million from $240 million in the fourth quarter 2005; and
    Debt, net of cash, was reduced by $146 million during the fourth quarter 2006.
“We are pleased with the strength of Allied’s operating and financial results for both the fourth quarter and full year 2006,” said John Zillmer, Chairman and Chief Executive Officer. “We continued to expand our revenue base through profitable growth, while we improved our operating margin, cash flow, and return on invested capital. We believe that our 2006 achievements provide a solid foundation upon which we can continue to improve our operating results and cash flow again in 2007.”
Revenue for the fourth quarter ended December 31, 2006, was $1.494 billion, an increase of 1.8% from $1.468 billion in the fourth quarter 2005. The increase in revenue resulted from internal growth of 4.0%, partially offset by a 2.2% decrease due to net divestitures and non-core revenue. Core internal revenue growth was comprised of a 4.8% increase in same store average unit price, which includes a 0.8% increase associated with a fuel recovery fee, partially offset by a 0.8% decrease in same-store volumes, primarily due to the year-over-year reduction in roll-off volumes from hurricane impacted regions.
Operating income for the fourth quarter 2006 increased 8.1% to $254 million, compared with $235 million for the fourth quarter 2005. Operating income as a percent of revenue increased 100 basis points to 17.0%, from 16.0% in the fourth quarter of 2005. Gross margin* for the quarter was 36.8%, an increase of 200 basis points over fourth quarter 2005, as the Company’s cost containment and productivity improvement programs continued to yield positive results in tandem with strong profitable revenue growth. SG&A expenses as a percent of revenue increased to 9.9% from 9.3% in the fourth quarter 2005 primarily due to salary and incentive compensation increases, and increased franchise taxes. Also, included in fourth quarter 2006 operating income is an $8 million non-cash charge for impaired assets primarily related to a decision to discontinue development and/or operations at two landfill sites and a charge related to the relocation of the Company’s Operations Support Center.


The following information was filed by Allied Waste Industries Inc on Thursday, February 15, 2007 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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