EXHIBIT 99.1
     
Contact:
  James P. Zeumer
 
  Senior Vice President, Public Affairs,
 
  Communications and Investor Relations
 
  480-627-2785
FOR IMMEDIATE RELEASE
ALLIED WASTE REPORTS RECORD FIRST QUARTER 2008 FINANCIAL RESULTS
    Q1 EPS of $0.17 Per Share, Including Net Charges of $0.03 Per Share*
 
    Continued Strength in Pricing Drives Revenue to Q1 Record $1.5 Billion
 
    EBITDA* Up 8.5% to $392 Million
 
    Company Retires $161 Million of Senior Notes and Converts Series D Preferred Stock
Phoenix, AZ — April 30, 2008 — Allied Waste Industries, Inc. (NYSE: AW), the nation’s second largest waste services company, today reported financial results for its first quarter ended March 31, 2008. For the quarter, income from continuing operations was $72.6 million, or $0.17 per diluted share, inclusive of net charges of $0.03 per share* primarily associated with an asset impairment charge for an expanded closure plan at a Midwest landfill. Prior year income from continuing operations was $34.3 million, or $0.07 per diluted share, inclusive of a charge of $0.07 per share* associated with debt refinancings. On an adjusted basis, 2008 first quarter earnings per share was $0.20, an increase of 43% over the prior year amount of $0.14 per share.
Total revenue for the first quarter was $1.48 billion, an increase of $39.6 million, or 2.7%, over prior year revenue of $1.44 billion. Higher revenue for the period was driven by a 6.1% increase in price, partially offset by a 4.1% decrease in volumes. Lower volumes for the quarter reflected the ongoing impact from lower residential construction volumes and the continued slowing of the economy.
Allied Waste’s strong operating and financial results continued to benefit from long-term initiatives in support of strategic pricing, operating efficiency and overall service enhancements,” said John Zillmer, Chairman and Chief Executive Officer. “ First quarter results, which were in line with our expectations, reflect specific actions we took heading into 2008 to position the Company for success in what we anticipated would be a more challenging economic environment.”
First quarter EBITDA* (earnings before interest, taxes, depreciation and amortization) increased 8.5% to $391.7 million, compared with $361.0 million in the prior year. Higher operating expenses for the quarter, which were driven primarily by increased fuel costs and environmental reserve adjustments, were offset by lower selling, general and administrative expenses inclusive of an adjustment due to the favorable resolution of a BFI acquisition related claim. The Company’s fuel recovery fee, which works to mitigate the impact of higher fuel costs, is reflected in total revenues for the period.
Reported operating income for the quarter of $240.4 million, an increase of $6.9 million over the prior year, included loss on divestitures and asset impairments of $18.5 million primarily associated with an expanded closure plan at a Midwest landfill. Operating income excluding this charge would have increased to $258.9 million, and as a percent of revenue would have shown a year-over-year increase of approximately 130 basis points to 17.4%.
First quarter 2008 cash flow from operations showed a use of $59.9 million, compared with cash provided by operations of $84.8 million in the comparable quarter last year. The large change in reported year-over-year cash flow from operations resulted from a previously disclosed $195.7 million tax payment made by the company in the first quarter 2008. Excluding this payment, cash flow from operations would have been approximately $136 million, an increase of 60%. Free cash flow* for the quarter was a use of $20.8 million, compared with a use of $88.3 million in the prior year, as the timing of capital expenditures resulted in lower first quarter spending in 2008.

3


The following information was filed by Allied Waste Industries Inc on Wednesday, April 30, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Allied Waste Industries Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Allied Waste Industries Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account