James P. Zeumer
  Senior Vice President, Public Affairs,
  Communications and Investor Relations
    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.


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.

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