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Republic Services reports increase in fourth quarter 2007 earnings Republic Services, Inc. reported that revenue for the three months ended December 31, 2007 increased 3.9 percent to $796.0 million compared to $766.2 million for the same period in 2006. Net income for the three months ended December 31, 2007 was $82.1 million, or $0.44 per diluted share, compared to net income of $66.9 million, or $0.34 per diluted share, for the same period in 2006. The Company’s income before income taxes for the three months ended December 31, 2007 included a $12.5 million pre-tax gain ($5.0 million, or $0.03 per diluted share, net of tax) related to the sale of the Company’s compost, mulch, and soil business in Texas. Operating income for the three months ended December 31, 2007 was $139.9 million, or 17.6 percent of revenue, compared to operating income of $129.7 million, or 16.9 percent of revenue, for the same period last year. Revenue for the year ended December 31, 2007 increased 3.4 percent to $3,176.2 million from $3,070.6 million for the comparable period in 2006. Net income for the year ended December 31, 2007 was $290.2 million, or $1.51 per diluted share, compared to $279.6 million, or $1.39 per diluted share, for 2006. The Company’s income before income taxes for the year ended December 31, 2007 includes $54.9 million of pre-tax charges ($33.8 million, or $0.18 per diluted share, net of tax) related to estimated increases in costs to remediate landfills in Ohio and California. The Company’s income before income taxes for the year ended December 31, 2007 also includes a $12.5 million pre-tax gain ($5.0 million, or $0.03 per diluted share, net of tax) related to the sale of the Company’s compost, mulch, and soil business in Texas. Net income for the twelve months ended December 31, 2006 included a $5.1 million tax benefit related to the resolution of various income tax matters. Republic Services’s board of directors declared a regular quarterly dividend of $0.17 per share for shareholders of record on April 1, 2008. The dividend will be paid on April 15, 2008. |
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