Republic Services reports first quarter financial results

Republic Services, Inc. reported net income for the three months ended March 31, 2009 of $113.0 million, or $.30 per diluted share, compared to net income of $76.1 million, or $.41 per diluted share, for the same period in 2008.

The first quarter 2009 financial results include Allied Waste Industries, Inc. (Allied) which merged with Republic on December 5, 2008. Operating income for the three months ended March 31, 2009 was $353.0 million compared to $142.2 million for the comparable period in 2008. Operating income before depreciation, amortization, depletion and accretion for the three months ended March 31, 2009 was $598.1 million, or 29.0 percent of revenue compared to $220.0 million, or 28.2 percent of revenue in 2008.

Revenue for the three months ended March 31, 2009 increased to $2,060.5 million compared to $779.2 million for the same period in 2008. Core price for the three months ended March 31, 2009 (assuming the merger with Allied had occurred on January 1, 2008) increased 3.5 percent.

Internal growth for the three months ended March 31, 2009 (assuming the merger with Allied had occurred on January 1, 2008) decreased 8.6 percent (consisting of a 3.5 percent price increase offset by decreases of 8.0 percent in core volume, 2.9 percent in commodity prices and 1.2 percent in fuel charges).

Republic also announced that its board of directors declared a regular quarterly dividend of $.19 per share for shareholders of record on July 1, 2009. The dividend will be paid on July 15, 2009.