Waste Industries Inc. Reports Quarter and Year-End Financial Results

Raleigh, N.C. -- Waste Industries USA Inc. has reported financial results for the fourth quarter and year ended Dec. 31, 2002.

For the quarter ended Dec. 31, 2002, revenue was $63.2 million compared to $61.9 million for the quarter ended Dec. 31, 2001. Adjusted operating income was $6.5 million compared to $6.7 million for the same period last year. Adjusted net income was $2.8 million, or 21 cents per share, compared to $2.5 million or 18 cents per share for the quarter ended Dec. 31, 2001. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter ended Dec. 31, 2002, was $14.2 million versus $12.9 million for the comparable period last year.

For the year ended Dec. 31, 2002, revenue was $251.8 million compared to $249.3 million for the year ended Dec. 31, 2001. Adjusted operating income was $27.7 million compared to $27.4 million for 2001. Adjusted net income was $11 million, or 82 cents per share, versus adjusted net income of $9.3 million or 70 cents per share for 2001.