WMI Announces Q2 Results, New Dividend Program

Lynn Schenkman

Houston -- Waste Management Inc. has announced revenues for the second quarter of 2003 are up to $2.92 billion compared with $2.82 billion for the same period one year ago. Net income reported for the quarter was down to $176 million or 30 cents per diluted share compared with net income of $217 million or 35 cents per diluted share for the second quarter of 2002.

The company also has approved a quarterly dividend increase from 1 cent to 75 cents per share annually to be paid on a quarterly basis. The dividend program will begin in the first quarter of 2004. Based on the current share count, this equates to nearly $450 million, and at the current share price of approximately $24, the dividend produces a 3.1 percent annual yield, the company says. For details, visit www.wm.com.