Republic Reports Increased Annual Revenue

Rebekah A. Hall

Ft. Lauderdale, Fla. -- Republic Services Inc. has reported annual revenue for 2003 at $2.52 billion compared to $2.4 billion in 2002. Operating income for the year ended Dec. 21, 2003 was $4.1 billion compared to $4.5 billion in 2002. Net income and operating income for 2003 include an additional pre-tax charge of $24 million for self-insurance. In 2002, net income and operating income included a $5.6 million pre-tax gain primarily related to the sale of certain assets, according to the company.

For the quarter ended Dec. 31, 2003, the company has reported a net income if $55.7 million or 35 cents per share. This represents a drop from the same quarter in 2002, when the company posted $61.5 million or 37 cents per share.

Additionally, Republic plans to implement a broad-based pricing initiative across all lines of service to recover increased costs of fuel and insurance expenses.

"Our team did an excellent job of executing our business plan during 2003," James O’Connor, Republic’s chairman and CEO says. "We delivered consistent performance, including record amounts of free cash flow, and we also achieved positive revenue growth."