Scottsdale-based Allied Waste Industries, the nation’s second-largest waste hauler, reported a 7.8 percent increase in revenue for the second quarter of its fiscal year 2006.
“We are pleased with the results . . . which continue to demonstrate the success and sustainability of our pricing, sales and operating initiatives,” said John Zillmer, chairman and CEO. “The strategic focus on the sales organization continues to produce positive results through enhanced leadership as well as infrastructure and program improvement.”
For the quarter that ended June 30, Allied Waste reported $1.54 billion in revenue, compared with nearly $1.45 billion for the second quarter of the previous year. The increase in revenue resulted from internal growth, reflecting increases in all lines of business, partially offset by a 1.4 percent decrease from divestitures and lower recycling revenue.
For its second quarter, Allied Waste reported $37.6 million in net income, compared with $54 million for the second quarter of the previous year.
For the first six months of 2006, the company reported nearly $2.98 billion in revenue, compared with nearly $2.79 billion for the same period last year. Net income totaled $78.8 million, compared to $78.7 million.
At the end of the second quarter, Allied Waste’s debt totaled $7.182 billion, compared with nearly $7.184 billion at the end of the second quarter of 2005. The company’s debt decreased by $5 million during the second quarter of this year.
Also during the second quarter, Allied Waste signed an agreement to sell its Miami, Fla., operations to Waste Services and buy that company’s Phoenix operations, Zillmer said.
“This transaction, which requires Department of Justice approval, allows us . . . to increase our position in a market in which we have both a collections and disposal presence,” he said. “Additionally, we are gaining a large landfill within a highgrowth market in which our existing disposal sites will be reaching capacity within the next five years.”
The stock’s 52-week high was $14.38, while the 52-week low was $7.72.