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Waste Business Journal Weekly News Bulletin: Jul. 28-Aug. 3, 2005

Headlines...

  1. Waste Management to Divest Non-Core and Under-Performing Assets
  2. Metal Management's Profits down on Lower Iron Prices
  3. Appliance Recycling Centers Reports Improved Operating Results
  4. Congress Passes $26.3B Environmental Bill
  5. RecycleNet Acquires Industry On-Line Central
  6. Gundle/SLT Environmental Releases Quarter-End Results
  7. Newmont Mining Faces Indonesian Trial Over Dumping

 

  1. Waste Management to Divest Non-Core and Under-Performing Assets

    In announcing its second quarter financial results on July 28, Waste Management Inc. (Houston, TX) declared that it plans to divest non-core and under-performing assets representing at least $400 million in annual revenues. The operations identified to date, consisting primarily of collection businesses and transfer stations, generated approximately $215 million in revenues and $11 million in operating income for the first six months of 2005, according to the company. Waste Management also announced plans to simplify its organizational structure through the elimination of a management layer between the corporate office and field operations, in order to place greater emphasis on day-to-day decision-making in specific market areas...Read More »

  2. Metal Management's Profits down on Lower Iron Prices

    Reduced demand for iron forced Metal Management Inc.'s profits down $57 million in the fiscal first quarter. Metal Management earned $5.4 million, or 22 cents per share, in the quarter, down from $12.4 million, or 52 cents per share, in the same quarter last year. Company officials said the earnings were hurt by lower prices for prime grades of iron scrap, which fell from $250 per ton in the beginning of the quarter to $140 per ton in June. The company's revenue nonetheless grew 4 percent to $381.6 million, from $367.2 million; Metal Management exported 330,000 tons of iron scrap to international destinations...Read More »

  3. Appliance Recycling Centers Reports Improved Operating Results

    Appliance Recycling Centers of America (OTC: ARCI) has reported improved operating results for its fiscal second quarter of 2005. Revenues increased 47 percent to $19.1 million from $13.0 million in the same period one year before. Operating income rose from $80,000 to $620,000, and net earnings were $404,000, or 9 cents per diluted share, up from a net loss of $42,000 or 2 cents per share in the same quarter in 2004. Company officials expect that continued high energy prices will result in continued interest for the company's residential energy conservation programs...Read More »

  4. Congress Passes $26.3B Environmental Bill

    Congress has sent to the White House a $26.3 billion environmental bill that cuts spending for clean water programs and increases funds to fight wildfire and improve health care for Native Americans. The bill, which provides funding for the Environmental Protection Agency, the Bureau of Land Management (www.blm.gov), the National Park Service (www.nps.gov), and related agencies starting Oct. 1, passed 99-1. The House approved the measure last Thursday, and President Bush is expected to sign it...Read More »

  5. RecycleNet Acquires Industry On-Line Central

    RecycleNet Corporation (OTC: GARM) has acquired Industry On-line Central (www.iolcentral.com), a waste exchange based in St. Louis, Missouri. RecycleNet Corporation's regional waste exchange program is a free waste exchange service for generators of scrap, waste or by-product. Over the past several months RecycleNet Corporation has launched regional exchanges in Asia, Europe, South America, Mexico, Canada, and in 23 states across America...Read More »

  6. Gundle/SLT Environmental Releases Quarter-End Results

    Gundle/SLT Environmental has reported net income of $1.0 million for the quarter ended June 30, 2005, up from a net loss of $2.1 million for the same quarter in 2004. Revenue for the quarter increased 3.8 percent from $83.8 million to $87.0 million. Company officials attributed the increase in revenue from product price increases of 14.3 percent due to increases in resin costs...Read More »

  7. Newmont Mining Faces Indonesian Trial Over Dumping

    Newmont Mining Corp. has denied that its Indonesian subsidiary committed any wrongdoing, although the company and its American president are facing trial over alleged dumping of toxic waste in a bay in eastern Indonesia. Wall Street analysts have said that if Newmont, the world's largest gold miner, loses the trial, it could affect investment in Indonesia, the world's fourth-most-populous country. Newmont officials say there has been no crime committed, and that its disposal processes were approved by the government...Read More »

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