Date: March 5, 2007
Source: Waste Management, Inc.
Cash Authorized for Return to Shareholders in 2007 Increases to $1.8 Billion
Waste Management, Inc. (NYSE: WMI) announced today that its Board of Directors has authorized the repurchase of up to an additional $600 million in common stock during 2007, which brings the total amount of cash authorized for return to shareholders to $1.8 billion for 2007.
"This announcement reinforces our commitment to return free cash flow to our shareholders," said David P. Steiner, Chief Executive Officer of Waste Management, Inc. "Waste Management is first and foremost a strong and consistent generator of cash flow. The Board of Directors and management continue to believe that a capital allocation program that benefits our shareholders is one of our most important initiatives."
Steiner continued, "From 2002 through December 31, 2006, Waste Management returned over $5 billion in cash to shareholders through our combined dividend and share repurchase program. Through the first two months of 2007, we have repurchased an additional $320 million of our stock, which reflects our strong cash and short-term investment position balances and our confidence in our ability to produce strong free cash flow."
Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management services in North America. Our subsidiaries provide collection, transfer, recycling and resource recovery, and disposal services. We are also a leading developer, operator and owner of waste-to-energy and landfill gas-to-energy facilities in the United States. Our customers include residential, commercial, industrial, and municipal customers throughout North America.
For more information, contact:
Waste Management, Inc., Houston
Analysts: Greg Nikkel, 713-265-1358
Media: Lynn Brown, 713-394-5093