RALEIGH, N.C., April 1 /PRNewswire-FirstCall/ -- Waste Industries USA,
Inc. (Nasdaq: WWIN), a regional, non-hazardous solid waste services company,
today announced that late in the preparation of its Form 10-K for the fiscal
year ended December 31, 2004, it became aware of circumstances that existed at
December 31, 2004 that raised substantial doubt as to the collectibility of
certain accounts receivable from a major customer. As a result, Waste
Industries expects to report net income of $11.8 million, or $0.86 per diluted
share, for the year ended December 31, 2004 which is approximately
$1.4 million less than the net income of $13.2 million, or $0.97 per diluted
share, reported in its press release dated March 2, 2005.
Due to the late date that Waste Industries became aware of this
circumstance, it has filed with the Securities and Exchange Commission an
extension for the filing of its Form 10-K. Waste Industries expects to file
its Annual Report on Form 10-K on or before April 15, 2005.
Waste Industries USA, Inc. is a vertically integrated solid waste services
company that provides collection, transfer, disposal and recycling services to
commercial, industrial and residential customer locations in the states of
North Carolina, South Carolina, Virginia, Georgia, Tennessee, and Florida.
This press release may contain "forward-looking statements" under the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements can generally be identified as such because the statement will
include words such as the Company "expects," "believes," "anticipates" or
words of similar import. Similarly, statements that describe the Company's
future plans, objectives or goals are also forward-looking statements.
Forward-looking statements are subject to risks and uncertainties, such as
managing growth, risks in the development and operation of landfills, weather
conditions and economic trends that could cause actual results to differ
materially from those currently anticipated. Consider these factors carefully
in evaluating the forward-looking statements. Additional information
concerning factors that could cause actual results to differ materially from
those in the forward-looking statements is contained from time to time in the
Company's SEC filings. The forward-looking statements made herein are only
made as of the date of this press release and the Company undertakes no
obligation to publicly update such forward-looking statements.
SOURCE Waste Industries USA, Inc.
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Related links:
http://www.waste-ind.com
Company News On-Call:
http://www.prnewswire.com/comp/120685.html
CONTACT:
Carol Dalton of Waste Industries USA, Inc.,
+1-919-325-3000
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