RALEIGH, N.C., May 30 /PRNewswire-FirstCall/ --
Waste Industries USA, Inc. (Nasdaq: WWIN), a regional, non-hazardous solid
waste services company, today announced the results of its Annual Shareholders
Meeting held at the North Raleigh Hilton on Wednesday, May 28, 2003 at 4:00
PM.
Chairman of Waste Industries USA, Inc., Lonnie C. Poole, Jr. stated, "Our
directors have served the shareholders well during 2002. We implemented our
succession plan to split the Chairman and CEO roles, we complied with the
requirements of the Sarbanes-Oxley Act, and we appointed Paul F. Hardiman as
an independent director. I am pleased to report that our stock price
increased 15% for the year ended 2002, while the stock of many public
companies finished the year lower. We are committed to making 2003 even
better."
Incumbent directors Lonnie C. Poole Jr., Jim W. Perry, Paul L. Brunswick,
Thomas C. Cannon, and Paul F. Hardiman were re-elected at the meeting. New
directors elected were Glenn E. Futrell and James R. Talton, Jr.
Mr. D. Stephen Grissom, CFO, was pleased to announce the ratification of
Deloitte & Touche, LLP as auditors for the year ending December 31, 2003.
There were no other matters addressed at the meeting.
During the Company's management presentation, Jim Perry, CEO, discussed an
overview of the Company, its 2002 performance, its operating practices and the
Company's information systems. Mr. Perry also discussed the Company's growth
strategy for 2003. Mr. Grissom then discussed historical results of 2002 and
estimates for 2003. Included in the 2003 estimates were earnings of $0.82 to
$0.85 cents per share (not including the impact of the adoption of Statement
of Financial Accounting Standards No. 143, Accounting for Asset Retirement
Obligations), capital expenditures of $31 million to $33 million and internal
growth of 1% to 2%. Mr. Harry Habets, COO of the Company, then discussed
operating practices and on-going initiatives.
After the meeting adjourned, Mr. Lonnie Poole, Jr. recognized the
retirement of Mr. J Gregory Poole, Jr. from the Board of Directors. Mr. Greg
Poole was a founding director of Waste Industries and has served for 33 years.
Mr. Lonnie Poole expressed his gratitude for Mr. Greg Poole's years of wisdom
and dedicated service.
Waste Industries USA, Inc., is a vertically integrated regional solid
waste services company that provides collection, transfer, disposal and
recycling services to over 500,000 commercial, industrial and residential
customer locations in the states of North Carolina, South Carolina, Virginia,
Tennessee, Mississippi, Alabama, Georgia and Florida.
This press release contains "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 economic trends,
managing growth, risks in the development and operation of landfills, and
weather conditions 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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