For Further Information:
Waste Management, Inc.
Analysts: Greg Nikkel 713.265.1358
Media: Heather Browne 713-265-1514
Waste Management Wins Bid for Jay Leno Harley to Support Tsunami Victims
HOUSTON - February 7, 2005 - Waste Management,
Inc. (NYSE: WMI) announced today that CEO David P. Steiner,
on behalf of the Company, was the winning bidder for
the Jay Leno Harley-Davidson motorcycle auction. For
the past several weeks, the Harley-Davidson has been
sitting on the set of the "Tonight Show".
Celebrity guests have signed the motorcycle. Proceeds
from the auction go to support tsunami relief efforts.
The winning bid was $800,100.
"Like Many U.S. companies, Waste Management felt a need to support the tsunami relief effort," said Steiner. "The auction presented us with the opportunity to continue our support efforts, and also gives us an opportunity to use the bike as an employee pride builder."
Waste Management was already engaged in a tsunami relief effort, in which the Company was matching donations made by its employees, when the Jay Leno Harley auction was announced. Steiner saw Waste Management's involvement in the auction as a way to enhance what the Company was already doing.
"Our involvement in the auction wasn't our original plan. I'm proud that we got involved and I know our employees join me in recognizing how the Company's action here solidified our commitment to the tsunami relief effort," said Steiner.
In addition to its support of the American Red Cross through the purchase of the motorcycle, Waste Management will continue to match contributions made by employees, as previously announced.
Waste Management, Inc. is its industry's leading provider of comprehensive waste management and environmental services. Based in Houston, the Company serves municipal, commercial, industrial, and residential customers throughout North America.
Certain statements contained in this press release include statements that are "forward-looking statements." Outlined below are some of the risks that the Company faces and that could affect our financial statements for 2004 and beyond and that could cause actual results to be materially different from those that may be set forth in forward-looking statements made by the Company. However, they are not the only risks that the Company faces. There may be additional risks that we do not presently know or that we currently believe are immaterial which could also impair our business. We caution you not to place undue reliance on these forward-looking statements, which speak only as of their dates. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, the Company, from time to time, provides estimates of financial and other data relating to future periods. Such estimates and other information are the Company's expectations at the point in time of issuance but may change at some future point in time. By issuing such estimates the Company has no obligation, and is not undertaking any obligation, to update such estimates or provide any other information relating to such estimates. The following are some of the risks we face:
- the effects competition
may have on our profitability or cash flows, including
the negative impact to our yield on base business resulting
from price roll-backs and lower than average pricing
to retain and attract customers;
- our inability to maintain
or expand margins as volumes increase if we are unable
to control variable costs or our fixed cost base increases;
- increases in employee-related
costs and expenses, including health care and other
employee benefits such as unemployment insurance and
workers' compensation, as well as the costs and expenses
associated with attracting and retaining qualified personnel;
- possible increases in
expenses due to fuel price increases or fuel supply
shortages;
- the effect that fluctuating
commodity prices may have on our operating revenues
and expenses;
- the general effects
of a weak economy, including the resulting decreases
in volumes of waste generated;
- the effect the weather
has on our quarter to quarter results, as well as the
effect of extremely harsh weather on our operations;
- possible changes in
our estimates of site remediation requirements, final
capping, closure and post-closure obligations, compliance
and regulatory developments;
- the possible impact
of regulations on our business, including the cost to
comply with regulatory requirements and the potential
liabilities associated with disposal operations, as
well as our ability to obtain and maintain permits needed
to operate our facilities;
- the effect of limitations
or bans on disposal or transportation of out-of-state
waste or certain categories of waste;
- possible charges against
earnings as a result of shut-down operations, uncompleted
development or expansion projects or other events;
- the effects that trends
toward requiring recycling, waste reduction at the source
and prohibiting the disposal of certain types of wastes
could have on volumes of waste going to landfills and
waste-to-energy facilities;
- possible diversions
of management's attention and increases in operating
expenses due to efforts by labor unions to organize
our employees;
- the outcome of litigation
or threatened litigation;
- the need for additional
capital if cash flows are less than we expect or capital
expenditures are more than we expect, and the possibility
that we cannot obtain additional capital on acceptable
terms if needed;
- possible errors or problems
upon implementation of new information technology systems;
and
- possible fluctuations in quarterly results of operations or adverse impacts on our results of operations as a result of the adoption of new accounting standards or interpretations.
Additional information regarding these and/or other factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in Part I, Item 1 of the Company's Annual Report on Form 10-K for the year ended December 31, 2003 and Part II of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2004.
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