Subject: [NEXTEL-1] Timmy's- Waste Management Cuts 800 Jobs

From: Marcel <[email-masked]>
Date: Wed, 02 Jul 2003 09:56:08 -0400

This Nextel deal may become a DuD-
http://biz.yahoo.com/rb/030630/services_wastemanagement_4.html

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Reuters

Waste Management Cuts 800 Jobs
Monday June 30, 5:22 pm ET

NEW YORK (Reuters) - Waste Management Inc. (NYSE:WMI - News), the
largest U.S. waste hauler, said on Monday it will cut 800
white-collar jobs, or 3.3 percent of its work force, as
cost-saving software applications replace labor.

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The move follows the Houston-based company's layoff of 970
employees in March. Waste Management, which was embroiled in an
accounting scandal five years ago, said it will take a $20
million pretax charge in the second quarter ending June 30 for
severance and related costs.
It said the cuts will result in an estimated $20 million in
2003 pretax cost savings and $50 million annual savings.
"The quality of our (financial) systems is such that we no
longer require as many people to oversee these job functions,"
Chief Financial Officer David Steiner said in a statement.
Waste Management said that 600 full-time jobs, mostly mid-
and senior-level managers in its finance and billing
departments, and 200 contract workers in the information
technology area, are affected.
The workers are no longer needed after the company began
using new software in its finance and human services department
in 2000, the company said. The layoffs could have also been
triggered by the company's withdrawal from 25 markets in the
United States and Canada earlier this year, Deutsche Bank
Securities analysts said in a report.
U.S. regulators on Friday approved Waste Management's move
to buy assets in five states from Allied Waste Industries
(NYSE:AW - News), the second-largest U.S. waste hauler. The layoffs were
not related to the Allied acquisition, a Waste Management
spokeswoman said.
The company, whose 1998 accounting scandal was among the
first in what proved to be a wave of U.S. corporate debacles,
has slowly seen a turnaround under Chief Executive Maurice
Myers, who joined in 1999.
Deutsche Bank analysts said they remain cautious about the
savings estimated by Waste Management, as industrial garbage
volumes are down.
Michael Hoffman, an analyst with Friedman, Billings,
Ramsey, said he hopes the three executives perceived by
analysts as possible successors to Myers would push to raise
prices to improve margins.
Myers is scheduled to retire at the end of the year, and
his three most likely successors are Chief Financial Officer
David Steiner, Chief Administrative Officer William Trubeck and
Executive Vice President Lawrence O'Donnell, analysts said.
Analysts expected the company to post profit of 34 cents a
share for the current quarter, and $1.29 a share for the full
year, prior to the company's statement, according to research
firm Thomson First Call (News - Websites).
Waste Management shares closed at $24.09, or 39 cents
higher, on Monday on the New York Stock Exchange (News - Websites). The company's
stock has declined about 7 percent in the past month.

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