SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) April 28, 2005 __________________________
Republic Services, Inc.
Delaware
1-14267 | 65-0716904 | |
(Commission File Number) | (IRS Employer Identification No.) | |
110 SE 6th Street, 28th Floor, Fort Lauderdale, Florida | 33301 | |
(Address of Principal Executive Offices) | (Zip Code) |
(954) 769-2400
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01 OTHER EVENTS
On April 28, 2005, Republic Services, Inc. issued a press release to announce that its Board of Directors had approved an increase in the Companys common stock repurchase program, a copy of which is incorporated herein by reference and attached hereto as an Exhibit.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibit
Exhibit No.
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Description | |
99.1
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Press Release of the Company dated April 28, 2005 to announce the Companys common stock repurchase program. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
April 28, 2005 | REPUBLIC SERVICES, INC. |
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By: | /s/ Tod C. Holmes | |||
Tod C. Holmes | ||||
Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
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By: | /s/ Charles F. Serianni | |||
Charles F. Serianni | ||||
Vice President and Chief Accounting Officer (Principal Accounting Officer) |
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Exhibit 99.1
FOR IMMEDIATE RELEASE
REPUBLIC CONTACTS | ||||
Media Inquiries: | Will Flower (954) 769-6392 | |||
Investor Inquiries: | Tod Holmes (954) 769-2387 | |||
Ed Lang (954) 769-3591 |
REPUBLIC SERVICES, INC. ANNOUNCES $500 MILLION
STOCK REPURCHASE PROGRAM
Fort Lauderdale, FL, April 28, 2005 Republic Services, Inc. (NYSE:RSG) announced today that its Board of Directors has approved a new $500 million stock repurchase program for the remainder of 2005 and 2006.
Commenting on the stock repurchase program, James E. OConnor, Chairman and Chief Executive Officer of Republic Services, Inc., said, Our share repurchase program is the most effective way to return excess cash to our shareholders. At current prices, the $500 million stock repurchase program represents approximately 10 percent of Republics outstanding shares of stock.
Republics stock repurchase will be funded using excess cash from the Companys balance sheet, cash flow from operations and proceeds from borrowings, if necessary. The stock repurchases may be made in the open market, in privately negotiated transactions or a combination of both. The timing and amounts of any repurchases will be at the discretion of management and will depend on many factors, including the market price of the common stock, overall market conditions and possible acquisitions.
Republic Services, Inc. is a leading provider of solid waste collection, transfer and disposal services in the United States. The Companys operating units are focused on providing solid waste services for commercial, industrial, municipal and residential customers.
Certain statements and information included herein constitute forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied in or by such forward-looking statements. Such factors include, among other things, whether the Companys estimates and assumptions concerning its selected balance sheet
accounts, final capping, closure, post-closure and remediation costs, available airspace, and projected costs and expenses related to the Companys landfills and property and equipment, and labor, fuel rates and economic and inflationary trends, turn out to be correct or appropriate, and various factors that will impact the actual business and financial performance of the Company such as competition and demand for services in the solid waste industry; the Companys ability to manage growth; compliance with, and future changes in, environmental regulations; the Companys ability to obtain approval from regulatory agencies in connection with expansions at the Companys landfills; the ability to obtain financing on acceptable terms to finance the Companys operations and growth strategy and for the Company to operate within the limitations imposed by financing arrangements; the ability of the Company to repurchase common stock at prices that are accretive to earnings per share; the Companys dependence on key personnel; general economic and market conditions including, but not limited to, inflation and changes in commodity pricing, fuel, labor and other variable costs that are generally not within the control of the Company; dependence on large, long-term collection, transfer and disposal contracts; dependence on acquisitions for growth; risks associated with undisclosed liabilities of acquired businesses; risks associated with pending legal proceedings; and other factors contained in the Companys filings with the Securities and Exchange Commission.
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