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, 2004
Commission file number: 1-14267
REPUBLIC SERVICES, INC.
Delaware (State of Incorporation) |
65-0716904 (I.R.S. Employer Identification No.) |
Republic Services, Inc. 110 S.E. 6th Street, 28th Floor Fort Lauderdale, Florida (Address of Principal Executive Offices) |
33301 (Zip Code) |
Registrants telephone number, including area code: (954) 769-2400
Page 1 of 3 pages.
ITEM 5. OTHER MATTERS
Exhibit 99.1 attached to this Form 8-K is hereby filed pursuant to Item 5.
On April 28, 2004, Republic Services, Inc. issued a press release to announce its regular quarterly dividend as well as increases in its annual dividend and share repurchase programs, a copy of which is incorporated herein by reference and attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(C) Exhibits
Exhibit No. |
Description |
|
99.1
|
Press Release of the Company dated April 28, 2004 to announce its regular quarterly dividend as well as increases in its annual dividend and share repurchase programs. |
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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, 2004 | 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) | ||||
By: | /s/ Charles F. Serianni | |||
Charles F. Serianni | ||||
Vice President and Chief Accounting Officer (Principal Accounting Officer) | ||||
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Exhibit 99.1
REPUBLIC CONTACTS
Media Inquiries: Investor Inquiries: |
Will Flower Tod Holmes Ed Lang |
(954) 769-6392 (954) 769-2387 (954) 769-3591 |
Republic Services, Inc. to Return More Cash
to Shareholders During 2004
o
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Quarterly Dividend Per Share to Double to $0.12 |
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o
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Share Repurchase Program Increased to $275 Million |
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o
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Quarterly Dividend of $0.06 Per Share Declared |
Fort Lauderdale, Fla., April 28, 2004 Republic Services, Inc. (NYSE: RSG) announced today that its Board of Directors approved a plan to increase the amount of cash returned to its shareholders by doubling the regular dividend and substantially increasing the Companys 2004 share repurchase program.
Under the plan, the Companys regular quarterly dividend will double from its current $0.06 to $0.12 per share. Subject to action by the Board of Directors, the Company expects this increased dividend will be payable in October 2004.
The Board of Directors also increased the Companys 2004 share repurchase program from $200.0 million to $275.0 million.
In addition, the Companys Board of Directors declared a regular quarterly dividend of $0.06 per share, payable on July 15, 2004 to shareholders of record on July 1, 2004.
Commenting on these actions, the Companys Chairman and Chief Executive Officer, James E. OConnor, said I am extremely pleased with the Companys focus on operating fundamentals which continues to provide us with extraordinarily strong free cash flow. Our Board of Directors believes that it is extremely important for our shareholders to share in this success through increases in our dividend and share repurchase programs.
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 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.