Republic Services, Inc. (Republic Services), a US-based service provider in the non-hazardous solid waste industry, has reported revenues of $2.06 billion for the first quarter of 2009, compared with the revenues of $779.2 million in the year-ago quarter. It has also reported a net income of $113.4 million, or $0.30 per share, for the first quarter of 2009, compared with the net income of $76.1 million, or $0.41 per share, in the year-ago quarter.

Republic Services’ first quarter 2009 financial results incorporate Allied Waste Industries, Inc. (Allied) which merged with the company on December 5, 2008. Operating income for the three months ended March 31, 2009 was $353.0 million compared to $142.2 million for the comparable period in 2008. Operating income before depreciation, amortization, depletion and accretion for the three months ended March 31, 2009 was $598.1 million, or 29.0% of revenue compared to $220 million or 28.2% of revenue in 2008.

Core price for the three months ended March 31, 2009 (assuming the merger with Allied had occurred on January 1, 2008) increased 3.5%. Internal growth for the three months ended March 31, 2009 (assuming the merger with Allied had occurred on January 1, 2008) decreased 8.6% (consisting of a 3.5% price increase offset by decreases of 8.0% in core volume, 2.9% in commodity prices and 1.2% in fuel charges).

Commenting on these results, James E. O’Connor, chairman and chief executive officer of Republic Services, stated, During the first quarter, we continued to see positive results regarding the merger of Republic and Allied. Thus far, we have captured more than $75 million in annual run-rate synergy savings. We are well on our way, and remain confident in our commitment, to secure a total annual savings of at least $150 million by the end of 2010.

The field organization has done an excellent job managing costs through improved efficiency and productivity during the economic downturn which has resulted in significant margin expansion, stated Donald W. Slager, president and chief operating officer of Republic Services. Customer service and effective pricing continue to be the primary focus of our business in 2009. We remain committed to achieving our previous pricing guidance of 4% for the full year.

In April 2009, Republic Services received about $332 million in proceeds from the sale of certain businesses mandated by the US Department of Justice. These proceeds were used to repay amounts borrowed under the company’s revolving credit facility.

Republic Services Declares Quarterly Dividend:

Republic Services also announced that its board of directors declared a regular quarterly dividend of $.19 per share for shareholders of record on July 1, 2009. The dividend will be paid on July 15, 2009.