Thursday, July 27, 2000 | 10:59 a.m.
THE ASSOCIATED PRESS
FORT LAUDERDALE, Fla. -- Republic Services Inc., the trash hauler led by billionaire Wayne Huizenga, said it will buy back as much as $50 million in common stock after the shares dropped 19 percent in the past year.
Republic could repurchase as many as 2.9 million shares, or about 1.7 percent of its shares outstanding, at Wednesday's closing price. The company said it may buy stock on the open market or in private transactions.
Republic, which operates 146 hauling operations and 55 landfills, said in April it would consider a buyback to boost the value of its shares.
The stock fell 3/16 to 16 15/16 in late morning trading today.
The company also said Wednesday that second-quarter net income rose 8.6 percent to $59.2 million, or 34 cents a share, from $54.5 million, or 31 cents, a year earlier. Sales rose 15 percent to $533.5 million from $463.8 million.
The results matched the average estimate of analysts polled by First Call/Thomson Financial.
archive
