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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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 29, 2003
WASTE MANAGEMENT, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-12154 73-1309529
(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation) Number) Identification Number)
1001 Fannin Street, Suite 4000
Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
(713) 512-6200
(Registrant's telephone number, including area code)
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(C) EXHIBITS.
99 Press Release of Waste Management, Inc. dated April 29, 2003.
ITEM 9. REGULATION FD DISCLOSURE
Waste Management, Inc., a Delaware corporation (the "Company"), is
furnishing this Current Report on Form 8-K to report information pursuant to
Item 12 - Disclosure of Results of Operations and Financial Condition of Form
8-K.
On April 29, 2003, the Company issued a press release announcing its
results of operations for the three months ended March 31, 2003. A copy of that
release is furnished herewith as Exhibit 99.
The Company has presented its free cash flow for the quarter in the
earnings release, which is a "non-GAAP" financial measure under Regulation G.
The components of free cash flow are computed by using amounts which are
determined in accordance with GAAP. As part of our press release information we
have provided a reconciliation of free cash flow to net cash provided by
operating activities, which is its nearest comparable GAAP financial measure.
However, because our measurement of free cash flow is not based on any
standardized methodology prescribed by GAAP, it is not necessarily comparable
to similar measures presented by other companies.
The Company included its free cash flow in the release because it
believes that investors are interested in the cash produced by the Company from
non-financing activities that is available for uses such as the Company's
acquisition program, its share repurchase program, its scheduled debt reduction
and the annual payment of dividends. Free cash flow is defined by the Company
as:
o Net cash provided by operating activities
o Less, capital expenditures
o Plus, proceeds from divestitures of businesses, net of cash divested, and
other sales of assets
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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.
WASTE MANAGEMENT, INC.
Date: April 29, 2003 By: /s/David P. Steiner
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David P. Steiner
Executive Vice President,
Chief Financial Officer and
Corporate Secretary
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EXHIBIT INDEX
EXHIBIT
NUMBER EXHIBIT DESCRIPTION
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99 Press Release of Waste Management, Inc. dated April 29, 2003.
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