Reorganization to save Waste Management $100M a year, company says - Houston Business Journal:

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Plans include restructuring its field operations by consolidatint its market areas to 25from 45, and by eliminatin g "duplicative functions." There will also be a realignment of its corporate staff and an elimination of merit-based salargy increases for salaried exempt employees during "unless we see a turnaroun in the economy and our Waste Management also said it would dela y merit-based pay for hourly workers until June 30. The compangy expects to spend $50 millio to implement the reorganization, but will get back savingas of $100 million annually.
Also Thursday the company reporte d a 29 percent dipin fourth-quarter Waste Management reported net income of $218 or 44 cents per share, on revenue of $3.1 for the three months ended Dec. 31, 2008. That comparesd with net incomeof $309 or 61 cents per share, on revenue of $3.4 for the same quarter in 2007. Analystzs polled by Thomson Reuters expected WasteManagement (NYSE: WMI) to have net earningx per share of 48 Fourth-quarter 2008 results included a reduction in specia l items that would have made earnings come in at $241 or 49 cents per compared with $276 million, or 54 cents per in the 2007 fourtu quarter. For the year, on net income was $1.1 or $2.
19 per share, on revenue of $13.4 billion, comparec with net income of $1.2 or $2.23 per share, on revenue of $13.e billion, in 2007.