<b>WMI Meets Quarterly Target</b>

Waste Management Inc. reported first quarter revenue of $2.72 billion, compared to $3.22 billion the same time last year. Net income for the company was 4124 million, compared with net income of $55 million the same time last year.

"On the strategic front," said A Maurice Myers, chairman, president and CEO, ”Our four key initiatives are progressing as scheduled. Over 200 of our districts are up and running on the PeopleSoft financial systems today, and we continue to anticipate completing the 1500 conversions by year-end. Our procurement team is almost fully staffed, and they continue to make progress in important purchasing categories such as tires, parts and heavy equipment. The market strategy work is also progressing according to our plan, and we remain optimistic about achieving the $75 million in benefits we have projected from this initiative in the second half of this year. And, finally, the service machine initiative is in the pilot stage now. From these pilots we will be building a blueprint for the program rollout that should assist each of our operations in becoming a first class service provider. We are building discipline and accountability into all of these projects as well as throughout the Company, and the results to date are encouraging."