823768--2/19/2008--WASTE_MANAGEMENT

related topics

{cost, operation, labor}

{cost, regulation, environmental}

{cost, contract, operation}

{loss, insurance, financial}

{financial, litigation, operation}

{competitive, industry, competition}

{regulation, change, law}

{gas, price, oil}

{stock, price, operating}

The waste industry is highly competitive, and if we cannot successfully compete in the marketplace, our business, financial condition and operating results may be materially adversely affected. If we do not successfully manage our costs, our income from operations could be lower than expected. We cannot guarantee that we will be able to successfully implement our plans and strategies to improve margins and increase our income from operations. The seasonal nature of our business and changes in general and local economic conditions cause our quarterly results to fluctuate, and prior performance is not necessarily indicative of our future results. We cannot predict with certainty the extent of future costs under environmental, health and safety laws, and cannot guarantee that they will not be material. The waste industry is subject to extensive government regulation, and existing or future regulations may restrict our operations, increase our costs of operations or require us to make additional capital expenditures. Governmental authorities may enact climate change regulations that could increase our costs to operate. Significant shortages in fuel supply or increases in fuel prices will increase our operating expenses. We have substantial financial assurance and insurance requirements, and increases in the costs of obtaining adequate financial assurance, or the inadequacy of our insurance coverages, could negatively impact our liquidity and increase our liabilities. The possibility of development and expansion projects or pending acquisitions not being completed or certain other events could result in a material charge against our earnings. Our revenues will fluctuate based on changes in commodity prices. The development and acceptance of alternatives to landfill disposal and waste-to-energy facilities could reduce our ability to operate at full capacity. Efforts by labor unions to organize our employees could increase our operating expenses. Currently pending or future litigation or governmental proceedings could result in material adverse consequences, including judgments or settlements.

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823768--2/19/2008--WASTE_MANAGEMENT_INC