Waste Management 2007 Annual Report Download - page 5

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Driving profitability. During 2007, we increased
our efficiency and reduced our operating costs. We
continued to evaluate pricing, customer by customer,
to be certain that the rates we charge reflect the
value of the services we provide. Although revenue
declined slightly in 2007 due in part to the shedding
of unprofitable business, earnings increased.
Making environmental stewardship our business.
For decades, Waste Management has been a leader
in environmental stewardship. By the very nature of
what we do—hauling away more garbage than
anyone else in North America, recycling millions of
tons each year, using trash as a source for renewable
fuel—we have minimized the impact of waste and
helped protect the environment. And we have made
it a profitable, sustainable business.
Now the rest of the world is turning its attention
to the issue of sustainability. Corporations are
establishing policies for waste minimization.
Governments are mandating the use of renewable
energy. Such environmental measures are certainly
good things to do. For Waste Management, they are
also business opportunities. They are extensions of
the very things we have been doing for years.
In October, we announced the environmental
stewardship goals that will serve as a platform for
our company’s sustainable growth between now
and the year 2020. We have pledged to substantially
increase our waste-based energy production,
increase the volume of recyclable materials
processed, invest in cleaner technologies,
and preserve and restore wildlife habitat across North
America. These goals will leverage what we do today
and enable us to do it better and more efficiently.
Poised for growth. In the shorter term, the next
phase for our company is profitable growth.
We have the assets in place. We have fine-tuned
our processes. We are identifying customers who
can best benefit from the range of services and
superior value that Waste Management offers.
We are improving our ability to provide those
customers with valued service. We continue to
consider acquisitions that meet our strategic criteria
and offer an excellent return on investment.
As we plan for growth, we will continually dedicate
ourselves to doing the things that make us worthy of
shareholder trust, a recommended provider for our
customers, a best place to work for employees,
a trusted community partner, and an advocate and
caretaker of the environment. In short, we dedicate
ourselves to one thing: Doing what counts.
Thank you for your continued support.
Sincerely,
David P. Steiner
Chief Executive Officer