Over time, our cash flow has proven to be a strong indicator of the quality of our earnings.  Last year’s
record free cash flow enabled us to reinvest in our business, acquire new companies, repurchase $266
million of our common stock and double the quarterly dividend to $0.12 per share.  The plan this year
is similar.  We will continue to use our strong free cash flow to grow and strengthen the Company by
building our customer base through internal growth and strategic acquisitions.  Additionally, we plan
to repurchase Republic stock worth up to $275 million and pay a regular quarterly cash dividend to
our shareholders.  We believe these steps will increase shareholder value. 
The Year Ahead
We are focused on improving our service and strengthening relationships with our customers.
Exceptional service allows us to build loyalty and create lasting bonds with those we serve.  We will
continue to train and develop our people, too, so they may grow as we grow as a Company.  And we
will continue to focus on improving the safety of our operations, an important commitment we have
made to our people and service communities.
The last year was indeed an outstanding one for Republic.  Our goal is to continue to deliver
impressive results in 2005.
I am both privileged and grateful to have the opportunity to lead a team of such exceptional people.
Everyday, I grow more impressed with the experience, knowledge, loyalty and hard work they
contribute.  Republic truly has one of the best management and operations teams in America. 
On behalf of all of us at Republic, I want to thank our shareholders for the trust they have placed in
us.  We are a Company that cares about you, and we pledge to continue working hard to serve you in
2005 and beyond.
Sincerely,
James E. O’Connor
Chairman and Chief Executive Officer
March 31, 2005
Letter to Shareholders
 Board of Directors
James E. O’Connor
Chairman & Chief Executive Officer
Michael J. Cordesman
President & Chief Operating Officer 
David A. Barclay
Senior Vice President & General Counsel
Tod C. Holmes
Senior Vice President & Chief Financial Officer
Lee V . Twyford
Senior Vice President & Chief Information Officer
Brian A. Bales
Vice President, Corporate Development
Kenneth M. Baylor
Vice President, Employee & Labor Relations
Tim M. Benter
Vice President & Associate General Counsel
Jerry S. Clark
Vice President & Controller
Paul J. Connealy
Vice President, Tax
Matthew E. Davies
Vice President, Environmental Engineering & Compliance
Arthur J. Dudzinski
Regional Vice President - Western Region
William C. Flower
Vice President, Communications
Matthew D. Katz
Vice President & Associate General Counsel
Ronald R. Krall
Regional Vice President - Eastern Region
Edward A. Lang III
Vice President, Finance & Treasurer
Thomas E. Miller
Regional Vice President - Southwest Region
Craig J. Nichols
Vice President, Human Resources
Charles F. Serianni
Vice President & Chief Accounting Officer
Robert N. Shepard
Regional Vice President - Southern Region
Gary L. Sova
Vice President, Marketing & Sales
Kevin C. Walbridge
Regional Vice President - Central Region
Gerard W. Wickett
Vice President, Purchasing & Maintenance
James E. O’Connor 1
Chairman & 
Chief Executive Officer
Harris W. Hudson 1
Vice Chairman of the Board
Michael W. Wickham 2, 3, 4
Retired Chairman, President  
& Chief Executive Officer,
Roadway Corporation
John W. Croghan 2, 3, 4
Chairman, Nominating and 
Corporate Governance Committee
Chairman, Rail-Splitter 
Capital Management, LLC 
(an investment management firm)
W. Lee Nutter 2, 3, 4
Chairman, Compensation
Committee
Chairman, President & 
Chief Executive Officer
Rayonier, Inc.
(a forest products company)
Ramon A. Rodriguez 2, 3, 4
Chairman, Audit Committee
President & Chief Executive Officer
Madsen, Sapp, Mena, 
Rodriguez & Co.
(a public accounting firm)
Allan C. Sorensen 2, 3, 4
Presiding Director
President & Chief Executive Officer
Interim Health Care, Inc. 
(a provider of temporary labor