net income declined about one-third compared to the same period last year, the company said yesterday.

RESI is a spin-off of Republic Waste Industries, which is owned by Bermuda resident Mr. Michael DeGroote and Mami businessman Mr. Wayne Huizenga. For the quarter ended September 30, the company's profit was $652,000, or 12 cents per share compared to $988,000, or 18 cents per share for the same quarter a year earlier.

"The decrease was entirely a result of a 37 percent income tax provision (non-cash) in the 1995 period versus a zero effective rate for the same period in 1994,'' the company said. Revenue was $10.2 million, down 14.3 percent from $11.9 million reported in third quarter 1994. For the nine months ended September 30, the company reports net income rose 11.8 percent to $1.9 million, or 34 cents a share, from $1.7 million, or 30 cents a share earlier.