MWV Reports Fourth Quarter and Full-Year 2013 Results

  MWV Reports Fourth Quarter and Full-Year 2013 Results

Fourth Quarter Highlights:

  *Earnings from continuing operations of $1.18 per share; $0.29 ex-items
  *Sales increased 3 percent, driven by growth in targeted packaging and
    specialty chemicals markets
  *Strong cash flow from continuing operations of $194 million

Business Wire

RICHMOND, Va. -- January 29, 2014

MeadWestvaco Corporation (NYSE: MWV), a global leader in packaging and
packaging solutions, reported increased sales and earnings for the fourth
quarter of 2013 on a continuing operations basis compared to the prior year.
Growth in targeted packaging and specialty chemicals markets, as well as
improved pricing and operational performance, drove the better results. The
company continued to gain share with food and beverage brand owners and grew
volumes in higher value dispensing solutions, including gains in medical
plastics, fragrance pumps and personal care dispensers. Sales and earnings
growth in the Industrial segment was driven by higher pricing and the
sustained achievement of targeted productivity goals, while the Specialty
Chemicals segment continued to see steady growth across its offerings for the
global asphalt, oilfield and activated carbon markets.

“The revenue and earnings improvement we saw this quarter is the result of
solid commercial and operational execution across each of our businesses,”
said John A. Luke, Jr., chairman and chief executive officer, MWV. “Our growth
strategy has generated momentum in targeted packaging and specialty chemicals
markets. We are now focused on accelerating profitability, with actions
designed to reduce complexity, realign our corporate infrastructure and focus
participation strategies and investments on the highest return opportunities.
We are confident that we will see great progress in each of these areas,
leading to higher earnings and cash flow this year.”

Fourth Quarter and Full-Year Comparison

Sales from continuing operations in the fourth quarter of 2013 were $1.32
billion, up 3 percent from 2012. Income from continuing operations
attributable to the company in the fourth quarter of 2013 was $213 million or
$1.18 per share, compared to a loss of $5 million or $0.02 per share in 2012.

Sales from continuing operations attributable to the company in full-year 2013
were $5.40 billion, up 2 percent from 2012. Income from continuing operations
attributable to the company in full-year 2013 was $324 million or $1.80 per
share, compared to $153 million or $0.87 per share in 2012.

Income from continuing operations attributable to the company excluding
special items was $52 million or $0.29 per share for the fourth quarter of
2013, compared to a loss of $9 million or $0.05 per share for the fourth
quarter of 2012. Income from continuing operations attributable to the company
excluding special items was $185 million or $1.03 per share for full-year
2013, compared to $161 million or $0.91 per share for full-year 2012. Refer to
the “Use of Non-GAAP Measures” section of this release for further
information.

Fourth Quarter Segment Results

Following is a summary of fourth quarter 2013 results by business segment. All
comparisons of the results for the fourth quarter of 2013 are with the fourth
quarter of 2012 on a continuing operations basis.

Food & Beverage

In the Food & Beverage segment, sales were $748 million in the fourth quarter
of 2013 compared to $744 million in the fourth quarter of 2012. Profit was $61
million in the fourth quarter of 2013 compared to $53 million in the fourth
quarter of 2012.

Modest sales growth was led by gains in targeted food and tobacco markets.
Food packaging sales were driven by gains with major brand owners in a range
of applications, including frozen food and club store packaging and strong
gains in liquid packaging. Tobacco paperboard sales were strong across all
regions. Beverage sales were down modestly, with strong sales in emerging
markets and continued gains with large strategic soft drink and beer customers
offset by declines in market volumes across the developed markets.

Profit performance in the fourth quarter of 2013 versus the prior year was
largely driven by volume growth, improved operating productivity and deflation
in energy and certain raw materials. Compared to the third quarter of 2013,
the segment realized solid pricing and product mix gains.

Home, Health & Beauty

In the Home, Health & Beauty segment, sales were $182 million in the fourth
quarter of 2013 compared to $180 million in the fourth quarter of 2012. Profit
was $4 million in the fourth quarter of 2013 compared to break-even results in
the fourth quarter of 2012.The 2013 results include a $3 million charge
related to certain asset write-downs; earnings for the segment were $7 million
excluding this adjustment.

The segment had strong gains in higher value home and garden, beauty and skin
care, fragrance, and medical dispensing solutions across all regions. Growth
in these areas was partially offset by the exit of the Brazilian folding
carton business at the end of the third quarter, as the company repurposes
this facility. The repurposing of the Brazilian business is expected to be
largely completed in the first quarter of 2014. In the fourth quarter of 2013,
sales of the segment’s dispensing solutions in Brazil grew 41 percent. As
previously announced, the company is also continuing to pursue an exit from
the beauty and personal care folding carton operation in Europe through a sale
of the business.

Profit performance reflects volume growth in targeted dispensing markets and
improved operating productivity. These gains were partially offset by wage and
input cost inflation (plastic resin), as well as costs related to the planned
exits of the beauty and personal care folding carton businesses in Europe and
Brazil. In the fourth quarter, costs for these actions totaled $2 million.

Industrial

In the Industrial segment, sales were $146 million in the fourth quarter of
2013 compared to $118 million in the fourth quarter of 2012. Profit was $18
million in the fourth quarter of 2013 compared to $9 million in the fourth
quarter of 2012.

Overall sales growth was driven by price improvement across targeted Brazilian
packaging markets and revenue benefits from the addition of the industrial
packaging materials business in India, Ruby Macons. During the quarter, the
segment continued to realize increased prices in the Brazilian market to
offset labor and input cost inflation. Overall volumes in Brazil were up
modestly, as gains in high-quality paper sales more than offset lower
corrugated box sales. Corrugated box sales declined due to pricing actions the
segment took to offset inflation and the sale of the Feira de Santana box
plant in the third quarter of 2013. Sales were also impacted by unfavorable
foreign currency exchange.

Profit growth primarily reflects increased pricing, as well as significantly
improved productivity in the Brazilian operation. In the fourth quarter, the
segment consistently ran its expanded Brazilian operation at designed capacity
levels, resulting in improved fixed cost absorption and the elimination of
third-party paper purchases in its corrugated box operations. These benefits
were partially offset by wage and input cost inflation, unfavorable foreign
currency exchange, as well as by the absence of certain one-time, value-added
tax items that benefited the fourth quarter of 2012.

Specialty Chemicals

In the Specialty Chemicals segment, sales were $234 million in the fourth
quarter of 2013 compared to $232 million in the fourth quarter of 2012. Profit
was $53 million in the fourth quarter of 2013 compared to $42 million in the
fourth quarter of 2012.

The sales increase was led by solid volume growth in targeted pine chemicals
markets and revenue benefits from the addition of the acquired Brazilian pine
chemicals business. The segment continued to penetrate the higher value pine
chemicals end markets and had solid volumes in asphalt, publication inks and
oilfield chemicals. Carbon technologies volumes increased as global automobile
manufacturers continued to increase production in response to strong global
demand. These gains were partially offset by lower pricing in more standard
product lines and unfavorable foreign currency exchange.

Profit performance mainly reflects improved operating productivity. Solid
volume levels across targeted pine chemicals and carbon solutions, lower
maintenance expense and contributions from operational excellence initiatives
drove the productivity improvement. Segment profit also benefited from
deflation in energy and contribution from the acquired Brazilian business.
Earnings also benefited from nonrecurring gains related to certain insurance
settlements. These benefits were partially offset by lower pricing in more
standard product lines and unfavorable foreign currency exchange.

Community Development and Land Management

With the successful completion of the sale of the company’s forestland assets
to Plum Creek Timber Company, Inc., the Community Development and Land
Management segment’s principal activities are now focused on maximizing the
value of the remaining 109,000 development acres located in the Charleston,
S.C. area. As such, the results of the segment currently reflect the operating
expenses related to the ramp-up of the development business.

Sales on a continuing operations basis for the Community Development and Land
Management segment were $6 million in both the fourth quarter of 2013 and
2012. A loss of $4 million was reported in the fourth quarter of 2013 compared
to a loss of $3 million in the fourth quarter of 2012.

Actions to Accelerate Earnings and Cash Flow Improvement

The company recently announced a new program to generate increased earnings
and cash flow. The program will deliver annual pretax savings of $100 to $125
million by the end of 2015, with at least $75 million to be realized in 2014.
Free cash flow (cash flow after capital expenditures) also will increase by at
least $100 million in 2014 from higher after-tax earnings and a $50 million
reduction in capital expenditures to approximately $350 million. Key elements
of the margin improvement program include:

  *Implementing a leaner organization design across the packaging businesses
    to simplify the structure and speed decision making
  *Aligning the corporate infrastructure to the revenue base
  *Reassessing participation to focus on business lines and markets within
    packaging that provide the greatest opportunity for profitable growth
  *Prioritizing capital on the highest return projects to improve free cash
    flow

Other Items

On December 6, 2013, the sale of the company’s forestry and certain
minerals-related businesses was completed, resulting in the recognition of a
pretax gain of $780 million. The current and prior year earnings of these
businesses, as well as the gain, are presented as a discontinued operation on
an after-tax basis. These businesses were previously reported within the
Community Development and Land Management segment.

During the fourth quarter of 2013, the company used $131 million of the
proceeds from the forestland sale to repurchase approximately 3.75 million
shares of common stock. Also as part of the use of the forestland sale
proceeds, the company repaid $210 million of indebtedness.

Savings associated with the company’s cost reduction initiative announced in
April 2013 were $43 million for full-year 2013. The company remains on track
to achieve $75 million in cumulative savings from this initiative by the end
of 2014. These savings are incremental to the $75 million of savings to be
delivered in 2014 from the company's new margin improvement program.

In the fourth quarter of 2013, total pretax input costs of energy, raw
materials and freight were flat compared to the fourth quarter of 2012 on a
continuing operations basis.

In the fourth quarter of 2013, the pretax impact on earnings from foreign
currency exchange was flat compared to the fourth quarter of 2012 on a
continuing operations basis.

Cash flow provided by operating activities from continuing operations improved
to $194 million in the fourth quarter of 2013 compared to $178 million in the
fourth quarter of 2012. Cash flow provided by operating activities from
continuing operations improved to $358 million for full-year 2013 compared to
$220 million for full-year 2012.

Capital spending from continuing operations declined to $169 million in the
fourth quarter of 2013 compared to $172 million in the fourth quarter of 2012.
Capital spending from continuing operations declined to $506 million for
full-year 2013 compared to $654 million for full-year 2012. These declines
primarily reflect lower investment related to the company’s expansion in
Brazil, which was substantially completed in 2012.

Capital spending is expected to be approximately $350 million in 2014.

The company's U.S. qualified retirement plans remain overfunded, and
management does not anticipate any required regulatory funding contributions
to such plans in the foreseeable future.

Outlook

For the first quarter of 2014, earnings excluding special items are expected
to be well above last year. The principal factors driving the expected
improvement are:

  *Improved demand across targeted paperboard packaging and high value
    dispensing, pine chemicals and carbon technologies solutions
  *Increased price realizations across key consumer and industrial paperboard
    packaging grades
  *Improved productivity in the major domestic mills and significant
    productivity benefits from higher production in the Brazilian operation
  *Continued benefits from the overhead reduction program that started at the
    beginning of 2013, as well as initial contribution from the new margin
    improvement program

Conference Call

Investors may participate in the live conference call today at 10:00 a.m.
Eastern by dialing 1 (800) 288-8974 (toll-free domestic) or 1 (612) 332-0923
(international); passcode: MeadWestvaco. Please call to register at least 10
minutes before the conference call begins. The live conference call and
presentation slides may be accessed on MWV's website at www.mwv.com. After
connecting to the home page, go to the Investors page and look for the link to
the webcast. Please go to the website at least 15 minutes prior to the call to
register, download and install any necessary audio software. A replay of the
call will be available for one month via the telephone starting today at 12:00
p.m. Eastern, and can be accessed at 1 (800) 475-6701 (toll-free domestic) or
1 (320) 365-3844 (international); access code: 314561.

About MWV

MeadWestvaco Corporation (NYSE:MWV) is a global packaging company providing
innovative solutions to the world’s most admired brands in the healthcare,
beauty and personal care, food, beverage, home and garden, tobacco, and
agricultural industries. The company also produces specialty chemicals for the
automotive, energy, and infrastructure industries and maximizes the value of
its development land holdings. MWV’s network of 125 facilities and 16,000
employees spans North America, South America, Europe and Asia. The company has
been recognized for financial performance and environmental stewardship with a
place on the Dow Jones Sustainability World Index every year since 2004. Learn
more at www.mwv.com.

Forward-looking Statements

Certain statements in this document and elsewhere by management of the company
that are neither reported financial results nor other historical information
are “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. Such information includes, without limitation,
the business outlook, assessment of market conditions, anticipated financial
and operating results, strategies, future plans, contingencies and
contemplated transactions of the company. Such forward-looking statements are
not guarantees of future performance and are subject to known and unknown
risks, uncertainties and other factors which may cause or contribute to actual
results of company operations, or the performance or achievements of each
company, or industry results, to differ materially from those expressed or
implied by the forward-looking statements. In addition to any such risks,
uncertainties and other factors discussed elsewhere herein, risks,
uncertainties, and other factors that could cause or contribute to actual
results differing materially from those expressed or implied for the
forward-looking statements include, but are not limited to, events or
circumstances which affect the ability of MeadWestvaco to realize improvements
in operating earnings from the company’s ongoing cost reduction initiatives;
the ability of MeadWestvaco to close announced and pending transactions;
competitive pricing for the company’s products; impact from inflation on raw
materials, energy and other costs; fluctuations in demand and changes in
production capacities; relative growth or decline in the United States and
international economies; government policies and regulations, including, but
not limited to those affecting the environment, climate change, tax policies
and the tobacco industry; the company’s continued ability to reach agreement
with its unionized employees on collective bargaining agreements; the
company’s ability to maximize the value of its development land holdings;
adverse results in current or future litigation; currency movements;
volatility and further deterioration of the capital markets; and other risk
factors discussed in the company’s Annual Report on Form 10-K for the year
ended December31, 2012, and in other filings made from time to time with the
SEC. MeadWestvaco undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information, future
events or otherwise. Investors are advised, however, to consult any further
disclosures made on related subjects in the company’s reports filed with the
SEC.

                                                        
Consolidated Statements of Operations
In millions, except per share amounts (Unaudited)
                                                                             
                                  Three Months Ended      Twelve Months Ended
                                  December 31,            December 31,
                                  2013       2012^2      2013       2012^2
Net sales                         $ 1,316     $ 1,279     $ 5,395    $ 5,287
                                                                     
Cost of sales                       1,072       1,080       4,435      4,257
Selling, general and                154         183         638        682
administrative expenses
Interest expense                    42          40          159        152
Other (income) expense, net        (35   )    5          (59   )   (14   )
                                                                             
Income (loss) from continuing       83          (29   )     222        210
operations before income taxes
Income tax (benefit) provision     (131  )    (24   )    (101)     54
                                                                             
Income (loss) from continuing       214         (5    )     323        156
operations
                                                                     
Income from discontinued
operations, net of income          468        22         519       52
taxes^1
                                                                             
Net income                          682         17          842        208
Less: Income (loss)
attributable to non-controlling    1          -          (1    )   3
interests, net of taxes
Net income attributable to the    $ 681       $ 17        $ 843      $ 205
company
                                                                             
Income (loss) from continuing
operations attributable to the    $ 213       $ (5    )   $ 324      $ 153
company
                                                                             
Net income per diluted share
attributable to the company:
Income (loss) from continuing     $ 1.18      $ (0.02 )   $ 1.80     $ 0.87
operations
Income from discontinued           2.61       0.12       2.88      0.29
operations
                                                                             
Net income attributable to the    $ 3.79      $ 0.10      $ 4.68     $ 1.16
company
                                                                             
Shares used to compute net          179.7       175.3       180.0      177.2
income per diluted share


^1 Primarily reflects the sale of the company’s forestry and certain
minerals-related businesses that closed on December 6, 2013.

^2 Certain amounts in 2012 have been recast to conform to the presentation of
discontinued operations of the forestry and certain minerals-related
businesses that were sold on December 6, 2013.

MeadWestvaco Corporation and consolidated subsidiary companies


                                                          
Consolidated Balance Sheets
In millions (Unaudited)
                                                                    
                                         December 31, 2013   December 31, 2012
Assets
Cash and cash equivalents                $      1,057        $      663
Accounts receivable, net                        623                 605
Inventories                                     686                 661
Other current assets                            108                 135
Current assets of discontinued                 -                  2
operations^1
Current assets                                  2,474               2,066
                                                           
Property, plant, equipment and                  3,647               3,592
forestlands, net
Prepaid pension asset                           1,475               1,258
Restricted assets held by special               1,258               398
purpose entities^2
Goodwill                                        716                 719
Other assets                                    713                 727
Non-current assets of discontinued             -                  147
operations^1
                                                                    
                                         $      10,283       $      8,907
                                                                    
Liabilities and Equity
Accounts payable                         $      563          $      595
Accrued expenses                                527                 443
Notes payable and current maturities            79                  63
of long-term debt
Current liabilities of discontinued            -                  5
operations^1
Current liabilities                             1,169               1,106
                                                           
Long-term debt                                  1,816               2,100
Liabilities held by special purpose             1,112               338
entities^2
Deferred income taxes                           1,344               1,046
Other long-term obligations                     739                 957
Non-current liabilities of                      -                   2
discontinued operations^1
                                                                    
Shareholders' equity                            3,948               3,340
Non-controlling interests                      155                18
Total equity                                   4,103              3,358
                                                                    
                                         $      10,283       $      8,907


^1 Amounts attributable to discontinued operations at December 31, 2012
reflect the discontinued operations treatment of the forestry and certain
minerals-related businesses that were sold on December 6, 2013.

^2 Amounts attributable to the $860 million note receivable from the sale of
the company’s forestland assets in the fourth quarter of 2013 as well as a
$398 million note receivable related to the sale of certain forestlands in
2007. Both of these note receivables were used as collateral for $774 million
in 2013 and $338 million in 2007 of proceeds under secured financing
agreements.

MeadWestvaco Corporation and consolidated subsidiary companies


                                                       
Condensed Consolidated
Statements of Cash Flow
In millions (Unaudited)
                                                          
                                   Three Months Ended     Twelve Months Ended
                                   December 31,           December 31,
                                   2013       2012^1     2013       2012^1
Cash flow from operating
activities:
Net income                         $ 682       $ 17       $ 842       $ 208
Discontinued operations              (468  )     (22  )     (519  )     (52  )
Depreciation, depletion and          101         97         390         366
amortization
Deferred income taxes                (3    )     (13  )     1           (33  )
Pension income, excluding            (32   )     (17  )     (106  )     (69  )
settlement charges
Change in alternative fuel           (169  )     -          (169  )     -
mixture credit reserves
Changes in working capital           84          110        (76   )     (157 )
Other operating activities from     (1    )    6        (5    )    (43  )
continuing operations
Net cash provided by continuing      194         178        358         220
operations
Discontinued operations             (17   )    29       79        218  
Net cash provided by operating       177         207        437         438
activities
                                                                      
Cash flow from investing
activities:
Capital expenditures                 (169  )     (172 )     (506  )     (654 )
Other investing activities from      1           (100 )     25          (82  )
continuing operations
Discontinued operations             72        -        70        (63  )
Net cash used in investing           (96   )     (272 )     (411  )     (799 )
activities
                                                                      
Cash flow from financing
activities:
Proceeds from debt instruments       -           -          -           460
related to C&OP spin-off
Proceeds from secured financing      774         -          774         -
Proceeds from formation of joint     153         -          153         -
venture
Payments on notes payable and        (225  )     6          (250  )     26
debt, net
Dividends paid                       (44   )     (43  )     (177  )     (173 )
Stock repurchases                    (126  )     -          (126  )     -
Other financing activities from     (10   )    26       19        65   
continuing operations
Net cash provided by (used in)       522         (11  )     393         378
financing activities
                                                                      
Effect of exchange rate changes     (8    )    (6   )    (25   )    (10  )
on cash
Increase (decrease) in cash and      595         (82  )     394         7
cash equivalents
                                                                      
Cash and cash equivalents:
At beginning of period              462       745      663       656  
At end of period                   $ 1,057    $ 663     $ 1,057    $ 663  


^1 For the fourth quarter and full year of 2013 as well as the fourth quarter
of 2012, cash flow from discontinued operations reflects the forestry and
certain minerals-related businesses that were sold on December 6, 2013. For
the full year of 2012, cash flow from discontinued operations reflects the
disposition of the forestry and certain minerals-related businesses that were
sold on December 6, 2013, as well as the discontinued operations treatment of
the Consumer & Office Products business which was spun-off on May 1, 2012.

MeadWestvaco Corporation and consolidated subsidiary companies


                                                      
Segment Information – Continuing Operations Basis
In millions (Unaudited)
                                 Three Months Ended      Twelve Months Ended
                                 December 31,            December 31,
                                 2013       2012        2013       2012
Sales
Food & Beverage                  $ 748       $ 744       $ 3,107     $ 3,105
Home, Health & Beauty              182         180         743         770
Industrial                         146         118         548         457
Specialty Chemicals                234         232         980         940
Community Development & Land      6          6          20         18
Management
                                                                       
Total                              1,316       1,280       5,398       5,290
Inter-segment eliminations        -          (1    )    (3    )    (3    )
                                                                       
Consolidated total               $ 1,316     $ 1,279     $ 5,395     $ 5,287
                                                                       
Segment profit
Food & Beverage                  $ 61        $ 53        $ 239       $ 309
Home, Health & Beauty              4           -           21          35
Industrial                         18          9           65          49
Specialty Chemicals                53          42          229         224
Community Development & Land      (4    )    (3    )    (14   )    (13   )
Management
                                                                       
Subtotal                           132         101         540         604
Non-controlling interests          1           -           (1    )     3
Corporate and Other ^1            (50   )    (130  )    (317  )    (397  )
                                                                       
Consolidated total ^2            $ 83        $ (29   )   $ 222       $ 210

     Corporate and Other includes expenses associated with corporate support
     staff services, as well as income and expense items not directly
     associated with ongoing segment operations, such as restructuring
^1  charges, income related to alternative fuel mixture credits, pension
     income and settlement charges, interest expense and income, certain
     non-controlling interest income and losses, certain legal settlements,
     gains and losses on certain asset sales and other items.
     
^2   Represents income from continuing operations before income taxes.
     
MeadWestvaco Corporation and consolidated subsidiary companies


Use of Non-GAAP Measures

Results from continuing operations, adjusted to exclude the charges and tax
benefits shown below, is not meant to be considered in isolation or as a
substitute for pre- and after-tax income and earnings per share from
continuing operations determined in accordance with generally accepted
accounting principles (“GAAP”). The company believes these non-GAAP measures
provide investors, potential investors, securities analysts and others with
useful information to evaluate the performance of the business, because such
measures exclude these items that management believes are not indicative of
the ongoing operating results of the company.

                                                             
In millions,
except per       2013     2013        2013       2012     2012      2012
share amounts
(unaudited)
                 Pretax   Net         Earnings   Pretax   Net       Earnings
Fourth Quarter   Income   Income      Per        Income   Income    Per
                                      Share                         Share
Income and
earnings per
share from       $ 83     $ 213       $ 1.18     $ (29)   $ (5  )   $ (0.02)
continuing
operations, as
reported
                                                                  
Add:
Restructuring
and other          13       8           0.05       7        5         0.03
charges
                                                                             
Deduct:
Alternative
fuel mixture
credits –          (24)     (169)       (0.94)     —        —         —
reserve
releases
Cellulosic
biofuel            —       —          —          15       (9  )     (0.06)
producer
credits, net
                                                                             
Income and
earnings per
share from       $ 72     $ 52        $ 0.29     $ (7   ) $ (9  )   $ (0.05  )
continuing
operations, as
adjusted
                                                                             
                                                                             
                 2013     2013        2013       2012     2012      2012
                 Pretax   Net         Earnings   Pretax   Net       Earnings
Full Year        Income   Income      Per        Income   Income    Per
                                      Share                         Share
Income and
earnings per
share from       $ 222    $ 324       $ 1.80     $ 210    $ 153     $ 0.87
continuing
operations, as
reported
                                                                  
Add:
Restructuring
and other          53       32          0.18       26       17        0.10
charges
Pension
settlement         19       11          0.06       —        —         —
charges
                                                                             
Deduct:
Alternative
fuel mixture
credits –          (24)     (169)       (0.94)     —        —         —
reserve
releases
Discrete
income tax         —        (13)        (0.07)     —        —         —
items
Cellulosic
biofuel            —        —           —          15       (9  )     (0.06  )
producer
credits, net
                                                                             
Income and
earnings per
share from       $ 270    $ 185       $ 1.03     $ 251    $ 161     $ 0.91
continuing
operations, as
adjusted


MeadWestvaco Corporation and consolidated subsidiary companies


Contact:

MeadWestvaco Corporation
Media Contact
Tucker McNeil, +1 804-444-6397
mediainquiries@mwv.com
or
Investor Relations
Jason Thompson, +1 804-444-2556
 
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