MWV Reports Fourth Quarter and Full-Year 2012 Results

Wed Jan 30, 2013 7:30am EST

* Reuters is not responsible for the content in this press release.

http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130130:nBw305458a

http://www.businesswire.com/news/home/20130130005458/en

Fourth Quarter Highlights:

* 4 percent sales growth (6 percent constant-currency) led by volume gains in
targeted consumer and industrial packaging markets, as well as gains in
specialty chemicals markets
* Total business segment profits increased 29 percent
* Cash flow from continuing operations increased 22 percent to $210 million
* Board authorized repurchasing 5 million shares of common stock

RICHMOND, Va.--(Business Wire)--
MeadWestvaco Corporation (NYSE: MWV), a global leader in packaging and packaging
solutionsannounced that total sales in the fourth quarter of 2012 increased 4
percent to $1.33 billion compared to fourth quarter of 2011. Excluding the
effect of unfavorable foreign currency exchange, sales grew 6 percent due to
increased volume of higher value products across most of the company`s targeted
packaging and specialty chemicals markets, as well as from higher land sales.
During the quarter, the company had gains from its commercial excellence and
innovation initiatives that resulted in volume and market share growth in
medical dispensers, fragrance sprayers, beverage multi-packs, aseptic liquid
packaging, targeted food packaging and new chemical formulations for adhesives
and oilfield drilling markets. The company also benefited from the acquisitions
of Polytop (caps and closures), Ruby Macons Ltd. (corrugated packaging
materials) and Resitec (specialty chemicals). 

Pretax income from the company`s business segments increased 29 percent to $132
million in the fourth quarter of 2012 compared to $102 million in the fourth
quarter of 2011. The performance was driven by increased profits in the Food &
Beverage and Community Development and Land Management segments, and by strong
earnings in the Specialty Chemicals segment, while profits declined in the Home,
Health and Beauty segment. Income from continuing operations was $17 million or
$0.10 per share in the fourth quarter of 2012 compared to a loss of $7 million
or $0.04 per share in the fourth quarter of 2011. Excluding special items,
income from continuing operations in the fourth quarter of 2012 was $13 million
or $0.07 per share versus $5 million or $0.03 per share in the fourth quarter of
2011. 

"We have been consistently improving our financial performance by executing on a
set of profitable growth strategies," said John A. Luke, Jr., chairman and chief
executive officer, MWV. "In the fourth quarter, these strategies - especially a
focus on commercial excellence, innovation and emerging markets - again led to
higher sales. However, our earnings in the quarter were impacted by a sudden
drop in economic activity at the end of the year associated with the fiscal
cliff in the U.S., and ongoing macroeconomic challenges in other significant
geographies, as well as by some unusual one-time items. Nevertheless, our
overall performance demonstrates our ability to grow our business and bolster
our results during challenging times by focusing on the right strategies to
outperform in the packaging and specialty chemicals markets that we`ve targeted
for profitable participation." 

Mr. Luke continued, "We increased our share in these markets by winning new
business for innovative products such as Melodie fragrance sprayers, expanding
our presence in emerging markets like India, and leveraging new technologies and
commercial strategies across our global packaging platform. That`s what we will
continue to do going forward. We like the direction we`re headed and have
already seen stronger demand early this year compared to the decline at the end
of the fourth quarter. We believe that continued execution of our profitable
growth strategies, including the Brazil expansion and our productivity programs,
will drive earnings and cash flow growth in 2013." 

Fourth Quarter and Full-Year Comparison

Sales from continuing operations in the fourth quarter of 2012 were $1.33
billion compared to $1.28 billion in the fourth quarter of 2011. Income from
continuing operations in the fourth quarter of 2012 was $17 million, or $0.10
per share. Loss from continuing operations in the fourth quarter of 2011 was $7
million, or $0.04 per share. 

Sales in full-year 2012 were $5.46 billion compared to $5.32 billion in
full-year 2011. Income from continuing operations in full-year 2012 was $212
million, or $1.20 per share. Income from continuing operations in full-year 2011
was $217 million, or $1.25 per share. 

Adjusted earnings per share from continuing operations, excluding the effects of
special items, are as follows:

                                                                            Fourth Quarter                           Full Year                 
                                                                            2012                  2011               2012             2011     
 Earnings (loss) per share from continuing operations, as reported          $0.10                 $(0.04  )          $1.20            $1.25    
                                                                                                                                               
 Effects of special items                                                   (0.03  )              0.07               0.05             0.14     
                                                                                                                                               
 Earnings per share from continuing operations, as adjusted                 $0.07                 $0.03              $1.25            $1.39    
                                                                                                                                               


Items excluded in the measure adjusted earnings per share from continuing
operations are presented in the "Use of Non-GAAP Measures" section of this
release. 

Fourth Quarter Segment Results

Following is a summary of fourth quarter 2012 results by business segment. All
comparisons of the results for the fourth quarter of 2012 are with the fourth
quarter of 2011 on a continuing operations basis. As previously announced,
effective January 1, 2012, the company changed its segment reporting of its
packaging businesses. Information on the Food & Beverage; Home, Health & Beauty;
and Industrial segments, including segment descriptions, end market and
geographic sales breakdowns, and operating strategies, are available at:
http://www.meadwestvaco.com/PackagingSegments/index.htm. 

Food & Beverage

In the Food & Beverage segment, sales were $744 million in the fourth quarter of
2012 compared to $754 million in the fourth quarter of 2011. Profit was $53
million in the fourth quarter of 2012 compared to $31 million in the fourth
quarter of 2011. 

Sales declined as unfavorable foreign currency exchange was partially offset by
improved pricing and product mix, as well as contribution from the caps and
closures business (Polytop) acquired in December 2011. Volume growth in
beverage, aseptic liquid packaging and targeted food packaging was more than
offset by declines in general food packaging. Beverage packaging volumes in
North America continued to outperform market trends as volumes grew with major
beer customers and the company gained share with carbonated beverage brand
owners. Beverage volumes in Asia grew strongly due to continued market
penetration with both global and regional brand owners. In Europe, beverage
volumes were unchanged. Liquid packaging volume growth was driven by gains with
targeted dairy customers. The decline in overall food packaging volumes was due
to aggressive inventory management actions by converters as the quarter
progressed. This was partially offset by strong gains in higher value food
packaging markets, such as frozen food. Tobacco volumes were essentially
unchanged. 

Profit performance primarily reflects the benefit of higher pricing and product
mix improvements, and improved productivity from lower mill outage costs
(absorption and maintenance). These benefits were partially offset by higher
input costs and labor, as well as unfavorable foreign currency exchange. 

Home, Health & Beauty

In the Home, Health & Beauty segment, sales were $180 million in the fourth
quarter of 2012 compared to $181 million in the fourth quarter of 2011. Results
in the fourth quarter of 2012 were breakeven compared to $8 million in the
fourth quarter of 2011. 

Volume growth for personal care dispensers and medical pumps, as well as
contribution from the caps and closures business, offset lower pricing from
contractual adjustments related to resin costs and unfavorable foreign currency
exchange. In personal care, volume growth was led by gains in airless dispensing
solutions for major skin care and anti-aging brand owners, along with volume
growth in fragrance sprayers. In healthcare packaging, volume growth was driven
by continued strong demand for the segment`s preservative-free and metered
dosage medical pumps. Adherence packaging volume declined as customers
transition to Shellpak Renew, a new adherence solution launched in 2012. In home
and garden packaging, volume declines in North America due to aggressive
inventory management actions by a major customer were partially offset by strong
trigger sprayer volumes with homecare brand owners in Europe and Asia. 

Profit performance reflects lower pricing from contractual adjustments related
to resin costs, unfavorable foreign currency exchange and losses in personal
care folding carton products. These effects were partially offset by volume
growth in personal care dispensers and medical pumps, as well as contribution
from the caps and closures business. 

Industrial

In the Industrial segment, sales were $118 million in the fourth quarter of 2012
compared to $120 million in the fourth quarter of 2011. Profit was $9 million in
the fourth quarter of 2012 compared to $13 million in the fourth quarter of
2011. 

Overall volumes grew strongly and the segment saw pricing and product mix
benefits from continued gains in higher value corrugated packaging for targeted
meat, produce and consumer products end markets in Brazil. The segment also saw
modest top line contribution from Ruby Macons Ltd., a leading producer of
high-quality corrugated packaging material in India that the company acquired at
the end of November. These gains were primarily offset by unfavorable foreign
currency exchange. 

During the fourth quarter, the segment continued to optimize its new
manufacturing platform in TrĂªs Barras, which resulted in approximately $10
million in startup related costs. Startup costs are expected to decline in early
2013 as the business has substantially completed the transition to high-quality
corrugated medium on paper machine No. 3, and is manufacturing high-quality
linerboard on its new paper machine No. 4. 

Profit performance primarily reflects unfavorable foreign currency exchange,
higher labor costs and expenses related to the startup of the segment`s new
paperboard machine. These impacts were partially offset by volume growth,
improved pricing and product mix in corrugated packaging, as well as from
benefits related to certain value-added tax matters in Brazil. 

Specialty Chemicals

In the Specialty Chemicals segment, sales increased to $232 million in the
fourth quarter of 2012 compared to $193 million in the fourth quarter of 2011.
Profit was $42 million in the fourth quarter of 2012, which was unchanged versus
the fourth quarter of 2011. 

Sales growth was led by strong volume gains in targeted pine chemicals and
carbon technology markets. The segment continued to penetrate higher value pine
chemicals end markets of adhesives, asphalt and oilfield drilling. 

These volume gains led to higher profits with the benefits offset by higher
costs for certain raw materials and freight, as well as increased growth
investments and higher expenses from planned maintenance outages. 

Community Development and Land Management

Sales for the Community Development and Land Management segment were $56 million
in the fourth quarter of 2012 compared to $35 million in the fourth quarter of
2011. Profit was $28 million in the fourth quarter of 2012 compared to $8
million in the fourth quarter of 2011. 

Profit from real estate activities was $23 million in the fourth quarter of 2012
compared to $5 million in the fourth quarter of 2011. The segment sold
approximately 15,300 acres for gross proceeds of $32 million in the fourth
quarter of 2012 compared to approximately 4,050 acres for gross proceeds of $11
million in the fourth quarter of 2011. Profit from forestry operations and
leasing activities was $5 million in the fourth quarter of 2012 compared to $3
million in the fourth quarter of 2011. 

Other Items

On January 28, 2013, the Board of Directors authorized the company to repurchase
5 million shares of common stock. The company plans to make any purchases
opportunistically. 

On November 30, 2012, MWV acquired Ruby Macons Ltd., India`s leading producer of
corrugated packaging materials for the country`s growing industrial packaging
industry. The results of this business are included in the company`s Industrial
segment. 

On December 11, 2012, MWV acquired Resitec Industria Quimica, Ltda, a Brazilian
company specializing in rubber emulsifiers, adhesive resins and lubricants. This
business is included in the Specialty Chemicals segment. 

In the fourth quarter of 2012, total pretax input costs of energy, raw materials
and freight increased by $17 million compared to the fourth quarter of 2011 on a
continuing operations basis. 

In the fourth quarter of 2012, the pretax impact on earnings from foreign
currency exchange was $9 million unfavorable compared to the fourth quarter of
2011 on a continuing operations basis. 

Cash flow provided by operating activities from continuing operations was about
$330 million in full-year 2012 compared to $479 million in full-year 2011. The
change is due to higher prepaid taxes related to the capacity expansion in
Brazil, increased payments to settle legacy environmental matters, the timing of
income tax payments as well as higher year-end inventory levels. 

Capital spending from continuing operations was $656 million in full-year 2012
compared to $655 million in full-year 2011. 

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

The annual effective tax rate attributable to continuing operations in 2012,
including the effects of discrete tax items, was approximately 30 percent. The
annual effective tax rate attributable to continuing operations in 2013,
excluding the effects of discrete tax items, is expected to be about 31 percent.


MWV paid a regular quarterly dividend of $0.25 per share during the fourth
quarter of 2012. On January 28, 2013, MWV declared a regular quarterly dividend
of $0.25 per common share. The payment of the dividend will be made on March 1,
2013, to shareholders of record at the close of business on February 7, 2013. 

Outlook

In the first quarter of 2013, MWV expects stronger demand compared to the
dramatic decline the company experienced in the fourth quarter of 2012. The
company, however, expects modestly lower earnings compared to the first quarter
last year principally due to a difficult comparison in the Industrial segment,
including higher startup expenses related to the Brazilian expansion, as well as
lower earnings from land sales in the Community Development and Land Management
segment. 

Despite what MWV expects to be a challenging demand environment, the company
expects sales, earnings and cash flow to grow in 2013 due to continued execution
of the company`s profitable growth strategies, significant contribution from its
expanded platform in Brazil, as well as benefits from acquired businesses. 

Conference Call

Investors may participate in the live conference call today at 10 a.m. EDT by
dialing 1 (800) 230-1059(toll-free domestic) or 1 (612) 234-9959(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 telephone starting at 12 p.m. EDT, January 30, and can be accessed at
1 (800) 475-6701 (toll-free domestic) or 1 (320) 365-3844 (international);
access code: 277142. 

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
land holdings through forestry operations, property development and land sales.
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 2005. 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 execute its plans to divest or otherwise
realize the greater value associated with its 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 December 31, 2011, 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,                             
                                                                                  2012                       20111                           2012                       20111            
 Net sales                                                                        $    1,328                 $    1,282                      $    5,459                 $    5,318       
                                                                                                                                                                                         
 Cost of sales                                                                         1,096                      1,075                           4,329                      4,193       
 Selling, general and administrative expenses                                          183                        181                             683                        671         
 Interest expense                                                                      41                         41                              155                        165         
 Other expense (income), net                                                           5                          (1     )                        (11    )                   (24    )    
                                                                                                                                                                                         
 Income (loss) from continuing operations before income taxes                          3                          (14    )                        303                        313         
 Income tax (benefit) provision                                                        (14    )                   (7     )                        91                         96          
                                                                                                                                                                                         
 Income (loss) from continuing operations                                              17                         (7     )                        212                        217         
                                                                                                                                                                                         
 (Loss) income from discontinued operations, net of income taxes                       -                          (18    )                        (7     )                   29          
                                                                                                                                                                                         
 Net income (loss) attributable to the company                                    $    17                    $    (25    )                   $    205                   $    246         
                                                                                                                                                                                         
 Net income (loss) per diluted share attributable to the company:                                                                                                                        
 Income (loss) from continuing operations                                         $    0.10                  $    (0.04  )                   $    1.20                  $    1.25        
 (Loss) income from discontinued operations                                            -                          (0.10  )                        (0.04  )                   0.17        
                                                                                                                                                                                         
 Net income (loss) attributable to the company                                    $    0.10                  $    (0.14  )                   $    1.16                  $    1.42        
                                                                                                                                                                                         
 Shares used to compute net income per diluted share                                   178.7                      171.1                           177.2                      174.1       


                                                                                                                                                                                         
 1      Certain amounts in 2011 have been recast to conform to the presentation of discontinued operations of the Consumer & Office Products business that was spun-off on May 1, 2012.  
                                                                                                                                                                                         
 MeadWestvaco Corporation and consolidated subsidiary companies                                                                                                                          


                                                                                                                                               
                                                                                                                                               
 Consolidated Balance Sheets                                                                                                                   
 
In millions (Unaudited)                                                                                                                      
                                                                                                                                               
                                                                                  December 31, 2012                    December 31, 2011       
 Assets                                                                                                                                        
 Cash and cash equivalents                                                        $          663                       $          656          
 Accounts receivable, net                                                                    607                                  591          
 Inventories                                                                                 661                                  579          
 Other current assets                                                                        131                                  63           
 Current assets of discontinued operations 1                                                 -                                    353          
                                                                                                                                               
 Current assets                                                                              2,062                                2,242        
                                                                                                                                               
 Property, plant, equipment and forestlands, net                                             3,740                                3,442        
 Prepaid pension asset                                                                       1,258                                969          
 Goodwill                                                                                    719                                  668          
 Other assets                                                                                1,085                                1,089        
 Non-current assets of discontinued operations 1                                             -                                    353          
                                                                                                                                               
                                                                                  $          8,864                     $          8,763        
                                                                                                                                               
 Liabilities and Equity                                                                                                                        
 Accounts payable                                                                 $          597                       $          601          
 Accrued expenses                                                                            445                                  489          
 Notes payable and current maturities of long-term debt                                      63                                   254          
 Current liabilities of discontinued operations 1                                            -                                    136          
                                                                                                                                               
 Current liabilities                                                                         1,105                                1,480        
                                                                                                                                               
 Long-term debt                                                                              2,100                                1,880        
 Other long-term obligations                                                                 1,298                                1,244        
 Deferred income taxes                                                                       983                                  915          
 Non-current liabilities of discontinued operations 1                                        -                                    43           
                                                                                                                                               
 Shareholders' equity                                                                        3,360                                3,182        
 Non-controlling interest                                                                    18                                   19           
                                                                                                                                               
 Total equity                                                                                3,378                                3,201        
                                                                                                                                               
                                                                                  $          8,864                     $          8,763        


                                                                                                                                                                                                         
 1      Amounts attributable to discontinued operations at December 31, 2011 reflect the discontinued operations treatment of the Consumer & Office Products business that was spun-off on May 1, 2012.  
                                                                                                                                                                                                         
 MeadWestvaco Corporation and consolidated subsidiary companies                                                                                                                                          


                                                                                                                                                                
                                                                                                                                                                
 Segment Information                                                                                                                                            
 
In millions (Unaudited)                                                                                                                                       
                                                                                                                                                                
                                                          Three Months Ended                                      Twelve Months Ended                           
                                                          December 31,                                            December 31,                                  
                                                          2012                       20111                        2012                       20111              
 Sales                                                                                                                                                          
 Food & Beverage                                          $    744                   $    754                     $    3,105                 $    3,078         
 Home, Health & Beauty                                         180                        181                          770                        766           
 Industrial                                                    118                        120                          457                        507           
 Specialty Chemicals                                           232                        193                          940                        811           
 Community Development & Land Management                       56                         35                           193                        161           
                                                                                                                                                                
 Total                                                         1,330                      1,283                        5,465                      5,323         
 Inter-segment eliminations                                    (2     )                   (1     )                     (6     )                   (5     )      
                                                                                                                                                                
 Consolidated total                                       $    1,328                 $    1,282                   $    5,459                 $    5,318         
                                                                                                                                                                
 Segment profit                                                                                                                                                 
 Food & Beverage                                          $    53                    $    31                      $    309                   $    312           
 Home, Health & Beauty                                         -                          8                            35                         34            
 Industrial                                                    9                          13                           49                         80            
 Specialty Chemicals                                           42                         42                           224                        203           
 Community Development & Land Management                       28                         8                            80                         63            
                                                                                                                                                                
 Subtotal                                                      132                        102                          697                        692           
 Corporate and Other 2                                         (129   )                   (116   )                     (394   )                   (379   )      
                                                                                                                                                                
 Consolidated total 3                                     $    3                     $    (14    )                $    303                   $    313           


                                                                                                                                                                                                                                                                                                                                                                                                                                           
 1      The information presented for the 2011 periods has been conformed to the company`s new segment reporting structure effective January 1, 2012.                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                                           
 2      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 charges, pension income and curtailment gains and losses, interest expense and income, non-controlling interest income and losses, certain legal settlements, gains and losses on certain asset sales and other items.  
                                                                                                                                                                                                                                                                                                                                                                                                                                           
 3      Represents income from continuing operations attributable to the company before income taxes.                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                                           
 MeadWestvaco Corporation and consolidated subsidiary companies                                                                                                                                                                                                                                                                                                                                                                            


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 Use of Non-GAAP Measures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 The presentation of income and earnings per share from continuing operations, adjusted to exclude the effects of the items listed below, is not meant to be considered in isolation or as a substitute for income (loss) and earnings (loss) 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 these non-GAAP measures exclude charges and tax benefits that management believes are not indicative of the ongoing operating results of the business. The effects of these items on income (loss) and earnings (loss) per share from continuing operations determined in accordance with GAAP are as follows:                                                                                                                                                                             


                                                                                                                                                                      
 In millions, except per share amounts (unaudited)                2012                     2012                         2011                     2011                 
                                                                  Net                      Earnings                     Net                      Earnings             
 
Fourth Quarter                                                  
Income                  
Per Share                   
Income                  
Per Share           
 Income (loss) and earnings (loss) per share from                 $    17                  $     0.10                   $    (7   )              $     (0.04  )       
   continuing operations, as reported                                                                                                                                 
                                                                                                                                                                      
 Add:                                                                                                                                                                 
 Restructuring charges                                                 5                         0.03                        6                         0.04           
 Benefit plan charge                                                   -                         -                           6                         0.03           
                                                                                                                                                                      
 Deduct:                                                                                                                                                              
 Benefit from cellulosic biofuel producer credits, net                 (9   )                    (0.06  )                    -                         -              
                                                                                                                                                                      
 Income and earnings per share from continuing                    $    13                  $     0.07                   $    5                   $     0.03           
   operations, as adjusted                                                                                                                                            
                                                                                                                                                                      
                                                                                                                                                                      
 Full Year                                                        2012                     2012                         2011                     2011                 
                                                                  Net                      Earnings                     Net                      Earnings             
                                                                  
Income                  
Per Share                   
Income                  
Per Share           
 Income and earnings per share from continuing                    $    212                 $     1.20                   $    217                 $     1.25           
   operations, as reported                                                                                                                                            
                                                                                                                                                                      
 Add:                                                                                                                                                                 
 Restructuring charges                                                 17                        0.10                        19                        0.11           
 Benefit plan charge                                                   -                         -                           6                         0.03           
                                                                                                                                                                      
 Deduct:                                                                                                                                                              
 Benefit from cellulosic biofuel producer credits, net                 (9   )                    (0.05  )                    -                         -              
                                                                                                                                                                      
 Income and earnings per share from continuing                    $    220                 $     1.25                   $    242                 $     1.39           
   operations, as adjusted                                                                                                                                            
                                                                                                                                                                      
 MeadWestvaco Corporation and consolidated subsidiary companies                                                                                                       
                                                                                                                                                                      


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



Copyright Business Wire 2013