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MANVILLE 1991 NET INCOME $35 MILLION; REFLECTS ADOPTION OF NEW ACCOUNTING STANDARDS

 MANVILLE 1991 NET INCOME $35 MILLION;
 REFLECTS ADOPTION OF NEW ACCOUNTING STANDARDS
 DENVER, March 30 /PRNewswire/ -- Manville Corporation (NYSE: MVL) announced today that 1991 net income was $35 million versus $111 million in 1990, down 69 percent.
 The 1991 results reflect the company's fourth quarter adoption of the Statement of Financial Accounting Standards (SFAS) No. 109, "Accounting for Income Taxes," effective January 1, 1991. This change resulted in an income tax benefit of $221 million, representing the cumulative effect of the accounting change on prior years.
 In the fourth quarter, Manville also adopted SFAS No. 106 to account for postretirement benefits other than pensions, effective January 1, 1991. Manville said that the one-time charge to record the accumulated obligation for postretirement benefits was $173 million, net of $91 million in taxes. Prior to adoption of SFAS No. 106, Manville expensed retiree health and life insurance coverage benefits as incurred.
 Manville said sales from continuing operations for the year were down 5 percent to $2 billion versus $2.1 billion in 1990. Primary earnings per common share for 1991 were $.15 compared with $.79 in 1990.
 For the quarter ended December 31, 1991, Manville reported a net loss of $32 million versus income of $9 million for 1990. Net sales for the quarter were $506 million versus $559 million for the same period last year, a decrease of 9 percent.
 The company said that total restructuring charges in 1991 were $64 million. Restructuring charges in the fourth quarter of 1991 totaled $28 million. In addition, $40 million was received as proceeds from a favorable decision in a patent infringement lawsuit in the first quarter.
 Riverwood International, the company's Paperboard and Packaging Products segment, reported income from operations of $145 million in 1991 versus $159 million in 1990. Sales for the full year 1991 were $1 billion versus $892 million in 1990. Fourth quarter income from operations was $32 million in 1991 versus $38 million in 1990. 1991 fourth quarter sales were $266 million versus $274 million in 1990.
 Schuller International, the company's fiber glass-based businesses consisting of the Building Products and Engineered Products segments, reported $1 billion in sales and a $6 million loss from operations for 1991 versus $1.3 billion in sales and $144 million income from operations for 1990. In the fourth quarter 1991, combined sales were $244 million versus $296 million in the same period of 1990. Schuller International reported a loss from operations for the fourth quarter 1991 of $41 million versus income of $23 million during the same period in 1990.
 The Engineered Products segment of Schuller International reported $476 million in sales and $34 million in income from operations for 1991 versus $565 million in sales and $90 million in income from operations for 1990. 1991 fourth quarter sales were $112 million with a loss from operations of $2 million versus $125 million in sales and $7 million in income from operations during the same period in 1990.
 The Building Products segment generated $565 million in sales and a $39 million loss from operations for 1991 versus $714 million in sales and $54 million in income from operations for 1990. 1991 fourth quarter Building Products sales were $133 million versus $172 million in 1990. Loss from operations for the fourth quarter 1991 was $38 million versus income of $16 million for 1990.
 "Manville ended 1991 in a good financial position with cash available for the first dividend," said Tom Stephens, Manville's chairman. "We are looking forward to starting the dividend program announced in 1990 as soon as the Trust-related legal issues are resolved."
 Under the proposed dividend program shareholders could receive up to $650 million in dividends payable over a seven-year period. The program is part of a restructuring of the funding for the Manville Personal Injury Settlement Trust (the "Trust"). The Trust effectively owns approximately 80 percent of Manville's common stock on a fully diluted basis. Dividend payments will begin when a court order approving the settlement of the class action lawsuit seeking to restructure the Trust's methods of settling and paying all Manville asbestos-related health claims becomes final. Dividends beyond the first are subject to certain other conditions. A lower court decision approving the class action settlement and Trust restructuring is currently on appeal to the United States Court of Appeals for the Second Circuit.
 Manville Corporation is an international holding company with two principal subsidiaries - Schuller International, Inc., formerly Manville Sales Corporation, and Riverwood International Corporation, formerly Manville Forest Products Corporation. Products sold by Schuller International, Inc. include insulation, reinforcements, filtration and building products. Many of its products are marketed under the Manville brand name. Riverwood International Corporation is a vertically-integrated forest products company providing machinery-based packaging systems to customers worldwide. Founded in 1858, Manville Corporation employs approximately 16,000 people at more than 50 locations worldwide. Manville and its subsidiaries had approximately $3 billion in assets as of December 31, 1991.
 -0- 3/30/92
 /CONTACT: Tricia Bergeron, 303-978-4914, or Charles Lemons (Financial), 303-978-4694, both of Manville Corporation/
 /FIRST AND FINAL ADD -- MANVILLE PRELIMINARY RESULTS -- TO FOLLOW/
 (MVL) CO: Manville Corporation; Riverwood International Corporation;
 Schuller International Inc. ST: Colorado IN: PAP SU: ERN


BB -- DV006 -- 3018 03/30/92 15:57 EST
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Date:Mar 30, 1992
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