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MEAD REPORTS OPERATING EARNINGS UP, NET DOWN DUE TO SPECIAL CHARGES

 MEAD REPORTS OPERATING EARNINGS UP,
 NET DOWN DUE TO SPECIAL CHARGES
 /FIRST AND FINAL ADD/
 SUMMARIZED FINANCIAL INFORMATION
 (All dollar amounts in millions, except EPS)
 Second Qtr. Ended First Half Ended
 06/28/92 06/30/91 06/28/92 06/30/91
 NET SALES $1,225.4 $1,176.5 $2,313.6 $2,273.7
 COST OF PRODUCTS SOLD 974.9 958.3 1,862.6 1,850.9
 GROSS PROFIT 250.5 218.2 451.0 422.8
 SELLING, ADMIN. &
 RESEARCH EXPENSE 161.9 157.7 319.3 307.1
 OTHER EXPENSES 95.0 --- 95.0 ---
 EARN. (LOSS) FROM OPER. (6.4) 60.5 36.7 115.7
 OTHER REVENUES (EXPENSES)
 -- NET (18.4) 4.7 (9.6) 8.6
 INTEREST & DEBT EXPENSE (25.9) (28.7) (51.7) (58.2)
 EARNINGS (LOSS) BEFORE
 INCOME TAXES (50.7) 36.5 (24.6) 66.1
 INCOME TAXES (BENEFIT) (13.8) 14.0 (3.9) 24.8
 EARN. (LOSS) BEFORE EQUITY
 IN NET EARN. (LOSS)
 OF JOINTLY OWNED COS. (36.9) 22.5 (20.7) 41.3
 EQUITY IN NET EARN. (LOSS)
 OF JOINTLY OWNED COS. 2.2 (3.8) 3.7 (9.2)
 EARN. (LOSS) BEFORE CUMUL.
 EFFECT OF CHANGE IN
 ACCOUNTING PRINCIPLE (34.7) 18.7 (17.0) 32.1
 CUMUL. EFFECT OF CHANGE IN
 ACCOUNTING PRINCIPLE --- --- 34.0 (58.7)
 NET EARN. (LOSS) (34.7) 18.7 17.0 (26.6)
 PER COMMON & COMMON EQUIV. SHARE:
 EARN. (LOSS) BEFORE CUMUL.
 EFFECT OF CHANGE IN
 ACCOUNTING PRINCIPLE $(0.59) $0.32 $(0.29) $0.55
 CUMUL. EFFECT OF CHANGE IN
 ACCOUNTING PRINCIPLE --- --- 0.58 (1.00)
 NET EARN. (LOSS) $(0.59) $0.32 $0.29 ($0.45)
 AVG. COMMON & COMMON EQUIV.
 SHARES OUTSTANDING
 (MILLIONS) 58.6 58.6 58.9 58.5
 SALES AND EARNINGS FROM OPERATIONS BY INDUSTRY SEGMENT
 ($ amounts in millions)
 First Half Ended
 June 28, 1992 June 30, 1991
 Industry Segment Sales
 to Unaffiliated Customers:
 Paper $ 525.9 $ 549.5
 Papberboard and Packaging 570.4 504.7
 Distribution & School & Office 976.9 995.0
 Electronic Publishing 240.4 224.5
 TOTAL NET SALES $2,313.6 $2,273.7
 First Half Ended
 June 28, 1992 June 30, 1991
 Industry Segment Earnings
 from Operations:
 Paper $ 38.2 $ 62.2
 Papberboard and Packaging 80.8 54.1
 Distribution & School & Office 33.0 21.6
 Electronic Publishing 27.0 17.0
 Corporate and Other (203.6) (A) (88.8)
 EARNINGS (LOSS) BEFORE
 INCOME TAXES $ (24.6) $ 66.1
 (A) Reflects special charges for the sale of Ampad and a reserve for costs associated with a company-wide performance improvement plan.
 EARNINGS PER SHARE RECONCILIATION
 First Qu. Second Qu. First Half
 1992 1992 1992
 Earnings per share
 before special charges $ .31 $ .71 $1.01
 Ampad sale --- (.30) (.30)
 Perf. improvement plan --- (1.00) (1.00)
 Earnings (loss) before
 accounting change .31 (.59) (.29)
 Accounting change .55 --- .58
 Net earnings (loss)
 per share $.86 $(.59) $.29(A)
(A) Note: The number of shares used in the calculation of per-
 share data varies from period to period since stock options and
 convertible debentures are included in the calculations only
 for the periods in which they are dilutive; therefore, the sum
 of individual quarterly earnings per share may not equal the
 half-year computation.
 /END OF FIRST AND FINAL ADD/
 -0- 7/15/92
 /CONTACT: Sharon Williamson of The Mead Corporation, 513-495-3535/ CO: Mead Corporation ST: Ohio IN: PAP SU: ERN


KK -- CL006A -- 9433 07/15/92 10:02 EDT
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Date:Jul 15, 1992
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