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FIRST AND FINAL ADD TO MANVILLE REPORTS IMPROVED FIRST QUARTER RESULTS; COMPLETES RECEIVABLES SALE FACILITY.

 /FIRST AND FINAL ADD -- DV001 -- MANVILLE RESULTS/
 MANVILLE CORPORATION
 CONSOLIDATED BUSINESS SEGMENTS
 (Thousands of dollars)
 (unaudited)
 Three Months
 Ended March 31,
 PAPERBOARD AND PACKAGING PRODUCTS 1992 1991
 Net Sales $249,265 $231,642
 Costs and Expenses 213,963 207,586
 Other (Loss) Income, net (1,541) 1,002
 Income from Operations $ 33,761 $ 25,058
 ENGINEERED PRODUCTS
 Net Sales $127,107 $120,232
 Costs and Expenses 114,198 109,642
 Other Income, net 3,299 4,924
 Income from Operations $ 16,208 $ 15,514
 BUILDING PRODUCTS
 Net Sales $126,630 $122,477
 Costs and Expenses 122,093 131,613
 Other Income, net 333 12,147
 Income from Operations $ 4,870 $ 3,011
 CORPORATE AND ELIMINATIONS
 Net Sales $ (6,065) $ (6,380)
 Costs and Expenses (1,204) (1,537)
 Other (Loss) Income, net (1,285) 19
 (Loss) from Operations $ (6,146) $ (4,824)
 CONSOLIDATED TOTAL COMPANY
 Net Sales $496,937 $467,971
 Costs and Expenses 449,050 447,304
 Other Income, net 806 18,092
 Income from Operations $ 48,693 $ 38,759
 MANVILLE CORPORATION
 CONSOLIDATED STATEMENT OF INCOME
 (Thousands of dollars)
 (unaudited)
 Three Months
 Ended March 31,
 INCOME 1992 1991
 Net Sales $496,937 $ 467,971
 Cost of Sales 385,627 382,049
 Selling, General and Administrative 55,169 55,532
 Research, Development and Engineering 8,254 9,723
 Other Income, net 806 18,092
 Income from Operations 48,693 38,759
 Interest Income 2,087 29,436
 Interest Expense 27,732 27,167
 Profit Sharing Expense 2,330 14,658
 Income from Continuing Operations
 Before Income Taxes 20,718 26,370
 Income Taxes 11,453 14,221
 Income from Continuing Operations 9,265 12,149
 Income from Discontinued Operations,
 net of tax --- 1,481
 Income Before Cumulative Effect
 of Accounting Changes 9,265 13,630
 Cumulative Effect of a Change in
 Accounting for Postretirement
 Benefits Other Than Pensions,
 net of tax --- (173,398)
 Cumulative Effect of a Change in
 Accounting for Income Taxes --- 220,795
 Net Income 9,265 61,027
 Preference Stock Accretion (4,741) (3,974)
 Net Income Applicable to
 Common Stock $ 4,524 $ 57,053
 MANVILLE CORPORATION
 CONSOLIDATED STATEMENT OF INCOME (Cont'd)
 (unaudited)
 Three Months
 Ended March 31,
 EARNINGS (LOSS) PER COMMON SHARE 1992 1991
 Primary:
 Income from Continuing Operations $.04 $ .07
 Income from Discontinued Operations,
 net of tax --- .01
 Income Before Cumulative Effect of
 Accounting Change .04 .08
 Cumulative Effect of a Change in
 Accounting for Postretirement
 Benefits Other Than Pensions,
 net of tax --- (1.44)
 Cumulative Effect of a Change in
 Accounting for Income Taxes --- 1.83
 Net Income $.04 $ .47
 Fully Diluted:
 Income from Continuing Operations $.04 $ .07
 Income from Discontinued Operations,
 net of tax --- .01
 Income Before Cumulative Effect of
 Accounting Change .04 .08
 Cumulative Effect of a Change in
 Accounting for Postretirement
 Benefits Other Than Pensions,
 net of tax --- (1.44)
 Cumulative Effect of a Change in
 Accounting for Income Taxes --- 1.83
 Net Income $.04 $ .47
 MANVILLE CORPORATION
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (unaudited)
 Note 1 -
 In 1982, the Company and its principal U.S. and Canadian
 subsidiaries filed petitions for reorganization under Chapter 11
 of the federal Bankruptcy Code. The filings were precipitated by
 actual and contingent tort liabilities resulting from litigation
 arising out of the Company's previous asbestos-related business
 operations. In December 1986, the Plan of Reorganization (the
 "plan") was confirmed by the United States Bankruptcy Court for
 the Southern District of New York. The Order consummating the
 plan became final on November 28, 1988.
 The plan relieves the Company of the burden of defending
 thousands of asbestos lawsuits. This is accomplished through the
 creation of two independent trusts that were established to
 assume, administer, settle and pay claims. In lieu of bringing
 actions against the Company, asbestos claimants must assert their
 claims against the Manville Personal Injury Settlement Trust (the
 "personal injury trust") or the Manville Property Damage
 Settlement Trust (the "property damage trust"), which have been
 and will continue to be funded by the Company pursuant to the
 plan.
 The plan, a court order (the "Injunction") and the federal
 Bankruptcy Code together operate to prohibit all persons from
 taking any actions against the Company with respect to any past,
 present or future asbestos-related liabilities. The Injunction
 and the plan further prohibit the assertion of punitive damage
 claims by asbestos claimants against the Company or the personal
 injury trust or the property damage trust.
 The Injunction is a unique feature of the Company's Chapter 11
 proceedings and could be challenged in future legal proceedings.
 The Injunction is essential to the Company's ability to continue
 to operate its businesses and to make required payments to the
 personal injury trust or the property damage trust. The Company
 also believes that any attempt to vacate or modify the Injunction
 will be unsuccessful.
 Note 2 -
 Beginning in 1992 (based on the prior year's net earnings), the
 Company is obligated to pay to the personal injury trust, 20
 percent of net earnings (adjusted as specified in the definition
 of "Profits" in the glossary to the plan of reorganization).
 Thereafter, similar payments to the personal injury trust are due
 each year based on the prior year's net earnings. The profit
 sharing right of the personal injury trust is a right to annual
 payments if and when the Company has income and it is not a right
 or lien against the assets of the Company. The amount of the
 profit sharing becomes probable and reasonably estimable only
 when the Company has earnings. The profit sharing obligation is
 a period cost based on actual results of the year in which
 earned. The profit sharing obligation will exist for as long as
 the personal injury trust is in existence and any asbestos
 personal injury claims filed against the personal injury trust
 remain unpaid. After termination of the personal injury trust,
 the profit sharing obligation will be transferred to the property
 damage trust. Based upon a review of the existing and potential
 claims facing the two trusts, the Company believes that the
 profit sharing, for all practical purposes, will be payable in
 perpetuity unless the Company and the trusts agree to a
 restructuring or modification of the profit sharing obligation at
 some future date.
 In the first quarter of 1992, the Company recorded $2.3 million
 of profit sharing expense to be paid in 1993 as required in the
 plan of reorganization. Net after-tax adjustments to
 consolidated net income in arriving at profits, as defined,
 include (a) adding losses/subtracting gains on the sale,
 disposition or write-down of assets not in the ordinary course of
 business; (b) adding goodwill amortization; and (c) adding the
 accrual or interest accretion related to the 9 percent interest
 deferred sinking fund debentures. The Company will recognize a
 tax benefit for financial reporting purposes on the amount of
 profit sharing accrued. Income tax impacts of the profit sharing
 charge on the Company's effective tax rate are not considered in
 arriving at profits as defined in the plan.
 In 1990, a class action lawsuit was filed by certain plaintiffs
 against the personal injury trust seeking to restructure the
 methods by which the personal injury trust's liabilities are
 paid. The Company is not a party to this court proceeding. Note
 3 below describes the class action lawsuit and restructuring of
 the personal injury trust's distribution process.
 Note 3 -
 The possibility of liquidity shortfalls on the part of the
 personal injury trust had been anticipated during the course of
 the bankruptcy proceedings. A series of negotiations between the
 Company and the personal injury trust ensued during 1989 on
 alternative methods of solving the trust's liquidity problems.
 On November 19, 1990, the Company and the personal injury trust
 entered into formal agreements with respect to an arrangement
 (the "Arrangement") for restructuring the timing of funding to
 the personal injury trust.
 The Arrangement is subject to numerous approvals and conditions,
 including, among other things, the definitive resolution of the
 limited fund class action lawsuit brought by a group of claimants
 against the personal injury trust to restructure the methods by
 which it resolves and pays claims, final orders reaffirming the
 Injunction separating the Company from asbestos claims, certain
 other legal matters and the receipt of consents from certain
 other persons.
 In 1990, a class action lawsuit was filed by certain plaintiffs
 against the personal injury trust to restructure the methods by
 which it resolves and pays claims. On May 16, 1991, U. S.
 District Judge Jack B. Weinstein and Chief Bankruptcy Judge
 Burton J. Lifland (the "Courts") issued a joint memorandum, order
 and final judgement (the "Memorandum") which includes an order
 reaffirming the Injunction (the "Reaffirmation Order") and
 approved the restructuring of the personal injury trust in
 accordance with new distribution process guidelines. The
 Memorandum was modified in non-substantive respects on June 27,
 1991. Thirteen appeals of the Memorandum as revised have been
 filed, none of which challenges the Reaffirmation Order. Oral
 arguments of these appeals were heard by the United States Court
 of Appeals for the second circuit on February 24, 1992. The
 Company expects the appeals process to continue at least into the
 fourth quarter of 1992. The Company is not a party to these
 court proceedings.
 As part of the plaintiffs' class action lawsuit against the
 personal injury trust, the Courts have determined the personal
 injury trust to be a limited fund whose projected obligations
 significantly exceed its assets. The new claims settlement
 procedures contemplate that the personal injury trust will sell
 its assets (which include its stock and debt ownership in the
 Company) during the foreseeable future in order to fund the
 trust's obligations because of the significant liquidity needs of
 the personal injury trust. Under the new personal injury trust
 distribution process, claimants with settled claims will receive
 a share of the annual funds available to the personal injury
 trust. These funds are to be paid pursuant to the new
 distribution process guidelines. Final resolution of appeals to
 the class action lawsuit is necessary before the Arrangement
 becomes effective.
 If the aforementioned conditions are satisfied, the Arrangement
 provides, among other things, that:
 Conversion of Preferred Stock
 The Series A Convertible Preferred Stock, par value $1.00 per
 share, of the Company, all of which is owned by the personal
 injury trust, would be converted by its terms into 72,000,000
 shares of Common Stock, par value $.01 per share, of the Company.
 Dividends
 The Company would pay pro rata dividends to all holders of Common
 Stock according to the following schedule and subject to the
 described conditions:
 1) $1.04 per share payable no later than 90 days after the
 finality of various court orders entered approving the
 settlement of both the class action involving the personal
 injury trust and reaffirming the Injunction separating the
 Company from asbestos claims;
 2) $1.04 per share payable one year after the first dividend;
 3) $.42 per share payable in each of the second and third
 years after the first dividend; and
 4) In the third through sixth years after the first dividend,
 depending on the Company's annual performance, the Company
 would declare and pay additional annual dividends with a
 cumulative cap of $300 million.
 All of the dividends would be subject, among other things, to the
 Company's ability under applicable law to declare and pay
 dividends. The Company expects to have sufficient cash on hand
 to pay the first common dividend without incurring additional
 borrowings for this purpose. All dividends after the initial
 dividend are subject to the Company being able to arrange
 financing on terms not substantially more onerous than those
 available to corporations with BB rated unsecured debt for
 substantially similar financing. To the extent that each of the
 financings required to make scheduled dividends has not been
 obtained, the second through the eighth dividends, or any
 portions thereof, would be deferred until such financing is
 obtained. Dividends will be cumulative and will not bear
 interest.
 The dividends have been accrued using the criteria for recording
 loss contingencies as prescribed in Statement of Financial
 Accounting Standards No. 5, "Accounting for Contingencies".
 Consequently, an accrual for the first four dividends was
 recorded at the time of receipt of United States District Court
 orders approving new distribution process procedures for the
 personal injury trust and reaffirming the Injunction, because, in
 the Company's opinion, it is probable that all significant
 contingencies relating to these dividends have been resolved. No
 accrual will be made for the fifth through eighth dividends until
 such time as the amounts are estimable. Therefore, the March 31,
 1992 balance sheet reflects a common dividend accrual of $358.6
 million representing the first four common dividend payments
 under the Arrangement.
 Dividends on the Company's Cumulative Preference Stock, Series B,
 may be paid beginning in 1994 at an annual rate of $2.70 per
 share, payable quarterly, but only at the discretion of the
 Company's Board of Directors after other funding requirements
 under the plan of reorganization have been met. Payment of the
 dividends to common shareholders under the Arrangement entitles
 the holders of the Cumulative Preference Stock, Series B, to cash
 dividends beginning in 1994 at an annual rate of $2.70 per share
 in any year in which a common dividend is declared relating to
 1994 and subsequent years. The Company currently anticipates
 that the first common dividend payment under the Arrangement will
 occur in late 1992 or early 1993. Accordingly, based on the
 above, an accrual of $37.6 million, which represents the pro rata
 discounted value of the 1994 and 1995 dividends to Series B
 cumulative preference stockholders, was reclassified from equity
 to non-current liabilities through March 31, 1992.
 Although accrued for financial reporting purposes, neither the
 common nor the Series B preference dividends have been declared
 by the Company's Board of Directors. The Company will receive a
 tax benefit for both financial reporting and tax purposes in the
 year in which the common dividends are paid.
 Restructure Bonds
 The two bonds of the Company currently held by the personal
 injury trust (the "Bonds") would be exchanged for a new bond (the
 "New Bond"), which may be further exchanged into marketable
 bonds, pursuant to a Bond Exchange Agreement (the "Bond
 Agreement") in order to enhance the ability of the personal
 injury trust to sell all or portions of the bonds, while not
 materially changing the present value of the Company's payment
 obligations. This would be accomplished by permitting the
 personal injury trust, as part of a sale to a third party, to
 exchange all or a portion of the New Bond for marketable bonds
 with a maturity shorter than those now held by the personal
 injury trust and by modifying the covenants applicable to the
 marketable bonds to approximate those currently contained in
 comparable public debt securities. At the time the Bonds are
 exchanged for the New Bond, the Bond Agreement will limit the
 Company's ability to declare and pay dividends on its capital
 stock, except dividends paid pursuant to the Arrangement. The
 restrictions on dividends under the Bond Agreement pertain
 primarily to the Company meeting financial tests regarding net
 income.
 Modify Covenants
 Certain of the restrictive covenants contained in contracts
 between the Company and the personal injury trust would be
 modified to permit greater flexibility to the Company in the
 issuance of equity and debt securities, in the payment of further
 common dividends and in making certain types of investments.
 Note 4 -
 In July 1989, a lawsuit filed by the Company against Guardian
 Industries Corporation of Northville, Michigan culminated in the
 Company being awarded approximately $15 million in a patent
 infringement judgement. In January 1991, a U.S. appeals court
 upheld the judgement. The award proceeds, approximately $40
 million including accrued interest, were received in February,
 1991. The original $15 million judgement, net of approximately
 $2 million of deferred litigation costs, was reflected in other
 income in the Company's first quarter 1991 financial statements.
 Approximately $25 million of the proceeds was reflected in
 interest income.
 Note 5 -
 The Company's 1992 effective tax rate on income from continuing
 operations of 55 percent is comparable to the 1991 rate of 54
 percent. These rates are higher than U.S. federal statutory tax
 rates principally due to high foreign effective income tax rates.
 Note 6 -
 In June 1991, the Board of Directors adopted a formal plan to
 dispose of a significant portion of the Company's Mining and
 Minerals business segment. The Company sold its worldwide
 filtration and industrial minerals business known as Celite
 Corporation for cash and the assumption of certain liabilities in
 the third quarter of 1991. Accordingly, the operating results of
 the discontinued operations were excluded from the determination
 of 1991 income from continuing operations.
 Net sales applicable to the discontinued operations amounted to
 $27,746,000 for the first quarter of 1991. The operating results
 of the discontinued operations for the first quarter of 1991 were
 presented net of taxes of $718,000.
 Note 7 -
 Effective January 1, 1991 the Company adopted Statement of
 Financial Accounting Standards No. 106, "Employers' Accounting
 for Postretirement Benefits Other Than Pensions" ("SFAS No. 106")
 for its U.S. and Canadian postretirement medical and life
 insurance benefit plans. In accordance with the provisions of
 that statement, postretirement benefit information for prior
 years has not been restated. The Company elected to immediately
 recognize the accumulated postretirement benefit obligation of
 $173.4 million, net of tax of $91.4 million, upon adoption of
 SFAS No. 106. Previously, retiree medical and life insurance
 coverage benefits were expensed as incurred. The effect of
 adopting SFAS No. 106 on 1991 income before cumulative effects of
 accounting changes is not significantly different from the amount
 the Company would have recognized on the expense-as-incurred
 method.
 Also, in 1991, the Company recorded a $220.8 million credit to
 net income to reflect the cumulative effect on prior years of a
 change in method of accounting for income taxes. The credit
 resulted from the adoption of Statement of Financial Accounting
 Standards No. 109, "Accounting for Income Taxes", effective
 January 1, 1991.
 Note 8 -
 The Company's Series A Convertible Preferred Stock is
 convertible, under certain circumstances, into an additional 72
 million shares of Common Stock. Based on the probability of
 conversion, all earnings (loss) per common share computations
 assume that the preferred stock has been converted into Common
 Stock and has been outstanding as of the beginning of the
 earliest period presented.
 During 1989 and 1990, the Company issued stock options and stock
 appreciation rights. In addition, warrants issued upon
 consummation of the plan of reorganization became exercisable
 during 1989. These common stock equivalents were considered in
 determining earnings (loss) per common share amounts.
 Additionally, if the warrants are exercised before the Series A
 Convertible Preferred Stock is converted, the Company will be
 required to issue up to 10.5 miation. This provision is also
 considered in determining earnings (loss) per common share
 amounts. The issuance of additional common shares under this
 provision will not be required if the personal injury trust
 refinancing Arrangement becomes effective (see Note 3).
 Primary earnings (loss) per common share amounts are based on the
 weighted average number of common and common equivalent shares
 outstanding during the period. The fully diluted earnings (loss)
 per common share computation further assumes that the common
 stock equivalents were outstanding at the beginning of the
 period. For the first quarter of 1992, primary and fully diluted
 earnings (loss) per common share amounts are based on
 123,039,000 and 123,113,000 common equivalent shares,
 respectively. Primary and fully diluted earnings per common
 share amounts for the first quarter of 1991 are based on
 120,479,000 common equivalent shares.
 Earnings (loss) per share amounts were calculated after the
 deduction for preference stock accretion.
 Note 9 -
 The Company reports the results of the Paperboard and Packaging
 Products segment (formerly the Forest Products segment), the
 Engineered Products segment and the Building Products segment.
 The Company's paper products, packaging machinery, wood products
 and energy businesses are included in the Paper and Packaging
 segment. The Engineered Products segment includes the industrial
 fiber glass insulations and the mats, fiber and reinforcements
 businesses. Included as part of the Building Products segment
 are the Company's building insulations, roofing and mechanical
 insulations businesses. The Company has reclassified the
 presentation of prior year and quarter business segment
 information to conform with the current presentation format.
 Net sales included in Corporate and Eliminations relate
 principally to the elimination of intersegment sales (at prices
 approximating market). Intersegment sales principally relate to
 sales from the Engineered Products segment to the Building
 Products segment.
 The Company's equity investment in the Stillwater platinum and
 palladium mining operations is the only significant asset of the
 former Mining and Minerals business segment that was not included
 in the sale. Financial results for Stillwater are now included
 under Corporate and Eliminations for business segment reporting
 purposes.
 -0- 4/23/92 AA DV001
 /END OF FIRST AND FINAL ADD/
 (MVL) CO: Manville Corporation; Riverwood International Corporation;
 Schuller International Inc. ST: Colorado IN: PAP SU: ERN


BB -- DV001A -- 1633 04/23/92 08:06 EDT
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