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MANVILLE REPORTS FIRST QUARTER EARNINGS

 DENVER, April 22 /PRNewswire/ -- Manville Corporation (NYSE: MVL) today reported 1993 first quarter net income applicable to common stock of $22.6 million, or $0.18 per share, compared with $4.5 million, or $0.04 per share, in the first quarter of 1992. Results in 1993 included a U.S. income tax refund of $18.7 million plus related interest income of $12.7 million, and the company's share of a $4.8 million income tax benefit at Riverwood due to tax law changes in Brazil. Excluding these items and their effect on profit sharing expense, 1993 first quarter results applicable to common stock would have been a loss of approximately $4.3 million or $.03 per share. Sales in the quarter were $508.5 million, up 2 percent from $496.9 million in the first quarter of 1992.
 Riverwood International Corporation (NYSE: RVW), the company's packaging systems and paper products business, reported sales of $260.7 million, up 5 percent from $249.3 million reported in the first quarter of 1992. Results in 1993 included $20.6 million of sales from the Macon, Ga. mill which was acquired in mid-1992. Income from operations for Riverwood was $21.9 million, down 32 percent from the prior year, due to operating losses at the Georgia mill resulting from weak linerboard pricing; continued price discounting and weak demand in coated board for folding carton applications; higher marketing and product development expenditures for machinery-based packaging systems; and unfavorable foreign exchange rates. Demand and pricing for beverage carriers remained strong in the quarter, however. The wood products business was up significantly due to sharply higher lumber and plywood pricing compared with a year ago.
 "Riverwood's first quarter reflected weak conditions in some of our key markets," said Thomas H. Johnson, Riverwood president and chief executive officer. "To improve our results in the short-term, we are carefully examining every cost to make sure it is vital to our long-term strategy and are taking steps to improve productivity in our manufacturing operations. However, we will continue our focus on marketing and packaging machinery development in order to build the market for our additional carrierboard volume following the 1994 start up of Macon coated board production."
 Johnson added, "We continue to expect a strong increase in income from operations for the year. Our optimism, despite the first quarter results, is based on early signs of a good beverage season, anticipated fall price increases for linerboard and coated board, and continued strength in wood products. And our outlook for 1994 is excellent in light of continued strong packaging machinery placements and the start up of coated board production at the Macon, Georgia mill in the second half of 1994."
 Combined first quarter sales for the fiber glass-based Engineered Products and Building Products segments, which together represent the operating businesses of Schuller International, Inc., were $254.2 million in the quarter, essentially unchanged from the first quarter of 1992. Income from operations was $21.6 million, up 3 percent compared with the first quarter of last year.
 "Building insulation and roofing systems generated strong gains compared with 1992, due to continued marketing and productivity improvements," said Richard A. Kashnow, president of Schuller International. "These gains were largely offset, however, by lower earnings in Schuller's other businesses, reflecting sluggish demand in commercial and industrial markets and recessionary conditions in Europe.
 "We do expect improved earnings for the full year, as the residential housing market continues its moderate recovery, and as our marketing and productivity improvements continue to yield results."
 Added Tom Stephens, Manville's chairman, "Schuller is holding its own despite soft commercial and industrial markets. At Riverwood, in addition to weak containerboard markets, the company's investment in the future growth of the coated board business -- reflected both in the acquisition of the Macon, Georgia facility and in up front marketing and packaging machinery development expenditures -- has depressed short-term results. However, we continue to expect a good improvement in income from operations for the year.
 "Also, Manville's cash position is strong. We have sufficient cash to pay the second special dividend of $1.04 per common share and to prepay $150 million of bonds owned by the Manville Personal Injury Settlement Trust. Although we will no longer have an obligation to pay that dividend when the Appeals Court remand of the Trust's class action becomes final, as we noted in our annual report we remain committed to the spirit of our original dividend agreement with the Trust. We have begun discussions with the Trust with respect to a new agreement, assuming a satisfactory conclusion of the class action."
 Manville Corporation is an international holding company with two principal subsidiaries -- wholly owned Schuller International, Inc., and 80-percent owned Riverwood International Corporation. Products sold by Schuller International, Inc. include insulation, reinforcements, filtration and building products. Riverwood International Corporation is a global packaging systems and paper products company. Founded in 1858, Manville Corporation and its subsidiaries employ approximately 16,000 people at more than 50 locations worldwide. Manville and its subsidiaries had approximately $3.6 billion in assets as of December 31, 1992.
 MANVILLE CORPORATION
 CONDENSED CONSOLIDATED STATEMENT OF INCOME
 (Thousands of dollars except per share amounts)
 (unaudited)
 Three Months Percentage
 Ended March 31, Increase
 INCOME 1993 1992 (Decrease)
 Net Sales $508,548 $496,937 2.3
 Cost of Sales 399,726 385,627 3.7
 Selling, General and
 Administrative Expenses 59,300 55,169 7.5
 Research, Development and
 Engineering Expenses 9,440 8,254 14.4
 Other (Loss) Income, net (2,853) 806 ---
 Income from Operations 37,229 48,693 (23.5)
 Interest Income 17,311 2,087 729.5
 Interest Expense 38,104 27,732 37.4
 Profit Sharing Expense 6,589 2,330 182.8
 Income before Income Taxes
 and Minority Interest 9,847 20,718 (52.5)
 Income Taxes (19,341) 11,453 ---
 Income before Minority
 Interest 29,188 9,265 215.0
 Minority Interest in
 Consolidated Subsidiary (1,137) --- ---
 Net Income 28,051 9,265 202.8
 Preference Stock Accretion (5,439) (4,741) ---
 Net Income Applicable to
 Common Stock $ 22,612 $ 4,524 399.8
 EARNINGS PER COMMON SHARE
 (AFTER PREFERENCE
 STOCK ACCRETION)
 Primary and Fully Diluted:
 Income before Minority
 Interest $ .19 $.04 ---
 Minority Interest in
 Consolidated Subsidiary (.01) --- ---
 Net Income $ .18 $.04 ---
 MANVILLE CORPORATION
 CONDENSED CONSOLIDATED BUSINESS SEGMENTS
 (Thousands of dollars)
 (unaudited)
 Three Months Percentage
 Ended March 31, Increase
 NET SALES 1993 1992 (Decrease)
 Riverwood International
 Paperboard/Packaging $260,727 $249,266 4.6
 Schuller Operating Segments
 Engineered Products 125,242 127,107 (1.5)
 Building Products 128,966 126,630 1.8
 Total 254,208 253,737 0.2
 Corporate & Eliminations (6,387) (6,066) 5.3
 Total Company Net Sales $508,548 $496,937 2.3
 INCOME FROM OPERATIONS
 Riverwood International
 Paperboard/Packaging $21,851 $32,128 (32.0)
 Schuller Operating Segments
 Engineered Products 12,550 16,208 (22.6)
 Building Products 9,094 4,870 86.7
 Total 21,644 21,078 2.7
 Corporate & Eliminations (6,266) (4,513) 38.8
 Total Company Income
 from Operations $37,229 $48,693 (23.5)
 MANVILLE CORPORATION
 Notes to Condensed Consolidated Statement of Income
 (unaudited)
 -- For the first quarter of 1993, Manville Corporation ("the
 Company") reported an increase in net earnings related to income
 tax benefits of approximately $19.3 million due to a U.S. income
 tax refund and changes to Brazilian income tax rates.
 As a result of a retroactive change in U.S. income tax regulations
 regarding the payment of add-on minimum tax and the treatment of
 certain tax preference items for the years 1977 through 1986, the
 Company is entitled to a federal income tax refund plus accrued
 interest. During the first quarter of 1993 the Company received
 $31.4 million from the U.S. Internal Revenue Service, which has
 been recorded as a reduction to income tax expense of $18.7 million
 and an increase to interest income of $12.7 million.
 Recent changes in Brazil's tax laws provide for the accelerated
 payment of deferred income taxes on inflationary profits at reduced
 rates. As a result of these changes, Riverwood International
 Corporation ("Riverwood"), the Company's Packaging Systems and Paper
 Products subsidiary, recognized a net income tax benefit of
 approximately $4.8 million in the first quarter of 1993.
 -- During the second quarter of 1992, Riverwood completed an
 initial public offering of 12.1 million common shares, or
 19.5 percent, of Riverwood's common stock. As a result, the
 Condensed Consolidated Statement of Income reflects the minority
 shareholders' interest of $1.1 million in Riverwood's 1993
 earnings. In July 1992, a portion of the net proceeds from the
 equity offering was used for the acquisition of a linerboard
 mill located in Macon, Georgia. The 1993 Condensed Consolidated
 Statement of Income as well as the segment data reported for the
 Paperboard and Packaging Products segment includes the results
 of the Macon linerboard mill for the three months ended
 March 31, 1993.
 Refer to the Company's 1992 Annual Report for additional information
 relative to its reorganization proceedings, accounting policies,
 operations and financial position.
 -0- 4/22/93
 /CONTACT: Sharon Sweet of Manville, 303-978-4694/
 (MVL RVW)


CO: Manville Corporation; Riverwood International Corporation; Schuller
 International, Inc. ST: Colorado IN: PAP SU: ERN


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Date:Apr 22, 1993
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