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MANVILLE RESULTS IMPROVE FOR THE YEAR AND FOURTH QUARTER

 DENVER, Feb. 11 /PRNewswire/ -- Manville Corporation (NYSE: MVL) today reported 1992 net sales of $2.2 billion, up 9.8 percent from $2.0 billion in 1991. Income from operations for the year was $207.3 million compared with $75.7 million last year. Excluding the pretax effect of the one-time charges, restructuring charges, and patent infringement judgment from 1991 earnings (see appendix), income from operations increased 30 percent in 1992 from $159 million in 1991. Net income applicable to common stock for the year was $16 million, or $.13 per share, compared with $17.6 million, or $.15 per share, in 1991. Adjusting for unusual items (see appendix) and their effect on income tax expense and profit sharing expense in both years, net income applicable to common stock would have increased approximately $15.9 million to $12.1 million from a loss of $3.8 million in 1991.
 "In 1992, Riverwood made substantial progress in its growth objectives, Schuller recovered strongly from a difficult 1991, and Manville paid its first dividend on common stock since emerging from bankruptcy," said Tom Stephens, Manville chairman. "Looking forward to 1993, we expect continued strength from Riverwood's North American packaging business, improved mill productivity for both coated board and linerboard, and continued improvement in the wood products business to support growth despite lower linerboard prices worldwide. Schuller will continue to benefit from a cyclical rebound in some of its key markets which will build sales and improve operating efficiencies as their plants operate closer to full capacity. However, we are concerned about the industrial markets for Schuller's businesses, and the international operations of both subsidiaries are sensitive to weak economic conditions and currency fluctuations. Nonetheless, we expect improved operating results in 1993. The internal goal we have set, for purposes of incentive compensation, is $262.8 million in income from operations. That's up from $207.3 million in 1992 on a comparable basis."
 Fourth Quarter Results
 For the fourth quarter, Manville reported net sales of $578.9 million, up 14.5 percent from $505.6 million in the fourth quarter of 1991. Income from operations was $44.2 million compared with a loss from operations of $11.2 million in the fourth quarter of 1991. Excluding the pretax effect of the unusual items from the 1991 results (see appendix), 1992 income from operations would have increased modestly to $44.2 million from $42.5 million in 1991. The company reported net income applicable to common stock of $9.5 million, or $.08 per share, compared with a loss of $36.6 million, or $0.30 per share, in the fourth quarter of 1991. Adjusting for unusual items (see appendix) and their effect on income tax expense and profit sharing expense in both years, the company's adjusted fourth quarter net income applicable to common stock decreased $1.5 million to a net loss applicable to common stock of $3.7 million in 1992, compared with a net loss applicable to common stock of $2.2 million in 1991.
 Riverwood International Corporation, the packaging systems and paper products business, reported a 15 percent net sales increase to $305.3 million from $265.6 million in the fourth quarter of last year. Most of the sales increase was due to the inclusion of the 525,000-ton capacity linerboard mill in Macon (Riverwood Georgia), which was purchased at the beginning of the third quarter. Nonetheless, all three of Riverwood's major businesses -- Coated Board System, Containerboard and Wood Products -- showed sales growth during the quarter. Riverwood's income from operations increased 31 percent to $35.3 million compared with $27 million in the same period last year, primarily on the strength of the company's beverage carrier coated board business and extraordinary strength in wood products. The containerboard business was down because of weakness in Brazil and operating losses at the Georgia paper mill.
 "We made substantial progress toward our long-term goals in 1992," said Thomas H. Johnson, Riverwood president and chief executive officer. "We successfully accessed financial markets with initial public offerings of both stock and debt which have allowed us to finance our growth in coated board. We acquired Riverwood Georgia and began the conversion of over one-half of its capacity to our coated board product. We are now a leading innovator in paperboard packaging and we penetrated new markets with significant packaging machinery placements. In fact, the only serious disappointment was the continued sluggishness of the global economy which led to soft pricing in several key markets."
 Fourth quarter net sales of the fiber glass-based Engineered Products and Building Products segments combined, which together represent the operating businesses of Schuller International, Inc., increased 16 percent to $283.4 million from $244.2 million in 1991. Income from operations was $20.5 million, up from a combined $42.8 million loss in 1991. The fourth quarter 1991 results included $38.3 million pretax of restructuring charges plus $18.4 million pretax of unusual one-time charges. Excluding these charges, income from operations would have increased 47 percent to $20.5 million from $13.9 million in 1991.
 "Schuller's sales gain came despite lower prices, as we recaptured market share in our building insulation and roofing businesses," said Richard A. Kashnow, president of Schuller. "The stronger operating results reflect not only the higher sales volume, but also the continuing benefits of productivity improvements made over the past two years."
 Manville Corporation is an international holding company with two principal subsidiaries -- wholly owned Schuller International, Inc. and 80.5 percent owned Riverwood International Corporation (NYSE: RVW). Products sold by Schuller International, Inc. include insulation, reinforcements, filtration and building products. Some of its products are marketed under the Manville brand name. 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 billion in assets as of December 31, 1991.
 -0- 2/11/93
 /CONTACT: Sharon Sweet of Manville Corporation, 303-978-4694/
 /FIRST AND FINAL ADD -- MANVILLE TABULAR MATERIAL -- TO FOLLOW/
 (MVL RVW)


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


MC -- DV002 -- 5461 02/11/93 06:01 EST
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