NEW YORK, NY, Westvaco Corporation (NYSE: W) today announced sharply higher fiscal fourth quarter and full year revenues and earnings, reflecting the effect of strategic initiatives, including early positive results from acquisitions, as well as stronger markets. Excluding unusual items, fiscal fourth quarter earnings totaled $78.9 million, or 78 cents per share, up 37 percent from earnings of $57.6 million, or 58 cents per share, in the fourth quarter of fiscal 1999. Excluding unusual items, earnings for the fiscal year ended October 31, 2000, totaled $262.2 million, or $2.60, an 81 percent increase from earnings of $145.1 million, or $1.45 per share, in fiscal 1999. Revenues for the fourth quarter of fiscal 2000 totaled $1.0 billion, a 34 percent increase compared to the prior year period, and $3.7 billion for the full year, up 31 percent compared to fiscal 1999. Net income in the fourth quarter of fiscal 2000 totaled $80.7 million, or 80 cents per share, an increase of 241 percent from $23.7 million, or 24 cents per share, in the year earlier period. Fiscal year 2000 net income totaled $245.9 million, or $2.44 per share, up 121 percent from $111.2, or $1.11 per share, in fiscal 1999. "We had a very strong year," said John A. Luke, Jr., Chairman and CEO. "We implemented strategic initiatives and achieved early returns that exceeded our expectations, all while moving much closer to our goal of creating a global platform for growth in attractive, high-value packaging markets. Overall, targeted acquisitions,new product innovations and continued success in controlling costs contributed to our strong results." He added that all business units produced significantly higher earnings in the fourth quarter of fiscal 2000 compared to the year earlier period. During fiscal 2000, Westvaco advanced rapidly toward its goal of becoming the leading global supplier of high-value packaging to multinational consumer product companies. In late December, Westvaco increased its annual bleached paperboard production capacity by 70 percent to 1.6 million tons with the acquisition of a mill in Evadale, TX. The company has also grown substantially as a global supplier of high-quality consumer packaging to healthcare, specialty/cosmetics, media and general consumer product markets. Its consumer packaging product line now includes paperboard folding cartons, along with rigid plastic cartons and injection-molded plastic cases. Including acquisitions completed or announced in fiscal 2000, Westvaco's consumer packaging operations will have grown from eight plants in the United States, Brazil and the Czech Republic to 43 plants located in those countries and six additional European nations. In the fourth quarter, the company announced a definitive agreement to acquire a majority interest in Alfred Wall AG, a leading European supplier of consumer packaging based in Graz, Austria. Wall operates a total of six plants in four European countries and will provide Westvaco a base from which to significantly expand as a packaging supplier to multinational consumer product companies. During the quarter, Westvaco enhanced its position as Europe's leading supplier of printed material and packaging to music and multimedia markets with the acquisition of Sony Music Printing (Holland) BV. Located in Haarlem, the Netherlands, this business produces printed booklets, folders and inlay cards for Sony music as well as multimedia products sold to Sony and other companies throughout Europe. Operating profit for Westvaco's packaging segment totaled $112.9 million in the fourth quarter, more than double the $53.7 million recorded in the fourth quarter of 1999. Segment sales in the fourth quarter totaled $636.1 million, an increase of 62 percent. Recent acquisitions contributed to the improved performance as did higher shipment volume, product mix improvement and stronger results from Rigesa, Ltda., the company's Brazilian packaging business. For the paper segment, fourth quarter operating earnings of $37.6 million were up 32 percent from $28.5 million in the fourth quarter of 1999. Sales totaled $298.2 million, a slight increase compared to the prior year period. The segment benefited from higher coated paper sales resulting from strong demand, lower costs and the continued success of new products that have increased Westvaco's market share. The segment's envelope business also performed well. Westvaco's chemical segment benefited from solid demand in U.S. and international markets. Operating profit of $17.0 million for the fourth quarter was up 27 percent from $13.4 million in the fourth quarter of 1999. Segment sales totaled $90.5 million, a 5 percent increase. Sales of nonstrategic land contributed 11 cents per share to net income in the fourth quarter of 2000 and 19 cents per share to full-year net income, compared to 8 cents per share and 14 cents per share in the year periods, respectively.