ENGLEWOOD, Colo., July 26 Mail-Well, Inc. announced today the results for the quarter and six months ended June 30, 2001. As expected, the pro forma results of all the operations of the company before giving effect to the previously announced accounting for discontinued operations and the initial phase of our restructuring were $0.05 per share, on sales of $571 million during the second quarter, and $0.12 per share on $1,161 million in sales for the year to date. For the quarter and year to date, the EBITDA was $49 million and $99 million, respectively, slightly ahead of previously announced projections. For the six months ended June 30, 2001, the company's operations have generated $91 million in free cash flow, also ahead of plan, all of which has been used to pay down debt. Before the impact of restructuring charges and discontinued operations, which resulted from the approval of our strategic plan, our debt-to-total capital ratio was 69%, down from 72% at the beginning of the year. Actual results reported for the second quarter reflect the accounting required by the company's strategic plan. The loss recorded on the announced disposition of the Label and Printed Office Products segments was $76 million. Restructuring charges recorded in connection with the consolidation of certain Envelope plants and other restructuring programs totaled $17.7 million. As previously announced, our restructuring will continue through the fourth quarter of 2002 and additional charges will be recognized as necessary. The write-down of assets held for sale was $8.8 million. As a result, the company lost $93 million or $1.95 per share in the second quarter. Paul Reilly, Chairman, President and CEO, stated, "Regarding the implementation of our new strategic plan, I am very pleased with the speed at which our strategic implementation teams have undertaken their tasks. I am confident we will exceed the savings opportunities incorporated in our short- term targets.'' "We are pleased that in this economic environment, we have generated as much cash flow in six months as we did all of last year,'' he continued. "This represents $1.90 of cash flow per share. Under these economic conditions, it is also an achievement that our Envelope segment's operating results in the quarter were 9% above last year's.'' "It has been very gratifying to see the significant amount of interest from both strategic and financial potential buyers for our Label and Printed Office Products properties,'' he added. "It bodes well for our ability to complete the dispositions in a timely fashion and to apply the proceeds to reducing our long-term debt.''