ENGLEWOOD, Colo., Jan. 24 Mail-Well announced today the results for the quarter and twelve months ended December 31, 2001. The results for continuing operations before restructuring charges were $0.09 per share on sales of $390 million during the fourth quarter compared to $0.04 per share on sales of $412 million for the previous quarter and, for the full year, $0.29 per share on $1.65 billion in sales. The corresponding results for the "New'' Mail-Well which also exclude the results of assets held for sale were $0.06 per share on $370 million of sales for the fourth quarter compared to $0.02 per share on $386 million of sales for the third quarter. For the full year, earnings for the "New'' Mail- Well were $0.19 per share on $1.57 billion of sales compared to $0.18 per share forecast in the Company's strategic plan on $1.62 billion of sales. As part of Mail-Well's previously announced consolidation of certain Envelope plants and other restructuring programs, a charge of $18.8 million before taxes was taken during the quarter. Also during the quarter, a review of the expected net proceeds, which are still in the $300 million range, required the recognition of an additional charge which brought the loss from discontinued operations to $45.1 million for the quarter, while reducing the loss previously recorded on assets held for sale by $5.9 million. As a result, the Company lost $45.7 million during the quarter or $0.96 per share. During the quarter, the Company's total operations including discontinued operations and assets held for sale generated $36 million of free cash flow or $0.76 per share. In total for the year-to-date, free cash flow reached $142 million or $2.99 per share, well in excess of the full year target of $100 million and 51% more than the $94 million generated last year. Paul Reilly, Chairman, President and CEO, stated, "All profit and cash flow commitments we made to our shareholders when we rolled out our strategic plan in June 2001 have been met or exceeded. Given all that has happened since these commitments were first made, I am very pleased with the progress to date. Fourth quarter results compared to those in the third quarter exhibit the quarter over quarter improvements that are necessary for us to meet our 2002 forecasts. Within an environment of very soft sales, our cost cutting measures and our strategic initiatives are proving effective. We expect this trend to continue in the new year and the improvement in results to accelerate as the year progresses. We expect to achieve our total year forecasts of $145 million of EBITDA and $0.63 of earnings per share in 2002 for 'New' Mail-Well.'' "The process for the sale of the Label and Printed Office Products Segments and other non-core assets is proceeding. The sale of these properties are at various stages, from negotiations of definitive agreements to expectations of receipt of final bids.''