Westvaco Corp.

BY THE NUMBERS

August 29, 1991

This New York-based paper and chemical manufacturer, which operates a giant facility in Western Maryland, has maintained its record of raising its dividend for a sixth consecutive year even though it reported sagging earnings for its third quarter, which ended July 31.

Westvaco, whose paper and pulp mill in Luke is a mainstay of the Western Maryland economy, showed a 22 percent decline in per-share earnings for the quarter. For the first nine months of Westvaco's fiscal year, the per-share decline was 36 percent. But without a special charge taken in this year's first quarter, the drop would have been only 25 percent.

The board increased Westvaco's common stock dividend from 26.25 cents per share to 27.5 cents, payable Oct. 1 to shareholders of record Sept. 11. The company claims a 96-year record of uninterrupted cash dividends.

Three months ended 7/31/91

.. .. .. Revenue .. .. .. Net .. .. .. Share

'91 .. ..565,520,000 .. 37,447,000 .. 0.57

'90 .. .. 596,065,000 .. 47,516,000 .. 0.73

% change .. 5.1 .. .. .. .. -21.2 .. ..-21.9

24 weeks ended 8/10/91

.. .. .. Revenue .. .. Net .. .. .. Share

'91 .. 1,717,038,000 .. 89,796,000* .. 1.37

'90 .. 1,784,632,000 .. 139,924,000 .. 2.15

% change .. -3.8 .. .. .. 35.8 .. .. .. 36.3

* Includes $25 million, or 24-cents-a-share, pretax charge to cover one-time financial aspects of cost-reduction programs.

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