WESTVACO CORP
10-K, EX-13.C, 2001-01-16
PAPER MILLS
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EXHIBIT 13C
  ELEVEN - YEAR COMPARISON    
                           
  Year ended October 31   2000   1999   1998   1997   1996   1995  
  EARNINGS In millions, except per share data              
  Sales   $3,663   $2,802   $2,886   $2,982   $3,045   $3,272  
                             
  Net income before extraordinary charge                          
  and cumulative effect of accounting changes   255   111   132   163   212   283  
                             
  Net income   246 1 111 2 132 3 163   212   281 4
  Net income per share - basic   2.44   1.11   1.30   1.60   2.09   2.78  
  Net income per share - diluted   2.44   1.11   1.30   1.58   2.07   2.76  
                             
  Depreciation and amortization   314   280   281   269   240   230  
                             
  COMMON STOCK                          
  Number of common shareholders   19,000   19,070   20,140   20,240   20,760   20,490  
  Weighted average number                          
  of shares outstanding [in millions]                          
  Basic   101   100   101   102   102   101  
  Diluted   101   100   102   103   102   102  
                             
  Cash dividends [in millions]   $88   $88   $89   $90   $90   $78  
                             
  Per share:                          
  Dividends   0.88   0.88   0.88   0.88   0.88   0.77  
  Book value   23.17   21.65   22.39   22.35   21.69   20.49  
                             
  FINANCIAL POSITION In millions              
  Working capital   $497   $313   $272   $400   $297   $358  
  Current ratio   1.9   1.7   1.6   2.0   1.7   1.8  
  Plant and timberlands, net   $4,197   $3,581   $3,802   $3,684   $3,354   $3,140  
  Total assets   6,570   4,897   5,009   4,899   4,437   4,253  
  Long-term debt   2,687   1,427   1,456   1,449   1,097   1,093  
  Shareholders' equity   2,333   2,171   2,246   2,279   2,210   2,081  
  Debt to total capital   46%   33%   34%   33%   28%   30%  
                             
  OPERATIONS                          
  Primary production of paper,                          
  paperboard and market pulp
[tons, in thousands] 		   3,749   2,992   3,028   3,058   3,001   3,105  
     
  New investment in plant and                          
  timberlands [in millions]   $212   $232   $420   $614   $511   $309  
                             
  Acres of timberlands owned
 [in thousands]		   1,418   1,446   1,465   1,461   1,452   1,453  
                             
  Employees   17,050   12,750   13,070   13,370   13,430   14,300  
                             
                           
                           
  Year ended October 31   1994   1993   1992   1991   1990
  EARNINGS  In millions, except per share data         
  Sales   $2,607   $2,345   $2,336   $2,301   $2,411
                       
  Net income before extraordinary charge                    
  and cumulative effect of accounting changes   104   57   136   137   188
                       
  Net income   104   104 5 136   137 6 188
  Net income per share - basic   1.03   1.04   1.37   1.40   1.93
  Net income per share - diluted   1.03   1.04   1.36   1.39   1.92
                       
  Depreciation and amortization   219   195   183   179   169
                       
  COMMON STOCK                    
  Number of common shareholders   13,890   14,570   14,970   15,020   15,630
  Weighted average number                    
  of shares outstanding [in millions]                    
  Basic   101   100   99   98   98
  Diluted   101   101   100   99   98
                       
  Cash dividends [in millions]   $74   $73   $73   $70   $66
                       
  Per share:                    
  Dividends   0.73 1/3 0.73 1/3 0.73 1/3 0.70 5/6 0.67
  Book value   18.48   18.18   17.84   17.21   16.53
                       
  FINANCIAL POSITION                    In millions                    
  Working capital   $269   $244   $319   $310   $370
  Current ratio   1.7   1.7   1.9   2.0   2.2
  Plant and timberlands, net   $3,063   $3,078   $2,838   $2,675   $2,539
  Total assets   3,983   3,928   3,704   3,462   3,332
  Long-term debt   1,180   1,223   1,051   955   949
  Shareholders' equity   1,862   1,824   1,777   1,699   1,619
  Debt to total capital   34%   35%   32%   31%   32%
                       
  OPERATIONS                    
  Primary production of paper,                    
  paperboard and market pulp
[tons, in thousands]		   2,848   2,626   2,595   2,587   2,512
                       
  New investment in plant and                    
  timberlands [in millions]   $207   $442   $352   $322   $472
                       
  Acres of timberlands owned
[in thousands]		   1,453   1,462   1,468   1,483   1,487
                       
  Employees   14,170   14,440   14,520   14,440   15,040
                       
  The following per share data is for basic and diluted:           
1 2000 results include a net after-tax restructuring charge of $11.2 million, or $.11 per share, an after-tax extraordinary charge of $8.8 million, or $.09 per share, for the extinguishment of higher interest rate debt and a gain of $3.6 million, or $.04 per share, from the sale of assets.
 
 
2 1999 results include an after-tax charge for restructuring of $49 million, or $.49 per share, and a credit of $15 million, or $.15 per share, for a release of deferred taxes.
 
3 1998 results include an after-tax charge for restructuring of $3 million, or $.03 per share. 
4 1995 results include an after-tax extraordinary charge of $2 million, or $.02 per share, for the extinguishment of debt. 
5 1993 results include income of $55 million, or $.55 per share, from the cumulative effect of accounting changes, provision of $12 million, or $.12 per share, for the impact of an increase in the federal income tax rate, an extraordinary charge of $8 million, or $.07 per share, for the extinguishment of high interest rate debt and a charge for restructuring of $26 million, or $.26 per share.
 
6 1991 results include an after-tax charge for restructuring of $15 million, or $.16 per share.
                           
  Westvaco Corporation and consolidated subsidiary companies          


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