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EXHIBIT 13.a |
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HIGHLIGHTS OF THE YEAR |
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WESTVACO CORPORATION AND CONSOLIDATED SUBSIDIARY COMPANIES |
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| Year ended October 31 | 2000 | 1999 | 2000 | 1999 | |||||
| In millions, except per share | |||||||||
| INCOME STATEMENT | CASH FLOW | ||||||||
| Net sales | $3,663.0 | $2,801.8 | Cash from operations | $583.1 | $412.7 | ||||
| Operating profit | Capital expenditures | $214.0 | $228.9 | ||||||
| before corporate and other | $556.3 | $305.0 | Acquisitions | $1,342.9 | $22.7 | ||||
| Net income | Dividends | $88.5 | $88.2 | ||||||
| before nonrecurring items1 | $262.2 | $145.1 | |||||||
| Net income | $245.9 | $111.2 | BALANCE SHEET | ||||||
| Total assets | $6,569.9 | $4,896.7 | |||||||
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PER SHARE DATA |
Long-term debt |
$2,686.7 | $1,426.9 | ||||||
| Earnings (before nonrecurring items)1 | $2.60 | $1.45 | Shareholders' equity | $2,332.6 | $2,171.3 | ||||
| Earnings | $2.44 | $1.11 | Net change in working capital | $183.9 | $40.8 | ||||
| Book value | $23.17 | $21.65 | Debt to capital | 45.6% | 33.2% | ||||
| Dividends | $.88 | $.88 | Return on capital employed | 6.9% | 4.8% | ||||
| 1 |
Excludes the fiscal year 2000 net after-tax restructuring charge of $11.2 million, or $.11 per share, an extraordinary charge of $8.8 million, or $.09 per share, for the extinguishment of debt and a gain of $3.6 million, or $.04 per share, from the sale of assets and in 1999 an after-tax charge for restructuring of $48.9 million, or $.49 per share, and a credit of $15.0 million, or $.15 per share, for a release of deferred taxes. All per share data is for basic and diluted. |
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| QUARTERLY HIGHLIGHTS | |||||||||
| SALES | 2000 | 1999 | 2000 | 1999 | 2000 | 1999 | |||
| In millions |
EARNINGS PER SHARE |
EARNINGS PER SHARE |
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| First | $799.6 | $650.7 | First | $.50 | $.25 | $.50 | $.25 | ||
| Second | 904.7 | 679.5 | Second | .63 | .27 | .61 | .27 | ||
| Third | 928.0 | 700.2 | Third | .69 | .35 | .53 | .35 | ||
| Fourth | 1,030.7 | 771.4 | Fourth | .78 | .58 | .80 | .24 | ||
| Year | $3,663.0 | $2,801.8 | Year | $2.60 | $1.45 | $2.44 | $1.11 | ||
| DIVIDENDS PER SHARE | 2000 | 1999 | STOCK PRICES 2 | 2000 | 1999 | ||||
| High | Low | High | Low | ||||||
| First | $.22 | $.22 | First | $34.75 | $26.00 | $29.50 | $21.44 | ||
| Second | .22 | .22 | Second | 34.50 | 25.63 | 29.88 | 20.81 | ||
| Third | .22 | .22 | Third | 34.75 | 24.44 | 32.81 | 28.19 | ||
| Fourth | .22 | .22 | Fourth | 29.94 | 24.06 | 31.25 | 24.75 | ||
| Year | $.88 | $.88 | |||||||
| 2This table reflects the range of market prices of Westvaco common stock as quoted in the New York Stock Exchange - Composite Transactions. The New York Stock Exchange is the principal market in which the securities are traded. | |||||||||
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