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    MeadWestvaco loses money in 4th quarter on charges

    Associated Press – Wed, Jan 25, 2012

    RICHMOND, Va. (AP) — Packaging company MeadWestvaco Corp. lost money in the fourth quarter, dragged down by charges related to the spinoff of its consumer and office products business. Its adjusted results met analysts' expectations.

    The company cautioned Wednesday that weaker demand because of uncertain economic conditions, especially in Europe, and rising raw material costs will keep its first-quarter performance below that of a year ago.

    MeadWestvaco lost $15 million, or 9 cents per share, for the three months ended Dec. 31. That compares with earnings of $47 million, or 28 cents per share, a year earlier.

    Its loss from continuing operations was 5 cents per share.

    Taking out charges tied to the spinoff and other items, income was 26 cents per share, which met the expectations of analysts polled by FactSet.

    Fourth-quarter revenue was flat at $1.5 billion, beating Wall Street's $1.47 billion estimate.

    A week ago office supply company ACCO Brands Corp. said it would withdraw and refile its Hart-Scott-Rodino Act notification related to the proposed $860 million merger with MeadWestvaco's consumer and office products business. ACCO said that it planned to refile on Thursday, which would give the Justice Department's antitrust division 30 more days for review.

    MeadWestvaco makes Mead, Five Star and At-A-Glance branded office and school supplies. Acco, based in Lincolnshire, Ill., makes Swingline staplers and Day-Timer planners.

    The proposed deal was announced in November. Once it closes, MeadWestvaco stockholders will own 50.5 percent of the combined company.

    MeadWestvaco's full-year earnings more than doubled to $256 million, or $1.47 per share, from $106 million, or 62 cents per share, a year earlier.

    Annual revenue rose 7 percent to $6.06 billion.

     

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