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MeadWestvaco's CEO Discusses Q4 2011 Results - Earnings Call Transcript

All the results we share this morning are presented on a continuing operations basis. For the fourth quarter, the company's loss from continuing operations was $9 million. Excluding special items, adjusted net income from continuing operations was $44 million or $0.26 per share.

Now here to tell you more about the results for the fourth quarter are John Luke, Chairman and CEO; Jim Buzzard, our President; and Mark Rajkowski, CFO.

I'll now turn the call over to John.

John A. Luke

Jason, thanks very much and good morning. MWV delivered another strong performance in 2011 even with the weaker fourth quarter due to the economic challenges primarily in North America and Europe. We had record adjusted income from continuing operations in 2011 of $335 million or $1.92 per share as we benefited from our market focus strategies and improved business model.

We strengthened our growth profile, implementing plans in each of our global markets to win new business with our most strategic customers, with our most innovative solutions and in the world's fastest-growing geographies. And we generated significant cash flow that we used to make growth investments and provide a strong return to our shareholders.

I'd also mention that we announced the spinoff of our Consumer & Office Products division, which will also create significant value for our shareholders when the transaction is closed in the first half of this year. These financial results during the past year came directly from the plans we're pursuing for profitable growth and value creation.

Across our packaging markets, we are focused on commercial excellence, innovation, growth in emerging markets and expanded participation with new materials and capabilities. As we discussed at our December Investor Meeting, we aim to generate $1 billion in profitable revenue from this plan over the next 3 to 5 years.

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