Schweitzer-Mauduit Announces First Quarter 2001 Results Earnings Per Share Of $.25

Apr 26, 2001, 01:00 ET from Schweitzer-Mauduit International, Inc.

    ALPHARETTA, Ga., April 26 /PRNewswire/ -- Schweitzer-Mauduit
 International, Inc. (NYSE:   SWM) today reported that first quarter net income
 was $3.8 million compared with net income of $6.8 million in the first quarter
 of 2000, a decline of 44 percent.  Basic and diluted earnings per share were
 $.25 compared with basic and diluted earnings per share of $.44 for the prior-
 year quarter, a 43 percent decline.
     Wayne H. Deitrich, Chairman of the Board and Chief Executive Officer, said
 that, "Schweitzer-Mauduit's financial results for the first quarter of 2001
 were unfavorably impacted by increases in the cost of wood pulp and purchased
 energy.  In addition, we continued to incur expenses related to the banded
 cigarette paper project and resultant higher cost of operations at the
 Spotswood, New Jersey mill.  Increased local business taxes and decreased
 sales volumes for printing and writing papers were experienced in Brazil.
 Nonmanufacturing expenses and other income were also unfavorable compared with
 the prior-year quarter.  These negative factors were partially offset by
 increased sales of tobacco-related papers in the French, U.S. and Brazilian
 businesses and improved operations other than at the Spotswood mill."
     Net sales were $124.1 million for the quarter compared with $118.0 million
 in the same period a year ago, an increase of 5 percent.  The improvement in
 net sales was the result of increased sales volumes which contributed
 $8.6 million of the net sales improvement and higher average selling prices
 which added $0.9 million to the net sales comparison.  Changes in currency
 exchange rates related to the strengthened U.S. dollar reduced net sales by
 $3.4 million.
     Total sales volumes increased by 2 percent for the quarter compared with
 the first quarter of 2000.  Sales volumes in the United States improved by 14
 percent, with gains in all major grades of tobacco-related papers.  Sales
 volumes at the French businesses increased by 3 percent from the prior-year
 level, with increased sales to Western Europe and the Middle East.  Sales
 volumes for the Brazilian business declined by 11 percent, with lower sales of
 commercial and industrial papers more than offsetting increased sales of
 tobacco-related papers.  First quarter 2000 sales volumes had been unfavorably
 impacted in each of the three business units from sales related to Y2K as
 certain customers had increased their year-end 1999 inventories.
     Operating profit was $7.8 million for the quarter, down $3.6 million or
 32 percent from the $11.4 million operating profit for the first quarter of
 2000.
     The average per ton list price of northern bleached softwood kraft pulp in
 the United States was $680 per metric ton or 6 percent higher in the first
 quarter of 2001 compared with the first quarter of 2000.  Purchased energy
 costs rose significantly compared with the prior-year quarter with higher
 natural gas, electricity and fuel oil costs.  The increased cost of wood pulp
 and purchased energy increased operating expenses by $4.6 million in the first
 quarter of 2001, with wood pulp and purchased energy each contributing
 approximately half of this total cost increase.  The Company anticipates the
 per ton cost of wood pulp to decline from the first quarter of 2001, although
 the higher purchased energy costs may persist.
     Operating profit in the United States declined by $1.6 million as a result
 of higher than expected operating expenses at the Spotswood mill, increased
 energy, wood pulp, pension and other benefit costs and higher nonmanufacturing
 expenses.  The modification of paper machines and related manufacturing
 equipment to produce commercial quantities of banded cigarette paper is
 proceeding on schedule.  However, this capital project is having a greater
 than anticipated negative impact on mill operations.  Excluding the
 unfavorable mill operating costs of approximately $ 2.0 million at Spotswood,
 operating profit for the U.S. business unit would have been above the prior-
 year level for the first quarter since increased production and sales volumes
 and improved mill operations other than at Spotswood more than offset the
 negative impact of other cost increases.  Although improvement is anticipated
 in subsequent quarters, Spotswood mill costs are expected to be a negative
 factor for the balance of the year.
     Operating profit in Brazil was $1.2 million lower than in the first
 quarter of 2000 as a result of higher wood pulp and energy costs, increased
 local business taxes and a decline in sales of printing and writing grades of
 paper.  Sales volumes were unfavorably affected by a slowdown in the Brazilian
 printing and writing papers market as well as by a decision by the Company to
 reduce its sales of certain grades of these papers that are being negatively
 impacted by ICMS, a form of value-added business taxes.  Beginning in December
 2000, Schweitzer-Mauduit do Brasil changed the treatment of ICMS tax credits
 as a result of a tax assessment received that month.  This resulting increase
 in local business taxes unfavorably impacted cost of sales for these products
 by $0.7 million during the first quarter and necessitated implementation of a
 plan to change the product mix of non-tobacco-related papers sold within
 Brazil to minimize the ongoing negative impact of this change in local
 business taxes on the financial results.  The transition to other products is
 expected to require several quarters to be fully accomplished.
     Operating profit for the French businesses was $0.6 million less than the
 prior-year quarter, attributable primarily to higher wood pulp and energy
 costs and increased non-manufacturing expenses, partially offset by increased
 sales volumes and higher average selling prices.
     Nonmanufacturing expenses were $1.1 million higher than in the prior-year
 quarter as a result of increased selling expenses in France, higher research
 expenses in the United States and Brazil for new product development and
 increased general expenses caused by higher pension and other benefit costs in
 the United States and outside consulting expenses in France associated with
 cost reduction activities.
     Other income was $0.6 million for the first quarter 2001, a decrease of
 $1.0 million from the prior-year quarter.  The first quarter of 2000 benefited
 from a recovery of a prior-period claim.
     The effective income tax rate was 36.6 percent for the quarter compared
 with 33.9 percent in the first quarter of 2000.  The lower effective income
 tax rate in 2000 reflected favorable tax treatment of the recovery of the
 prior-period claim.  The French corporate income tax rate decreased from
 37.7 percent in 2000 to 36.3 percent in 2001.
     Capital spending was $19.4 million during the first quarter of 2001
 compared with $3.3 million during the prior-year quarter.  Capital spending
 for the banded cigarette paper project totaled $15.3 million during the first
 quarter and is expected to be approximately $40 million for full-year 2001.
 Excluding capital spending associated with the banded cigarette paper project,
 capital spending is expected to be in the range of $20 to $25 million in 2001.
     Schweitzer-Mauduit will hold a conference call to review first quarter
 2001 results with investors and analysts at 3:30 p.m. eastern time on
 Thursday, April 26, 2001.  The conference call will be simultaneously
 broadcast over the World Wide Web at http://www.schweitzer-mauduit.com .  To
 listen to the call, please go to the Web site at least fifteen minutes prior
 to the call to register and download and install any necessary audio software.
 For those unable to listen to the live broadcast, a replay will be available
 on the Web site shortly after the call.
     Schweitzer-Mauduit International, Inc. is a diversified producer of
 premium specialty papers and the world's largest supplier of fine papers to
 the tobacco industry.  It also manufactures specialty papers for use in
 alkaline batteries, vacuum cleaner bags, overlay products, business forms and
 printing and packaging applications.  Schweitzer-Mauduit and its subsidiaries
 conduct business in over 90 countries and employ 3,500 people worldwide, with
 operations in the United States, France, Brazil and Canada.  For further
 information, please visit the Company's Web site at
 www.schweitzer-mauduit.com .
 
     Certain comments contained in this news release concerning the business
 outlook and anticipated financial and operating results of the Company
 constitute "forward-looking statements," generally identified by phrases such
 as the Company "expects" or "anticipates" or words of similar effect, within
 the meaning of the Private Securities Litigation Reform Act of 1995 and are
 subject to the safe harbor created by that Act.  The forward-looking
 statements are based on information currently available to the Company and are
 based upon management's expectations and beliefs concerning future events and
 factors impacting the Company including sales volumes, product mix in Brazil,
 per ton wood pulp costs, purchased energy costs, banded cigarette paper
 implementation costs, local Brazilian business taxes, mill operations and
 expenses and capital spending.  There can be no assurances that such factors
 or future events will occur as anticipated or that the Company's results will
 be as estimated.  Many factors outside the control of the Company also could
 impact the realization of such estimates.  Such factors are discussed in more
 detail in the Company's latest filings with the Securities and Exchange
 Commission, including the Company's Annual Report on Form 10-K for the year
 ended December 31, 2000.  Except as required by federal securities laws, the
 Company undertakes no obligation to publicly update or revise any forward-
 looking statements, whether as a result of new information, future events,
 changed circumstances or any other reasons, after the date of this news
 release.
 
 
     SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
     CONSOLIDATED STATEMENTS OF INCOME
     FOR THE THREE MONTHS ENDED MARCH 31,
     (U.S. $ IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
 
 
          Unaudited                           2001         2000       Change
 
     Net Sales                                  $124.1       $118.0  +   5.2 %
     Cost of products sold                       104.6         96.0  +   9.0 %
     Gross Profit                                 19.5         22.0  -  11.4 %
     Selling expense                               4.6          4.4  +   4.5 %
     Research expense                              2.0          1.7  +  17.6 %
     General expense                               5.1          4.5  +  13.3 %
     Operating Profit                              7.8         11.4  -  31.6 %
     Interest expense                             (1.3)        (1.5) -  13.3 %
     Other income, net                             0.6          1.6  -  62.5 %
     Income Before Income Taxes and
          Minority Interest                        7.1         11.5  -  38.3 %
     Provision for income taxes                    2.6          3.9  -  33.3 %
     Income Before Minority Interest               4.5          7.6  -  40.8 %
     Minority interest in earnings of
      subsidiaries                                 0.7          0.8  -  12.5 %
     Net Income                                   $3.8         $6.8  -  44.1 %
 
     Net Income Per Share:
 
          Basic and Diluted                      $0.25        $0.44  -  43.2 %
 
 
 
     Dividends Declared Per Share                $0.15        $0.15
 
 
     Average Common Shares Outstanding:
          Basic                             14,761,000   15,551,400
 
          Diluted, including Common Share
           Equivalents                      14,956,200   15,587,000
 
 
     SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
     CONDENSED CONSOLIDATED BALANCE SHEETS
     (U.S. $ IN MILLIONS)
                                                    March 31,      December 31,
          Unaudited                                     2001              2000
 
            ASSETS
     Cash and cash equivalents                         $21.5             $23.6
     Accounts receivable                                77.5              77.7
     Inventories                                        66.6              64.5
     Other current assets                               10.6               9.4
     Net property, plant and equipment                 253.3             249.5
     Deferred charges and other assets                  17.3              17.0
            Total Assets                              $446.8            $441.7
 
            LIABILITIES & STOCKHOLDERS'
             EQUITY
     Short-term debt and current
        portion of long-term debt                      $32.1              $5.6
     Other current liabilities                         100.0             104.8
     Long-term debt                                     67.9              97.7
     Noncurrent deferred income tax
      liabilities                                       15.7              14.9
     Noncurrent deferred revenue                        31.0              10.0
     Other noncurrent liabilities                       23.8              22.4
     Minority interest                                   6.6               6.4
     Stockholders' equity                              169.7             179.9
            Total Liabilities and
             Stockholders' Equity                     $446.8            $441.7
 
 
     SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
     CONDENSED CONSOLIDATED STATEMENTS OF
      CASH FLOW
     FOR THE THREE MONTHS ENDED MARCH 31,
     (U.S. $ IN MILLIONS)
 
          Unaudited                                     2001              2000
 
     Net income                                         $3.8              $6.8
     Depreciation and amortization                       5.4               5.7
     Deferred income tax provision                       1.2               2.4
     Minority interest in earnings of
      subsidiaries                                       0.7               0.8
     Other non-cash adjustments to net
      income                                             0.9               0.1
     Advance payments from customers                    21.0               ---
     Changes in operating working capital               (8.4)             (6.7)
            Cash Provided by Operations                 24.6               9.1
 
     Capital spending                                  (19.4)             (3.3)
     Capitalized software costs                         (0.3)             (0.4)
     Other investing                                    (5.3)              0.3
            Cash Used for Investing                    (25.0)             (3.4)
 
     Cash dividends paid to SWM
      stockholders                                      (2.3)             (2.3)
     Changes in debt                                     0.6              (6.3)
     Purchases of treasury stock                         ---              (2.9)
            Cash Used for Financing                     (1.7)            (11.5)
 
     Decrease in Cash and Cash Equivalents             $(2.1)            $(5.8)
 
     Contact:    Bill Foust                Paul Roberts
                 770-569-4203              770-569-4277
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X80571172
 
 

SOURCE Schweitzer-Mauduit International, Inc.
    ALPHARETTA, Ga., April 26 /PRNewswire/ -- Schweitzer-Mauduit
 International, Inc. (NYSE:   SWM) today reported that first quarter net income
 was $3.8 million compared with net income of $6.8 million in the first quarter
 of 2000, a decline of 44 percent.  Basic and diluted earnings per share were
 $.25 compared with basic and diluted earnings per share of $.44 for the prior-
 year quarter, a 43 percent decline.
     Wayne H. Deitrich, Chairman of the Board and Chief Executive Officer, said
 that, "Schweitzer-Mauduit's financial results for the first quarter of 2001
 were unfavorably impacted by increases in the cost of wood pulp and purchased
 energy.  In addition, we continued to incur expenses related to the banded
 cigarette paper project and resultant higher cost of operations at the
 Spotswood, New Jersey mill.  Increased local business taxes and decreased
 sales volumes for printing and writing papers were experienced in Brazil.
 Nonmanufacturing expenses and other income were also unfavorable compared with
 the prior-year quarter.  These negative factors were partially offset by
 increased sales of tobacco-related papers in the French, U.S. and Brazilian
 businesses and improved operations other than at the Spotswood mill."
     Net sales were $124.1 million for the quarter compared with $118.0 million
 in the same period a year ago, an increase of 5 percent.  The improvement in
 net sales was the result of increased sales volumes which contributed
 $8.6 million of the net sales improvement and higher average selling prices
 which added $0.9 million to the net sales comparison.  Changes in currency
 exchange rates related to the strengthened U.S. dollar reduced net sales by
 $3.4 million.
     Total sales volumes increased by 2 percent for the quarter compared with
 the first quarter of 2000.  Sales volumes in the United States improved by 14
 percent, with gains in all major grades of tobacco-related papers.  Sales
 volumes at the French businesses increased by 3 percent from the prior-year
 level, with increased sales to Western Europe and the Middle East.  Sales
 volumes for the Brazilian business declined by 11 percent, with lower sales of
 commercial and industrial papers more than offsetting increased sales of
 tobacco-related papers.  First quarter 2000 sales volumes had been unfavorably
 impacted in each of the three business units from sales related to Y2K as
 certain customers had increased their year-end 1999 inventories.
     Operating profit was $7.8 million for the quarter, down $3.6 million or
 32 percent from the $11.4 million operating profit for the first quarter of
 2000.
     The average per ton list price of northern bleached softwood kraft pulp in
 the United States was $680 per metric ton or 6 percent higher in the first
 quarter of 2001 compared with the first quarter of 2000.  Purchased energy
 costs rose significantly compared with the prior-year quarter with higher
 natural gas, electricity and fuel oil costs.  The increased cost of wood pulp
 and purchased energy increased operating expenses by $4.6 million in the first
 quarter of 2001, with wood pulp and purchased energy each contributing
 approximately half of this total cost increase.  The Company anticipates the
 per ton cost of wood pulp to decline from the first quarter of 2001, although
 the higher purchased energy costs may persist.
     Operating profit in the United States declined by $1.6 million as a result
 of higher than expected operating expenses at the Spotswood mill, increased
 energy, wood pulp, pension and other benefit costs and higher nonmanufacturing
 expenses.  The modification of paper machines and related manufacturing
 equipment to produce commercial quantities of banded cigarette paper is
 proceeding on schedule.  However, this capital project is having a greater
 than anticipated negative impact on mill operations.  Excluding the
 unfavorable mill operating costs of approximately $ 2.0 million at Spotswood,
 operating profit for the U.S. business unit would have been above the prior-
 year level for the first quarter since increased production and sales volumes
 and improved mill operations other than at Spotswood more than offset the
 negative impact of other cost increases.  Although improvement is anticipated
 in subsequent quarters, Spotswood mill costs are expected to be a negative
 factor for the balance of the year.
     Operating profit in Brazil was $1.2 million lower than in the first
 quarter of 2000 as a result of higher wood pulp and energy costs, increased
 local business taxes and a decline in sales of printing and writing grades of
 paper.  Sales volumes were unfavorably affected by a slowdown in the Brazilian
 printing and writing papers market as well as by a decision by the Company to
 reduce its sales of certain grades of these papers that are being negatively
 impacted by ICMS, a form of value-added business taxes.  Beginning in December
 2000, Schweitzer-Mauduit do Brasil changed the treatment of ICMS tax credits
 as a result of a tax assessment received that month.  This resulting increase
 in local business taxes unfavorably impacted cost of sales for these products
 by $0.7 million during the first quarter and necessitated implementation of a
 plan to change the product mix of non-tobacco-related papers sold within
 Brazil to minimize the ongoing negative impact of this change in local
 business taxes on the financial results.  The transition to other products is
 expected to require several quarters to be fully accomplished.
     Operating profit for the French businesses was $0.6 million less than the
 prior-year quarter, attributable primarily to higher wood pulp and energy
 costs and increased non-manufacturing expenses, partially offset by increased
 sales volumes and higher average selling prices.
     Nonmanufacturing expenses were $1.1 million higher than in the prior-year
 quarter as a result of increased selling expenses in France, higher research
 expenses in the United States and Brazil for new product development and
 increased general expenses caused by higher pension and other benefit costs in
 the United States and outside consulting expenses in France associated with
 cost reduction activities.
     Other income was $0.6 million for the first quarter 2001, a decrease of
 $1.0 million from the prior-year quarter.  The first quarter of 2000 benefited
 from a recovery of a prior-period claim.
     The effective income tax rate was 36.6 percent for the quarter compared
 with 33.9 percent in the first quarter of 2000.  The lower effective income
 tax rate in 2000 reflected favorable tax treatment of the recovery of the
 prior-period claim.  The French corporate income tax rate decreased from
 37.7 percent in 2000 to 36.3 percent in 2001.
     Capital spending was $19.4 million during the first quarter of 2001
 compared with $3.3 million during the prior-year quarter.  Capital spending
 for the banded cigarette paper project totaled $15.3 million during the first
 quarter and is expected to be approximately $40 million for full-year 2001.
 Excluding capital spending associated with the banded cigarette paper project,
 capital spending is expected to be in the range of $20 to $25 million in 2001.
     Schweitzer-Mauduit will hold a conference call to review first quarter
 2001 results with investors and analysts at 3:30 p.m. eastern time on
 Thursday, April 26, 2001.  The conference call will be simultaneously
 broadcast over the World Wide Web at http://www.schweitzer-mauduit.com .  To
 listen to the call, please go to the Web site at least fifteen minutes prior
 to the call to register and download and install any necessary audio software.
 For those unable to listen to the live broadcast, a replay will be available
 on the Web site shortly after the call.
     Schweitzer-Mauduit International, Inc. is a diversified producer of
 premium specialty papers and the world's largest supplier of fine papers to
 the tobacco industry.  It also manufactures specialty papers for use in
 alkaline batteries, vacuum cleaner bags, overlay products, business forms and
 printing and packaging applications.  Schweitzer-Mauduit and its subsidiaries
 conduct business in over 90 countries and employ 3,500 people worldwide, with
 operations in the United States, France, Brazil and Canada.  For further
 information, please visit the Company's Web site at
 www.schweitzer-mauduit.com .
 
     Certain comments contained in this news release concerning the business
 outlook and anticipated financial and operating results of the Company
 constitute "forward-looking statements," generally identified by phrases such
 as the Company "expects" or "anticipates" or words of similar effect, within
 the meaning of the Private Securities Litigation Reform Act of 1995 and are
 subject to the safe harbor created by that Act.  The forward-looking
 statements are based on information currently available to the Company and are
 based upon management's expectations and beliefs concerning future events and
 factors impacting the Company including sales volumes, product mix in Brazil,
 per ton wood pulp costs, purchased energy costs, banded cigarette paper
 implementation costs, local Brazilian business taxes, mill operations and
 expenses and capital spending.  There can be no assurances that such factors
 or future events will occur as anticipated or that the Company's results will
 be as estimated.  Many factors outside the control of the Company also could
 impact the realization of such estimates.  Such factors are discussed in more
 detail in the Company's latest filings with the Securities and Exchange
 Commission, including the Company's Annual Report on Form 10-K for the year
 ended December 31, 2000.  Except as required by federal securities laws, the
 Company undertakes no obligation to publicly update or revise any forward-
 looking statements, whether as a result of new information, future events,
 changed circumstances or any other reasons, after the date of this news
 release.
 
 
     SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
     CONSOLIDATED STATEMENTS OF INCOME
     FOR THE THREE MONTHS ENDED MARCH 31,
     (U.S. $ IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
 
 
          Unaudited                           2001         2000       Change
 
     Net Sales                                  $124.1       $118.0  +   5.2 %
     Cost of products sold                       104.6         96.0  +   9.0 %
     Gross Profit                                 19.5         22.0  -  11.4 %
     Selling expense                               4.6          4.4  +   4.5 %
     Research expense                              2.0          1.7  +  17.6 %
     General expense                               5.1          4.5  +  13.3 %
     Operating Profit                              7.8         11.4  -  31.6 %
     Interest expense                             (1.3)        (1.5) -  13.3 %
     Other income, net                             0.6          1.6  -  62.5 %
     Income Before Income Taxes and
          Minority Interest                        7.1         11.5  -  38.3 %
     Provision for income taxes                    2.6          3.9  -  33.3 %
     Income Before Minority Interest               4.5          7.6  -  40.8 %
     Minority interest in earnings of
      subsidiaries                                 0.7          0.8  -  12.5 %
     Net Income                                   $3.8         $6.8  -  44.1 %
 
     Net Income Per Share:
 
          Basic and Diluted                      $0.25        $0.44  -  43.2 %
 
 
 
     Dividends Declared Per Share                $0.15        $0.15
 
 
     Average Common Shares Outstanding:
          Basic                             14,761,000   15,551,400
 
          Diluted, including Common Share
           Equivalents                      14,956,200   15,587,000
 
 
     SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
     CONDENSED CONSOLIDATED BALANCE SHEETS
     (U.S. $ IN MILLIONS)
                                                    March 31,      December 31,
          Unaudited                                     2001              2000
 
            ASSETS
     Cash and cash equivalents                         $21.5             $23.6
     Accounts receivable                                77.5              77.7
     Inventories                                        66.6              64.5
     Other current assets                               10.6               9.4
     Net property, plant and equipment                 253.3             249.5
     Deferred charges and other assets                  17.3              17.0
            Total Assets                              $446.8            $441.7
 
            LIABILITIES & STOCKHOLDERS'
             EQUITY
     Short-term debt and current
        portion of long-term debt                      $32.1              $5.6
     Other current liabilities                         100.0             104.8
     Long-term debt                                     67.9              97.7
     Noncurrent deferred income tax
      liabilities                                       15.7              14.9
     Noncurrent deferred revenue                        31.0              10.0
     Other noncurrent liabilities                       23.8              22.4
     Minority interest                                   6.6               6.4
     Stockholders' equity                              169.7             179.9
            Total Liabilities and
             Stockholders' Equity                     $446.8            $441.7
 
 
     SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
     CONDENSED CONSOLIDATED STATEMENTS OF
      CASH FLOW
     FOR THE THREE MONTHS ENDED MARCH 31,
     (U.S. $ IN MILLIONS)
 
          Unaudited                                     2001              2000
 
     Net income                                         $3.8              $6.8
     Depreciation and amortization                       5.4               5.7
     Deferred income tax provision                       1.2               2.4
     Minority interest in earnings of
      subsidiaries                                       0.7               0.8
     Other non-cash adjustments to net
      income                                             0.9               0.1
     Advance payments from customers                    21.0               ---
     Changes in operating working capital               (8.4)             (6.7)
            Cash Provided by Operations                 24.6               9.1
 
     Capital spending                                  (19.4)             (3.3)
     Capitalized software costs                         (0.3)             (0.4)
     Other investing                                    (5.3)              0.3
            Cash Used for Investing                    (25.0)             (3.4)
 
     Cash dividends paid to SWM
      stockholders                                      (2.3)             (2.3)
     Changes in debt                                     0.6              (6.3)
     Purchases of treasury stock                         ---              (2.9)
            Cash Used for Financing                     (1.7)            (11.5)
 
     Decrease in Cash and Cash Equivalents             $(2.1)            $(5.8)
 
     Contact:    Bill Foust                Paul Roberts
                 770-569-4203              770-569-4277
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X80571172
 
 SOURCE  Schweitzer-Mauduit International, Inc.