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Schweitzer-Mauduit Announces Fourth Quarter 2006 Results 

Schweitzer-Mauduit International, Inc. (NYSE: SWM) today reported a fourth quarter 2006 net loss of $4.4 million, which included $4.8 million in pre-tax restructuring expenses, compared with net income of $2.8 million during the fourth quarter of 2005. The diluted loss per share was $0.28 compared with diluted earnings per share of $0.19 in the prior-year quarter. The fourth quarter 2006 restructuring expenses reduced earnings per share by $0.20. The diluted loss per share excluding restructuring expenses would have been $0.08 for the quarter. Wayne H. Deitrich, Chairman of the Board and Chief Executive Officer, commented that, "Schweitzer-Mauduit's net loss for the fourth quarter of 2006 was primarily the result of two items. As planned, we chose to incur additional and costly machine downtime across all our French mills in order to return inventories to more normal levels. We accomplished the inventory reductions, but at a significant expense. Also, we realized additional restructuring expenses in our French and U.S. business units. Continued performance improvement in our U.S. operations partially mitigated these two negative factors.

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