MWV's net income fell from $148 million (82 cents per share) 1 year ago to a net loss of $16 million (9 cents per share).
MWV announced that it will cut 10% of its worldwide workforce (2000 jobs) by year-end to help address its financial difficulties.
The 2Q08 earnings numbers were released; MWV's net income increased by 75% over 2Q07.