York, PA February 7, 2000:

York, PA October 15, 1999: P. H. Glatfelter Company’s net income and earnings per share for the three months ended September 30, 1999, were $6.4 million and $.15, respectively. Net income and earnings per share were $3.2 million and $.08, respectively, for the three months ended September 30, 1998, after reflecting the impact of an unusual after-tax charge of $3.4 million, or $.08 per share. Net sales for the three-month period increased 1.7% from $167.2 million in 1998 to $170.0 million.

Spring Grove, PA July 16, 1999: P. H. Glatfelter Company today announced that net income and earnings per share for the three months ended June 30, 1999 were $12.5 million and $.30, respectively, as compared to $8.1 million and $.19 for the first quarter of 1999 and $13.8 million and $.33 for the second quarter of 1998. Net sales for the three-month period increased slightly to $167.2 million from $165.8 million in the first quarter of 1999 and decreased by 9.0% from $183.7 million in the second quarter of 1998.

For the first six months of 1999, net income and earnings per share were $20.7 million and $.49, respectively, as compared to $29.1 million and $.69 for the same period in 1998. Net sales for the six-month period decreased to $333.1 million in 1999 from $376.9 million in 1998.

"We are very pleased with the results for the quarter and the positive trend in our earnings per share over the last three quarters, specifically $.15 in the fourth quarter of 1998, before an unusual charge; $.19 in the first quarter of 1999 and $.30 in the recently completed second quarter," said George H. Glatfelter II, CEO. "This improved financial performance is the result of stronger demand for most of our product lines, improved pricing for several of those lines, cost reduction initiatives begun last year and excellent productivity at our mills. We believe that the markets for most of our products are in the early stages of recovery and we expect continued strong demand for the balance of the year. As a result of this anticipated strong demand, we believe market conditions may support increased selling prices for more of our product lines during the second half of the year. Such expected selling price increases, when coupled with the continuing benefits of our cost reduction programs and improved productivity from our capital spending plan, will lead to solid financial performance for 1999."

The Company reported that cash generation continues to be strong. The Company’s net debt/capital ratio dropped to 44.3% as of June 30, 1999, from 47.0% at the end of 1998, and from 48.3% at the end of the first quarter of 1998 following the acquisition of Schoeller and Hoesch.

Mr. Glatfelter added, "We are pleased with the reduction in our net debt/capital ratio and believe that our cash generation will grow as our earnings continue to improve. We continue to increase our profit margins by improving the mix of products produced and sold. Increased demand affords us an opportunity to replace lower margin products with more profitable products. In addition, we have completed the commercial development of several new engineered paper products which have higher profit margins than the margins of displaced products."

"We have a clear sense based on our experience, as well as from analysts who follow the paper industry, that the worldwide paper markets are improving. Worldwide growth in papermaking capacity is expected to be modest over the next few years. Further, improving economic conditions in Asia and modest growth in western economies should lead to an increase in demand for paper at rates above capacity growth, hence leading to tighter paper markets. We believe that we are well positioned to capitalize on these improving conditions."

Any statements set forth in this press release with regard to the Company’s expectations as to industry conditions, demand for or pricing of its products, its financial results and other aspects of its business may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company makes such statements based on assumptions which it believes to be reasonable, there can be no assurance that actual results will not differ materially from the Company’s expectations. Factors that could cause or contribute to actual results differing materially from such forward-looking statements are discussed in the Company’s Securities and Exchange Commission filings.

P. H. Glatfelter Company's 1999 first quarter earnings improve from previous quarter

Spring Grove, PA April 16, 1999: P. H. Glatfelter Company’s net income and earnings per share for the three months ended March 31, 1999, were $8,140,000 and $.19, respectively, as compared to $3,809,000 and $.09, respectively, for the fourth quarter of 1998. The results for the fourth quarter of 1998 reflected an unusual charge which had an after-tax impact of $2,586,000, or $.06 per share. Net income and earnings per share were $15,327,000 and $.36, respectively, for the first quarter of 1998. Net sales for the first three months of 1999 decreased 14% to $165,846,000 from $193,216,000 in the first quarter of 1998 and increased 3% from $160,910,000 in the fourth quarter of 1998.

The Company was pleased with the first quarter’s financial results and is encouraged by the improved trend in earnings versus the previous quarter. Lower earnings for the first quarter of 1999 versus the same period of 1998 are directly related to depressed prices for many of our specialized printing and tobacco paper products. We are encouraged that the order pattern for both of these product categories was strong during the later half of the first quarter. There have also been signs for pricing improvement in certain specialized printing paper markets. We raised our selling prices for envelope papers during the first quarter of 1999. In addition, commodity paper producers announced price increases in early April for many of their products. We are hopeful that the implementation of these higher prices will lead to the same result for other specialized printing papers such as our book publishing line later in the year.

The Company’s financial results were positively impacted during the quarter by a number of cost control initiatives which have been implemented within the past year. Salary, wage and benefit savings were achieved as a result of the restructurings of our domestic salaried workforce and the hourly workforce at our Ecusta Division. We also recognized savings for raw materials, supplies and overhead items due to a number of initiatives undertaken. These savings will have an ongoing favorable impact on the Company’s profitability.

Progress has been made in the development of engineered paper products as a result of the reorganization of our marketing efforts. Other positive developments have taken place with regard to product and market synergies between our domestic operations and those of Schoeller and Hoesch, our international engineered paper division headquartered in Germany. We expect the realization of the benefits of such efforts to improve our profitability in the near future.

There are many positive initiatives occurring within the Company. It is unfortunate that the conditions of some of the markets in which we participate are not currently in our favor. We remain hopeful that an increase in the worldwide consumption of paper will begin to outpace the apparent slower rate of growth of paper making capacity. We expect that such an improved market environment, coupled with the Company’s lower cost structure, will lead to enhanced earnings, cash flow and, ultimately, shareholder value.

Any statements set forth in this press release with regard to the Company’s expectations as to industry conditions, demand for or pricing of its products, its financial results and other aspects of its business may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company makes such statements based on assumptions which it believes to be reasonable, there can be no assurance that actual results will not differ materially from the Company’s expectations. Factors that could cause or contribute to actual results differing materially from such forward-looking statements are discussed in the Company’s Securities and Exchange Commission filings.