FORM 10-Q

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

       (Mark One)
         [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

               For the quarterly period ended SEPTEMBER 30, 2004

                                      OR
        [    ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934
        For the transition period from____________ to _________________

                       Commission file number:  1-13923

                       WAUSAU-MOSINEE PAPER CORPORATION
              (Exact name of registrant as specified in charter)

                  WISCONSIN                            39-0690900
            (State of incorporation)       (I.R.S. Employer Identification
                                            Number)

                                100 PAPER PLACE
                         MOSINEE, WISCONSIN 54455-9099
                    (Address of principal executive office)

       Registrant's telephone number, including area code: 715-693-4470

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such report), and (2) has been subject to such
filing requirements for the past 90 days.

                              Yes   X      No ____

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).
                              Yes   X      No ____

The number of common shares outstanding at October 31, 2004 was 51,685,251.

                       WAUSAU-MOSINEE PAPER CORPORATION

                               AND SUBSIDIARIES

                                     INDEX
                                                                       PAGE NO.
PART I.               FINANCIAL INFORMATION

       Item 1.            Financial Statements                              1
                          Condensed Consolidated Statements of 
                          Operations, Three Months and Nine Months Ended
                          September 30, 2004 (unaudited) and
                          September 30, 2003 (unaudited)                    1

                          Condensed Consolidated Balance
                          Sheets, September 30, 2004 (unaudited)
                          and December 31, 2003 (derived from
                          audited financial statements)                     2

                          Condensed Consolidated Statements
                          of Cash Flows, Nine Months
                          Ended September 30, 2004 (unaudited)
                          and September 30, 2003 (unaudited)                3

                          Notes to Condensed Consolidated
                          Financial Statements (unaudited)                3-9

       Item 2.            Management's Discussion and 
                          Analysis of Financial Condition
                          and Results of Operations                     10-16

       Item 3.            Quantitative and Qualitative Disclosures
                               About Market Risk                           17

       Item 4.            Controls and Procedures                          17

PART II.    OTHER INFORMATION

       Item 6.            Exhibits                                         18
                                       i



                        PART I.  FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

Wausau-Mosinee Paper Corporation and Subsidiaries 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

                                                          Three Months Ended         Nine Months Ended
                                                             September 30,            September 30,
(Dollars in thousands, except per share data)                2004       2003         2004       2003
                                                                                    
NET SALES                                               $  262,428    $ 249,529    $ 778,352    $ 732,188 

Cost of products sold                                      229,983      221,090      691,073      657,774 

GROSS PROFIT                                                32,445       28,439       87,279       74,414 

Selling and administrative expenses                         17,158       16,426       55,796       50,089 

OPERATING PROFIT                                            15,287       12,013       31,483       24,325 

Interest expense                                            (2,608)      (2,537)      (7,685)      (7,608)

Other income (expense), net                                    191           18          483           19

EARNINGS BEFORE INCOME TAXES                                12,870        9,494       24,281       16,736 

Provision for income taxes                                   4,762        3,513        8,984        6,192 

NET EARNINGS                                            $    8,108    $   5,981     $ 15,297     $ 10,544 

NET EARNINGS PER SHARE-BASIC                            $     0.16    $    0.12     $   0.30     $   0.20 

NET EARNINGS PER SHARE-DILUTED                          $     0.16    $    0.12     $   0.29     $   0.20 

Weighted average shares outstanding-basic               51,680,686   51,552,250   51,653,843   51,546,462

Weighted average shares outstanding-diluted             51,980,190   51,664,539   51,904,856   51,639,898

Dividends declared per common share                     $        0   $        0   $     0.17   $     0.17


See Notes to Condensed Consolidated Financial Statements.
                                       1



Wausau-Mosinee Paper Corporation and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)                             SEPTEMBER 30, December 31,
                                                       2004         2003
ASSETS                                              (UNAUDITED)
                                                           
Current assets:
   Cash and cash equivalents                         $ 55,035    $ 36,305
   Receivables, net                                    97,812      81,300
   Refundable income taxes                              2,400       1,668
   Inventories                                        115,340     115,835
   Deferred income taxes                               12,312      12,616
   Other current assets                                 2,711       3,694
      Total current assets                           285,610      251,418

Property, plant and equipment, net                    541,528     565,722
Other assets                                           41,917      40,960

TOTAL ASSETS                                         $869,055    $858,100

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
   Current maturities of long-term debt              $    114    $    112
   Accounts payable                                    68,744      55,368
   Accrued and other liabilities                       54,860      59,524
      Total current liabilities                       123,718     115,004

Long-term debt                                        161,544     162,174
Deferred income taxes                                 115,012     115,879
Postretirement benefits                                57,062      54,197
Pension                                                32,578      40,829
Other noncurrent liabilities                           20,595      19,701
      Total liabilities                               510,509     507,784
Stockholders' equity                                  358,546     350,316

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY           $869,055    $858,100

See Notes to Condensed Consolidated Financial Statements.
                                       2



Wausau-Mosinee Paper Corporation and Subsidiaries 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

                                                            Nine Months Ended
                                                               September 30,
(Dollars in thousands)                                       2004        2003
                                                                 
Net cash provided by operating activities                  $47,102     $27,864 

Cash provided by (used in) investing activities:
   Capital expenditures                                    (16,579)    (16,794)
   Acquisition of business                                       0      (8,511)
   Proceeds on sale of property, plant and equipment            43          11 
                                                           (16,536)    (25,294)
Cash provided by (used in) financing activities:
   Payments under capital lease obligation                     (83)        (71)
   Dividends paid                                          (13,166)    (13,144)
   Proceeds from stock option exercise                       1,413         167 
                                                           (11,836)    (13,048)

Net increase (decrease) in cash and cash equivalents        18,730     (10,478)
Cash and cash equivalents, beginning of period              36,305      23,383 

Cash and cash equivalents, end of period                   $55,035     $12,905 

Interest-net of amount capitalized                         $10,568     $10,505
Income taxes paid                                            7,701       4,129

Noncash investing and financing activities:  A capital lease obligation of $336
was recorded in the second quarter of 2003 when the Company entered into a
lease for new equipment.

See Notes to Condensed Consolidated Financial Statements.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1. The condensed consolidated financial statements include the results of
        Wausau-Mosinee Paper Corporation and our consolidated subsidiaries.  
        All significant intercompany transactions have been eliminated.  The
        accompanying condensed financial statements, in the opinion of
        management, reflect all adjustments, which are normal, and recurring in
        nature and which are necessary for a fair statement of the results for
        the periods presented.  Results for the interim period are not
        necessarily indicative of future results.  In all regards, the
        financial statements have been presented in accordance with accounting
        principles generally accepted in the United States of America.  Refer
        to notes to the financial statements, which appear in the Annual Report
        on Form 10-K for
                                       3
        the year ended December 31, 2003, for the Company's accounting 
        policies, which are pertinent to these statements.

Note 2. During the second quarter of 2003, the Company's Towel & Tissue Group,
        reached a settlement of all claims of the parties in a patent

        litigation matter.  As a result of the settlement, the Company
        recognized $4.2 million in pre-tax income (reduction of cost of sales)
        as a fee for licensing certain patented dispenser technologies.

Note 3. Effective March 3, 2003, the Company acquired certain assets of a
        laminated papers producer for approximately $8.5 million in cash.  The
        acquisition was accounted for as a purchase business combination and,
        accordingly, the purchase price has been allocated using the fair
        values of the acquired receivables, inventory, machinery and equipment,
        and identifiable intangible assets.  No goodwill was recorded as a 
        result of this acquisition.  The pro forma disclosures required under
        Statement of Financial Accounting Standard (SFAS) No. 141 "Business
        Combinations" have not been presented, as the impact of this
        acquisition does not materially impact the results of operations.

Note 4. Net earnings include provisions, or credits, for stock incentive plans
        calculated by using the average price of the Company's stock at the
        close of each calendar quarter as if all grants under such plans had
        been exercised on that day.  For the three months ended September 30,
        2004, the credit for incentive plans on a pretax basis was $175,000.
        For the three months ended September 30, 2003, the provision for
        incentive plans on a pretax basis was $577,000. On a pretax basis for
        the nine months ended September 30, 2004 and 2003, provisions of
        $1,992,000 and $991,000, respectively, were recognized as stock
        incentive plan expense.

        As permitted under SFAS No. 123, "Accounting for Stock-Based
        Compensation," the Company continues to measure compensation cost for
        stock-option plans using the "intrinsic value based method" prescribed
        under APB No. 25, "Accounting for Stock Issued to Employees."
                                       4

       Pro forma net earnings and earnings per share had the Company elected to
       adopt the fair-value based method" of SFAS No. 123 are as follows:



       (Dollars in thousands, except per share amounts)
                                                 Three Months           Nine Months
                                             Ended September 30,   Ended September 30,
                                                2004      2003        2004       2003
                                                                 
       Net earnings, as reported            $  8,108  $  5,981    $  15,297  $  10,544
       Add: Total stock-based employee
            compensation expense (credit)
            under APB No. 25, net of 
            related tax effects                 (110)      364        1,255        625
       Deduct: Total stock-based 
            compensation (expense) credit 
            determined under fair-value 
            based method for all awards,
            net of related tax effects            27      (417)      (1,458)      (744)
       Proforma                             $  8,025  $  5,928    $  15,094  $  10,425

       Earnings per share - basic:
            As reported                     $   0.16  $   0.12    $    0.30  $    0.20
            Pro forma                       $   0.16  $   0.11    $    0.29  $    0.20
       Earnings per share - diluted:
            As reported                     $   0.16  $   0.12    $    0.29  $    0.20
            Pro forma                       $   0.15  $   0.11    $    0.29  $    0.20

Note 5. Basic and diluted earnings per share are recognized as follows:


       (Dollars in thousands, except per share data)

                                                     Three Months              Nine Months
                                                 Ended September 30,       Ended September 30,
                                             2004              2003        2004           2003
                                                                         
       Net earnings                      $       8,108   $     5,981   $    15,297   $    10,544

       Basic weighted average common
       shares outstanding                   51,680,686    51,552,250    51,653,843    51,546,462
       Dilutive securities: 
         Stock options                         299,504       112,289       251,013        93,436
       Dilutive weighted average common 
       shares outstanding                   51,980,190    51,664,539    51,904,856    51,639,898

       Net earnings per share-basic      $        0.16   $      0.12   $      0.30   $      0.20

       Net earnings per share-diluted    $        0.16   $      0.12   $      0.29   $      0.20

                                       5
       For the three months ended September 30, 2004, options for 288,586
       shares were excluded from the diluted EPS calculation because the
       options were antidilutive.  For the three months ended September 30,
       2003, options for 842,255 shares were excluded from the diluted EPS
       calculation because the options were antidilutive.  For the nine months
       ended September 30, 2004 and 2003, 395,622 shares and 826,922 shares,
       respectively, were excluded from the diluted EPS calculation because the
       options were antidilutive.

Note 6. Accounts receivable consisted of the following:


       (Dollars in thousands)                   SEPTEMBER 30,December 31,
                                                    2004         2003
                                                        
       Trade                                      $ 98,963    $82,142 
       Other                                         1,098      1,086 
                                                   100,061     83,228 
       Less: Allowances                             (2,249)    (1,928)
                                                  $ 97,812    $81,300 

Note 7. The various components of inventories were as follows:


       (Dollars in thousands)                    SEPTEMBER 30,December 31,
                                                     2004        2003
                                                      
       Raw Materials                             $  32,906  $  27,282 
       Finished Goods and Work in Process           80,092     83,757 
       Supplies                                     27,961     27,920 
       Subtotal                                    140,959    138,959 
       Less:  LIFO Reserve                         (25,619)   (23,124)
       Net inventories                            $115,340   $115,835 

Note 8. The accumulated depreciation on fixed assets was $682,102,000 as of
        September 30, 2004, and $652,990,000 as of December 31, 2003.  The
        provision for depreciation, amortization and depletion for the nine
        months ended September 30, 2004 and September 30, 2003 was $44,852,000
        and $45,693,000, respectively.
                                       6
Note 9. The components of net periodic benefit costs recognized in the
        Condensed Consolidated Statements of Operations for the three months
        Ended September 30, 2004 and 2003, are as follows:


       (Dollars in thousands)                                            Other
                                                                   Post-retirement
                                             Pension Benefits           Benefits
                                              2004       2003       2004      2003
                                                              
       Service cost                       $  1,730   $  1,380   $    466  $     503
       Interest cost                         2,491      2,330      1,183      1,392
       Expected return on plan assets       (2,503)    (2,051)         0          0
       Amortization of: 
          Prior service cost                   549        484       (899)       (90)
          Actuarial loss                       419        188        371        224
          Transition (asset)                   (12)       (48)         0          0
       Settlement                               30          0          0          0
       Net periodic benefit cost          $  2,704   $  2,283   $  1,121  $   2,029


    The components of net periodic benefit costs recognized in the Condensed
    Consolidated Statements of Operations for the nine months ended September
    30, 2004 and 2003, are as follows:


       (Dollars in thousands)                                      Other
                                                               Post-retirement
                                           Pension Benefits        Benefits
                                          2004       2003       2004      2003
                                                           
       Service cost                    $  5,170   $  4,138    $ 1,808  $ 1,511
       Interest cost                      7,337      6,988      4,229    4,035
       Expected return on plan assets    (7,508)    (6,167)         0        0
       Amortization of: 
          Prior service cost              1,524      1,454     (1,073)    (268)
          Actuarial loss                  1,258        562      1,265      674
          Transition (asset)                (38)      (142)         0        0
       Settlement                            30        248          0        0
       Net periodic benefit cost       $  7,773   $  7,081    $ 6,229 $  5,952

        On December 8, 2003, the President signed into law the Medicare
        Prescription Drug Improvement and Modernization Act of 2003 (the Act).
        The Act introduces a prescription drug benefit under Medicare as well
        as a federal subsidy to sponsors of retiree health care benefit plans
        that override a benefit that is at least actuarially equivalent to
        Medicare.
        In June 2004, the FASB issued FSP 106-2, Accounting and Disclosure
        Requirements Related to the Medicare Prescription Drug, Improvement and
        Modernization Act of 2003. The FSP provides guidance on the accounting
        for the effects of the Act for employers that sponsor postretirement
        health care plans that provide prescription drug benefits.  The FSP
        also requires those employers to provide
                                       7
        certain disclosures regarding the effect of the federal subsidy
        provided by the Act.  The Company adopted the provisions of the FSP on
        July 1, 2004.  The impact of the adoption of the FSP resulted in a
        reduction in the accumulated post-retirement benefit obligation of $5.9
        million and a reduction in the net periodic benefit cost for the
        three-months ended September 30, 2004, of $250,000. 

        The company previously disclosed in its consolidated financial
        statements for the year ended December 31, 2003, that it expected to
        contribute $21.2 million to its pension plans in 2004.  As of September
        30, 2004, the Company expects to contribute $20.1 million to its
        pension plans in 2004.  Of this total, $16.8 million of contributions
        have been made as of September 30, 2004.  The Company expects to
        contribute an additional $3.3 million by December 31, 2004.

Note 10. Interim Segment Information

        FACTORS USED TO IDENTIFY REPORTABLE SEGMENTS
        The Company's operations are classified into three principal reportable
        segments:  Printing & Writing,  Specialty Products, and Towel & Tissue,
        each providing different products.  Separate management of each segment
        is required because each business unit is subject to different
        marketing, production, and technology strategies. 

        PRODUCTS FROM WHICH REVENUE IS DERIVED
        Printing & Writing produces a broad line of premium printing and
        writing grades at manufacturing facilities in Brokaw, Wisconsin and
        Groveton, New Hampshire.  Printing & Writing also includes converting
        facilities, which produce wax-laminated roll wrap and related specialty
        finishing and packaging products, and a converting facility, which
        converts printing and writing grades.  Specialty Products produces
        specialty papers at its manufacturing facilities in Rhinelander,
        Wisconsin;
        Mosinee, Wisconsin; and Jay, Maine.  Towel & Tissue produces a complete
        line of towel and tissue products that are marketed along with soap and
        dispensing systems for the "away-from-home" market.  Towel & Tissue
        operates a paper mill in Middletown, Ohio, and a converting facility in
        Harrodsburg, Kentucky.
                                       8
        RECONCILIATIONS
        The following are reconciliations to corresponding totals in the
        accompanying consolidated financial statements:


                                            Three Months          Nine Months
                                          Ended September 30,  Ended September 30,
       (Dollars in thousands)              2004      2003      2004      2003
       Net sales external customers
                                                           
          Printing & Writing             $102,590 $104,105   $303,872  $301,940 
          Specialty Products              101,351   90,191    308,053   272,350 
          Towel & Tissue                   58,487   55,233    166,427   157,898 
                                         $262,428 $249,529   $778,352  $732,188 
       
       Operating profit 
          Printing & Writing             $  5,124 $  5,265   $  9,646  $  9,455 
          Specialty Products                5,204    2,444     12,030     4,020 
          Towel & Tissue                    7,855    7,619     21,287    20,022
       Total reportable segment 
         operating profit                  18,183   15,328     42,963    33,497 
       Corporate & eliminations            (2,896)  (3,315)   (11,480)   (9,172)
       Interest expense                    (2,608)  (2,537)    (7,685)   (7,608)
       Other income (expense), net            191       18        483        19
       Earnings before income taxes      $ 12,870 $  9,494   $ 24,281  $ 16,736



       (Dollars in thousands)                    SEPTEMBER 30, December 31,
                                                     2004         2003
                                                          
       Segment Assets
          Printing & Writing                       $281,032     $283,711
          Specialty Products                        328,160      334,079
          Towel & Tissue                            165,639      165,199
          Corporate & Unallocated*                   94,224       75,111
                                                   $869,055     $858,100

       *  Segment assets do not include intersegment accounts receivable, cash,
          deferred tax assets and certain other assets, which are not
          identifiable with segments.


Note 11. Subsequent Event

On October 21, 2004, the Company purchased the assets of a specialty
manufacturer of high-quality uncoated freesheet paper for $9.6 million in cash.
The mill has production capacity of 170,000 tons and will complement the
existing Printing & Writing business segment. The acquisition will be accounted
for as a purchase business combination and, accordingly, the purchase price
will be allocated using the fair values of the acquired land, buildings, and
machinery and equipment.  
                                       9

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

OVERVIEW

The gradual improvement in market conditions experienced in each of the
Company's business segments during the first half of 2004 continued in the
third quarter for the Specialty Products and Towel & Tissue segments, while the
uncoated freesheet market that impacts the Printing & Writing business slowed
with volumes declining from prior year levels.  As a result, the Company's
Specialty Products and Towel & Tissue business segments experienced both
increased sales and shipments in the third quarter of 2004 compared to the
third quarter of 2003, while the Printing & Writing business experienced
declines in both net sales and shipments for the same quarter-over-quarter
comparison.  Increased fiber-related and natural gas costs unfavorably impacted
the current quarter in comparison to the same quarter last year.  Through the
first nine months of 2004, sales from new products developed within the
previous three years accounted for nearly 40% of the Company's consolidated net
sales, exceeding the Company's internal target of 25%; operating efficiencies
increased more than the Company's target of 1% as compared to last year; and
continued progress was made toward achieving the Company's cost reduction goal
of 2% of prior year cost of sales.  In addition, during the third quarter of
2004 the Company announced an agreement to purchase the assets of an uncoated
freesheet mill for $9.6 million.  The mill has production capacity of 170,000
tons and will complement the existing Printing & Writing business segment.  The
transaction was completed on October 21, 2004.  The Company is targeting a mid-
November start-up of the mill's largest paper machine, capable of producing up
to 90,000 tons per year of premium printing and writing paper.  No timetable
has been established for the start-up of the mill's second paper machine.

OPERATIONS REVIEW


Net Sales   
                                            Three Months          Nine Months 
                                          Ended September 30,  Ended September 30,
(Dollars in thousands)                     2004      2003      2004      2003
                                                           
Net sales                                $262,428  $249,529  $778,352  $732,188
Percent increase/(decrease)                     5%       (1%)       6%        2%

For the three months ended September 30, 2004, consolidated net sales for the
Company were $262.4 million compared to $249.5 million for the same three-month
period in 2003, an increase of 5%.  Company-wide shipments in the third quarter
of 2004 were 213,293 tons, a 1% decline from the 215,430 tons shipped in the

third quarter of 2003.  Third quarter 2004 average selling price increased
nearly 6%, or approximately $15 million, as compared to the same period in 2003
with product mix enhancements accounting for nearly half of the average selling
price increase. 

For the nine months ended September 30, 2004 and 2003, consolidated net sales
were $778.4 million and $732.2 million, respectively, representing a 6%
improvement year-over-year.  Year-
                                       10
to-date shipments through September 30, 2004, improved to 649,858 tons, an 
increase of 2% over the 637,600 tons reported for the same year-to-date period 
of 2003.  During the first nine months of 2004, average selling price improved
approximately 4%, with product mix enhancements accounting for most of the
increase. Together, product pricing and product mix changes accounted for
approximately $29 million of the consolidated net sales improvement.

Third quarter net sales and shipments for Printing & Writing decreased 1% and
5%, respectively, as compared to the third quarter of 2003.  Net sales declined
to $102.6 million in 2004 from $104.1 million reported for the same three-month
period in 2003 while shipments declined quarter-over-quarter from the 95,164
tons in 2003 to 90,030 tons in 2004. Average net selling price improved
approximately 4% over the third quarter of 2003, with sales mix accounting for
the majority of the increase as the volume of higher-margin premium printing
and writing papers and consumer products increased 9% and 15%, respectively,
quarter-over-quarter.  Lower overall shipments were principally due to
inconsistent demand and competitive market conditions for paper mill packaging
products, while reduced shipments to paper merchants and converters also
contributed to the year-over-year decline. Market demand remained similar to
prior year with pricing competitive as the fourth quarter began.

Printing & Writing net sales for the first nine months of 2004 improved 1% to
$303.9 million compared to $301.9 million in the first nine months of 2003,
while shipments declined slightly to 273,151 tons from 274,567 tons shipped in
the first nine months of 2003.  Average selling price improved approximately 1%
year-over-year with sales mix enhancement driving the improvement as real
selling prices declined in the first nine months of 2004. 

Specialty Products' net sales improved 12% in the three months ended September
30, 2004 over the three months ended September 30, 2003.  Net sales were $101.4
million compared to $90.2 million for the third quarters of 2004 and 2003,
respectively.  Shipments improved to 83,804 tons in the third quarter of 2004
compared to 80,988 tons in 2003.  Average net selling price increased more than
8% in the third quarter of 2004 compared to the third quarter of 2003, with
product selling price increases resulting, in part, from the pass-through of
increased fiber costs accounting for nearly three-quarters of the improvement. 

For the first nine months of 2004, Specialty Products' net sales were $308.1
million compared to $272.4 million in the same period of 2003, an increase of
13%.  Shipment volume increased 5% year-over year with 263,115 tons shipped in
2004 and 251,314 tons shipped in 2003.  Average selling price improvement of 7%
year-over-year was driven by actual product pricing improvements of 5% and
product mix enhancements of 2%.

Towel & Tissue net sales increased to $58.5 million in the third quarter of
2004, compared with $55.2 million in the same period last year.  Shipment
volume increased slightly with 39,459 tons shipped in the third quarter of 2004

compared to 39,278 tons shipped in the third quarter of 2003.  Average selling
price improved by nearly 5% with actual product selling prices increasing 3%
and product mix improving approximately 2%.

Year-to-date net sales for Towel & Tissue were $166.4 million in 2004 compared
to $157.9 million in 2003.  Year-to-date shipments increased 2% to 113,592 tons
in 2004 versus 111,719
                                       11
tons shipped in 2003.  The "away-from-home" segment of the towel and tissue
market grew approximately 2% during the nine months of 2004 compared with the
same period in 2003.  Average net selling price increased 4%, with an
improvement in product mix driving the majority of the increase.


Gross Profit
                                           Three Months           Nine Months 
                                         Ended September 30,   Ended September 30,
(Dollars in thousands)                     2004      2003       2004      2003
                                                             
Gross profit on sales                    $32,445   $28,439     $87,279   $74,414
Gross profit margin                           12%       11%         11%       10%

Gross profit for the three months ended September 30, 2004, was $32.4 million
compared to $28.4 million for the three months ended September 30, 2003.  Gross
profit margins increased slightly compared to those reported in the same period
last year as increases in energy and fiber-related prices were offset by
improvement in average selling price, operational efficiency gains and cost-
reduction efforts.  In total, natural gas prices increased 14% resulting in
additional cost of $1.1 million in the third quarter of 2004 compared to the
third quarter of 2003. Compared to the third quarter of 2003, market pulp
prices were higher by $56 per air-dried metric ton, or approximately $5.5
million, wastepaper prices increased $1.5 million, or 44%, and linerboard
increased $1.1 million, or approximately 20%, quarter-over-quarter. 

Year-to-date, gross profit margins improved to $87.3 million, or 11% of net
sales in 2004 compared to $74.4 million, or 10% of net sales in 2003.  As in
the quarterly comparison, improvements in average selling price, operational
efficiency gains and cost-reduction efforts more than offset unfavorable fiber-
related and energy costs that negatively impacted the gross profit margin year-
over-year.  Year-over-year, market pulp prices increased nearly 10% or $13.2
million and natural gas costs increased approximately 2% or $0.5 million.  In
the nine months ended September 30, 2003, the Company recognized $4.2 million
of income as a fee for licensing certain patented dispenser technologies,
favorably impacting gross profit margin in that period. 

The list price of northern bleached softwood kraft decreased $30 per air-dried
metric ton during the third quarter with another $30 per air-dried metric
decline occurring early in the fourth quarter. During this period, the list
price of most other market pulps has moved lower by lesser amounts.  Some
market pulp producers have announced a $30 per air-dried metric ton price
increase targeted for late in the fourth quarter.

Printing & Writing's gross profit for the third quarter of 2004 and 2003 was
10% of net sales, and on a year-to-date basis, gross profit was 9% for both
nine-month periods of 2004 and 2003. As discussed in the consolidated gross
margin comparisons, in both the quarter-over-quarter and year-over-year

periods, increases in average net selling price combined with cost-reduction
efforts offset unfavorable pricing in both natural gas and market pulp.

The Specialty Products' average selling price increase, improved operations and
cost-reduction efforts offset the unfavorable impacts of energy and market pulp
to report improved year-over-
                                       12
year gross profit margins of 10% in the third quarter of 2004 compared to 8% in
the third quarter of 2003.  Similarly, year-to-date margins improved to 9% in 
2004 from 6% in 2003. 

The gross profit margin for Towel & Tissue improved to 21% in the third quarter
of 2004 from 20% in the third quarter of 2003.  Increased average selling price
and improved operations drove the improvement in gross margin on a quarter-
over-quarter basis.  Year-to-date gross margins remained constant at 20% of net
sales in both 2004 and 2003.  2003 results include a favorable $4.2 million
settlement of a patent litigation matter.

Consolidated order backlogs increased to approximately 46,300 tons at September
30, 2004, from approximately 33,400 tons at September 30, 2003.  Backlog tons
at September 30, 2004 represent $57.3 million in sales compared to $37.8
million in sales at September 30, 2003. Improvements in customer backlog were
evident in Specialty Products and Towel & Tissue, while Printing & Writing
declined slightly.  Printing & Writing's backlog tons declined from 10,800 tons
as of September 30, 2003, to 10,400 tons at September 30, 2004.  Specialty
Products' backlog tons improved to 31,000 tons at the end of the third quarter
of 2004 compared to 20,100 tons at the end of the third quarter of 2003.  Towel
& Tissue experienced an increase in backlogs with 4,900 tons and 2,500 tons
reported at the end of the third quarter of 2004 and 2003, respectively.  The
change in customer order backlogs does not necessarily indicate business
conditions as a large portion of orders are shipped directly from inventory
upon receipt and do not impact backlog numbers.


Selling and Administrative Expenses
                                             Three Months         Nine Months
                                          Ended September 30,  Ended September 30,
(Dollars in thousands)                     2004      2003      2004      2003
                                                           
Selling and administrative expense       $17,158   $16,426   $55,796   $50,089
Percent increase                               4%       22%       11%        6%
As a percent of net sales                      7%        7%        7%        7%

Selling and administrative expenses in the third quarter of 2004 were $17.2
million compared to $16.4 million in the same period of 2003.  Incentive
compensation programs based on the market price of the Company's stock resulted
in a credit of $0.2 million for the three months ended September 30, 2004
compared to a provision of $0.6 million for the three months ended September
30, 2003.  Costs increasing quarter-over quarter included fringe benefit
expenses, particularly health-care costs, relocation and recruiting expenses,
and consulting expenses related to the Companies compliance work associated
with Section 404 of the Sarbanes-Oxley Act. 

For the nine months ended September 30, 2004, selling and administrative
expenses were $55.8 million compared to $50.1 million in the first nine months
of 2003.  Expense recognized for stock-incentive based programs for the nine

months ended September 30, 2004 and 2003, was $2.0 million and $1.0 million,
respectively.  As in the quarter-over-quarter comparison, other costs
increasing include fringe benefit expenses, particularly health-care costs,
relocation and recruiting expenses, and consulting expenses related to the
Company's compliance work associated with Section 404 of the Sarbanes-Oxley
Act. 
                                       13


Other Income and Expense
                                            Three Months         Nine Months
                                         Ended September 30,  Ended September 30,
(Dollars in thousands)                     2004      2003      2004      2003
                                                            
Interest expense                          $2,608    $2,537    $7,685    $7,608
Other income (expense), net                  191        18       483        19

Interest expense was similar between comparable periods of 2004 and 2003.
Quarter-over-quarter, interest expense of $2.6 million was recorded in the
third quarter of 2004 compared to $2.5 million in the third quarter of 2003.
Interest expense was $7.7 million and $7.6 million for the nine months ended
September 30, 2004 and 2003, respectively.  Long-term debt was $161.5 million
and $162.4 million at September 30, 2004 and 2003, respectively.  Long-term
debt at December 31, 2003, was $162.2 million.  Interest expense is expected to
remain similar between 2004 and 2003 for the balance of the year.  Other income
is higher in 2004 and 2003 in both the quarterly and year-to-date comparisons
due to interest income as a result of higher cash and cash equivalent balances
year-over-year.


Income Taxes
                                             Three Months          Nine Months
                                          Ended September 30,  Ended September 30,
(Dollars in thousands)                     2004      2003      2004      2003
                                                            
Provision for income taxes                $4,762    $3,513    $8,984    $6,192
Effective tax rate                           37%      37%        37%      37%

The effective tax rates for the periods presented are indicative of the
Company's normalized tax rate.  The effective rate for 2004 is expected to
remain at 37%.

On October 22, 2004, the American Jobs Creation Act of 2004 (the "Act") was
signed into law.  The Act contains $137 billion in tax cuts over a ten year
period beginning in 2005, which are mainly U.S. manufacturing businesses and
multinational companies.  The Company has not yet completed its assessment of
how the Act might impact its future results of operations or cash flows. 

LIQUIDITY AND CAPITAL RESOURCES 


Cash Flows and Capital Expenditures

                                                 Nine Months Ended  September 30,
(Dollars in thousands)                                 2004             2003
                                                                
Cash provided by operating activities                $47,102          $27,864
Capital expenditures                                  16,579           16,794


For the nine months ended September 30, 2004, cash provided by operating
activities was $47.1 million compared to cash provided by operations for the
nine months ended September 30, 2003, of $27.9 million.  The improvement in
cash flows provided by operating activities year-over-year
                                       14
is primarily attributable to increased accounts payable levels and current year
earnings, offset by increased customer receivables and higher income tax
payments.

In 2004, the Company has continued to limit capital spending to necessary
maintenance-related and high-return capital projects. Capital spending for the
first nine months of 2004 was $16.6 million compared to $16.8 million during
the first nine months of 2003.  Total capital spending in 2004 is expected to
be comparable to 2003 capital spending of $24 million, or less than one-half
the Company's rate of depreciation, depletion and amortization.

For the first nine months of 2004, capital expenditures for projects with total
spending expected to exceed $1.0 million were $1.2 million in Printing &
Writing as part of a capital project to expand premium papers production
capabilities at the Brokaw mill and $1.3 million for a digester replacement at
the Brokaw mill.  In Towel & Tissue, project spending included $0.2 million on
a screw press project, $0.3 million on production equipment, and $3.2 million
for various converting lines.  

The balance of spending during the first nine months of 2004 was related to
projects that individually are expected to cost less than $1.0 million.  These
expenditures included approximately $5.1 million for essential non or low-
return projects, and approximately $5.3 million on projects expected to provide
a return on investment that exceeds the Company's cost of capital.

For 2003, capital expenditures for projects with total spending expected to
exceed $1.0 million were $2.9 million in Printing & Writing as part of a
capital project to expand premium papers production capabilities and $0.3
million for a digester replacement at the Brokaw mill.  In addition, $0.4
million was spent on a process control system computer replacement at the
Groveton mill.  At Towel & Tissue, $2.0 million was spent on a screw press
project and $1.8 million was spent for various converting lines.  

The balance of spending for the first nine months of 2003 was related to
projects that individually are expected to cost less than $1.0 million.  These
expenditures included approximately $6.3 million for essential non-or low-
return projects, and approximately $3.1 million on projects expected to provide
a return on investment that exceeds the Company's cost of capital.

On October 21, 2004, the Company purchased the assets of a specialty
manufacturer of high-quality uncoated freesheet paper for $9.6 million in cash.
The acquisition will be accounted for as a purchase business combination and,
accordingly, the purchase price will be allocated using the fair values of the
acquired land, buildings, and machinery and equipment.  

Effective March 3, 2003, the Company acquired certain assets of a laminated
papers producer for approximately $8.5 million in cash.  The acquisition is
being accounted for as a purchase business combination and, accordingly, the
purchase price has been allocated using the fair values of the acquired
receivables, inventory, machinery and equipment, and identifiable intangible
assets.  
                                       15



Debt and Equity

                                                SEPTEMBER 30,   December 31,
(Dollars in thousands)                              2004           2003
                                                        
Short-term debt                                $       114    $       112
Long-term debt                                     161,544        162,174
Total debt                                         161,658        162,286
Stockholders' equity                               358,546        350,316
Total capitalization                               520,204        512,602
Long-term debt/capitalization ratio                    31%            32%

As of September 30, 2004, there was no significant change in total debt as
compared to December 31, 2003.  

On August 31, 2004, the Company replaced its $150 million unsecured revolving
credit agreement that was scheduled to expire on December 10, 2004 with a four-
year, $100 million unsecured revolving credit agreement with four participating
banks.  Under the new facility, the Company may elect the base for interest
from either domestic or offshore rates.  In addition, the facility provides for
sublimits of $50 million for the issuance of standby letters of credit and $10
million for certain short-term bid loans among the bank group.  The Company
pays the banks a facility fee under this agreement based on quarterly
debt/capitalization ratios.

On September 30, 2004, the Company had approximately $100 million available
borrowing capacity under the bank facility.  The Company's cash position and
borrowing capacity is expected to provide sufficient liquidity to support
operations, meet capital spending requirements and fund dividend payments to
shareholders.

Dividends

On June 14, 2004, the Board of Directors declared a quarterly cash dividend of
$0.085 per common share.  The dividend was paid on August 16, 2004, to
shareholders of record on August 1, 2004.  On October 22, 2004, the Board of
Director's declared a cash dividend in the amount of $0.085 per share.  The
dividend is payable on November 15, 2004, to shareholders of record on November
1, 2004.
                                       16

INFORMATION CONCERNING FORWARD LOOKING STATEMENTS

This report contains certain of management's expectations and other forward-
looking information regarding the Company pursuant to the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995. While the
Company believes that these forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance, and all
such statements involve risk and uncertainties that could cause actual results
to differ materially from those contemplated in this report. The assumptions,
risks, and uncertainties relating to the forward-looking statements in this
report include general economic and business conditions, changes in the prices
of raw materials or energy, competitive pricing in the markets served by the
Company as a result of economic conditions, overcapacity in the industry and

the demand for paper products, manufacturing problems at Company facilities and
various other risks and assumptions. These and other assumptions, risks, and
uncertainties are described under the caption "Cautionary Statement Regarding
Forward-Looking Information" in Item 1 of the Company's Annual Report on Form
10-K for the year ended December 31, 2003, and from time to time, in the
Company's other filings with the Securities and Exchange Commission.  The
Company assumes no obligation to update or supplement forward-looking
statements that become untrue because of subsequent events.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There has been no material change in the information provided in response to
Item 7A of the Company's Form 10-K for the year ended December 31, 2003.

ITEM 4.  CONTROLS AND PROCEDURES

As of the end of the period covered by this report, management, under the
supervision, and with the participation, of the Company's President and Chief
Executive Officer and the Chief Financial Officer, evaluated the effectiveness
of the design and operation of the Company's disclosure controls and procedures
pursuant to Rule 13a-15 under the Securities Exchange Act of 1934.  Based upon,
and as of the date of such evaluation, the President and Chief Executive
Officer and the Chief Financial Officer concluded that the Company's disclosure
controls and procedures were effective in all material respects.  There have
been no significant changes in the Company's internal controls or in other
factors during the period covered by this report which could significantly
affect internal controls, nor were there any significant deficiencies or
material weaknesses identified which required any corrective action to be
taken.
                                       17
                          PART II.  OTHER INFORMATION


ITEM 6.  EXHIBITS

   Exhibits required by Item 601 of Regulation S-K

    4.1  Credit Agreement dated August 31, 2004 among the Company and Bank of
         America, N.A., M&I Marshall & Ilsley Bank, Harris Trust and Savings
         Bank, and Wells Fargo Bank, National Association
   10.1  Standard Form of Performance Unit Grant Agreement
   10.2  Standard Form of Non-Qualified Performance Stock Option Agreement
   10.3  Standard Form of Non-Qualified Stock Option Agreement
   10.4  Standard Form of Non-Qualified Stock Option Agreement for Directors
   31.1  Certification of CEO pursuant to Section 302 of Sarbanes-Oxley Act of
         2002
   31.2  Certification of CFO pursuant to Section 302 of Sarbanes-Oxley Act of
         2002
   32.1  Certification of CEO and CFO pursuant to Section 906 of Sarbanes-Oxley
         Act of 2002
                                       18

                                  SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                    WAUSAU-MOSINEE PAPER CORPORATION



November 9, 2004                    SCOTT P. DOESCHER                    
                                    Scott P. Doescher
                                    Senior Vice President-Finance,
                                    Secretary and Treasurer

                                    (On behalf of the Registrant and as
                                    Principal Financial Officer)
                                       19

                                 EXHIBIT INDEX
                                      TO
                                   FORM 10-Q
                                      OF
                       WAUSAU-MOSINEE PAPER CORPORATION
               FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2004
                 Pursuant to Section 102(d) of Regulation S-T
                        (17 C.F.R. Section 232.102(d))

The following exhibits are filed as part of this report:

4.1    Credit Agreement dated August 31, 2004 among the Company and Bank of
       America, N.A., M&I Marshall & Ilsley Bank, Harris Trust and Savings
       Bank, and Wells Fargo Bank, National Association
10.1   Standard Form of Performance Unit Grant Agreement
10.2   Standard Form of Non-Qualified Performance Stock Option Agreement
10.3   Standard Form of Non-Qualified Stock Option Agreement
10.4   Standard Form of Non-Qualified Stock Option Agreement for Directors
31.1   Certification of CEO pursuant to Section 302 of Sarbanes-Oxley Act of
       2002
31.2   Certification of CFO pursuant to Section 302 of Sarbanes-Oxley Act of
       2002
32.1   Certification of CEO and CFO pursuant to Section 906 of Sarbanes-Oxley
       Act of 2002
                                       20