2005 COMMERCIAL PRINTING outlook -- A Win-Lose Proposition

"We don't expect the industry to regain pre-recession sales volumes until late 2005 or early 2006," Paparozzi says. "That is total sales volume, not just lithographic printing volume. The lithographic component of industry sales is definitely declining."

The second thing to keep in mind is that the current recovery is real, which means if an individual company has yet to start seeing at least some modest business improvement, then management should take that as a warning sign.