COMMERCIAL PRINTING OUTLOOK -- Ambiguity is Certain

According to Davis, PIA's "2002 Ratios" study found that the average printer participating in the survey earned just 1 percent before tax profit on sales. Profit leaders—printers in the top 25 percent—saw their profits fall to 8 percent, which is even below the 8.9 percent achieved by profit leaders in the 1990-91 recession, he adds.