CONSOLIDATORS - Slowing, but Growing

Thompson: The fragmented nature of our industry begs for consolidation. If some of today's consolidators fall by the wayside, it is likely that their places will be taken by others. The level of consolidation activity for the next couple of years will likely be reduced significantly over that which we saw in 1999 and 2000. When a particular activity is not rewarded by the financial markets, that activity is either greatly reduced or foregone completely. Today, Wall Street is not paying for growth by acquisition.