CONSOLIDATORS - Slowing, but Growing

So far this year, our commercial printing acquisitions are Braceland Brothers Printing in Philadelphia; Strathmore Press in Cherry Hill, NJ; and Craftsman Litho, in Waterbury, CT. Finally, we acquired a publicly held envelope manufacturing company in Canada: CML Industries.

Kashan: During our fiscal 2000-year, we acquired Media Printing, a full-web printer in Pompano, FL. This strategic acquisition was a good fit because it allowed us to produce full-web printing in a lower cost center and expand our product offerings.