CONSOLIDATORS - Slowing, but Growing

We've been buying one company at a time and will continue doing that. We believe we have the most successful track record in the industry: sales growth, operating income percentage, earnings per share.

Thompson: The Mail-Well experience is, for the most part, typical of our industry. We were more cautious and measured in our approach to acquisitions in 2000. Our focus is, necessarily, on capturing the value from prior acquisitions, rather than simply acquiring for the sake of getting bigger. We continue to look internally to integrate the acquisitions we have made, and to begin to implement our cross-selling and national account initiatives. Overall, 2000 has been a year of the consolidators working to digest their acquisitions and to realize the operating synergies that are available as a result of their prior acquisitions.