INDUSTRY CONSOLIDATORS -- Economy Ends M&A Frenzy

Davis: Starting in the fall of 1999, the printing business lightened up from a sales and profitability standpoint. Because of that, stocks of many printing companies, including our own, suffered. Wall Street is not as enamored with printing companies as it once was.

However, prices for individual, private printing companies have gone up pretty high. As those prices for private companies are coming down, and I believe they are coming down today, we will see more acquisition activity than we have seen over the past 18 months.