INDUSTRY CONSOLIDATORS -- Economy Ends M&A Frenzy

PI: When can we expect to see M&A activity pick up again and what will give it a kick-start?

Norton: I believe that consolidation activity will pick up when there is an improvement in some of the issues I set forth earlier.

Jensen: Although a few cash-rich companies may initiate some level of acquisition activity, we believe it will be the end of the third quarter, at the earliest, before we see some normalcy in the markets. We do not, however, believe we will see a return to 1999 levels for quite some time, if at all.