PERRY JUDD'S -- Standing Out From the Crowd

"We do keep our ear to the ground for potential acquisitions that fit our strategic mold," Schmidt reveals. "The marketplace just isn't favorable right now; M&A activity has dropped off drastically from where it was in the late 1990s. There aren't enough willing buyers and sellers.

"To some extent, Wall Street has put a damper on how they look at printing companies," Schmidt adds. "Valuations just aren't what they were a couple of years ago. There are sellers looking for the kinds of multiples that they read about in the trade press a couple of years ago, so now they're unwilling to take a reduced price. As a result, transactions just aren't happening."