PI 400 -- M&A Activity - Acquisitions Yield To Slow Economy

So, in part, M&A activity in the printing industry has come to a virtual halt due to Wall Street's perception of the industry, poor management performance, lenders' reluctance and our weak economy.

On the other hand, the 28 public companies in the PI/Compass 28 Index have greatly outperformed the S&P 500 Composite Index over the past 52 weeks. Our publicly traded printing companies were punished as being "tired, slow and smoke stack" during the technology stock and dotcom stock frenzy. Beginning in late 1999, printing stocks went into a free fall. Now, however, printing stocks are being rewarded for cash generation and ROI potential by investors who seek safer investments.