PUBLICATION PRINTING OUTLOOK --Challenging Issues

"We do not expect to see any significant growth in 2003," Knotts continues. "Our current projections are for a relatively flat market for the first half of 2003 with a more prominent recovery beginning in the second half of the year. Given that performance of the magazine industry is closely correlated to GDP and corporate profits, the timing of a sustained recovery of the overall business economy and the rise and fall of consumer confidence levels will ultimately determine the performance of the magazine industry."