PUBLICATION PRINTING OUTLOOK --Challenging Issues

Looking at the big picture, Hutchison says the forecast is still a bit cloudy. There are a number of uncertainties lingering out there that may affect the near future for magazines. "For now, we are expecting rather slow, minor improvement in page counts for 2003, especially in the first half of the year. We expect to see an on-going shakeout in the total number of titles produced as publishers continue to shutter under-performing titles. Yet, new magazines will still be launched as niches are discovered and good magazines are developed to serve them."