Q3 Paper Outlook — Predictable Patterns

"There haven't been any major changes in supply for quite a while," Janis says, "and there's nothing on the horizon to imply any changes in that direction.

"The inventory situation has not changed all that much from the printer's standpoint," he adds.

"In terms of what I have visibility over," Kullman observes, "printer/publisher levels in R.R. Donnelley are at very manageable levels. There is no significant buildup in the Donnelley system.