Thursday, November 02, 2006


Printing Shipments, BN-CVO-RRD, CGX

September printing shipments were up +$198 million compared to September 2005, an increase of +2.4%. This was the fifth month in a row of increased shipments. On an inflation-adjusted basis, it was the second month of real increase in shipments, up by +$36 million in inflation-adjusted dollars. August's current dollar shipments were revised higher as well, by $5 million, making August's rise $302 million, or +3.8%.

September is the first month of commercial printing's most important quarter. The September-November period traditionally represents more than 26% of the industry's shipments for the year.

For the year-to-date, current dollar shipments are up +0.4%, and real shipments are down -3.2%

Re: Banta selling to RRD, it certainly is disappointing that it happened, but that was the best port in the storm. Both companies can consolidate well from a conceptual standpoint, but it always works out on paper best, and takes two or three times as long in real life. Burton needs to merge with somebody, so I wonder who's next?

Consolidated Graphics is making a big deal about their earnings, but their bottom line is still only 6% of sales.

I've got loads of things to post that I'm still working on... some of the stuff coming out this week in media news has been rather impressive, and the meatiest stuff is under everyone's radar. Will post Friday or Saturday.

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