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He anticipates trends in early 2002 that mimic those from the last quarters of 2001. "Third-quarter earnings for printing papers were $146 million, up from $119 million in second quarter 2001, as a result of higher coated paper volumes reflecting holiday catalog demand," says Dillon. "European paper results were slightly weaker than the prior quarter, due to the increased slowdown in European economies, which lagged the downturn in the U.S. economy."
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