The State of the Industry
Looking back, overall, 2004 was probably a so-so year for book manufacturers. It varied with some of the market segments, but I don't think anyone was dancing in the streets with total joy.
One of the exceptions was that the education/el-hi market was a little stronger than people anticipated. …
Overall, there was a lot of pricing pressure, as manufacturers tried to fill their capacity or best utilize their capacity, so prices took a hit last year. And the trade market was really dependent on a handful of big books that filtered out during the year.