State of the Industry Analysis

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State of the Industry AnalysisWhat you really should be taking away from NAPL State of the Industry research.

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Recent Posts

Growth Expected to Resume in 2012

Counting on Themselves

Commercial Printing Industry Activity Rising, But Still Inconsistent

Profitability Remains a Challenge for Commercial Printers

Printing: A New Industry

Commercial Printing Industry Continues to Heal

Commercial Printing: Sales Growing But Not Enough to Lift Profits

Leaders Beginning to Widen Their Lead

Quick and Small Commercial Printers 2011: Optimism and Concern Commercial Printing Industry: Great Lessons from the Great Recession

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Economy

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Printing Industry

Productivity
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Printing Industry02/22/2012

Growth Expected to Resume in 2012

Our industry is expected to begin growing again this year; the first increase since 2007. But the recovery is expectedto remain inconsistent, and it certainly wont guarantee anything to anyone. The new norm: In our increasinglycompetitive, complex business we either prepare for recovery or get left behind.

Regardless of developing circumstances, it is important to keep things in perspective. Recent results for the NAPLPrinting Business Panel show how far weve come from the depths of the Great Recession and how far we have togo to match the previous peak. Almost three-fifths (56.0%) of our Panel report sales increased during the second halfof 2011. This is up sharply from just 15.8% during the same period two years earlier. But despite the gains, sales arestill down at least 10.0% from pre-recession levels for 62.2% of our survey group and at least 20.0% for 41.3%.

As the table below shows, we expect our industry sales (from all sources, not just print) to grow 1.0%3.0% in 2012,maybe a little more if prices firm and the economy surprises to the upside. The latest consensus forecast from BlueChip Economic Indicatorshas inflation-adjusted GDP rising 2.2% this year, up from 1.7% in 2011. Nonetheless, evenif growth in industry sales finishes at the top of the range, sales would still be close to 19.0% below pre-recessionlevels and almost 21.0% below the all-time high reached in 2000.

Commercial Printing Industry Sales

Sales (all sources, not just print) in billions. All figures areNAPL estimates/projections.

% Change Since:

Period % ChangeVolume

(billions)

2007

(pre-

recession)

2000

(all-time

peak)

2012 1.0%3.0% $78.4$79.9 -19.5% -21.6%
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2011 -0.3% $77.6 -21.1% -23.2%

2010 -1.7% $77.8 -20.9% -23.0%

2009 -15.0% $79.2 -19.5% -21.6%

2008 -5.3% $93.1 -5.3% -7.8%

2007 2.5% $98.3 -------- -2.6%

As mentioned, the recovery does not come with any guarantees. A good way to begin preparing: Get our key peopletogether and ask, What are we doing to make 2012 better than 2011?For a discussion of the initiatives companieswe survey are taking, see the soon to be released NAPL Printing Business Conditions: February 2012.

Posted at 01:13 PM in Economy, Printing Industry, Sales | Permalink | Comments (0)

Technorati Tags: Blue Chip Economic Indicators, commercial printing sales, NAPL, National Association for Printing Leadership, print

association, print economics, print statistics, print trends, printing blog, Printing Business Panel, printing economicsReblog (0)

02/10/2012

Counting on ThemselvesParticipants in the NAPL Quick and Small Commercial Printer Trend Reportexpect sales growth of 4.7%, onaverage, in 2012, well above last years 0.3% increase. Nearly 68.0% expect to grow, over half by at least 5.0% andover one-quarter by at least 10.0%.

They arent counting on the economytheyre counting on themselves. Among their plans:

Focus on the client. Particularly, understand what the client really needs and how those needs are changing. Oneowner describes his companys most successful initiative as, Our continued focus on responding to what our clientsare asking for. Responding rapidly to the marketnot moving into new areas and then selling our clients on the new

thing that we offer.

Add skills and flexibility. Capitalize on the opportunity high unemployment creates to add talented, skilledpersonnel who wouldnt be available otherwise, make good replacement hires for not-so-good employees, andincrease staff flexibility through cross-training, the use of part-timers, and flexible schedules.

Increase company image and visibility. Redesign the company website. Launch a social media campaign.Conduct client events, such as webinars and open houses.

Add new services and technologies. Invest in speed, productivity, and management information because no onecan afford to fall behind in those areas.

Address disappointments.If something isnt working find out why. Dont assume it will self-correct.

What will you do to make 2012 better than 2011?Thats not just the question for quick and small commercialprinters. Its the question for every company in our industry.

Percent Change in Sales: Expected 2012 and Estimated 2011

Figures are NAPL Quick and Small Commercial Printers Trends Reportparticipants.

2012 2011
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Average 4.7% 0.3%

Increase 67.7% 43.1%

5% or more 56.9% 36.9%

10% or more 27.2% 25.4%

No Change 26.2% 20.0%

Decrease 6.2% 36.9%

5% or more 6.2% 32.3%

10% or more 4.6% 21.5%

Posted at 05:56 PM in Printing Industry | Permalink | Comments (0)

Technorati Tags: 2012 expectations , commercial printing, keys to growth, quick printing, sales growth

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02/02/2012

Commercial Printing Industry Activity Rising, But StillInconsistent

Industry developments over the past year, as depicted by the NAPL Printing Business Index, our mostcomprehensive measure of business activity, have been characterized by slow, inconsistent growth. The PBI has

risen sharply from the depths of the steep downturnit bottomed at 21.2 in March 2009and recently has shown sixconsecutive readings above 50.0a threshold that indicates activity is rising.

However, as seen in the chart below, the index has not steadily advanced during this period, ranging from 50.2 (July2011) to 54.2 (Apr 2011). In January 2012, the latest reading, the PBI stood at 52.2. Note that the index wasdesigned to be a directional gauge and not a measure of magnitude. To that end, readings are most meaningful inthe context of their recent trendand that trend remains one of modest, inconsistent growth.
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Among the indicators that make up the PBI, confidence is displaying the most strength, with 36.2% of the NAPLPrinting Business Panel expecting business conditions to improve over the next six months and just 10.4% expectingconditions to decline. No doubt, confidence levels reflect increased quote activity, as the specter of a double-diprecession continues to fade.

Nonetheless, ongoing difficulties are being reflected in the reluctance of our Panel to increase payroll hoursjust26.3% increased hours in Januaryand continued pressure on profitability despite some improvement on thepricing frontjust 24.1% report profitability rose last month.

Another sign of the inconsistency of the recovery: Half of the companies we survey report sales increased inDecember over year-earlier levels, while the other half report sales decreasednot the pattern one would expectduring a solid recovery. Unfortunately, one-month up and one-month down still remains a pattern for manycompanies.

In summary, yes, conditions are slowly mending. But 2012 is not shaping up to be a breakout year. Far from it: To alarge extent, success in 2012 is going to depend on individual company initiatives. A key question for everyone in ourindustry: What will you do to make 2012 better than 2011?


Technorati Tags: NAPL, National Association for Printing Leadership, print association, print economics,print statistics, print trends, printingblog, Printing Business Index, printing economics

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01/23/2012

Profitability Remains a Challenge for Commercial Printers

Data from NAPLs Printing Business Panel suggest that profitability, while improving, remains a challenge for manycompanies. Specifically, the gap between companies reporting increasing profitability31.0%and those reportingdecreasing profitability32.9%narrowed in 2011. The improvement becomes more apparent when data arecompared to prior years: In 2010 profitability was up for 29.1% of our Panel and down for 37.9%. In 2009 profitabilitywas up for 11.4% and down for 64.1%. And while the last reading for 2011 showed the profitability gap turning slightlypositiveincreasing for 32.3% and decreasing for 31.7% preliminary data for January 2012 suggest it may bebacksliding once again, with profitability up for 29.6% and down for 33.3%.

Pre-Tax Profitability as a Percent of Sales

For NAPL Printing Business Panel during month indicated.

2012 2011 2010 2009

Jan Oct Jan Aug Feb Oct Mar

Increasing 29.6% 32.3% 30.2% 29.4% 21.5% 12.7% 6.9%

Decreasing 33.3% 31.7% 30.7% 37.6% 48.6% 64.5% 73.7%

These and other data collected by NAPL clearly reflect an inconsistent business climate, as portrayed by Panelmembers with comments such as:

Business is very sporadic. Nothing consistent from month to month.

Still very inconsistent - expected a much stronger finish to the year.

The market is up and down.
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To bolster the bottom line, printers are reducing costs, and many of these efforts have centered on staffing. Data fromthe Bureau of Labor Statistics (BLS) show that in 2011 employment for printing and related support activities fell16,200 to 460,000a decline of 3.4%. Moreover, preliminary data for January show that more Printing BusinessPanel members are still reducing factory payroll hours (32.7%) than are increasing them (26.0%). Apparently, forsome companies rising costs and little pricing power are offsetting much, if not all, of their cost-cutting efforts.Representative comments from companies we survey:

Price competition is fierce!

Still pricing pressure from buyers - competitors are lowering so we are too.

Demand is returning - unused industry capacity still keeping prices low.

Although Printing Business Panel members expect pricing pressures to continue this year, they are cautiouslyoptimistic of some easing. Specifically, only 5.7% expect prices to decline in 2012about one-quarter the numberwho saw prices decline in 2011while over 41.0% expect prices to rise and nearly 53.0% expect prices to remainabout the same. But with costs expected to continue to creep up, companies will need more than just modest priceincreases to maintain and boost profitability.

Posted at 11:39 AM in Printing Industry | Permalink | Comments (0)

Technorati Tags: commercial printing profitability, NAPL, National Association for Printing Leadership, print association, printeconomics, print statistics, print trends, printing blog, Printing Business Panel, printing economics

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11/10/2011

Printing: A New Industry

NAPL estimates that, at 27,285, commercial printing establishments in 2011 will have fallen 11.1% since 2007 andare down 10,388 or 27.6% from 1998. As discussed in the NAPL 2011 Printing Industry Profile: An Industry BeingRedefined, the decline has been widespread across all company-size categories and geographic regions.

Data in the Profile show that the industry consists largely of small establishments, with more than four-fifths (82.2%)having fewer than 20 employees and almost 70.0% of establishments fewer than 10. At the other end of thespectrum, NAPL estimates that fewer than 4.0% consists of 100 or more employees. In addition to the large share ofsmall establishments, the commercial printing industry is relatively concentrated geographically, with the top 10 states

headed by California accounting for more than half (55.4%) of printing establishments and (56.4%) of industry sales.

But as the report discusses in length, the commercial printing industry is not simply changing; it is being redefined.Because of structural change, it is becoming something fundamentally different than it was, something more complexand even more competitive than it was, creating historic opportunity for the prepared and profound threats for theunprepared. Fewer printers no longer means less competition. Measures of market size and growth tell us absolutelynothing about how market share is being redistributed. And, with the commercial printing industry not growing fastenough for everyone, getting on the right side of market redistributioni.e., growing at someone elses expenseisbecoming increasingly important.

How do we get on the right side of market redistribution?

Think like a leader, not a fallen leader. Dont ignore the lasting lessons from the Great Recession. Ask the right questions. Pick our value proposition carefully. Develop a new mindset for a new industry.

As emphasized: When viewing the direction of the printing industry, concentrating on company counts, sales totals,and traditional definitions amounts to scratching the surface.

Posted at 12:19 PM in Establishments, Printing Industry | Permalink | Comments (7)

Technorati Tags: market redistribution, NAPL, National Association for Printing Leadership, print association,print economics, printstatistics, print trends, printing blog, printing economics, Printing Industry Profile

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05/16/2011

Commercial Printing Industry Continues to Heal

At the Great Recessions deepest sales were falling for over 89.0% of the NAPL PrintingBusiness Panelby at least 10.0% for 68.8% and by at least 20.0% for 39.9%and only one-of-10 Panel members expected business to improvea confidence reading even lower than

immediately after 9/11.

In contrast, last quarter sales increasedfor 53.7% of our Panel, by at least 5.0% for 43.4% andby at least 10% for 30.9%, and 36.0% now expect business to improveduring the six monthsahead.

None of that means alls wellor will be well anytime soon. Our gains are over deeplydepressed levels and recoup only a fraction of our losses. But they are a start. And they are areminder that its time to ask some tough questions:

For companies that are growing: Is our growth likely to continue? Or is it due to specialcircumstances or a temporary boost so common early in recovery? Do we know? If we dont,how do we find outquickly?

For companies that are not growing: Why arent we growing? Are we likely to in the nextfew months? Are we seeing any signs of improvement? Or are we in danger of being left behindby behind by a recovery that, as NAPL has long emphasized, will leave many behind?

For everyone in our industry: How we will protect ourselves from a profit squeeze that isalready tightening as our cost rise faster than our prices?

For more on the commercial printing industrys performance and prospects as well as onstrategies for beating a profit squeeze, please see the NAPL State of the Industry: StrategicPerspective 2011 to be published in June.
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04/25/2011

Commercial Printing: Sales Growing But Not Enough to Lift

ProfitsPreliminary first quarter 2011 results show that growth is finally returning to our industry. But growth is nowhere nearstrong enough to restore profitability, not with costs rising broadly, or pricing power. Among the specifics for the NAPLPrinting Business Panel:

Sales increased 4.3% from January through March, with 53.3% of the Panel growing and 43.7% growing at least5.0%. In comparison, the Panel's sales fell 3.9% during for the first quarter of 2010, with just 40.4% growing and just29.4% growing 5.0% or more.
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Although the top line is now growing for the majority of the companies we survey, the bottom line is growing for justslightly over one third. Their list of obstacles to profitability is headed by rising healthcare costs, the limited ability toraise pricesjust one-quarter report prices are above year-earlier levelsand an improved but still very fragileeconomy. What about paper prices? Theyre a little further down the list only because our survey group has had moresuccess passing along increases in materials (paper, ink, toner, etc.) than anything else.

This is a sign of whats ahead. Our costs are likely to continue rising faster than our prices as recovery progresses,creating a classic profit squeeze. We beat the squeeze by both preparing clients for price increases and bymaximizing productivity and minimizing costs as vigilantly during recovery as we did during recession. Well talk abouthow in theNAPL State of the Industry Strategic Perspective: 2011 to be published in June.


Technorati Tags: printing industry key indicators, printing industry performance, printing industry prices,printing industry profitability, printingindustry results, printing industry sales

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04/06/2011

Leaders Beginning to Widen Their Lead

It happened after the 2001-2003 recession. And its happening now, as recovery from the Great

Recession of 20082010 begins. NAPL Leaders are widening their lead, growing their sales 7.8%between June 2010 and December 2010. In comparison, industry sales fell 2.5% over the sameperiod. (See the graph below.)

Who are the Leaders? They are not companies of a particular size, equipment configuration, orownership structure. Rather they are companies that make changeno matter how disruptivean opportunity rather than a threat. They dont do it overnight. And their numbers may not bepretty while theyre doing it. But NAPL Leaders ultimately turn change to their advantage bymaking the tough decisions that others delay or avoid altogether.

What about the widening of their lead as recovery progresses? There are many reasons forthat. But no reason is more important than how Leaders prepare for recovery. Even at therecessions deepest, when others are hunkering down, cutting, and freezing, Leaders are

focused on getting more productive, more competitive, and more valuable to their clients. And inthe earliest stages of recovery, when others are still in a wait-and-see mindset, Leaders aremoving aggressively to gain market share. Put another way, Leaders laid the foundation for theiroutsized gains of 20052007 in late 2003 and early 2004 when our industry was, as it is today,struggling to emerge from deep recessionjust as they are laying the foundation today for thegains theyll be making in 20122015, as recovery takes hold.

What else do Leaders do? Well talk about that in theNAPL Growth Leaders Studywell bepublishing later this year.
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03/24/2011

Quick and Small Commercial Printers 2011: Optimism andConcern

Next week we will publish the first NAPL Quick and Small Commercial Printers TrendsReport. The report will provide a quarterly update on the performance, expectations, anddefining issues in that important segment of our industry. (Approximately 85.0% of our nearly28,000 establishments have annual sales of $3 million or less and approximately 90.0% haveannual sales of $5 million or less.)

The report opens as follows: On the revenue side there are signs of life. On the cost side,payroll and overhead have been reduced significantly. Theres optimism, with nearly 70.0% ofthe quick and small commercial printers contributing to this report expecting their sales to growin 2011. And theres concern, particularly about a shaky economy and rising costs.

Among the key results for companies surveyed:

Sales were up in 2010 for 55.3%, up at least 5.0% for 42.1% and at least 10.0% for 26.3%.

Sharp cuts in payroll and overhead reduced total costs to 90.4% of sales in 2010 from 93.6%of sales in 2009.
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Owners compensation averaged over 9.0% of sales last year for all companies surveyed andover 20.0% of sales for the most profitable 20.0%. Productivity, as measured by sales peremployee and sales per payroll hour, was the biggest difference between the top 20.0% andeveryone else.

Nearly 61.0% expect their sales to increase over the next six months and nearly 46.0% expect

to raise prices. Biggest opportunities include digital color, variable data, personalized digitalmarketing/promotional programs, and online capabilities, such as e-mail marketing, onlinestores, and web-based solutions.

Biggest threats include weak, inconsistent sales due to a weak, local economy andshrinking demand for print, and cost inflationIncreasing supply costs that clients wontabsorb due to the fact that another hungry vendor will not pass costs along.

The report also covers projected growth by service and how quick and small commercialprinters are addressing their biggest concerns.

We'll post a copy ofNAPL Quick and Small Commercial Printers Trends Report, Winter 2011 in the

complimentary download section of this site shortly. Please let us know what you think by emailingus at [email protected] or [email protected] or by commenting below.


Technorati Tags: commercial printing, printing industry key indicators, printing industry outlook 2011, printing industry results, quickprinting, quick printing key indicators

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03/04/2011

Commercial Printing Industry: Great Lessons from the GreatRecession

Recovery from our industrys deepest recession on record has finally begun. Once that wouldhave meant good times for allbecause once surviving recession was enough. Now we eitherprepare for recovery or get left behind.

Learning from the Great Recession is an important way to prepare for recovery. Among thelessons NAPL State of the Industryparticipants have learned:

One second of lax attention and youre gone!! Recovery used to widen our margin for error.Not anymore. One second of complacencyone second of thinking that we have it all figured outand were overtaken by competition that we didnt even see coming.

Without a plan you just float along. Success doesnt happen without knowing what youwant to do.When nothing much is changing, finding better ways to do what weve alwaysdone is good enough. But our industry isnt simply changingits being redefined, making it

essential that we plan effectively based on, as one State of the Industryparticipant puts it, allfavorable business intelligence that can be gained from the marketplace to the shop floor.

We can do more with less. Recessions force us to do things we should have done longago. The key is to keep doing those thingsto not let bad habits creep back inas recoveryprogresses. Quoting anotherState of the Industryparticipant: Weve learned that we cant usebeing busy as an excuse for not getting better.
http://napl.typepad.com/state_of_the_industry_ana/printing-industry/http://napl.typepad.com/state_of_the_industry_ana/2011/03/quick-and-small-commercial-printers-2011-optimism-and-concern.htmlhttp://napl.typepad.com/state_of_the_industry_ana/2011/03/quick-and-small-commercial-printers-2011-optimism-and-concern.html#commentshttp://www.technorati.com/search/http:/napl.typepad.com/state_of_the_industry_ana/2011/03/quick-and-small-commercial-printers-2011-optimism-and-concern.htmlhttp://technorati.com/tag/commercial%2Bprintinghttp://technorati.com/tag/printing%2Bindustry%2Bkey%2Bindicatorshttp://technorati.com/tag/printing%2Bindustry%2Boutlook%2B2011http://technorati.com/tag/printing%2Bindustry%2Bresultshttp://technorati.com/tag/quick%2Bprintinghttp://technorati.com/tag/quick%2Bprintinghttp://technorati.com/tag/quick%2Bprinting%2Bkey%2Bindicators%2Bhttp://napl.typepad.com/state_of_the_industry_ana/printing-industry/http://napl.typepad.com/state_of_the_industry_ana/printing-industry/http://napl.typepad.com/state_of_the_industry_ana/2011/03/commercial-printing-industry-great-lessons-from-the-great-recession.htmlhttp://napl.typepad.com/state_of_the_industry_ana/2011/03/commercial-printing-industry-great-lessons-from-the-great-recession.htmlhttp://napl.typepad.com/state_of_the_industry_ana/2011/03/commercial-printing-industry-great-lessons-from-the-great-recession.htmlhttp://napl.typepad.com/state_of_the_industry_ana/2011/03/commercial-printing-industry-great-lessons-from-the-great-recession.htmlhttp://napl.typepad.com/state_of_the_industry_ana/printing-industry/http://technorati.com/tag/quick%2Bprinting%2Bkey%2Bindicators%2Bhttp://technorati.com/tag/quick%2Bprintinghttp://technorati.com/tag/quick%2Bprintinghttp://technorati.com/tag/printing%2Bindustry%2Bresultshttp://technorati.com/tag/printing%2Bindustry%2Boutlook%2B2011http://technorati.com/tag/printing%2Bindustry%2Bkey%2Bindicatorshttp://technorati.com/tag/commercial%2Bprintinghttp://www.technorati.com/search/http:/napl.typepad.com/state_of_the_industry_ana/2011/03/quick-and-small-commercial-printers-2011-optimism-and-concern.htmlhttp://napl.typepad.com/state_of_the_industry_ana/2011/03/quick-and-small-commercial-printers-2011-optimism-and-concern.html#commentshttp://napl.typepad.com/state_of_the_industry_ana/2011/03/quick-and-small-commercial-printers-2011-optimism-and-concern.htmlhttp://napl.typepad.com/state_of_the_industry_ana/printing-industry/


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Add value or die. There are a lot of ways to add value in our industry, from being the mostefficient, lowest cost producer in a commodity market to creating marketing programs thatintegrate print, variable-content digital, database management, purls, landing pages, etc.Whatever we choose, we have to quantify our contributions to the clients successHow muchmoney have we saved them? How much have we increased ROI to a marketing campaign?How much have we increased traffic to the website?and never assume that they recognize

our contributions.

If you arent thinking differently, you arent in business.Put another way, theres plentyof opportunity out therejust not in the same old places or by doing the same old things.

For a complete list of lessons learned and a detailed discussion of whats ahead for the commercialprinting industry, see the NAPL State of the Industry Report, Ninth Edition, January 2011.

What have you learned from the Great Recession? Please let us know by commenting below.


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NAPL Economists

NAPL's Andrew Paparozzi, Vice President/Chief Economist, and Joseph Vincenzino, Senior Economist, are well-known for their accurateand thoughtful discussions on the economy and US commercial printing industry. A foremost author and speaker on economic businesstrends in the printing industry, Paparozzi heads NAPL's Printing Economic Research Center. Vincenzino is intimately involved in theproduction and analysis of NAPL's proprietary research studies including its famed State of the Industry reports.

For more information

Joseph Vincenzino

Phone:

1-800-642-6275, ext. 6303 E-mail:

[email protected]

Economic Updates

NAPL Biz TrendsTimely posts on economic and business trends from NAPL's Printing Economics Research Center.

Metrics That Determine Success
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Performance IndicatorsLearn the 13 metric secrets that leading companies employ to stay ahead of the pack. These powerful tools are what leading companiesuse to monitor monthly progress and stay on track toward growth goals.

PERC Studies

State of the Industry Report, Ninth EditionThe annual report that gauges how the industry is responding to the current economy. Defines why this recession is different from othersand how structural change that will change the industry forever.

State of the Industry: Strategic PerspectiveA mid-year update to the annual State of the Industry report including 10 financial steps to take to come out of the slowdown stronger thanyou went in.

Digital Services Study NP391The first definitive study on how printers are using digital printing and challenges faced in integrating it into their operations.

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The NAPL Approach

ET dominates with 61% share in business newspapermarketET Bureau Oct 3, 2011, 01.05am IST

Tags:

U.S. Securities and Exchange Commission| The Economic Times| Internal Revenue Service| ET| business newspaper market| average issue readership| air

The results on Friday of the latest survey on Indian readership confirm yet again that The Economic Times is by far

and away the country's largest business daily. With Average Issue Readership ( AIR) a standard yardstick for

advertisers and media planners of 785,000, it is 286,000 readers ahead of all other business dailies put together.

The combined readership of Mint, Business Standardand Hindu Business Line is 499,000.

ET is the seventh-largest English daily in India, rubbing shoulders with the biggest general newspapers in the

country, the survey by market research agency Hansa and the Media Research Users Council shows. The council is

a not-for-profit grouping of advertisers, advertising agencies and media houses.

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Hot Stamping FoilsHigh-quality stamping foils for the graphic artsindustry.www.infinityfoils.comThe benchmark of Total Readership, which measures weekly recall of mastheads, shows ET's dominance is even

greater. At 18.1 lakh, its total readership is 64% more than the combined readership of all other business dailies.
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The IRS survey, which covered the period from April to June 2011, also shows that ET is the choice of the new

generation. ET has added 36,000 new readers in the 20-39-year age band, while growing its affluent readership base

(SEC A) to 5.6 lakh.

The quality of your newspaper's readership is a reflection of our commitment to the highest standards of journalism,

to constant improvement and emphasis on quality. Our coverage of news combines information with explanation.

Feature articles, which are analytical and insightful, have added a new dimension to our coverage of events andtrends. Fairness and accuracy lie at the very heart of what we do to produce a wholesome newspaper.

This is not to say that we do not make mistakes. We have stumbled in the past but have learnt from every such

experience. We would be delighted if you send us your feedback on how to take ET to its next level of journalistic

excellence. Please write to us at [email protected] with ideas and suggestions.

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15/28

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