Commercial printing profits before income taxes for the first quarter of 2007 were up 20.7% compared to the first quarter of 2006.

Compared to the most recent calendar quarter, annualized profits were $4.66 billion, flat with the annualized profits of the fourth quarter of 2006.

We will have an analysis in the upcoming "Mondays with Dr. Joe" column of June 18, and a discussion of the longer term trends and implications in the economic webinar of June 20.

Annualized paper profits were up 130% compared to last year, as the figure includes profits from sales of assets and other non-operational income of the fourth quarter of 2006. Profits before income taxes for the first quarter were 4% of revenues, which was more in line with recent historical trends.