February 26, 2003 -- Print spending remains high at 86% for February which is consistent with the trend over the last year and February 2002. The mean print spend for the previous month jumped sharply to approximately $78,000, the highest level since September 2002. CAP Ventures does not believe this increase is due to a change in sample composition because the percentage of respondents by annual print spending has been consistent. The percentage of companies planning to purchase print this month increased slightly and remains within the range it has been in for the year. The level is also consistent with February 2002. Planned print spending for this month was up substantially to over $90,000, the highest level since September 2002 and above the level for February 2002. The six-month outlook for print spending continues to be positive, but was down slightly in February from January. 56% of respondents indicated that they expect print spending over the next 6 months to remain the same and 33% indicated that they expect an increase. This is consistent with the steady increase in six-month outlook in the late winter and early spring last year Print customers appear to have a more optimistic view of the future than print providers. However, print customer sentiment and actual spending can change quickly, whereas printers have substantial fixed costs and are not as flexible to changing market conditions. Respondent Profile * Sample size: Between 75 and 100 print customers respond every month. * Primary business: Distributed across key industries including advertising, financial, government, professional services, manufacturing, retail and other. * Size of company: The sample is weighted towards medium to large print customers compared with the overall population of companies. Approximately 25% of the companies have annual print budgets in excess of $1 million; another 20% have revenues under $50,000. * Geographic region: There is representation from all major regions in the United States but slightly smaller sample sizes from the Northeast and South regions relative to the overall business population. * Title: The respondents are consistently from purchasing, creative, marketing and administration. * The mix of respondents by industry, size of company, geography and title has been very consistent throughout the year. This consistent sample profile is important when comparing results over time.