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American Reprographics CEO Discusses Q4 2011 Results - Earnings Call Transcript

Large-format color revenue grew 10.3% year-over-year, again led by new offerings to new markets under our Riot Creative Imaging brand and while not a new source of revenue for us, annual digital services sales stayed steady at 9% as a percentage of our overall revenue, in spite of the drop in digital services revenue generated by the project related work which we traditionally enjoy.

As you can see, the real story of 2011 was the success of our diversification efforts. When we reported our 2010 results at this time last year, economies were calling for a recovery in late 2011. This year however, forecasts are more tempered by comparison and from what we can see, this is probably appropriate.

The economy is improving bit by bit according to the headlines, but evidence of the best news is difficult to find on the ground. Employment appears to be inching up, the markets have improved and some capital looks like it’s coming off the sidelines. But vacancy rates remain stubbornly high and lending for non-residential construction projects is still very difficult to come by.

Construction related reports from FMI, McGraw-Hill, the AIA and others suggested that improvement in the office market will not experience meaningful growth until 2013 and any growth they expect in 2012 will be coming off a very low base. The outlook for retail space remains anemic too.

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