At this time, I'd like to discuss our outlook for 2001. Very slow demand from the domestic capital markets for Financial Services has continued into the first quarter. By comparison, last year, demand picked up in March, and the Financial Services business produced record sales and profits in the second quarter of 2000. Mostly due to the change in demand for Financial Services, as well as difficult comparisons to very strong demand for long run print in the first half last year, we expect that EPS will be down in the first quarter versus 2000. We do anticipate year over year lift from the operational improvements at RRD Direct and Logistics Services beginning in the second quarter, but comparisons will be difficult for the second quarter as well.
Comparisons do become easier in the second half.
Thank you, Greg. 2001 looks to be challenging as well, given the economic downturn we are all facing. Let me discuss what impact our 2000 issues will have on 2001. In the package logistics business, providing services to larger mailers has smaller margins because they reap a significant portion of the postal discounts through their own sortation and delivery activities. Our preferred customers all along have been the smaller, midsize mailers that today do not have the volume to either penetrate the postal system on their own or take advantage of sizable discounts through other shippers.