At the same time, they've done a good job of stabilizing their position in the traditional imaging business, especially the consumer business, where they seem to be gaining market share on a worldwide basis. On the film side, they're having success with trading people up to either the advanced photo system, which is somewhat more expensive in terms of revenues per picture, or to higher speed 35mm film, which does the same thing it gives the company more revenues per roll or per picture. So they've done a good job there. On the commercial side, they've had some problems in graphic arts, but they've changed management and they're working to address those as well. I think they can do that for a considerable period of time, five years or so, which would actually be an above-average growth rate.
People are a little spoiled as to what rate companies can grow at.
But in a low inflation environment, I would say that average corporate earnings growth would be somewhere in the high single digits. But I think they can do it for the next five years, given a very strong focus on cost and also the ability to buy back stock, which a lot of these companies are doing. That typically can add 2 or 3 percentage points to the growth rate. The Wall Street Transcript does not endorse any of the comments made by interviewees, and does not make stock recommendations.