Turning Printing Firms Around…

Turning Printing Companies Around One Firm at a Time!
By John Stewart… Between the late 1990s and well into the first decade of this century I made my living providing individualized, on-site consulting services to printing firms throughout the U.S. and abroad. I sometimes joke with folks that while my short-term memory has really gotten bad recently, I can recall almost every single detail, including the layout of the shop and the problems encountered, involving the 400+ consulting visits I undertook in those days.

I consulted with printers in almost every state in the U.S. including two separate firms in Alaska. I also traveled to Australia, Brazil and Venezuela, the latter visit being exceptionally memorable because to this day I still vividly remember the press operators using gasoline as a press wash! I was still smoking in those days, but I was not alone – the press operators seemed fine with have a cigarette themselves as they washed up their presses!

I’ve often thought I could put on a pretty interesting seminar about all those consulting visits, and one of the first stories I would probably tell would be one about the owner of a business, who during an early morning conversation, asked me to step outside for some additional privacy.

Once outside, he confessed with a couple of tears running down his cheek that he had a personal crisis on his hands, a crisis so bad in his own mind that he had seriously contemplated suicide. He told me he actually had been thinking about taking this action during the past few weeks and was actually waiting to hear what advice I might have to offer.

“Once outside, he confessed with a couple of tears running down his cheek that he had a personal crisis on his hands, a crisis so bad in his own mind that he had seriously contemplated suicide.”

Someday, I hope to write more detailed account about that visit, but suffice it to say it we were able to resolve his major personal problems far quicker than many situations I had encountered in the past. The solution to his problem was so simple I still shake my head that it took a visit from me to resolve the problem.

The Secret Tool I Used

The problems I encountered during my many consulting visits covered the gamut from brand new owners perplexed as how to proceed with their new business to dealing with cantankerous owners who hated their employees and couldn’t wait to get out of the business. The variety of situations I encountered amazes me even to this day. I recall a couple that broke out into a horrendous argument in front of me and their employees. I remember another owner who had a heart of gold and believed she should clock-in on the time clock just to prove she was one of the team members.

Occasionally, I even found myself being hired by couples who were in the midst of purchasing a printing firm but had no hands-on experience doing so. They wanted a quick primer on the industry and that’s what I often ended up offering – an intense two-day seminar, sometimes in their living rooms, about the printing industry, especially what is often referred to even today as the “quick printing” of the industry.

During those many years of on-site consulting, I had one distinct advantage over other consultants in the printing industry – I had been the co-author of one of the printing industry’s oldest and most beneficial studies of all – the Printing Industry’s Operating Ratio Reports.

As the author and publisher of what is now referred to as the printing industry’s Financial Benchmarking Studies, I almost always brought along a couple of copies to share with clients. I invariably ended up using the facts and key ratios highlighted in these studies to illustrate my observations about achieving high levels of profitability. These studies, especially the benchmarking studies, turned out to be my “secret consulting tools” that I used during my consulting visits.

“These studies, especially the benchmarking studies, turned out to be
my ‘secret consulting tools’ that I used during my consulting visits.”

If the above sounds like a plug for the just-released 2017-2018 Financial Benchmarking Study I guess it is, although it was unintended when first written. I do know, deep in my heart, that the value of the information contained in these studies is unmatched, and I only wish I had the one-on-one time to convince printers that they ought give serious thought to ordering their own copy.

Visit www.printingresearch.org for more information. Remember too that this study is sold on a 100% money-back guarantee. No questions asked.

Key Ratios and Profit Quartiles

During a typical on-site consulting visit, it was not unusual for me to spend two to three hours reviewing some of the key financial data contained in these studies. I would often turn to my favorite section in the studies, the “profitability quartiles,” and point out the kinds of key ratios these folks needed to achieve to succeed in the industry. “You need to study this stuff, just like when you were in school, and commit some of these figures to memory,” I would preach.

By the end of a typical visit, I would leave with them a copy of the benchmarking report with various sections high-lighted with a yellow marker and a number pages with either a paperclip at the top or the corners turned down.

“Look, your payroll costs, compared to the companies in the top 25-35% of the industry, are way out of line. The bottom line is not that you are paying folks too much, but rather you have far more employees than you need to sell what you are selling. If you want to succeed and really prosper in this industry, you need to make some hard decisions before I leave,” I would tell them.

Sometimes, I would really get excited trying to emphasize key industry trends and point out the changes that had occurred in the industry. By the time I concluded a visit, the typical client had been provided an abundance of data indicating the steps needed in order to truly improve their profitability.

I remember one unusual consulting assignment I undertook that involved visiting four firms (all members of a specific franchise) within the course of a single week. I spent one day with each client. By the end of three of the visits, I remember talking to Mary and describing an unusual rash that had developed on my neck.

I described the rash and how it was bothering me, and without missing a beat she said, “You know of course what is causing your rash, don’t you?” I said “no,” and she told me the rash was being caused by all the individual crises I had previously described to her during the week. Every day I would call her first thing in the morning and describe what had transpired the previous day, and unbeknownst to me, I had been describing to her the types of situations that would make many individuals breakout in a terrible rash!

“You know of course what is causing your rash, don’t you?” I said “no,” and she told me the rash was being caused by all the individual crises I had previously described to her during the week.

Sometimes, before I left, we were able to turn raw data taken from these benchmarking studies, into practical action steps that needed to be taken in the next few days. It wasn’t that difficult, after spending a couple of days on site, to determine who were the productive employees that needed to be kept and those employees that were clearly expendable. Tough decisions for sure, but then again making tough decisions is what it takes to run a profitable business.

Sometimes, the problems facing a company were not quite as obvious, but I never recall a consulting visit where I did not feel I had left the owners with sound recommendations as to how they could improve their profitability and the overall operations of the firm. I estimate that 80% or more of the problems I encountered during these consulting visits were directly related to problems uncovered during an examination of their financial statements.

I am still amazed even today at the number of owners who send me financial statements lacking the most basic element of a profit & loss statement – the ratios (percentages) that should appear adjacent to each expense item that breakout the expense item as a percent of total sales.

Leading a Horse to Water
I am sometimes amused when I read some of the thousands of posts that appear on some of the industry listservs to notice how very, very few posts seem to question or deal with financial ratios in the printing industry. It often amazes me to read how many owners are so consumed with discussing equipment selection, solving personnel problems, running kraft envelopes and where to to buy golf shirts while seeming to ignore issues that I think ought to dominate every listserv. Firms that desire to move to the head of the pack need to spend a lot more time analyzing and improving key profitability ratios and spending far less time worrying about sourcing kraft envelopes and ball caps.

Proofing the above paragraph leads me to wonder how I ever attracted any followers or friends in this industry! <g>

“It often amazes me to read how many owners are so consumed with discussing equipment selection, solving personnel problems, running kraft envelopes and where to to buy golf shirts while seeming to ignore issues that I think ought to dominate every listserv.”

Almost everyone is familiar with the saying, “You can lead a horse to water but you can’t make him drink.” Well, that saying is quite appropriate when it comes to convincing printers how important and how valuable a benchmarking study can be to their business and the bottom line.

Ironically, most industries and most of the trade associations that serve them, simply do not publish operating ratio studies, and when they do, they often are under appreciated and rarely get the “rave” reviews they deserve. The printing industry is a case in point. The printing industry was one of the first major industries in the U.S. to publish operating ratio studies, but historically it has always been difficult to encourage printers to participate in the initial surveys or to purchase a study after it was published.

Unfortunately, you can’t make an owner participate in these surveys nor can you make them purchase a study and put into practice what they might discover inside if they spent the two to three hours (that’s really all it takes) required to really master what these studies have to offer.

Ratios Worth Analyzing

There are many ratios worth examining when running a printing business, but if the typical owner just concentrated on learning and mastering three key ratios they could easily surpass the profitability levels of most in this industry. Owners need to fully understand how to control and adjust ratios dealing with (1) payroll costs (all costs, direct and indirect, excluding those attributed to a single owner), (2) cost of goods and (3) overhead costs.

When you can analyze what other companies, similar in size to your own are reporting for these ratios, and when you can look at a breakout of printers broken down into four different quartiles and see what they are reporting you have a plateful of evidence upon which to act. Most of the time, it is not enough to just discover that your ratios are “off,” you need to have the guts and fortitude to make changes based upon what you uncover.

“Most of the time, it is not enough to just discover that your ratios are ‘off,’ you need to have the guts and fortitude to make changes based upon what you uncover.”

The problem with many owners in this industry (my opinion of course) is that they will rationalize to death that the facts revealed in these studies simply don’t apply to them, and furthermore, they will insist that their market is different and they can’t possibly make the changes that would otherwise seem pretty logical to anyone else armed with the same facts and scenarios.

A Closing Thought…

I actually miss writing for Quick Printing magazine, but then again it isn’t the same magazine that I wrote for for more than 25+ years. In those days, most issues averaged 100+ pages in length, and circulation and actual readership was much larger. Today, Quick Printing magazine can be more accurately described as a newsletter as opposed to a magazine. In the “old days” the editors (I went through four during my 25+ years as a senior columnist) rarely imposed strict word counts on my columns. Today, they would have a heart attack with the length of an article such as this.

I might consider bringing back to life my monthly column to this website, if I thought there was enough interest. As many readers know, I love to tell stories and I probably mentioned three or four possible stories just in this column. Your thoughts? Email me at: johnstewart@printingresearch.org

Benchmarking Study Available April 11, 2017!

Available in NPRC Bookstore April 11, 2017

“I’ve been involved in the printing industry since the early 1980s, working with various industry trade associations, and I can never recall a key study such as the Financial Benchmarking Study being released and sold at the ‘rock-bottom’ price that this study is being offered,” notes NPRC Executive Director John Stewart.

“The turning point in convincing us to release this study at such a low, low introductory price was a survey NPRC just completed,” explains Stewart. “Many survey participants, even those who have participated in studies and received their free copies, urged us to lower the price, if only temporarily and for this study alone, so that we can put this study in the hands of as many print owners as possible, and let folks who have never before participated or seen one of these studies purchase their own copy and see for themselves the exceptional value they offer.”

This just-released study can now be purchased through the NPRC Bookstore for ONLY $115.00 (including shipping & handling.) Orders are processed and shipped within 24-hours or less. 

Below are just a few of the breakouts and comparisons offered in this just-released study. Every breakout category is broken down into three separate reports – profit & loss statements, balance sheets and a lengthy list of key ratios further defining that breakout:

  • All firms – Independents vs. Franchises
  • Single vs. Multiple Location
  • Association Members
  • Offset Printing vs. Digital Printing
  • Analysis by Percent of Brokered Sales
  • Analysis by 2016 Sales Volume (4 breakouts)
  • Firms by Sales Per Employee (4 breakouts)
  • Profitability Quartile Analysis (all firms)
  • Profitability Quartile Analysis (independent firms)
  • Analysis Peer Group Members vs. Non-members
  • Analysis of firms with and without Sales Representatives

A few key facts from this just-released study… 

  • Firms in the top profitability quartile report average 2016 annual sales of $1,052,704 and an owner’s compensation of 25.0%.
  • Firms in the bottom quartile report slightly higher annual sales but an average owner’s compensation of only 5.9%.
  • Payroll costs and Cost of Goods are clearly the distinguishing factors that separate those at the top from those at the bottom!
  • Average industry payroll is currently running at 31.6%.
  • Average cost of goods for all participants is 30.7%
  • Average overhead expenses for all participants is 21.7%
  • Approximately 80% of survey participants were “independents” while the rest were “franchisees.”

New Net Worth Survey Published!

The National Printing Research Council (NPRC) has released its latest industry survey providing a detailed analysis of the personal net worth of printers. The report was mailed 1st Class and or distributed via email to more than 120 participating firms. The report is now available for sale (hard copies only) in the NPRC Bookstore.

“Successes, regrets and advice section was priceless. I have followed many of those suggestions over the years and it has paid off.”
John Byrd, Bryd Printing Co., Norcross, GA

“I have been in the printing business for over 36 years and always wondered how I was doing compared to other print shops. With this Net Worth Study, now I know. No more guessing.” 
Dan Tiedt Sr., PIP Marketing/Signs/Print,Iowa City, Iowa

Click here to review additional testimonials provided by fellow printers. Read what they have to say about the value of this just-released report.

Retail Price… $225    
NPRC Member Price… $112.50
At the present time, this report is only available as a hard copy. No PDFs.

In the meantime, NPRC has released some preliminary statistics uncovered in the survey:

  • 24% of survey participants report a net worth between $501,000 and $1 million.
  • Average net worth of all participants is $2.2 million
  • Average 2016 sales of participants is $1.5 million
  • Approximately 62% of all owners surveyed indicated they owned their own building. It’s even higher among those with the highest net worth.
  • Estimated average value of building (if owned) is $709,000.
  • 28% of owners indicate they also own other commercial real estate.
  • Approximately 37%  of those surveyed indicated they owned other “non-commercial” real estate such as second homes, vacation cottages, etc.

The National Printing Research Council is dedicated to publishing hard-hitting, fact-based research studies and surveys that directly benefit its members. We employ a full-time executive director with extensive knowledge of the industry, and we are available 24/7 to answer questions about pricing, profitability, wages, key financial ratios, and valuation methods. And best yet, we offer those services and more for low annual dues of ONLY $240!

A special new-member bonus! Printers who join NPRC between now and March 16, 2017 will receive a FREE copy of the above-mentioned confidential report on personal net worth. This is a “first-of-its-kind” report and is sure to spark a lot of discussion in the printing industry. 

This represents data representing the net worth of the average American Household in 2013 (latest available). As you can see, as the owner of a small, closely held business the odds are in your favor of far exceeding the average net worth of most Americans.

More than 120 owners, with sales ranging from $200,000 to $7.5 million, shared highly personal data about their personal net worth and told us where and how this wealth was acquired. This report, which will retail for $295.00, is expected to be released no later than Jan. 31, 2017. No other industry trade organization gathers, analyzes and provides this type of in-depth information.

Allegra Member Praises New Study

2016-17-nprc-wage-benefit-backup_6244_image015This is what an Allegra franchisee had to say about our latest industry Wage & Benefits Study… “I like the analysis options based not only on regions, population, and size, but also on profitability. I also liked the sales representative breakout. Good work and thank you.”
Jim Elder, Allegra St Louis, St. Louis, MO

For additional information, visit the NPRC bookstore. This just released study retails for $179; NPRC members can purchase the study for only $89.50, a 50% discount off retail.

NPRC Releases Wage Study (See Graphs)

Failing to keep up with wages & benefits can easily cost a firm thousands $$$, and that’s why NPRC decided to move ahead late this fall and conduct its latest industry survey – The 2017-2018 Wage & Benefits Survey.

2017-18wagecoverThe new, just-released Wage & Benefits Study, covering 22 key positions in our industry, is packed with valuable information pertaining to wages, salaries and benefits offered by printers from across the U.S.

Like all surveys published by NPRC, firms that participated in the survey and submitted their survey form by the Oct. 31st deadline received their complimentary copy of the study on or about Nov. 30, 2016. 

You can order this study now by visiting the NPRC bookstore.  Retail Price: $179; NPRC Member Price: $89.50. All publications published by NPRC are sold on a 100% Money-Back guarantee! No questions asked!

Below are a few of the graphs included in this latest NPRC Study. 


The distribution of survey participants by reported SPE is quite similar to what has been reported in previous industry surveys and studies.


Owners were asked to provide their level of profitability. The resulting data was graphed accordingly. Approximately 45% of our respondents told us they were either “above average” or “high profit firms”.


We took the SPE data provided by respondents and ranked it from low to high; next, we divided the list of 280+ firms into four approximate quartiles or quarters and then averaged the result of each quartile. Above is the resulting data.


This chart simply illustrates the number of individual positions for which wage, salary and benefit data was provided. As an example, 125 of our responding firms provided data on the position we described as, “Sr. Graphics & Pre-Press.” Both average and median wage data is provided in this study.




Improving SPE Critical to Profits

According to new research data recently gathered by NPRC, the average SPE in the printing industry has now reached almost $140,000. Put another way, if your SPE is less than $140,000 your firm would now fall into the bottom half of the industry when compared to your peers, according to findings in the soon-to-be-released 20176-2018 Quick Printing Industry Wage & Benefits Study.

Highlighting the direct relationship between SPE and profitability, NPRC sorted the data gathered from our latest Wage & Benefits Study and found that firms reporting the highest profits (20% or higher) reported average sales per employee of $152,000, while firms reporting profitability of less than 6% reported average SPE of $104,000, or an SPE 31% lower than those at the top!

2016-17-nprc-wage-benefit-backup_6244_image017The direct relationship between SPE and Profitability “There is little doubt in my mind that there is and always has been a direct relationship between SPE and profitability in this industry. Without high SPEs it is almost impossible to achieve high levels of profitability,” notes John Stewart, NPRC Executive Director. “Owners need to quit rationalizing that they can somehow increase productivity while living with a below average SPE.” (Read more about this relationship and how you can quickly improve your SPE in upcoming articles to be posted on this NPRC website.)

NPRC is putting finishing touches on its latest Wage & Benefits Study where in you can find more detail on the findings noted above. The new research study is based upon responses from more than 180 participants and is packed with wage and salary information covering 22 of the most common positions in our industry.

Check back soon for a more detailed analysis on SPE and how you can improve it in 60 days or less!


Digital Pricing Study Receives Praise

Testimonials continue to pour in on this just-released study

“These studies are the best source of quality
industry information available.”

 “Being located far removed from a larger city containing support services for the printing industry, our company is starved for readily available local industry related resources and information.  Over the years we have found studies by John Stewart to be a welcomed, valuable resources to help us operate our business profitably.  His latest study the ‘2016-2017 Printing Industry Digital Printing Pricing Study’ has once again proven to be an extremely useful, comprehensive study providing in depth knowledge of industry pricing for digitally produced printing.  The content of this thought provoking study is a requirement for any printing company, large or small, with a goal of producing digital work profitably.”

Skip Novakovich
Esprit Graphic Communications
Kennewick, WA

“The Digital Printing Pricing Survey is the most valuable yet. The pricing info helped us identify irregularities, bringing some prices up to increase profits, and identify high prices that were likely resulting in lost business. The equipment ratings were most valuable as we prepared our transition to all digital and new equipment decisions. Your recent report on the shift to digital was instrumental in our decision to make the shift… Your information has helped us transform into an efficient, profit making machine.”

Greg Batchelor
McCabe’s Printing Group
Fairfax, VA

“I find the study very helpful. I have been too low in some areas and too high in others. It is a great study. Also learned from this group about the way to hire a shopper which was also very helpful.” 

Peggy Hoobery 
Burdine Printing 
Arroyo Grande, CA 

“The information in the 2016 Digital pricing study helps us a great deal. Most pricing is regional so we take that in stride. But is also shares new ideas and maybe services we can charge for that we left on the table. Each year we learn new items to increase profitability and give better service to our clients.”

David Adams
Quality Printing Services
Petaluma, CA 

“Hi John,
I have participated in every one of your studies for more than 15 years. For the first 20 years in business I had to guess what the rest of the industry was doing. Then I ran across your studies. In my estimation these studies are the best source of quality industry information available. Whether it be wages, pricing, industry trends etc. these studies give me valid up to date information to run my business that is available nowhere else. Please keep up the good work!”

Jon Robson
Auburn Document Centre
Auburn, NY

“I immediately raised my digital envelope prices 5%. It more than paid for the study in less than a month.”

Bob Roenfield
Edison Press
Sanford, ME


Click above to download sample pages.

Check out entry on the Home Page of this website titled “FREE Sample Pages…” where you can actually download four sample pages from this just-released study. As always, all studies sold by NPRC and/or QP Consulting, Inc. are sold on a 100% money-back guarantee!


Presidential Poll Results

For Immediate Release

Party Affiliation Does Not Correlate to Expected Presidential Outcome according to the result of our latest Presidential Preference Poll, conducted Oct. 19-20, 2016.

Melbourne, FL – With the third presidential debate mercifully behind us, we at the National Printing Research Council (NPRC) thought it might be interesting to see how this year’s tumultuous presidential race is playing out among entrepreneurial quick and small commercial printers. With that in mind, we launched a brief Survey Monkey poll of print shop owners.

image014Not surprisingly, the percent of printers polled who identified themselves as Republicans far outnumbered those saying they were Democrats. In fact, more respondents identified themselves as Independents than identified as Democrats. With nearly 200 responses tallied, the results were: Republican (59.5%), Independent (23.7%), and Democrat (15.0%). A tiny percent (1.7%) said they were something else.

When printers were asked which party’s policies they generally agreed with, the Democratic party (18.2%) edged Independent (9.9%) but Republican party policies were far and away the most popular with respondents at 66.3%.

image003This trend held when respondents were asked who they planned to vote for. Donald Trump (63.7%) far out-polled Hillary Clinton (26.3%) with Gary Johnson (8.8%) and Jill Stein (1.2%) trailing far behind. However, when asked who they expected to capture the Presidency, Gary Johnson and Jill Stein got no votes, which was not unexpected. What was somewhat unexpected was by a two-to-one margin survey respondents said they expected Hillary Clinton (66.9%) to trounce Donald Trump (33.1%).

While this poll is not scientific, it does give a snapshot of how printers are feeling as the presidential race winds to a close.


New Relationship between Sales & SPE – Seeking Your Feedback

For many years, virtually every study that I worked on that dealt with profitability and productivity strongly indicated that smaller $$$ volume firms, as a general rule, tended to be more profitable than larger $$$ volume firms, at least in terms of percentages.

As an example, 10 years ago, the top 25% of the industry (in terms of profitability) reported average sales of $961,500 and owner’s compensation of 23.3%. The SPE of this group was $125,644.

The bottom 25% in terms of profitability reported sales of $1,098,541, owner’s compensation of 4.2% and an SPE of $109,689.

Move forward to 2013 and the top 25% reported average sales of $925,849, profits of 24.6% and an SPE of $142,372.

The bottom 25% reported average sales of $1,070,548, profits of 4.81% and an SPE of $114,858.

Data Indicates Possible New Trend?

However, in a recent survey dealing with time management that we just completed, it appears that firms who classified themselves as high profit firms reported significantly higher sales and SPE than their peers who indicated they were at the bottom in terms of profits. I can’t help but wonder whether this is a fluke, or a real trend based upon various factors.

Here are the three breakouts we recently reported in our Time Management Practices article that appears as a free download on our National Printing Research Council website at www.printingresearch.org. (Three tables below)




Comparing Profit Leaders vs. Laggards


It was interesting to observe that out of the 207 participating firms, an almost identical number of owners described themselves as low profit as opposed to high profit firms. We appreciate the candor of the former in that their input is often just as important as what we receive from “profit leaders.”

Granted, there were only 20 participants in each of our ‘Top” and “Bottom” groupings, each representing 10% of our total respondents. Nonetheless, the data was clean with no unusual outliers that we could detect.

So the question that seems to arise is whether or not there is a good explanation for what appears to be a significant, and quickly developing trend that suggests there is a direct, though not necessarily linear, relationship between sales per employee and annual gross sales. Analyzed a bit further, we could examine two possibilities:

  •  Do highly trained & productive employees naturally facilitate and make it easier for firms to achieve higher and higher sales?
  • Do firms with higher sales naturally tend to acquire more productive equipment thus leading to higher SPEs?

The response rate was very good, and the data was exceptionally clean, so the question remains – has there been a significant turn-around, almost a reversal, in this industry whereby firms with higher profits tend to be larger firms as well.

We tend to believe that the level of sophistication and higher levels of productivity offered by a variety of digital devices (printers, copiers, creasers, collators, available software,etc.) has enabled printing firms that have upgraded their equipment to achieve levels of productivity almost unheard of just a few years ago.


We welcome your feedback and would love to publish your comments on our website. Tell us what you think about the relationship between sales per employee and the production equipment currently available. Another question – should a company struggling with relatively low levels of productivity and only modest sales take a major financial risk and upgrade to more expensive and hopefully more productive equipment? Send us your comments and feedback to: mailto:www.printingresearch.org

With your permission, we will append your comments to this article. Don’t be bashful… share with us your thoughts and opinions.





FREE Sample Pages from Just-Released Pricing Study

Four Free Sample Pages – Would you like a very brief glimpse of what’s contained in the latest 2016-17 Digital Printing Pricing Study? All you have to do is click on the artwork below or click here to download a FREE 4-page PDF demonstrating the tip of the iceberg as to what is in store in the complete study.


“I immediately raised my digital envelope prices 5%… More than paid for the study in less than a month..”

Bob Rosenfield, Edison Press, Sanford, ME

This brand new 114-page study is one of the most comprehensive pricing studies we’ve ever published.

2016-17-digitalcoverolnprcDedicated strictly to pricing of digital products and services, this new study is now available for immediate shipment (hard copies and PDFs). Retail price of this study is $229, however NPRC members are entitled to a 50% discount on this and all other publications listed in our bookstore.

PDF orders are shipped/transmitted same day as received. Hard copies are mailed within 24 hours. Click on the Bookstore tab above or Click Here to place your order.