The company was established in 1920 to do contract printing of commercial calendars. Operations had been profitable since 1932 and sales increased every year since 1955. The compounded growth rate for the past five years has been 7%. Its expected growth is 5-6% per year. In 1984 standard desk calendar pads had contributed 80% of net sales and 90% of earnings before taxes. The company has high fixed costs since production is highly automated. John M. Case Co. holds 60-65% of calendar market. However

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