What capital items does Cygnus plan to purchase this year?

Fisher: Cygnus Business Media is a relatively low capex business. We segment (purchases) into three categories:

Maintenance capex, which is consistent from year-to-year, and includes replacement and upgrades to office equipment.

Growth capex is driven by growth in our businesses. Our interactive division continues to expand. Digital recorders and digital video cameras are some examples we have purchased [to create] very high quality podcasting and Webcasting for our customers to reach their customers.

Leasehold capex is determined by the need to lease office space/renew leases. Cygnus invested in new and expanded facilities last year, which includes some additional office furniture and equipment.

If Cygnus had an unlimited budget, what would it buy?

Fisher: Each day there are new ways to try and reach our select markets. The challenge is to implement the most effective technology to accomplish our goals. n