Passive Electronic Components: World Market Outlook:

Transcription

1 Passive Electronic Components: World Market Outlook: Capacitors, Resistors & Inductors Paumanok Publications, Inc. 224 High House Road, Suite 210 Cary, NC USA (919) (919) Fax Contact: Dennis M. Zogbi, President For General Consumption Pages: 199 Price: $ USD Published: February 2009 Paumanok Publications, Inc

2 PAUMANOK PUBLICATIONS, INC. PASSIVE COMPONENTS WORLD MARKET OUTLOOK: C A PA C I T O R S, R E S I S T O R S & I N D U C T O R S A NEW MARKET RESEARCH REPORT FROM PAUMANOK PUBLICATIONS, INC. FOR 2009 Order Form: Passive Component World Market Outlook: Name Title Company CompanyAddress City State Postal Code Country Telephone Fax Address Signature Credit Card Type Credit Card Number Credit Card Expiration Date Credit Card VCC Code PASSIVE COMPONENT MARKET OUTLOOK: PAGES PUBLISHED: FEBRUARY 2009 PRICE: $2, Price per Additional Copy: $ Indicate Study Format: Hard Copy PDF On Disc PDF by (Give address) Address If Paying By Check Make Payable To Paumanok Publications, Inc. Paumanok Publications, Inc. 224 High House Road, Suite 210 Cary, NC USA (919) FAX THIS ORDER FORM TO: (919) Fax Or TO DOWNLOAD THIS REPORT IMMEDIATELY! GO TO PAUMANOK PUBLICATIONS, INC. 224 High House Road, Suite 210, Cary, NC USA!

3 Table of Contents: CAPACITORS, RESISTORS & INDUCTORS... 1 CONTACT: DENNIS M. ZOGBI, PRESIDENT...1 PUBLISHED: FEBRUARY Table of Contents: EXECUTIVE SUMMARY: MARKETS DOWN BY AN ESTIMATED 18% YOY (FY ENDING MARCH)...12 Passive Component Revenues: Percent Change By Manufacturer: ; By Quarter...12 Top Passive Component Manufacturer s And Their Primary Product Lines: Fiscal Year Ending March 2009 Forecasts:...13 Not Only Price Erosion: But Lower Shipment Volumes as Well:...14 No Components Are Spared Decline:...14 Most World Regions Hit Hard:...14 Most Major End-Use Markets Affected:...15 Long Term Outlook To 2014: GLOBAL MARKETS: GLOBAL MARKET VALUE, VOLUME AND PRICING FOR CAPACITORS, RESISTORS AND INDUCTORS: 2009 FY ENDING MARCH...17 Fiscal Year Ending March 2009 Forecasts:...17 Global Market Value for Capacitors, Resistors and Inductors: FY...18 PASSIVE COMPONENT MARKET ANALYSIS: AND 2010 MARKET OUTLOOK:...20 GLOBAL MARKET FORECASTS 2009 AND :...20 Value, Volume And Average Unit Pricing For Passive Components: ; Forecasts:...20 Global Consumption Value, Volume and Average Unit Pricing For Passive Components (Capacitors, Resistors, Inductors) Combined: ; Forecast:...20 TREND IN GLOBAL VOLUME SHIPMENTS FOR PASSIVE COMPONENTS: ; FORECAST:...21 GLOBAL CONSUMPTION VALUE FOR PASSIVE COMPONENTS: ; FORECASTS:...23 Global Consumption Value For Passive Components: ; Forecasts AVERAGE UNIT SELLING PRICE FOR PASSIVE ELECTRONIC COMPONENTS: ; FORECASTS:...25 Average Unit Price For Passive Electronic Components: ; 2009 to 2014F (In USD):...26 FORECASTED CONSUMPTION VOLUME AND VALUE FOR PASSIVE COMPONENTS BY TYPE: (CAPACITORS, RESISTORS AND INDUCTORS): VOLUME OF PASSIVE COMPONENT CONSUMPTION BY TYPE (CAPACITORS, LINEAR RESISTORS AND INDUCTORS): 2009 FY ENDING MARCH Global Consumption Volume For Passive Components By Type (Capacitors, Linear Resistors, Discrete Inductors): VALUE OF PASSIVE COMPONENT CONSUMPTION BY TYPE (CAPACITORS, RESISTORS AND INDUCTORS): 2008 FY ENDING MARCH...28 Global Consumption Value For Passive Components By Type (Capacitors, Linear Resistors, Discrete Inductors): SUMMARY OF UPDATED FORECASTS BY TYPE (CAPACITORS, RESISTORS AND INDUCTORS): VALUE, VOLUME AND PRICING FY ENDING MARCH WORLD REGIONS:

4 PASSIVE COMPONENT SALES BY WORLD REGION: GLOBAL VALUE OF PASSIVE COMPONENT CONSUMPTION BY DIELECTRIC, TYPE & WORLD REGION: Passive Electronic Component Consumption Value By World Region: 2008 Year Ending March 31 and 2009 Forecast...33 Passive Electronic Component Consumption Value By World Region: Forecasts...34 Exposure Levels To World Regions: Manufacturers of Passive Components and Percentage of Revenues by World Region: FY END-USE MARKETS: PASSIVE COMPONENT CONSUMPTION BY END-USE MARKET SEGMENT: 2009 FY ENDING MARCH...37 Consumption Value For Passive Components BY End Use Market Segment: 2008 FY (In Millions of USD)...38 Exposure Levels To End-Use Market Segments: Manufacturers of Passive Components and Percentage of Revenues by End-Use Market Segment: FY FORECASTED CHANGES IN DEMAND BY END-USE MARKET SEGMENT: JUSTIFYING GROWTH FORECASTS TELECOMMUNICATIONS: TELECOMMUNICATIONS EQUIPMENT MARKETS: FY OUTLOOK...41 HANDSET MARKET UPDATE FY 2008-FY 2009-FY LONG-TERM OUTLOOK FOR PASSIVE COMPONENTS IN HANDSETS TO TELECOMMUNICATIONS INFRASTRUCTURE EQUIPMENT MARKET UPDATE: CONSUMER ELECTRONICS: TELEVISION SETS AND HOME THEATRE ELECTRONICS: FY OUTLOOK...45 PASSIVE COMPONENT VENDORS TO THE CONSUMER AUDIO AND VIDEO IMAGING/HOME THEATRE INDUSTRY: CONSUMER ELECTRONICS: MARKET OUTLOOK FOR PASSIVE COMPONENTS: 2009 AND Consumer Segment Outlook: COMPUTERS: COMPUTERS & BUSINESS MACHINE MARKET SEGMENT: FY OUTLOOK...48 PASSIVE COMPONENT VENDORS TO THE COMPUTER AND BUSINESS MACHINE INDUSTRY: COMPUTER MARKET: FY 2010 OUTLOOK...49 AUTOMOTIVE: AUTOMOTIVE ELECTRONICS MARKET SEGMENT: FY OUTLOOK...50 GLOBAL LIGHT VEHICLE SALES OUTLOOK TO 2015:...50 Class 3-7 Sedan and Light Truck Sales and Forecasts: ; Estimates...51 Percent Decline in Unit Sales of Class 3-7 Sedans and Light Trucks: 2008 and UNITED STATES AUTOMOTIVE MARKET 2008 AUTO SALES AND PROJECTION FOR 2009 VOLUMES:...52 CHINA AUTOMOTIVE MARKET OUTLOOK...53 EUROPEAN AUTOMOTIVE MARKET OUTLOOK:...53 European Automotive Sales Forecasts (2008e-2010e)...54 EMERGING MARKETS RUSSIA, BRAZIL AND INDIA:...54 GROWING DEMAND FOR HYBRID VEHICLE TECHNOLOGIES...54 Hybrid Solution Should Change The Numbers For Passive Content Per Automobile:...54 AUTOMOTIVE: OVERALL IMPACT ON PASSIVE COMPONENTS:...54 PASSIVE COMPONENT VENDORS WITH EXPOSURE TO AUTOMOTIVE ELECTRONICS SEGMENT: GROWTH OUTLOOK:...56 INDUSTRIAL AND SPECIALTY INDUSTRIAL AND SPECIALTY ELECTRONICS MARKET SEGMENT:

5 POWER TRANSMISSION AND DISTRIBUTION: GLOBAL MARKET OUTLOOK...57 An Important Market Opportunity for Manufacturers of High Voltage Power Components:...58 State Goals: Renewable Energy Generation as A Percentage of Total Power Consumption: WHITE GOODS: GLOBAL MARKET OUTLOOK:...60 INTERNATIONAL APPLIANCE SALES: POWER SUPPLY MARKETS: GLOBAL MARKET OUTLOOK...61 LIGHTING BALLASTS: GLOBAL MARKET OUTLOOK:...62 MEDICAL ELECTRONICS: GLOBAL MARKET OUTLOOK...63 DEFENSE ELECTRONICS: GLOBAL DEFENSE MARKET OUTLOOK: Changes in Defense Spending On Electronics in 2009:...64 PASSIVE COMPONENT VENDORS TO THE INDUSTRIAL AND SPECIALTY ELECTRONICS INDUSTRY: MARKETS BY TYPE: CAPACITORS GLOBAL CAPACITOR MARKET FORECASTS: GLOBAL CAPACITOR MARKET VALUE: FY ENDING MARCH...66 Global Capacitor Market Forecasts: FY Ending March (In Millions of USD)...67 GLOBAL CAPACITOR MARKET VOLUME: GLOBAL CAPACITOR MARKET REVENUE FORECASTS BY DIELECTRIC: FY ENDING MARCH.69 Ceramic Capacitors: Aluminum Electrolytic Capacitors: Tantalum Capacitors: DC Film Capacitors: AC Power Film Capacitors: Other Capacitors: Market Growth in The Worldwide Capacitor Industry By Dielectric: FY Ending March.72 TOP GLOBAL CAPACITOR MANUFACTURERS: CHANGES IN REVENUES ; 2009 FORECASTS...72 Top 18 Vendors of Capacitors: Change in 2008FY-2009 FY Revenues (Estimated)...73 FIVE YEAR CAPACITOR MARKET FORECASTS: GLOBAL CAPACITOR VOLUME SHIPMENTS BY DIELECTRIC: ; F...74 Global Capacitor Unit Shipments By Dielectric: ; F...74 GLOBAL CAPACITOR VALUE SHIPMENTS BY DIELECTRIC: ; F...75 AVERAGE UNIT PRICING FOR CAPACITORS BY DIELECTRIC: ; F...75 RESISTORS: GLOBAL RESISTOR MARKET FORECASTS: INTRODUCTION TO GLOBAL RESISTOR MARKETS: AND 2009 GLOBAL LINEAR RESISTOR MARKET REVENUE FORECASTS...77 Global Shipment Value for Linear Resistors: FY Forecasts

6 2008 AND 2009 GLOBAL LINEAR RESISTOR MARKET VOLUME (BILLIONS OF PIECES)...78 GLOBAL RESISTOR CONSUMPTION VALUE FORECASTS FOR FY 2008 AND 2009 BY RESISTOR TYPE:...79 Thick Film Chip Resistors: FY Forecasts...79 Networks, Arrays and Integrated Passive Devices:...80 Throughole Resistors: Forecasts (Wirewound, Nichrome Film, Tin Oxide, Carbon Film, Other)...80 Global Market Forecasts for Linear Resistors by Type (Thick Film Chip, Network and Throughole): GLOBAL RESISTOR MANUFACTURER REVENUES: 2008 FY CHANGES...81 Linear Resistor Manufacturers: Estimated Change in Revenues: FY...81 FIVE YEAR RESISTOR FORECASTS: :...81 GLOBAL VOLUME OF SHIPMENTS BY RESISTOR TYPE: ; F...81 Global Volume Shipments By Resistor Type: ; F...82 GLOBAL VALUE OF SHIPMENTS BY RESISTOR TYPE: ; F...82 Global Value of Shipments By Resistor Type (Thick Film Chip, Network, Nichrome, Tin-Oxide, Foil, Wirewound and Carbon): ; F...84 GLOBAL AVERAGE SELLING PRICES FOR RESISTORS BY TYPE: ; F:...84 Global Average Unit Selling Prices For Resistors By Type: ; F...84 INDUCTORS: GLOBAL INDUCTOR MARKET FORECASTS: INTRODUCTION TO GLOBAL INDUCTOR MARKETS:...85 CHANGES IN THE GLOBAL INDUCTOR MARKETS: Chip Inductor Shipment Value: FY Ending March...86 INDUCTOR FORECASTS BY TYPE: (WIREWOUND COIL, FERRITE BEAD, ML CHIP INDUCTOR)...86 Global Inductor Consumption By Type and Configuration: (Millions of USD)...87 DISCRETE INDUCTOR MANUFACTURERS: CHANGES IN REVENUES: Revenue Changes in The Inductive Device Groups of Selected Manufacturers: FY FIVE YEAR FORECASTS FOR DISCRETE INDUCTORS: GLOBAL VOLUME OF SHIPMENTS BY INDUCTOR TYPE: ; F:...87 GLOBAL VALUE OF SHIPMENTS BY INDUCTOR TYPE: ; F...88 Global Value Shipments By Inductor Type: ; F...88 GLOBAL AVERAGE UNIT PRICING FOR INDUCTORS BY TYPE: ; F...88 Global Average Unit Pricing For Inductors By Type: ; F (In USD) MARKET SHARES: MARKET SHARES IN PASSIVE COMPONENTS: FY CAPACITORS:...90 Capacitor Vendors: Global Sales & Market Shares:...90 Capacitors: Overall Market Share Data: FY Top Global Capacitor Suppliers (All Products)...91 CERAMICS (MLCC):...91 Ceramic Capacitor Market Shares: FY Ceramic Capacitors: Global Market Shares: FY...92 TANTALUM:...92 Tantalum Capacitor Market Shares: FY Global Market Shares in Tantalum Capacitors: FY 2008-FY 2009 Ending March Change in Market Shares...94 ALUMINUM:...94 Aluminum Electrolytic Capacitor Market Shares:...94 Aluminum Electrolytic Capacitors: Global Market Shares: FY Ending March...95 PAPER & PLASTIC:

7 DC Film Capacitor Market Shares...95 DC Film Capacitors: Global Market Shares: FY Ending March...96 AC Film Capacitor Market Shares:...96 AC Film Capacitors: Global Market Shares: FY Estimates...97 EMERGING CAPACITOR MARKET SHARES:...97 EDLC Capacitor Suppliers And Shares:...97 Niobium Capacitor Suppliers and Shares:...97 Leaders In Capacitor Integration and Modularization:...98 RESISTORS:...98 Resistor Vendors: Global Sales & Market Shares:...98 Resistor Manufacturers By Product Type : LINEAR RESISTOR SALES & MARKET SHARES...98 CHIP RESISTORS:...99 Thick Film Chip Resistor Market Shares:...99 Thick Film Chip Resistors: Global Market Shares: NETWORKS: Resistor Network, Array and IPD Market Shares: Resistor Network, Array and IPD: Global Market Shares: THROUGHOLE: THROUGHOLE Resistor Market Share: Throughole Resistors: 2008 FY Global Market Shares INDUCTORS: Discrete Inductor Vendors: Global Sales & Market Shares: Discrete Inductors: Global Market Shares: FY Estimates TECHNOLOGY GUIDE: AN EXPLANATION OF PASSIVE COMPONENTS INCLUDED IN THIS REPORT: Passive Components In A Circuit: Importance Of The Physical Size of the Finished Passive Component CAPACITORS: Introduction & Scope of Coverage: CERAMIC CAPACITORS (THE INDUSTRY WORKHORSE): Ceramic Capacitor Types: Ceramic Capacitor Configurations: ALUMINUM CAPACITORS: Aluminum Capacitor Types: Aluminum Capacitor Configurations: TANTALUM CAPACITORS: Tantalum Capacitor Types: Tantalum Capacitor Configurations: FILM CAPACITORS: DC Film Capacitor Types: DC Film Capacitor Configurations: AC FILM CAPACITORS: AC Film Capacitor Types: AC Film Capacitor Configurations: RESISTORS: Introduction & Scope of Coverage: LINEAR RESISTORS: Thick Film Chip Resistors: Thick Film Multichip Resistor Arrays: Surge Resistor Networks (Line Feed):

8 Integrated Passive Device Networks: Wirewound Resistors: Nichrome Metal Film Resistors: Bulk Metal Foil Resistors: Tin-Oxide Resistors: Carbon Film Resistors: INDUCTORS: Introduction & Scope of Coverage: DISCRETE INDUCTOR TYPES: DISCRETE INDUCTOR CONFIGURATIONS: COMPETITION: PASSIVE COMPONENT REVENUES: PERCENT CHANGE BY MANUFACTURER: ; BY QUARTER MANUFACTURING LOCATIONS FOR THE TOP 18 VENDORS OF PASSIVE COMPONENTS: Manufacturing Locations For Passive Components By The Top 18 Passive Component Manufacturers: PASSIVE COMPONENT MANUFACTURING BY COUNTRY IN ASIA: Passive Component Manufacturing In Asia By Country and Vendor: Passive Component Manufacturing In The Americas and Europe By Country and Vendor: Passive Component Manufacturing by Country in The USA and Europe: COMPETITIVE FINANCIAL DATA: 2009FY ESTIMATES Producer Profiles for The Top 18 Global Vendors of Passive Components: 2008FY AVX/KYOCERA CORPORATION (NYSE: AVX : RIC 6971:): AVX Corporation KEY DATA: SALES: USD (FISCAL YEAR ENDING MARCH 31) UPDATE: Kyocera (AVX) Corporation Reports in 2009: Recent Developments: Company Description: Historical Financial Data: AVX Passive Component Revenues: Business Analysis: AVX Revenues by World Region: AVX Revenues by End-Use Market Segment: EPCOS AG UPDATE: Company Description: Historical Financial Data: I A) Capacitors: I B) Inductors: Division II: Ceramic Components Division III: SAW Components How Revenues are Distributed By Division at EPCOS AG: EPCOS Passive Component Revenues: EPCOS Strategy Analysis: EPCOS Revenues by World Region: EPCOS Revenues by End-Use Market Segment: EPCOS Manufacturing Facilities & Production By World Region:

9 EPCOS Recent Technology Developments: KEMET ELECTRONICS (NYSE: KEM): KEMET ELECTRONICS: 2009 UPDATE Company Description: Historical Financial Data: Kemet Passive Component Revenues: Kemet Expansion Strategy Analysis: Kemet SG&A Spending: Kemet Revenues by World Region: Kemet Revenues by End-Use Market Segment: Kemet Manufacturing Facilities & Production By World Region: Kemet Technology Assessment: KOA CORPORATION (6999) UPDATE: Company Description: Historical Financial Data: KOA Passive Component Revenues: KOA Expansion Strategy Analysis: KOA Revenues by World Region: KOA Revenues by End-Use Market Segment: KOA Manufacturing Facilities & Production By World Region: Resistor Product Portfolio KOA Technology Assessment: MURATA MANUFACTURING LIMITED (RIC: 6981): UPDATE: Company Description: Historical Financial Ratios Murata Passive Component Revenues: Murata Strategy Analysis: Murata Revenues by World Region: Update: Changes By World Region Murata Revenues by End-Use Market Segment: Segment Sales Update: Murata Manufacturing Footprint by Region/Site: Murata Technology Assessment: Class II Ceramic Capacitor Developments: Class I Ceramic Capacitor Developments: Developments In Magnetics and Inductance: Passive Component Integration: NEC-TOKIN CORPORATION (RIC: 6759) Company Description: Key Financial Data: NEC-Tokin Passive Component Revenues: NEC-Tokin Expansion Strategy Analysis: NEC-Tokin Revenues by World Region: NEC-Tokin Revenues by End-Use Market Segment: NEC-Tokin Production Output By World Region: NEC-Tokin Product Development: NICHICON CORPORATION (RIC: 6996) UPDATE:

10 Nichicon Company Description: Nichicon Revenues Nichicon Passive Component Revenues Nichicon Product Lines In Passive Components Nichicon Revenue Growth By Capacitor Type (Al203, Ta205, Film, EDLC) Company Revenue Forecasts For Specific Product Lines: 2010F Nichicon Revenues by World Region: Nichicon Revenues by End-Use Market Segment: Nichicon Technology Assessment: NIPPON CHEMI-CON CORPORATION (RIC:6996) UPDATE: NCC description: NCC Revenues: Historical & 2009 Forecast NCC Revenues by World Region: NCC Revenues by End-Use Market Segment: NCC Manufacturing Facilities: Nippon Chemi-Con Technology Assessment: PANASONIC ELECTRONIC DEVICES (RIC: 6752): Matsushita Electric Industrial Co., Limited Company Description: Historical Financial Data Panasonic Passive Component Revenues: Panasonic Revenues by World Region: Panasonic Revenues by End-Use Market Segment: Panasonic Passive Component Production By World Region & Plant Location: Panasonic Technology Assessment: RUBYCON CORPORATION (PRIVATE) Company Description Rubycon Product Lines: Other Products: Rubycon Revenue Estimates For Passive Components Rubycon Revenues By Product Line and Type: Rubycon Estimated Operating Profit: Rubycon Revenues By End-Use Market Segment Rubycon Manufacturing Footprint in Asia: Rubycon Passive Component Technology Assessment: SAMSUNG ELECTRO-MECHANICAL (KSE: ): Phone Home Page UPDATE: SEMCO Revenues by MLCC Capacitance Value: Company Description: Historical Financial Data SEMCO Passive Component Revenues: SEMCO Revenues by World Region: SEMCO Revenues by End-Use Market Segment: SEMCO Expansion Strategy: SEMCO Technology Assessment: SUMIDA ELECTRIC COMPANY LIMITED (RIC: 6817) UPDATE:

11 Historical Financial Data Sumida Revenues by World Region: Sumida Revenues by End-Use Market Segment: Sumida Passive Component Manufacturing Footprint By World Region: TAIYO YUDEN CORPORATION (RIC: 6976): Taiyo Yuden Co Ltd UPDATE: Company Description: Historical Financial Data Taiyo Yuden Passive Component Revenues: Taiyo Yuden Revenues by World Region: Taiyo Yuden Revenues by End-Use Market Segment: Capacity Expansion Since 1999: Reasons For Expansion: Regional Expansion Analysis (Japan, China, Malaysia, Korea, Philippines): TDK CORPORATION (RIC: 6762): UPDATE: Company Description: Historical Financial Data: TDK Passive Component Revenues: TDK Revenues by World Region: TDK Revenues by End-Use Market Segment: TDK Expansion Strategy Analysis: TDK Operational Structure For The Capacitor Group (Termination) New Profit Pillars At TDK (MLCC, Inductor and HDD): TDK Manufacturing Footprint by Region/Site: TDK MERGER WITH EPCOS AG TO FORM TDK EP Why It Makes Sense: Where the Synergies are for Both Revenues and Earnings: What Does this Level Of Consolidation Mean For The Passive Components Industry? The Multiple Dielectric Strategy: TOKO INC. (RIC: 6801): Toko Inc UPDATE Company Description: Historical Financial Analysis TOKO Revenues by World Region: TOKO Revenues by End-Use Market Segment: TOKO Production Footprint By World Region: VISHAY INTERTECHNOLOGY (NYSE:VSH) UPDATE Company Description: Company Description: Historical Financial Data Vishay Passive Component Revenues: Vishay Revenues by World Region: Vishay Revenues by End-Use Market Segment: Vishay Production of Passive Components By World Region: WALSIN TECHNOLOGY CORPORATION (2492): Phone

12 Home Page UPDATE Company Description: Historical Financial Data Walsin Passive Component Revenues: Walsin Revenues by World Region: Walsin Revenues by End-Use Market Segment: Walsin Expansion Strategy Analysis: Walsin Monthly MLCC and Chip R Output 2008: Walsin Technology Development Walsin Capacity Expansion 2008: Walsin plans new high-capacitance MLCC plant YAGEO CORPORATION (TW 2327): UPDATE: Company Description: Historical Financial Data: Yageo Passive Component Revenues: Yageo Revenues by World Region: Yageo Revenues by End-Use Market Segment: Yageo Expansion Strategy Analysis:

13 PAUMANOK PUBLICATIONS, INC. PASSIVE COMPONENTS WORLD MARKET OUTLOOK: C A PA C I T O R S, R E S I S T O R S & I N D U C T O R S A NEW MARKET RESEARCH REPORT FROM PAUMANOK PUBLICATIONS, INC. FOR 2009 Order Form: Passive Component World Market Outlook: Name Title Company CompanyAddress City State Postal Code Country Telephone Fax Address Signature Credit Card Type Credit Card Number Credit Card Expiration Date Credit Card VCC Code PASSIVE COMPONENT MARKET OUTLOOK: PAGES PUBLISHED: FEBRUARY 2009 PRICE: $2, Price per Additional Copy: $ Indicate Study Format: Hard Copy PDF On Disc PDF by (Give address) Address If Paying By Check Make Payable To Paumanok Publications, Inc. Paumanok Publications, Inc. 224 High House Road, Suite 210 Cary, NC USA (919) FAX THIS ORDER FORM TO: (919) Fax Or TO DOWNLOAD THIS REPORT IMMEDIATELY! GO TO PAUMANOK PUBLICATIONS, INC. 224 High House Road, Suite 210, Cary, NC USA!