A Letter to Our Readers.

THERE were many highlights for the Los Angeles Business Journal last year - even more than our usual share.

From editorial to advertising to circulation, our newspaper continued to make inroads in one of the most challenging media markets in the United States. That we also celebrated our 20th anniversary only adds to the pride I have for what we have done in 1999.

We remain L.A.'s best source for local business news - widely quoted and followed not only in Southern California but throughout the nation. The New York Times, Washington Post, Wall Street Journal and Los Angeles Times are among the many news organizations that have picked up our stories throughout the year - a testament to a tireless editorial department that manages to keep getting better and better each year.

Under the leadership of Editor Mark Lacter, the newsroom is always looking for creative ways to tell the story of L.A. business - whether it's sending out the entire staff for our "Day in the Life of Los Angeles" package, or examining the past century of wealth in Los Angeles as part of the Richest Angelenos issue, or assessing L.A.'s social, political and economic changes in the '80s and '90s in our 120-page, 20th-anniversary edition.

And just last month was "Forgotten Angelenos," our three-issue series on poverty in Los Angeles that included some of the most important - and compelling - reporting this newspaper has ever done.

While we've accomplished plenty of big things, there remains a rock-solid commitment to report on L.A.'s business scene, week in and week out. In addition to our outstanding coverage of real estate, banking and entertainment, we have increased the space devoted to technology - adding a new weekly column by Sara Fisher, for example. And in November we introduced our weekly Style section, which chronicles the ins and outs of L.A. fashion, culture and entertainment.

As I wrote last year, we manage each week to present a tremendous amount of information in an interesting, informative and often entertaining way. What gives me particular pride is knowing how many of our subscribers read so much of the paper, often from cover to cover. At a time of media overload, that alone says a lot.

Our success has been affirmed in the last year by winning more than our share of major national awards. This includes being named best business weekly in the country by the Association of Area Business Publications and, for the second straight year, being named one of the nation's best business weeklies by the Society of American Business Editors and Writers.

This also has been an extraordinary year for the commercial side of our newspaper- a record-setting year, in fact, thanks to the unwavering support of our local and national advertisers.

Director of Advertising and Marketing Maria Flannigan and her staff have helped secure that business by being a trusted source for marketing solutions. And while the Internet sector has been a substantial source of ad revenue, I appreciate the support we have received in all industries and from businesses of all sizes.

There is, of course, a reason for that support: Advertisers know that the Business Journal is read by some of the most influential decision-makers in Los Angeles. With more than 200,000 readers each week, and paid circulation continuing to increase in 1999, the paper has attained a prominence in the community that seems to grow each year. The hard work and dedication of Circulation Director Michael Jordan and his staff have helped make that happen.

So, too, have our other managers, including Director of Production Dan Etcheverry, who works with Mark Lacter on the editorial product each week (and who keeps coming up with new and creative ways to present our product), and Controller Mark Freedman, who in addition to his regular administrative duties is charged with keeping the paper's computer systems in check.

As always, we remain a work in progress. There always will be a gap between where we are now and where we want to be. And yet, I can see that the gap keeps narrowing - a credit to all the people in our organization committed to putting out the best newspaper of its kind in the United States.

As we embark on a new millennium, I wish you all a happy and successful 2000.

Matthew A. Toledo is publisher and president of the Los Angeles Business Journal.