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Thursday, March 29, 2007 1:01:49 PM
I read the CEO letter. He attributed the slight decline in 2006 earnings to the increase in the price of pewter (the main ingredient in some of their products) from $3.94 to $4.06/lb. Not particularly dramatic, but looking ahead to 2007, he says
"Profits will be under pressure due to the high cost of pewter ($6.50 as of today) and the increase in NFL licensing fees."
If a $.12/lb increase in pewter hurt profits in 2006, imagine what a $2.44/lb increase will do to 2007 profits...
When it comes to P/Es, 7 is the new 14...
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