I suspect Ann Arbor to do about $2.5M in revenues and about $1M in profits after COGS and expenses in 2007. That makes them probably the "fattest margined" company we own. I have no reason to think that PBLS should spin them off. I have no problem with being in the pool business in the south as pools are coming back into vogue again here somewhat. Every market is cyclical, and once again pools where I live are a status symbol that says I have enough money and don't care about the higher insurance and utility bills. Especially in the higher end gated communities...
Just an opinion.
"Experience: that most brutal of teachers. But you learn, my God do you learn." C.S. Lewis www.younglife.org
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