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Got a definitive answer for you now, Howard. On its conference call this morning, CFO Edward Smolyansky confirmed that Lifeway neither hedges its exposure to milk prices, nor employs long-term supply contracts at fixed prices.

In other words, Lifeway basically goes with the flow. When milk gets expensive, it tries to cut costs elsewhere (spending less on advertising, seeking lower prices on other commodities), and sometimes passes along price increases to the consumer. But that's about it.

Rich

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