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KitKat -

Thanks for the comments. They mention the competition with vets in the 10-K as a significant issue. I do note from their 10-K that they are doing very well on re-orders. The growth rate for re-orders were 71.5% and 71.3% for the last 2 years. Perhaps people fill the original product with the vet and then use PETS for re-ordering after that for convenience. They also have a nice consistent growth in new customers with total accumulated customers growing from 510,000 to 802,000 going from 2005-9. Seems like they have something of value to offer given the strong persistent growth.

I also did not mention it in my original post but the net profit margin numbers are impressive - increasing that number from 7.4 to10.5% over the last 5 years. I like to see NPMs above 5%.

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