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Personally, I still think that mgmt is making the right moves on a tactical level. They have gotten a level playing field established with the new regulations and are now putting all their beans into ramping up advertising to grab as much market share as possible. Experience indicates that once they get a customer, they tend to keep them for a good long while, so I think this makes sense. However, in the short term, increased ad spending will reduce earnings.

The purchase of the competitors may not have worked out quite as well as mgmt had in mind at the time, but it seems to me that they didn't pay all that much for the existing customer bases and inventory.

What I think is the real wild card is the purchases of IGEL and the latest UK thing. I have to assume that mgmt sees an opportunity that is not readily apparent to the rest of us, but I'm not real wild about the whole thing. However, it is small enough compared to the core business that it doesn't make that much of a difference.

Frankly, I half expect CTAC to get bought out in the next couple of years. They are about the right size and there is plenty of room for a bigger company to come in, buy them out and exploit the customer base.
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