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You are correct. When I converted to .pdf, some of the tables got skewed.

$36.675M is an improvement from the previous quarter where inventories were $44.8M, but it is up from 31 Dec 2010 when inventories were $29.5M. Inventory at the end of Q2 was $41.0 million. Inventory at the end of Q1 stood at $38.6 million.

With a shift to standard transformers, I would think that inventories would rise a little in anticipation of sales. With customized transformers, you don't build them until you get the order. So, then trend here is promising...
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