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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (48065)	7/19/2012 2:32:52 PM
From: Paul Senior	of 78744

NAFC. Not a good day for shareholders. Big write-off of intangibles, reporting of decreased sales and decreased gross profits, increased costs. With the stock drop today (to now $19.45), it's close to tangible book value (assuming tangible bv hasn't worsened too much) of $18. Company seems to be changing its business strategy and/or focus. And struggling to do it. Board hasn't lost total confidence-- they've kept the dividend (for now). I hold a few losing shares; I'll take a few more here. With view to hold for a couple more quarters to see how sales/earnings progress. Hard for me to envision much improvement though. ih.advfn.com

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