Pollard Banknote Ltd T.PBL

On the plus side

[zalmonella]

Managment owns 70%. So it's bad that they don't have any interest in the day-to-day share price, but it's good in that their wealth is bound up in this thing. It's virtually impsosible to be bought out, and it's very unlikely to go private or they lose the access to the market for their expansions. 

It also explains why there's never any information coming out about it except for contracts.   For some reason, the MD&A speaks about high costs continuing to reduce profitiability going forward and I confess I'm puzzled about that.  Isn't this just a printer?  No other printer is doing very well either, but that's mostly a lack of business. Surely the antidote to high costs in the sort term is more contracts and more revenue.

[Dunworkin2]

Higher paper and print costs. There is a YouTube video which shows the manufacturing plant, these are specialized large printers. I imagine they use high quality paper and ink. They also experienced some work process inefficiencies, resulting in higher labour and material costs. From Q4: Despite the increased demand for our instant tickets, our results in this area, particularly in the last