Ann: Preliminary Final Report, page-11

After this report I was left frustrated by the under performing segments and sectors and decided to go back about 6 yrs and document the excuses and reasons given by management.
I was determined to point out their over promise and under deliver traits.
(Not very scientific having a conclusion before starting the trial - I know).

'Problem' is; the more I read and analysed the more I appreciated management's statements over the years and the more credit I have to give them for getting our company in the position it is today.

You have to keep in mind that SDI is a minnow in the scheme of things and can be harshly tossed around on a 6 mthly basis by any thing much larger than a ripple on the pond.

Amalgam sales nosediving (tsunami), silver price gyrations (massive waves) - from the latest report we have European sales driven by the Turkish market, US sales affected by ongoing restructure of major distributor, after allowing for the redirection of it's export sales to Australia, Brazilian export sales increased by 0.8%.
With packaging expanding and a view to manufacture some products in Brazil.

Once again (excuses) reasons for performance. But all legitimate and not inconsequential when you're a minnow.

I've come to the realisation that SDI profit figures and guidance will 'always' be lumpy along the way because any minor event can have a relatively major impact.

Upcoming: (taken from the latest report)

PPE to increase to $3ml to automate packing, filling line and the Riva capsulation line.

This is an example of what to a big fish wouldn't cause a ripple but to our minnow (in the very short term) is a wave. However with a slightly longer term view, good for the company and ergo shareholders.

My takeaway - through churning seas and an ongoing tsunami (amalgam armageddon) our management team are doing a damn good job.
Cash, div yield, a strong future beyond amalgam.
And I started off my research hating on them...........