Shoot, I'm an idiot. As soon after I hit "Post Message", I...

Shoot, I'm an idiot.

As soon after I hit "Post Message", I looked at the small print at the bottom of one of the notes to the accounts and found that the company had incurred $11.3m in restructuring expenses in association with the sale of the DG Camel business, which essentially exactly offsets the $11.6m profit on the sale of the business.



So I take it back; the reported result does not unduly flatter the underlying performance, and management's adjusted EBIT reconciliation is valid.

(I knew something wasn't right because it would have been most out-of-character for DLX's conservative and candid management to try to pull a smoke 'n mirrors move like that.)

So, apologies for the bum steer.