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A few questions:

* Why is Q4 Projected so low compared to Q1-3? * Why are Gross and SDE Margin % falling consistently from 2011-2013?

I think one thing that pops out at me is that while most business get better margins as they scale, your margins are actually declining or stagnant, which seem to be driven by the decline in COGS.

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The trolling motor niche is seasonal, with demand peaking in the spring and summer and dropping off in the fall and winter months.

Thanks, that's helpful.

Any hints on the declining margins?

Good question! I was actually wondering about that when I was drawing up the financials. I don't honestly have a good answer for that.

Speculating here, but it could be minor changes in the manufacture pricing (they set minimum pricing levels). It could be slight differences in which supplier we use over time (given different costs at different warehouses). I'm really not sure. Sorry I don't have a better answer for you.

I'd like to see if it's decreasing margins over time on products or if it's due to a shift in product mix sold.

Would product level information be disclosed if I submit a request for the full prospectus?

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