Agreed Madam. SNL runs a very tight cash flow ship, there is no...

Agreed Madam. SNL runs a very tight cash flow ship, there is no hoarding of cash for the sake of it. Cash is either returned to shareholders as dividends or utilised for value accretive expansion. The new DC set up was time and capital consuming but the fruits of their labours are beginning to ripen. There is significant increased capacity in the new facility and provides a model for future expansion. Any increase in free cash flow would have positive influence on dividend potential with the major expansion behind us, however the ROE is also quite healthy so further investment in the business could pay off as well. SNL doesn't create a lot of excitement in the market place, probably due to a low emphasis on self promotion and a product that lacks sexiness. The long term performance isn't at all boring though because they do the important things well.