Article on Value Investors Club, page-4

I've previously seen this, but it's great to re-read given how much information is in the article.

Specifically, I like this line:
"Management estimates that the net result of these improvements to the supply chain and manufacturing process is a 30% to 50% lower cost of production than competitors. ANO has passed on these savings to their distributors to the extent that I suspect it is financially impossible for competitors to try to match them on price."

Not only do they have patent protected products, they're also lowest cost providers. Now that's a moat.