what is wrong?, page-19

Apologies Tim. I must be getting curmudgeonly.

Margin pressure can come from lots of places - I don't know JMB well enough to be sure. I'd suggest looking at forex, competition/negotiating power as well as general economic effects on purchasing decisions. Another area that sometimes causes difficulties for companies is if they have tried to run too lean for a year or two - can be difficult to maintain, though I stress that I have not looked at whether this might apply to JMB.