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Redeye was hoping for a much stronger Q4, and so did OXE Marine too. Q4 numbers are way below expectations across the board. Sales were weaker and a couple of non-recurring cost items resulted in lower gross margins and a major operating loss for the quarter. Although Q4 was probably somewhat of an air pocket, it does raise some concern to us. On a positive note OXE Marine has made a couple of interesting new product launches lately. Moreover, management seems to address the current challenges in a constructive manner. Still, we will most likely lower our near-term forecasts.
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