But higher food costs for cheese, dairy, eggs and shortening could not fully offset the lower labor costs and other improvements in operational expenses the company is making.

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By financing the new gear over several years, the improvements immediately reduce monthly expenses.

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Gross margin expanded 295 basis points year-over-year to 73.3%, resulting from sourcing cost improvements, while operating expenses declined 200 basis points as a percentage of net sales.

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Given its good fundamentals, improvements in the company's product line, the steps it has taken to reduce expenses and an improving market for its products, I think the company is set to do well, and I believe that its shares are undervalued.

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While expenses related to the casualty are not included in the casualty loss itself, certain expenses such as any costs for the protection against future casualties should be capitalized as permanent improvements which will increase your basis.

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