The red ink in the market is no more than expected.

That's a red herring. They just don't want us in the market.

We had expected to gain more revenue from expendables such as ink cartridges for multi-functional printers but the actual sales were short of our target.

We do cell phones, we do batteries, we do ink. There's really not a whole lot we don't recycle here, (except) we don't do computers.

Let's face it. It's obviously a time for caution. People are a bit quieter and taking things a bit slower.

I don't think the market is terribly worried about inflation but there is an expectation that corporate profits might just struggle a little more.