Profit, over our most profitable quarter of - 1%.

IMHO we can't really blame hedges, if we are using them properly. Used in their correct form they serve to stabilize the price of fuel, not make bets on it.

In other words, if we know the price of our fuel (by locking in contracts, or hedges against fluctuation) then we can accurately price our products and meet our margins if demand continues as forecast.

Swinging to a loss on hedges suggests that we gambling more than simply assuring price stability.

One facet of the Trainer Facility purchase was the idea that we would not physically own the products except for the brief period of time that they were literally at hand; thus reducing our exposure to market fluctuations on "inventory." Hope that is the case going forward.

As I have been saying for years, we need to figure out what our core business is and focus on that. We have too many disastrous non core side bets which are not accounted for in daily operations which have taken a heavy toll on our bottom line.