MATW
#To date, not necessarily.
Time will tell.
We've had some slowing in our UK market as we kind of go through this, but not enough to materially change our results.
Most of the projects we're working on have a longer lead time than the last several weeks.
So, not yet.
Let's put it that way.
As a practical matter, the ---+ as you all may be aware, the Food Labeling Modernization Act has passed, and the regulations associated with that have been finalized.
We expect implementation to be [about] 2018, as it currently stands.
There's some staggered implementation dates based on size.
So, we should start to see some pickup from that.
We believe that we've had some hold-back with some of our brands as they get there.
But, you know <UNK>, if you look at the P&Ls of our largest CPG accounts that we do, they've struggled in their top lines, as well.
And I think what we're seeing is just containment in their spending on the marketing side, especially as it relates to the packaging as we move forward.
So, I think that it has more to do with the economy and a sluggish consumer than it does with any changes in their desire to spend on packaging long term.
So, we think it should be a matter of time.
We should see those things return to more robust markets, and we're well positioned to take advantage of that.
No question, the new product release is not necessarily in the fulfillment side.
If you ---+ we take a look at some of the automated warehouse literature and statistics out there.
It's just a bit of a downturn as we go through this.
Generally, as we approach the Christmas season, people turn off their spending as it relates to [automated] warehouses.
They do not want to be interrupting their distribution at the time of ---+ the busiest of their season.
We expect that to kind of return to normalcy through the first and second quarters of 2017.
But at the end of the day, right now what we're seeing is a slowing, and we have enough of a lead time to see that it most likely will impact our next quarter there.
But it is a little bit more of a project-based business, <UNK>.
And as a result, the projects come and go.
The timing of those may impact a quarter or two, but generally the direction of that group continues to be the right one.
<UNK>, we typically don't quantify the specific benefit related to those commodity costs, for various reasons ---+ we'll leave it at that ---+ but we did see a benefit this quarter and this year to date compared to last year, not only in bronze but other commodities including fuel, for example.
I would remind you, <UNK>, given where our size is today relative to historical comparisons, bronze is critical but not overwhelmingly controlling of our results.
I think we'll start to see work trickling in at that point in time.
I think 2017 and 2018 will be where we'll see most of that work flow through.
To be truthful, the FLMA did not go as far as we would have hoped, from a provider standpoint.
It will require changes to packaging, not as significant that we initially had proposed.
But it will require a touch on every single package that's out there.
It's difficult to tell at this point in time.
We'd rather keep you happy at the end of the quarter.
But the fact of the matter is we're doing everything we can in the markets that we operate in.
We've seen a light month of July on the death rate side.
So, could that come back in the next quarter or two.
Sure.
We have a couple of things we're waiting for results on with respect to the fulfillment side that could change a quarter.
We've got a few things out there that could make it much better or put us right in line with where we expect to be.
At the end of the day, suffice it to say that the next quarter is not going to make the difference.
We think the direction of the whole group is going in the right way.
All right.
Thank you, John.
Well, we'd like to thank everyone for participating in the call this morning, and we look forward to our fourth quarter earnings release and conference call in November this year.
Thank you.
Have a great day.
