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1. IBC, Inc. 2009 2010 2011 EBITDA 1120 1115 1110 Gross Margin 25% 30% 35% why is EBITDA declining given that its gross margin is

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1. IBC, Inc. 2009 2010 2011 EBITDA 1120 1115 1110 Gross Margin 25% 30% 35% why is EBITDA declining given that its gross margin is increasing

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