Ann: Publication of Research Report by Patersons, page-49

Not as such, just a left-field thought that perhaps when there is no 'cash in the bank' it might mean that management think and work differently.

If you are cash flow negative with money being shovelled out the door and no sign of funds coming in, its obviously extremely limiting and not a place you want to be.

Equally though, running a non-profitable enterprise with a big bucket of cash to 'tide you over' until things 'turn around' might mean than optimism prevails and some decisions that might need to be made risk not being, or put off until its too late.