Penguin International

[sykn]

I was a bit late in analysing the 2Q results, but I just noticed that in 2Q16 alone, they burned through almost half of their available cash; if they continue to burn at the same rate, they will be left with nearly zero cash by end of 3Q. Seems pretty risky thing to do; am I missing something?

They "spent" quite a fair bit in AR 2015 emphasizing their strong balance sheet.
Is it only me who can't see or imagine the strength?
I doubt they have the buffer to take advantage of the babies thrown out by the situation.

At most they will survive and doing as well when the tide rises all boats.

I'm not writing to condemn them, but as a rather concerned shareholder, not owning so much as to commit harakiri but enough to feel the pain if they go bust. I also own a little bit of MTQ, but in their case, I could see strong efforts to conserve cash - they made a loss in 1Q17 but has positive FCF of some $5M. But Penguin seems oblivious of the financial tsunami coming, that's what worries me. Maybe another forummer can see something positive about their situation that I don't seem to be able to. Please share, thanks.