Ann: Preliminary Final Report, page-7

Nothing to fault in a most challenging time for the aviation industry.
PTB has plenty of firepower to grow organically & by acquisitions.
Look at the strength of the balance sheet.
WC $72m..... WC ratio 3.6....This is extraordinarily strong ......A nice "problem" to have.
One can comfortably say that PTB is one special business.
# Wide moat.
# Asset rich.
# magnificent yield.
# Safe as houses.