chris, your numbers, I assume, are taken from June 30 accounts....

chris, your numbers, I assume, are taken from June 30 accounts. If I could venture to suggest that you maybe making some fairly strong assumptions, amongst them that they are and have been cashflow negative since June 30, which, of course is incorrect. You also mention that they have 60 mill total liabilities but you fail to mention that they had 6 mill receivables in the current asset column. If you are going to make comparisons you need to match apples with apples. I find that cashflow statements are much better for reading the current health of a company rather than balance sheets since abalance sheet is no more than a snap shot. Operating cashflow at June was 5 mill and most of the capex for the next few years was absorbed then, leaving a net cashflow of -3.7 mill for the year....but it won't be so this half. If you need proof, analyse the first half compared with second half and you will see what I mean.
CUS is now profitable and cashflow positive. It will become increasingly so in the next 3 months to the point where it will have paid most of it's debt by august 2009 with any luck.
Sorry to be long winded but I hope that answers some of your queries