RE: RE: Quiet Rythman, I don't think the customer from the large order is going to give much consideration to the fact that Landqart was producing their order at a loss. The internal issues that Landqart has with the Swiss Franc is none of their concern. They will look at all the offers, from all the competitors and make their decisions accordingly or a reorder...as would we.
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As for the working capital. The main reason for the small reduction that you mentioned was from them adding the "assets held for sale" from the Dresden disposition, from long term assets to short term assets. Short term assets being working capital. That entry will be gone in the next quarter.
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To be precise, their cash only went down by about $2 million, which is good, but long term debt increased by $11 million and short term debt increased by about $6.5 million. They used $21 million in inventory assets and about $5.5 million in accounts receivable. We can subtract about $10 million of that, that was used to pay off account payable, from the quarter before, and we get about $30 million used in operations in Q1. I think they might have also sold some property in Q1 as well, that garnered them some cash that is no longer there..
A lot happened in Q1. Now keep in mind, that the costs from the Co-gen are almost over and Thurso's capital needs, going forward, will be reduced, but you need to read the reports a little closer to see what actually happened. They certainly spent a lot more then $1.8 million dollars.