$28.1m 18-month backlog over 6 quarters gives $4.7m average quarterly revenue over that time. $4.6m revenue this quarter brought in $0.3m cash. The 18-month known backlog also underestimates the true forward backlog as new missions are normally awarded 9-12 months before launch and this can be seen from historical checking of actual revenue against the previously guided 18-month backlog forecast. The clear inference is that this company on Oct 2014 will have more cash than it does now !
It would have been if WGS-5 wasn't pushed back. The launches in January were small ( I think ASTC only had them like 5 weeks and 2 of those weeks were in December). WGS-5 is 12 weeks and they only booked 3 weeks of revenue in the quarter ended March 31st.