No, it means that the PTCM has power and that an error condition exits.

The error, in descending order of likelihood, can be:
1) The PTCM has lost sync, that is, it has lost track of what position the cylinders are in. (Manually raising and lowering the top completely, with key on, usually clears this.)
2) The PTCM has determined that one or more cylinders are in an 'impossible' position - usually means a bad travel sensor, or other sensor, but you can try the procedure in 1) above.
3) The PTCM itself has an unknown hardware or software defect. Replacement of the PTCM is your only option.
4) There are issues on the CAN BUS, such that the PTCM can't communicate with other modules on the bus.