diff --git a/Lib/compileall.py b/Lib/compileall.py
index 3120284..9947569 100644
--- a/Lib/compileall.py
+++ b/Lib/compileall.py
@@ -43,7 +43,7 @@
 
 def compile_path(skip_curdir = 1):
 	for dir in sys.path:
-		if dir == os.curdir and skip_curdir:
+		if (not dir or dir == os.curdir) and skip_curdir:
 			print 'Skipping current directory'
 		else:
 			compile_dir(dir, 0)