Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income $ 989 $ 83
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Bad debt expense 30 400
Depreciation 6,567 6,599
Amortization of deferred revenue (1,160) 0
Gain on sale of asset (360) 0
Deferred income taxes 544 (149)
Compensation expense - restricted stock 728 435
Changes in operating assets and liabilities:    
Contracts receivable and retainage 5,268 28,536
Costs and estimated earnings in excess of billings on uncompleted contracts (1,069) 795
Prepaid expenses and other assets 650 897
Inventory 51 (5)
Accounts payable (10,679) (14,469)
Billings in excess of costs and estimated earnings on uncompleted contracts 604 (5,558)
Deferred revenue (1,623) 0
Accrued employee costs 636 (932)
Accrued expenses 690 325
Accrued contract losses (3,636) (650)
Current income taxes 49 189
Net cash (used in) provided by operating activities (1,721) 16,496
Cash flows from investing activities:    
Capital expenditures (724) (1,001)
Net cash received in acquisition 1,588 0
Proceeds from the sale of equipment 5,377 0
Net cash provided by (used) in investing activities 6,241 (1,001)
Cash flows from financing activities:    
Payments of dividends on common stock (146) (1,465)
Net cash used in financing activities (146) (1,465)
Net change in cash and cash equivalents 4,374 14,030
Cash and cash equivalents at beginning of period 34,828 36,085
Cash and cash equivalents at end of period $ 39,202 $ 50,115