Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net income (loss) $ 7,069 $ (10,697)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Bad debt expense 422 400
Depreciation 19,262 19,674
Amortization of deferred revenue (4,114) 0
Asset impairment 0 6,600
Gain on sale of assets (924) (10)
Deferred income taxes 3,651 (5,464)
Compensation expense - restricted stock 2,452 1,863
Changes in operating assets and liabilities:    
Contracts receivable and retainage 22,287 43,501
Costs and estimated earnings in excess of billings on uncompleted contracts (5,834) (237)
Prepaid expenses and other assets 915 2,072
Inventory 135 508
Accounts payable (13,654) (25,402)
Billings in excess of costs and estimated earnings on uncompleted contracts (20) (13,494)
Deferred revenue (8,928) 0
Accrued employee costs 1,404 343
Accrued expenses 2,733 (2,369)
Accrued contract losses (8,001) 1,367
Current income taxes 413 0
Net cash provided by operating activities 19,268 18,655
Cash flows from investing activities:    
Capital expenditures (5,415) (5,052)
Net cash received in acquisition 1,588 0
Proceeds from the sale of equipment 5,813 10
Net cash provided by (used in) investing activities 1,986 (5,042)
Cash flows from financing activities:    
Payments of dividends on common stock (440) (4,397)
Net cash used in financing activities (440) (4,397)
Net change in cash and cash equivalents 20,814 9,216
Cash and cash equivalents at beginning of period 34,828 36,085
Cash and cash equivalents at end of period $ 55,642 $ 45,301