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
 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash flows from operating activities:    
Net income (loss) $ (5,129) $ 7,937
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 10,056 9,615
Asset impairments 7,690  
Deferred income taxes (5,280) 359
Compensation expense - restricted stock 467 405
Excess tax benefit from share-based payment arrangements (9) (12)
Changes in operating assets and liabilities:    
Contracts receivable (77,430) 8,753
Contract retainage 8,173 (6,395)
Costs and estimated earnings in excess of billings on uncompleted contracts (9,739) 6,376
Prepaid expenses and other assets 599 693
Other receivables   (58)
Inventory (1,427) 314
Accounts payable 14,738 (4,165)
Billings in excess of costs and estimated earnings on uncompleted contracts 23,329 5,784
Accrued employee costs (643) 175
Accrued expenses 1,139 316
Current income taxes 1,481 427
Net cash (used in) provided by operating activities (31,985) 30,524
Cash flows from investing activities:    
Capital expenditures, net (22,318) (8,083)
Net cash used in investing activities (22,318) (8,083)
Cash flows from financing activities:    
Proceeds from exercise of stock options 37 52
Excess tax benefit from share-based payment arrangements 9 12
Payments of dividends on common stock (1,742) (289)
Net cash used in financing activities (1,696) (225)
Net change in cash and cash equivalents (55,999) 22,216
Cash and cash equivalents at beginning of period 88,072 8,751
Cash and cash equivalents at end of period $ 32,073 $ 30,967