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, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income (loss) $ (17,378) $ 6,529
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Bad debt expense 17 320
Depreciation and amortization 7,476 12,878
Amortization of deferred revenue (1,887) (2,654)
Asset impairment 389 0
Loss (gain) on sale of assets 259 (369)
Deferred income taxes (8,784) 3,899
Compensation expense - restricted stock 1,583 1,619
Changes in operating assets and liabilities:    
Contracts receivable and retainage, net (17,927) 9,783
Contracts in progress (4,814) 1,550
Prepaid expenses and other assets 201 (1,396)
Inventory 102 (1,234)
Accounts payable 10,308 (7,522)
Advance billings on contracts 4,665 247
Deferred revenue (5,078) (8,718)
Deferred compensation 393 0
Accrued expenses (795) 2,769
Accrued contract losses 3,127 (5,974)
Current income taxes and other 207 105
Net cash (used in) provided by operating activities (27,936) 11,832
Cash flows from investing activities:    
Capital expenditures (1,824) (3,290)
Net cash received in acquisition 0 1,588
Proceeds from the sale of equipment 2,120 5,548
Net cash provided by investing activities 296 3,846
Cash flows from financing activities:    
Tax payments made on behalf of employees from withheld, vested shares of common stock (884) (146)
Payment of financing cost (61) 0
Payments of dividends on common stock (299) (295)
Net cash used in financing activities (1,244) (441)
Net change in cash and cash equivalents (28,884) 15,237
Cash and cash equivalents at beginning of period 51,167 34,828
Cash and cash equivalents at end of period $ 22,283 $ 50,065