Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows from operating activities:    
Net income $ 2,787 $ 6,779
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 6,126 5,650
Deferred income taxes 1,983 3,424
Compensation expense - restricted stock 185 164
Changes in operating assets and liabilities:    
Contracts receivable (73,656) 20,708
Contract retainage (169) (1,794)
Costs and estimated earnings in excess of billings on uncompleted contracts 1,450 (7,620)
Billings in excess of costs and estimated earnings on uncompleted contracts 10,921 (26,288)
Accounts payable 33,866 (2,760)
Prepaid subcontractor costs 1,308  
Prepaid expenses and other assets 843 (457)
Inventory (96) 538
Accrued employee costs 345 3,637
Accrued expenses (996) 222
Accrued contract losses (1,970)  
Current income taxes 105 1,456
Net cash (used in) provided by operating activities (16,968) 3,659
Cash flows from investing activities:    
Capital expenditures, net (4,206) (14,792)
Net cash used in investing activities (4,206) (14,792)
Cash flows from financing activities:    
Borrowings against notes payable 16,000  
Payments on notes payable (6,000)  
Payments of dividends on common stock (1,460) (1,457)
Net cash provided by (used in) financing activities 8,540 (1,457)
Net change in cash and cash equivalents (12,634) (12,590)
Cash and cash equivalents at beginning of period 24,888 55,287
Cash and cash equivalents at end of period $ 12,254 $ 42,697