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, unless otherwise specified
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash flows from operating activities:    
Net income $ 3,535 $ 2,787
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation 6,379 6,126
Loss on sale of asset 85  
Deferred income taxes 1,824 1,983
Compensation expense - restricted stock 316 185
Changes in operating assets and liabilities:    
Contracts receivable 6,075 (73,656)
Contract retainage    (169)
Costs and estimated earnings in excess of billings on uncompleted contracts 4,035 1,450
Prepaid subcontractor costs    1,308
Prepaid expenses and other assets 1,276 843
Inventory 134 (96)
Accounts payable (18,363) 33,866
Billings in excess of costs and estimated earnings on uncompleted contracts (6,389) 10,921
Accrued employee costs (974) 345
Accrued expenses (111) (2,966)
Current income taxes (83) 105
Net cash used in operating activities (2,261) (16,968)
Cash flows from investing activities:    
Capital expenditures, net (10,589) (4,206)
Proceeds on the sale of equipment 925  
Net cash used in investing activities (9,664) (4,206)
Cash flows from financing activities:    
Borrowings against line of credit 15,000 16,000
Payments on line of credit (15,000) (6,000)
Payments of dividends on common stock (1,466) (1,460)
Net cash (used in) provided by financing activities (1,466) 8,540
Net change in cash and cash equivalents (13,391) (12,634)
Cash and cash equivalents at beginning of period 36,569 24,888
Cash and cash equivalents at end of period $ 23,178 $ 12,254