Gulf Island Fabrication, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities:
Net income (loss)	$ 15,320us-gaap_NetIncomeLoss	$ 7,232us-gaap_NetIncomeLoss	$ (4,091)us-gaap_NetIncomeLoss
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	26,436us-gaap_Depreciation	25,087us-gaap_Depreciation	23,396us-gaap_Depreciation
Provision for losses on contract receivables			14,501us-gaap_ProvisionForDoubtfulAccounts
Asset impairment	3,200
Allowance for doubtful accounts	3,168	887
Loss on the sale of assets	86us-gaap_GainLossOnDispositionOfAssets1	353us-gaap_GainLossOnDispositionOfAssets1
Deferred income taxes	8,264	3,788	(1,848)
Stock-based compensation expense	1,139us-gaap_ShareBasedCompensation	672us-gaap_ShareBasedCompensation	(259)us-gaap_ShareBasedCompensation
Excess tax benefits from share-based payment arrangements		(116)	1,222
Changes in operating assets and liabilities:
Contracts receivable, net	14,963	(55,353)	(1,937)
Contract retainage	111	1,187	3,015
Costs and estimated earnings in excess of billings on uncompleted contracts	(2,262)	1,590	(13,335)
Billings in excess of costs and estimated earnings on uncompleted contracts	(16,240)	9,418	(20,865)
Accounts payable	(25,782)	16,569	28,983
Prepaid subcontractor costs		33,145	(23,414)
Prepaid expenses and other assets	352	(385)	(1,113)
Inventory	1,189us-gaap_IncreaseDecreaseInInventories	(6,325)us-gaap_IncreaseDecreaseInInventories	1,254us-gaap_IncreaseDecreaseInInventories
Accrued contract losses	817gifi_AccruedContractLosses	(3,790)gifi_AccruedContractLosses	3,790gifi_AccruedContractLosses
Accrued employee costs	(154)	1,854	944
Accrued expenses	1,488	(1,462)	2,551
Current income taxes	15	3,652	(1,757)
Net cash provided by operating activities	32,110	38,003	11,037
Cash flows from investing activities:
Capital expenditures, net	(27,658)	(21,353)	(35,890)
Proceeds on the sale of equipment	929	551
Net cash used in investing activities	(26,729)	(20,802)	(35,890)
Cash flows from financing activities:
Borrowings against notes payable	22,000us-gaap_ProceedsFromNotesPayable	45,000us-gaap_ProceedsFromNotesPayable
Payments on notes payable	(22,000)us-gaap_RepaymentsOfNotesPayable	(45,000)us-gaap_RepaymentsOfNotesPayable
Proceeds from exercise of stock options	0	203	17
Excess tax benefit from share-based payment arrangements	0	116	259
Payments of dividends on common stock	(5,865)us-gaap_PaymentsOfDividendsCommonStock	(5,839)us-gaap_PaymentsOfDividendsCommonStock	(5,822)us-gaap_PaymentsOfDividendsCommonStock
Net cash used in financing activities	(5,865)	(5,520)	(5,546)
Net (decrease) increase in cash and cash equivalents	(484)	11,681	(30,399)
Cash and cash equivalents at beginning of period	36,569	24,888	55,287
Cash and cash equivalents at end of period	36,085	36,569	24,888
Supplemental cash flow information:
Interest paid	169us-gaap_InterestPaid	843us-gaap_InterestPaid	99us-gaap_InterestPaid
Income taxes paid (received), net of payments (refunds)	225us-gaap_IncomeTaxesPaidNet	3,138us-gaap_IncomeTaxesPaidNet	2,291us-gaap_IncomeTaxesPaidNet
Schedule of Noncash Financing Activities
Reclassification of assets to held for sale		$ 14,527