Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

v3.2.0.727
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income $ 1,440 $ 7,845
Adjustments to reconcile net income to net cash provided by operating activities:    
Bad debt expense 400 0
Depreciation 13,140 12,958
(Gain) loss on sale of asset (10) 85
Deferred income taxes (715) 4,046
Compensation expense - restricted stock 1,153 652
Changes in operating assets and liabilities:    
Contracts receivable and retainage 41,446 34,097
Costs and estimated earnings in excess of billings on uncompleted contracts 1,631 7,163
Prepaid expenses and other assets 946 746
Inventory 245 542
Accounts payable (24,493) (33,431)
Billings in excess of costs and estimated earnings on uncompleted contracts (9,538) (15,445)
Accrued employee costs (516) (334)
Accrued expenses (2,803) (592)
Accrued contract losses (604) 0
Current income taxes 1,450 (194)
Net cash provided by operating activities 23,172 18,138
Cash flows from investing activities:    
Capital expenditures (2,953) (21,334)
Proceeds on the sale of equipment 10 925
Net cash used in investing activities (2,943) (20,409)
Cash flows from financing activities:    
Borrowings against line of credit 0 22,000
Payments on line of credit 0 (22,000)
Payments of dividends on common stock (2,930) (2,931)
Net cash used in financing activities (2,930) (2,931)
Net change in cash and cash equivalents 17,299 (5,202)
Cash and cash equivalents at beginning of period 36,085 36,569
Cash and cash equivalents at end of period $ 53,384 $ 31,367