Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating activities:      
Net (loss) income $ (25,364) $ 15,320 $ 7,232
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation 26,204 26,436 25,087
Asset impairment 7,202 3,200 0
Allowance for doubtful accounts 448 3,168 887
(Loss) gain on the sale of assets (10) 86 353
Deferred income taxes (14,061) 8,264 3,788
Stock-based compensation expense 2,707 1,139 672
Excess tax benefits from share-based payment arrangements 0 0 (116)
Changes in operating assets and liabilities:      
Contracts receivable, net 31,792 14,963 (55,353)
Contract retainage (52) 111 1,187
Costs and estimated earnings in excess of billings on uncompleted contracts 14,167 (2,262) 1,590
Billings in excess of costs and estimated earnings on uncompleted contracts (11,685) (16,240) 9,418
Accounts payable (26,668) (25,782) 16,569
Prepaid subcontractor costs 0 0 33,145
Prepaid expenses and other assets 1,092 352 (385)
Inventory 931 1,189 (6,325)
Accrued contract losses 8,678 817 (3,790)
Accrued employee costs (971) (154) 1,854
Accrued expenses (4,410) 1,488 (1,462)
Current income taxes 615 15 3,652
Net cash provided by operating activities 10,615 32,110 38,003
Cash flows from investing activities:      
Capital expenditures, net (6,018) (27,658) (21,353)
Proceeds on the sale of equipment 11 929 551
Net cash used in investing activities (6,007) (26,729) (20,802)
Cash flows from financing activities:      
Borrowings against notes payable 0 22,000 45,000
Payments on notes payable 0 (22,000) (45,000)
Proceeds from exercise of stock options 0 0 203
Excess tax benefit from share-based payment arrangements 0 0 116
Payments of dividends on common stock (5,865) (5,865) (5,839)
Net cash used in financing activities (5,865) (5,865) (5,520)
Net (decrease) increase in cash and cash equivalents (1,257) (484) 11,681
Cash and cash equivalents at beginning of period 36,085 36,569 24,888
Cash and cash equivalents at end of period 34,828 36,085 36,569
Supplemental cash flow information:      
Interest paid 165 169 843
Income taxes (received) paid, net of payments (refunds) (152) 225 3,138
Schedule of noncash financing activities      
Reclassification of property, plant and equipment to assets held for sale 4,805 0 14,527
Reclassification of assets held for sale to inventory $ 3,727 $ 0 $ 0