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
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income (loss) $ (20,488) $ 7,069
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Bad debt expense 19 422
Depreciation and amortization 10,141 19,262
Amortization of deferred revenue (2,397) (4,114)
Asset impairment 389 0
Loss (gain) on sale of assets 224 (924)
Deferred income taxes (10,235) 3,651
Compensation expense - restricted stock 2,636 2,452
Changes in operating assets and liabilities:    
Contracts receivable and retainage, net (5,363) 22,287
Contracts in progress (15,981) (5,834)
Prepaid expenses, inventory, and other current assets (26) 1,050
Accounts payable 12,436 (13,654)
Advance billings on contracts 390 (20)
Deferred revenue (5,825) (8,928)
Deferred compensation 590 0
Accrued expenses and other liabilities 2,336 4,713
Accrued contract losses 1,595 (8,001)
Net cash (used in) provided by operating activities (29,559) 19,431
Cash flows from investing activities:    
Capital expenditures (4,515) (5,415)
Net cash received in acquisition 0 1,588
Proceeds from the sale of equipment 2,120 5,813
Net cash (used in) provided by investing activities (2,395) 1,986
Cash flows from financing activities:    
Tax payments made on behalf of employees from withheld, vested shares of common stock (885) (163)
Payment of financing cost (88) 0
Payments of dividends on common stock (448) (440)
Proceeds received from borrowings under our line of credit 2,000 0
Repayment of borrowings under our line of credit (2,000) 0
Net cash used in financing activities (1,421) (603)
Net change in cash and cash equivalents (33,375) 20,814
Cash and cash equivalents at beginning of period 51,167 34,828
Cash and cash equivalents at end of period $ 17,792 $ 55,642