Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 6,492,000 $ 8,983,000
Contracts receivable and retainage, net 27,359,000 28,466,000
Contracts in progress 37,509,000 28,373,000
Prepaid expenses and other assets 3,311,000 3,833,000
Inventory 5,053,000 4,933,000
Assets held for sale 98,386,000 104,576,000
Total current assets 178,110,000 179,164,000
Property, plant and equipment, net 86,006,000 88,899,000
Other assets 5,006,000 2,777,000
Total assets 269,122,000 270,840,000
Current liabilities:    
Accounts payable 18,869,000 18,375,000
Advance billings on contracts 4,301,000 5,136,000
Deferred revenue, current 2,312,000 4,676,000
Accrued contract losses 6,320,000 7,618,000
Accrued expenses and other liabilities 9,006,000 12,741,000
Income tax payable 232,000 119,000
Total current liabilities 41,040,000 48,665,000
Deferred revenue, noncurrent 1,674,000 769,000
Outstanding borrowings under our Credit Agreement 10,000,000 0
Other liabilities 2,322,000 1,913,000
Total liabilities 55,036,000 51,347,000
Shareholders’ equity:    
Preferred stock, no par value, 5,000,000 shares authorized, no shares issued and outstanding 0 0
Common stock, no par value, 20,000,000 shares authorized, 15,043,068 issued and outstanding at March 31, 2018, and 14,910,498 at December 31, 2017, respectively 10,813,000 10,823,000
Additional paid-in capital 100,355,000 100,456,000
Retained earnings 102,918,000 108,214,000
Total shareholders’ equity 214,086,000 219,493,000
Total liabilities and shareholders’ equity $ 269,122,000 $ 270,840,000