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
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net loss $ (5,296) $ (6,454)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 8 0
Depreciation and amortization 2,749 4,700
Amortization of deferred revenue (390) (1,552)
Asset impairment, net of insurance recovery 750 389
Gain on sale of assets (12) 0
Deferred income taxes 0 (3,035)
Compensation expense - restricted stock 676 459
Changes in operating assets and liabilities:    
Contracts receivable and retainage, net (1,494) (892)
Contracts in progress (9,136) (3,551)
Prepaid expenses, inventory, and other current assets 542 1,046
Accounts payable 494 (520)
Advance billings on contracts (835) 785
Deferred revenue (1,068) (4,162)
Deferred compensation 409 196
Accrued expenses and other liabilities (490) (2,498)
Accrued contract losses (1,298) (235)
Current income taxes and other 295 240
Net cash used in operating activities (14,096) (15,084)
Cash flows from investing activities:    
Capital expenditures (71) (391)
Proceeds from the sale of equipment 309 0
Proceeds from insurance recoveries 2,165 0
Net cash provided by (used in) investing activities 2,403 (391)
Cash flows from financing activities:    
Tax payments made on behalf of employees from withheld, vested shares of common stock (787) (880)
Payment of financing cost (11) 0
Payments of dividends on common stock 0 (149)
Proceeds received from borrowings under our Credit Agreement 15,000 0
Repayment of borrowings under our Credit Agreement (5,000) 0
Net cash provided by (used in) financing activities 9,202 (1,029)
Net change in cash and cash equivalents (2,491) (16,504)
Cash and cash equivalents at beginning of period 8,983 51,167
Cash and cash equivalents at end of period $ 6,492 $ 34,663