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, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating activities:      
Net income (loss) $ 3,515 $ (25,364) $ 15,320
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation 25,448 26,204 26,436
Amortization of deferred revenue (5,223) 0 0
Asset impairment 0 7,202 3,200
Allowance for doubtful accounts 493 448 3,168
(Gain) loss on the sale of assets (757) (10) 86
Deferred income taxes 1,409 (14,061) 8,264
Stock-based compensation expense 3,125 2,707 1,139
Changes in operating assets and liabilities:      
Contracts receivable, net 28,067 31,740 15,074
Contracts in progress (13,984) 14,167 (2,262)
Advance billings on contracts (3,197) (11,685) (16,240)
Accounts payable (12,757) (26,668) (25,782)
Prepaid expenses and other assets 230 1,092 352
Inventory 6,501 931 1,189
Accrued contract losses (9,108) 8,678 817
Deferred revenue (11,656) 0 0
Deferred compensation 305 0 0
Accrued expenses 2,003 (5,381) 1,334
Current income taxes (63) 615 15
Net cash provided by operating activities 14,351 10,615 32,110
Cash flows from investing activities:      
Cash received in acquisition 3,035 0 0
Capital expenditures, net (6,795) (6,018) (27,658)
Proceeds from the sale of equipment 6,458 11 929
Net cash provided by (used in) investing activities 2,698 (6,007) (26,729)
Cash flows from financing activities:      
Borrowings against notes payable 0 0 22,000
Payments on notes payable 0 0 (22,000)
Payment of financing costs (122) 0 0
Payments of dividends on common stock (588) (5,865) (5,865)
Net cash used in financing activities (710) (5,865) (5,865)
Net increase (decrease) in cash and cash equivalents 16,339 (1,257) (484)
Cash and cash equivalents at beginning of period 34,828 36,085 36,569
Cash and cash equivalents at end of period 51,167 34,828 36,085
Supplemental cash flow information:      
Interest paid 332 165 169
Income taxes paid (refunds received), net 377 (152) 225
Schedule of noncash financing activities      
Reclassification of property, plant and equipment to assets held for sale 0 4,805 0
Reclassification of assets held for sale to inventory $ 0 $ 3,727 $ 0