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, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Operating activities:      
Net Income (loss) $ (4,091) $ (1,804) $ 13,093
Depreciation 23,396 20,692 19,282
Provision for losses on contract receivables 14,501    
Anticipated loss on contracts 3,790    
Asset impairments   7,690  
Deferred income taxes (1,848) (883) 3,364
Excess tax benefits from share-based payment arrangements (259) (146) (124)
Compensation expense-stock compensation plans 1,222 906 825
Changes in operating assets and liabilities:      
Contracts receivable, net (1,937) (60,057) 75,826
Contract retainage 3,015 6,687 (10,125)
Costs and estimated earnings in excess of billings on uncompleted contracts (13,335) (6,469) 11,460
Billings in excess of costs and estimated earnings on uncompleted contracts (20,865) 42,148 (1,720)
Accounts payable 28,983 15,240 (11,256)
Prepaid subcontractor costs (23,414) (9,731)  
Prepaid expenses and other assets (1,113) 330 (691)
Inventory 1,254 (2,013) (41)
Other receivables     (53)
Accrued employee costs 944 (1,317) (404)
Accrued expenses 2,551 1,082 (531)
Current income taxes (1,757) (423) (2,755)
Net cash provided by operating activities 11,037 11,932 96,150
Cash flows from investing activities:      
Capital expenditures, net (35,890) (41,545) (16,475)
Net cash used in investing activities (35,890) (41,545) (16,475)
Cash flows from financing activities:      
Proceeds from exercise of stock options 17 167 101
Excess tax benefit from share-based payment arrangements 259 146 124
Payments of dividends on common stock (5,822) (3,485) (579)
Net cash used in financing activities (5,546) (3,172) (354)
Net increase (decrease) in cash and cash equivalents (30,399) (32,785) 79,321
Cash and cash equivalents at beginning of period 55,287 88,072 8,751
Cash and cash equivalents at end of period 24,888 55,287 88,072
Supplemental cash flow information:      
Interest paid 99 132 72
Income taxes paid, net of refunds $ 2,291 $ 660 $ 7,644