Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating activities:      
Net income (loss) $ (44,766,000) $ 3,515,000 $ (25,364,000)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:      
Depreciation 12,909,000 25,448,000 26,204,000
Amortization of deferred revenue (2,008,000) (5,223,000) 0
Asset impairment 7,672,000 0 7,202,000
Provision for bad debts 21,000 493,000 448,000
Loss (gain) on the sale of assets 224,000 (757,000) (10,000)
Deferred income taxes (23,234,000) 1,409,000 (14,061,000)
Stock-based compensation expense 2,741,000 3,125,000 2,707,000
Changes in operating assets and liabilities:      
Contracts receivable, net (8,319,000) 28,067,000 31,740,000
Contracts in progress (1,544,000) (13,984,000) 14,167,000
Advance billings on contracts 1,159,000 (3,197,000) (11,685,000)
Accounts payable 9,354,000 (12,757,000) (26,668,000)
Prepaid expenses and other assets 388,000 230,000 1,092,000
Inventory 356,000 6,501,000 931,000
Accrued contract losses 7,231,000 (9,108,000) 8,678,000
Deferred revenue (4,917,000) (11,656,000) 0
Deferred compensation 1,608,000 305,000 0
Accrued expenses 2,709,000 2,220,000 (5,302,000)
Current income taxes (969,000) (63,000) 615,000
Net cash provided by (used in) operating activities (39,385,000) 14,568,000 10,694,000
Cash flows from investing activities:      
Cash received in acquisition 0 3,035,000 0
Capital expenditures, net (4,834,000) (6,795,000) (6,018,000)
Proceeds from the sale of equipment 2,155,000 6,458,000 11,000
Proceeds from insurance recoveries 1,544,000 0 0
Net cash provided by (used in) investing activities (1,135,000) 2,698,000 (6,007,000)
Cash flows from financing activities:      
Borrowings against credit agreement 2,000,000 0 0
Payments on credit agreement (2,000,000) 0 0
Payment of financing costs (150,000) (122,000) 0
Tax payments made on behalf of employees from withheld, vested shares of common stock (916,000) (217,000) (79,000)
Payments of dividends on common stock (598,000) (588,000) (5,865,000)
Net cash used in financing activities (1,664,000) (927,000) (5,944,000)
Net increase (decrease) in cash and cash equivalents (42,184,000) 16,339,000 (1,257,000)
Cash and cash equivalents at beginning of period 51,167,000 34,828,000 36,085,000
Cash and cash equivalents at end of period 8,983,000 51,167,000 34,828,000
Supplemental cash flow information:      
Interest paid 349,000 332,000 165,000
Income taxes paid (refunds received), net 189,000 377,000 (152,000)
Schedule of noncash financing activities      
Reclassification of property, plant and equipment to assets held for sale 109,488,000 0 4,805,000
Reclassification of assets held for sale to inventory $ 0 $ 0 $ 3,727,000