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, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income (loss) $ (20,378,000) $ (44,766,000) $ 3,515,000
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
Depreciation and amortization 10,430,000 12,909,000 25,448,000
Amortization of deferred revenue 0 (2,008,000) (5,223,000)
Bad debt expense 30,000 21,000 493,000
Asset impairments 4,363,000 7,672,000 0
(Gain) loss on assets held for sale, net (7,642,000) 259,000 0
Gain on insurance recoveries (3,571,000) 0 0
Loss (gain) on the sale of fixed assets and other assets 268,000 (35,000) (757,000)
Deferred income taxes 200,000 (23,234,000) 1,409,000
Stock-based compensation expense 2,795,000 2,741,000 3,125,000
Changes in operating assets and liabilities:      
Contracts receivable and retainage, net 2,962,000 (8,319,000) 28,067,000
Contract assets (26,932,000) (1,544,000) (13,984,000)
Prepaid expenses, inventory and other assets (3,294,000) 744,000 6,731,000
Accounts payable 10,515,000 9,354,000 (12,757,000)
Contract liabilities 12,371,000 8,390,000 (12,305,000)
Deferred revenue (852,000) (4,917,000) (11,656,000)
Deferred compensation 843,000 1,608,000 305,000
Accrued expenses and other liabilities (2,500,000) 1,740,000 2,157,000
Net cash (used in) provided by operating activities (20,392,000) (39,385,000) 14,568,000
Cash flows from investing activities:      
Cash received in acquisition 0 0 3,035,000
Capital expenditures (3,481,000) (4,834,000) (6,795,000)
Purchase of short-term investments (9,610,000) 0 0
Maturities of short-term investments 1,200,000 0 0
Proceeds from the sale of property, plant and equipment 85,247,000 2,155,000 6,458,000
Recoveries from insurance claims 9,362,000 1,544,000 0
Net cash provided by (used in) investing activities 82,718,000 (1,135,000) 2,698,000
Cash flows from financing activities:      
Proceeds from borrowings under Credit Agreement 15,000,000 2,000,000 0
Repayment of borrowings under Credit Agreement (15,000,000) (2,000,000) 0
Payment of financing cost (42,000) (150,000) (122,000)
Tax payments made on behalf of employees from vested stock withholdings (810,000) (916,000) (217,000)
Payments of dividends on common stock 0 (598,000) (588,000)
Net cash used in financing activities (852,000) (1,664,000) (927,000)
Net increase (decrease) in cash and cash equivalents 61,474,000 (42,184,000) 16,339,000
Cash and cash equivalents, beginning of period 8,983,000 51,167,000 34,828,000
Cash and cash equivalents, end of period 70,457,000 8,983,000 51,167,000
Supplemental cash flow information:      
Interest paid 352,000 349,000 332,000
Income taxes paid (refunds received), net 6,000 189,000 377,000
Reclassification of property, plant and equipment to assets held for sale 0 109,488,000 0
Reclassification of assets held for sale to property, plant and equipment 866,000 0 0
Reclassification of accrued expenses to assets held for sale $ 3,245,000 $ 0 $ 0