Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income (loss) $ (6,454) $ 989
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Bad debt expense 0 30
Depreciation and amortization 4,700 6,567
Amortization of deferred revenue (1,552) (1,160)
Asset impairment 389 0
Gain on sale of assets 0 (360)
Deferred income taxes (3,035) 544
Compensation expense - restricted stock 459 728
Changes in operating assets and liabilities:    
Contracts receivable and retainage (892) 5,268
Contracts in progress (3,551) (1,069)
Prepaid expenses and other assets 871 650
Inventory 175 51
Accounts payable (520) (10,679)
Advance billings on contracts 785 604
Deferred revenue (4,162) (1,623)
Deferred compensation 196 0
Accrued expenses (2,498) 1,471
Accrued contract losses (235) (3,636)
Current income taxes and other 240 49
Net cash used in operating activities (15,084) (1,576)
Cash flows from investing activities:    
Capital expenditures (391) (724)
Net cash received in acquisition 0 1,588
Proceeds from the sale of equipment 0 5,377
Net cash (used in) provided by investing activities (391) 6,241
Cash flows from financing activities:    
Tax payments made on behalf of employees from withheld, vested shares of common stock (880) (145)
Payments of dividends on common stock (149) (146)
Net cash used in financing activities (1,029) (291)
Net change in cash and cash equivalents (16,504) 4,374
Cash and cash equivalents at beginning of period 51,167 34,828
Cash and cash equivalents at end of period $ 34,663 $ 39,202