Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net loss $ (10,697) $ 15,431
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Bad debt expense (recovery) 400 (475)
Depreciation 19,674 19,693
Asset impairment 6,600 0
(Gain) loss on sale of asset (10) 85
Deferred income taxes (5,464) 6,945
Compensation expense - restricted stock 1,863 917
Changes in operating assets and liabilities:    
Contracts receivable and retainage 43,501 16,878
Costs and estimated earnings in excess of billings on uncompleted contracts (237) 2,924
Prepaid expenses and other assets 2,072 1,874
Inventory 508 869
Accounts payable (25,402) (31,779)
Billings in excess of costs and estimated earnings on uncompleted contracts (13,494) (15,186)
Accrued employee costs 343 949
Accrued expenses (2,369) 136
Accrued contract losses 1,367 412
Current income taxes 0 642
Net cash provided by operating activities 18,655 20,315
Cash flows from investing activities:    
Capital expenditures (5,052) (26,712)
Proceeds on the sale of equipment 10 934
Net cash used in investing activities (5,042) (25,778)
Cash flows from financing activities:    
Borrowings against line of credit 0 22,000
Payments on line of credit 0 (22,000)
Payments of dividends on common stock (4,397) (4,399)
Net cash used in financing activities (4,397) (4,399)
Net change in cash and cash equivalents 9,216 (9,862)
Cash and cash equivalents at beginning of period 36,085 36,569
Cash and cash equivalents at end of period $ 45,301 $ 26,707