Orion Group Holdings, Inc. (NYSE:ORN) (the “Company”), a leading
specialty construction company, today reported net income of $2.2
million, ($0.08 diluted earnings per share) for the three months
ended June 30, 2018. These results compare to net loss of $2.3
million, ($0.08 diluted loss per share) for the same period a year
ago.
“We are pleased with our results for the second
quarter,” said Mark Stauffer, Orion Group Holding's President and
Chief Executive Officer. “Our Marine segment performed well
during the second quarter as a result of continued strong demand
and solid execution. In our Concrete Segment, we continued to
experience some margin pressure, particularly in Houston, but
expect this pressure to begin to abate as we head into 2019.
Additionally, we continue to see market indications for continued
solid demand across our markets, including the recently announced
US Army Corps of Engineers $5 billion of funding for disaster
recovery projects in Texas. Overall, we are pleased with our
results for the first half of the year and remain optimistic about
future growth opportunities.”
Consolidated Results for Second Quarter
2018 compared to Second Quarter 2017
- Contract revenues were $159.8 million, an increase of 16.3% as
compared to revenues of $137.4 million. The increase is
primarily attributed to the timing and mix of projects.
- Gross profit was $20.8 million, as compared to gross profit of
$15.4 million. Gross profit margin was 13.0% as compared to
11.2%. This increase is primarily attributed to solid
operational performance and the timing and mix of projects.
- Selling, General and Administrative expenses were $16.9 million
as compared to $17.5 million. The decrease is driven by cost
saving initiatives and decreased legal fees.
- Operating income was $4.6 million as compared to an operating
loss of $2.5 million.
- EBITDA was $12.5 million, representing a 7.8% EBITDA margin as
compared to EBITDA of $5.1 million, or 3.7% EBITDA margin.
Segment Results for Second Quarter 2018 Compared to
Second Quarter 2017
Marine Segment
- Contract revenues were $80.7 million, an increase of 30.2% as
compared to $62.0 million. The increase is primarily
attributed to the timing and mix of projects.
- Operating income was $3.6 million, as compared to an operating
loss of $8.6 million. The increase is attributed to
solid execution and the timing and mix of projects.
- EBITDA was $12.2 million, representing a 15.1% EBITDA margin as
compared to $(1.2) million EBITDA and a (2.0)% EBITDA margin.
Concrete Segment
- Contract revenues were $79.1 million, an increase of 4.8%, as
compared to $75.4 million. The increase is primarily
attributed to the expansion into the Central Texas market and solid
production.
- Operating income was $0.9 million, as compared to operating
income of $6.2 million. The decrease is primarily attributed
to the timing and mix of projects and competitive pressure in the
Houston market.
- EBITDA was $0.3 million, representing a 0.4% EBITDA margin as
compared to $6.3 million EBITDA and an 8.4% EBITDA margin.
Backlog
Backlog of work under contract as of
June 30, 2018 was $340.7 million, which compares with backlog
under contract at June 30, 2017 of $428.1 million, a decrease
of 20.4%. Of the June 30, 2018 backlog, $184.6 million
was attributable to the Marine segment, while $156.1 million was
attributable to the Concrete segment. The change in backlog is due
to the timing and mix of project awards. Backlog continues to
support the Company's outlook. Currently, the Company has $1
billion worth of bids outstanding, including approximately
$135 million on which it is the apparent low bidder, or have
been awarded subsequent to the end of the second quarter, of which,
approximately $108 million pertains to the Marine segment
and approximately $27 million is in the Concrete
segment.
"During the second quarter, we bid on
approximately $668 million and were successful on
approximately $145 million," said Chris
DeAlmeida, Orion Group Holding's Executive Vice President
and Chief Financial Officer. "This resulted in a 0.91 times
book-to-bill ratio and a win rate of 21.7%. In the Marine
segment, we bid on approximately $127 million during the
second quarter 2018 and were successful on $83 million, which
translated into a 1.03 times book-to-bill ratio and a win rate of
65.6%. The Concrete segment bid on approximately $541
million in work while being awarded approximately $62
million. This yielded a 0.78 times book-to-bill ratio and a
win rate of 11.5%."
Backlog consists of projects under contract that
have either (a) not been started, or (b) are in progress and not
yet complete, and the Company cannot guarantee that the revenue
projected in its backlog will be realized, or if realized, will
result in earnings. Backlog can fluctuate from period to
period due to the timing and execution of contracts. Given
the typical duration of the Company's projects, which generally
range from three to nine months, the Company's backlog at any point
in time usually represents only a portion of the revenue it expects
to realize during a twelve-month period.
Business Sector Overviews
The infrastructure sector, which consists of the
Marine segment, provides both public and private opportunities to
maintain and expand marine facilities on and over U.S.
waterways. Market fundamentals in this segment continue to
provide good opportunities for future jobs. Specifically,
expansion of private sector waterside facilities continues, with
solid demand from private recreational customers, including bid
opportunities for cruise infrastructure, as well as continued solid
demand from the downstream energy sector. Additionally, the
U.S. Army Corps of Engineers recently announced nearly $5 billion
of funding in connection with disaster recovery in Texas, which the
Company expects will provide significant future bid
opportunities.
The building sector, which consists of the
Concrete segment, continues to see solid demand as its three major
metropolitan markets retain their positions as leading centers for
population growth and business expansion. Population growth
is driving new distribution centers, office expansion, retail and
grocery establishments, multi-family housing units, educational
facilities and medical facilities. In Houston, the Company
continues to experience competitive pressure in the market, but
expects to maintain market share. The Company continues to
focus on expanding its market share in the Dallas-Fort Worth
market, including adding structural opportunities. Also,
solid growth opportunities are expected in the Central Texas market
as the Company continues to see fundamentally strong end market
drivers.
In the industrial sector, the Company continues
its greenfield expansion by combining talent and resources from the
Marine segment and Concrete segment to execute and pursue
foundation and other work inside the industrial environment.
The Company is currently executing industrial projects with several
additional bids and bid opportunities developing. The Company
continues to expect the massive, long-term petrochemical driven
opportunities along the Gulf Coast to provide significant project
opportunities with outpaced growth in the petrochemical
industry.
Outlook
“We are extremely pleased with the first half of
2018 and remain comfortable with our 2018 outlook,” stated Mr.
Stauffer. “As we look ahead, we expect to see continued
strong demand for our services across the Company. We remain
focused on profitably delivering high quality projects to our
customers with continued service expansion across our operating
segments and areas. As a result, we continue to expect bottom
line improvement for the full year 2018, and we are increasing our
full year 2018 EBITDA range to between $45 and $50 million.
This improvement should continue to expand in 2019 and beyond as we
continue to execute our strategy.”
Credit Facility
Subsequent to the end of the second quarter
2018, the Company amended its Credit Agreement. The goal of
this amendment was to provide the Company with greater flexibility,
while reducing overall cost. The amendment converts the
existing $185 million Credit Facility to a $160 million Credit
Facility of which $60 million is a term loan and $100 million is a
revolver. The amendment also extends the Credit facility to
2023 and reduces the required term loan amortization. The
leverage ratio requirements remain unchanged at 3.0 times the
trailing twelve months adjusted EBITDA. Additionally, the new
facility reduces the overall interest expense at higher leverage
ratios. Due to the extension of this facility and other
changes in terms, the Company will account for the amendment as a
debt extinguishment and expense the remaining unamortized fees from
the original facility. As a result of this non-cash charge,
interest expense in the third quarter of 2018 will be higher by
approximately $2.1 million. The new fees associated with the
amendment are approximately $0.9 million and will be amortized over
the new term, or five years. Total debt outstanding
subsequent to the transaction is $90 million, with approximately
$70 million available under the revolving Credit Facility.
The Company is pleased with the continued robust support from its
lenders and looks forward to maintaining a long relationship with
its bank group.
Conference Call Details
Orion Group Holdings will host a conference call
to discuss results for the second quarter 2018 at 10:00 a.m.
Eastern Time/9:00 a.m. Central Time on Thursday, August 2, 2018. To
listen to a live webcast of the conference call, or access the
replay, visit the Calendar of Events page of the Investor Relations
section of the website at www.oriongroupholdingsinc.com.
To participate in the call, please dial the Orion Group Holdings,
Inc. Second Quarter 2018 Earnings Conference Call toll free at
(855) 478-9690; participant code: 6799625.
About Orion Group Holdings
Orion Group Holdings, Inc., a leading specialty
construction company, provides services both on and off the water
in the continental United
States, Alaska, Canada and the Caribbean
Basin through its heavy civil marine construction segment and
its commercial concrete segment. The Company’s heavy civil
marine construction segment services include marine transportation,
facility construction, marine pipeline construction, marine
environmental structures, dredging of waterways, channels and
ports, environmental dredging, design, and specialty
services. Its commercial concrete segment provides
turnkey concrete construction services including pour and finish,
dirt work, layout, forming, rebar, and mesh across the light
commercial, structural and other associated business areas.
The Company is headquartered in Houston, Texas with
regional offices throughout its operating areas.
Non-GAAP Financial Measures
This press release includes the financial
measures “adjusted net income,” “adjusted earnings per share,”
“EBITDA,” and “EBITDA margin." These measurements are
“non-GAAP financial measures” under rules of the Securities
and Exchange Commission, including Regulation G. The non-GAAP
financial information may be determined or calculated differently
by other companies. By reporting such non-GAAP financial
information, the Company does not intend to give such information
greater prominence than comparable and other GAAP financial
information, which information is of equal or greater
importance.
Adjusted net income and adjusted earnings per
share should not be considered as an alternative to net income
available to common stockholders or earnings per share.
Adjusted net income and adjusted earnings per share exclude certain
items that management believes affect the comparability of
operating results. The company believes these adjusted financial
measures are a useful adjunct to earnings calculated in accordance
with GAAP because management uses adjusted net income available to
common stockholders to evaluate the company's operational trends
and performance relative to other companies. Items excluded,
generally are one-time items or items whose timing or amount cannot
be reasonably estimated. Accordingly, any guidance provided
by the company generally excludes information regarding these types
of items.
Orion Group Holdings defines EBITDA as net
income before net interest expense, income taxes, depreciation and
amortization. EBITDA margin is calculated by dividing EBITDA
for the period by contract revenues for the period. The GAAP
financial measure that is most directly comparable to EBITDA is net
income, while the GAAP financial measure that is most directly
comparable to EBITDA margin is operating margin, which represents
operating income divided by contract revenues. EBITDA and
EBITDA margin are used internally to evaluate current operating
expense, operating efficiency, and operating profitability on a
variable cost basis, by excluding the depreciation and amortization
expenses, primarily related to capital expenditures and
acquisitions, and net interest and tax expenses.
Additionally, EBITDA and EBITDA margin provide useful information
regarding the Company's ability to meet future debt repayment
requirements and working capital requirements while providing an
overall evaluation of the Company's financial condition. In
addition, EBITDA is used internally for incentive compensation
purposes. The Company includes EBITDA and EBITDA margin to
provide transparency to investors as they are commonly used by
investors and others in assessing performance. EBITDA and
EBITDA margin have certain limitations as analytical tools and
should not be used as a substitute for operating margin, net
income, cash flows, or other data prepared in accordance with
generally accepted accounting principles in the United States,
or as a measure of the Company's profitability or liquidity.
Forward-Looking Statements
The matters discussed in this press release may
constitute or include projections or other forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, the provisions of which the Company is availing
itself. Certain forward-looking statements can be identified
by the use of forward-looking terminology, such as 'believes',
'expects', 'may', 'will', 'could', 'should', 'seeks',
'approximately', 'intends', 'plans', 'estimates', or 'anticipates',
or the negative thereof or other comparable terminology, or by
discussions of strategy, plans, objectives, intentions, estimates,
forecasts, outlook, assumptions, or goals. In particular,
statements regarding future operations or results, including those
set forth in this press release (including those under “Outlook”
above), and any other statement, express or implied, concerning
future operating results or the future generation of or ability to
generate revenues, income, net income, profit, EBITDA, EBITDA
margin, or cash flow, including to service debt, and including any
estimates, forecasts or assumptions regarding future revenues or
revenue growth, are forward-looking statements. Forward
looking statements also include estimated project start date,
anticipated revenues, and contract options which may or may not be
awarded in the future. Forward looking statements involve
risks, including those associated with the Company's fixed price
contracts that impacts profits, unforeseen productivity delays that
may alter the final profitability of the contract, cancellation of
the contract by the customer for unforeseen reasons, delays or
decreases in funding by the customer, levels and predictability of
government funding or other governmental budgetary constraints and
any potential contract options which may or may not be awarded in
the future, and are the sole discretion of award by the
customer. Past performance is not necessarily an indicator of
future results. In light of these and other uncertainties,
the inclusion of forward-looking statements in this press release
should not be regarded as a representation by the Company that the
Company's plans, estimates, forecasts, goals, intentions, or
objectives will be achieved or realized. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. The
Company assumes no obligation to update information contained in
this press release whether as a result of new developments or
otherwise.
Please refer to the Company's Annual Report on
Form 10-K, filed on March 13, 2018, which is available on its
website at www.oriongroupholdingsinc.com or at the SEC's
website at www.sec.gov, for additional and more detailed discussion
of risk factors that could cause actual results to differ
materially from our current expectations, estimates or
forecasts.
ContactOrion Group Holdings Inc.Shane Martin,
Investor Relations (972) 850-2001
Orion Group Holdings, Inc. and
SubsidiariesConsolidated Statements of
Operations(In Thousands, Except Share and Per
Share Information)(Unaudited)
|
Three months ended June
30, |
Six months ended June
30, |
|
2018 |
2017 |
2018 |
2017 |
Contract revenues |
$ |
159,767 |
|
$ |
137,420 |
|
$ |
296,610 |
|
$ |
276,177 |
|
Costs of contract revenues |
138,998 |
|
122,023 |
|
260,019 |
|
247,795 |
|
Gross profit |
20,769 |
|
15,397 |
|
36,591 |
|
28,382 |
|
Selling, general and administrative expenses |
16,864 |
|
17,528 |
|
31,878 |
|
32,507 |
|
(Gain) loss on sale of assets, net |
(686 |
) |
335 |
|
(1,499 |
) |
(177 |
) |
Other gain from continuing operations |
— |
|
— |
|
(5,448 |
) |
— |
|
Operating income (loss) from operations |
4,591 |
|
(2,466 |
) |
11,660 |
|
(3,948 |
) |
Other (expense) income |
|
|
|
|
Other income |
476 |
|
11 |
|
474 |
|
21 |
|
Interest income |
47 |
|
— |
|
47 |
|
— |
|
Interest expense |
(1,205 |
) |
(1,462 |
) |
(2,682 |
) |
(2,817 |
) |
Other expense, net |
(682 |
) |
(1,451 |
) |
(2,161 |
) |
(2,796 |
) |
Income (loss) before income taxes |
3,909 |
|
(3,917 |
) |
9,499 |
|
(6,744 |
) |
Income tax expense (benefit) |
1,660 |
|
(1,624 |
) |
3,149 |
|
(2,643 |
) |
Net income (loss) |
2,249 |
|
(2,293 |
) |
6,350 |
|
(4,101 |
) |
|
|
|
|
|
Basic income (loss) per share |
$ |
0.08 |
|
$ |
(0.08 |
) |
$ |
0.22 |
|
$ |
(0.15 |
) |
Diluted income (loss) per share |
$ |
0.08 |
|
$ |
(0.08 |
) |
$ |
0.22 |
|
$ |
(0.15 |
) |
Shares used to compute income (loss) per share: |
|
|
|
|
Basic |
28,309,004 |
|
27,941,814 |
|
28,243,400 |
|
27,867,090 |
|
Diluted |
28,544,010 |
|
27,941,814 |
|
28,474,432 |
|
27,867,090 |
|
Orion Group Holdings, Inc. and
SubsidiariesSelected Results of
Operations(In Thousands, Except Share and Per
Share Information)(Unaudited)
|
Three months ended June
30, |
Six months ended June
30, |
|
2018 |
2017 |
2018 |
2017 |
Marine |
|
|
|
|
Contract revenues |
$ |
80,698 |
|
$ |
62,003 |
|
$ |
143,489 |
|
$ |
129,183 |
|
Operating income (loss) |
3,642 |
|
(8,617 |
) |
9,907 |
|
(16,323 |
) |
|
|
|
|
|
Concrete |
|
|
|
|
Contract revenues |
$ |
79,069 |
|
$ |
75,417 |
|
$ |
153,121 |
|
$ |
146,994 |
|
Operating income |
949 |
|
6,150 |
|
1,753 |
|
12,375 |
|
Orion Group Holdings, Inc. and
SubsidiariesEBITDA and EBITDA Margin
Reconciliations(In Thousands, Except Margin
Data)(Unaudited)
|
Three months ended June
30, |
Six months ended June
30, |
|
2018 |
2017 |
2018 |
2017 |
|
|
|
|
|
Operating
income (loss) |
$ |
4,591 |
|
$ |
(2,466 |
) |
$ |
11,660 |
|
$ |
(3,948 |
) |
Other
(expense) income |
476 |
|
11 |
|
474 |
|
21 |
|
Depreciation and amortization expense |
7,431 |
|
7,591 |
|
14,211 |
|
15,119 |
|
EBITDA(1) |
$ |
12,498 |
|
$ |
5,136 |
|
$ |
26,345 |
|
$ |
11,192 |
|
Operating
income (loss) margin(2) |
3.2 |
% |
(1.8 |
)% |
4.1 |
% |
(1.4 |
)% |
Impact of
depreciation and amortization |
4.6 |
% |
5.5 |
% |
4.8 |
% |
5.5 |
% |
EBITDA
margin(1) |
7.8 |
% |
3.7 |
% |
8.9 |
% |
4.1 |
% |
(1) EBITDA is a non-GAAP measure that represents earnings before
interest, taxes, depreciation and amortization. EBITDA margin is a
non-GAAP measure calculated by dividing EBITDA by contract
revenues.(2) Operating margin is calculated by dividing operating
income (loss), plus other income, by contract revenues.
Orion Group Holdings, Inc. and
SubsidiariesEBITDA and EBITDA Margin
Reconciliations by Segment(In Thousands, Except
Margin Data)(Unaudited)
|
Marine |
|
Three months ended June
30, |
Six months ended June
30, |
|
2018 |
2017 |
2018 |
2017 |
|
|
|
|
|
Operating
income (loss) |
$ |
3,642 |
|
$ |
(8,617 |
) |
$ |
9,907 |
|
$ |
(16,323 |
) |
Other
income |
3,251 |
|
2,317 |
|
5,580 |
|
4,149 |
|
Depreciation and amortization expense |
5,295 |
|
5,087 |
|
10,026 |
|
10,342 |
|
EBITDA(1) |
$ |
12,188 |
|
$ |
(1,213 |
) |
$ |
25,513 |
|
$ |
(1,832 |
) |
Operating
income (loss) margin(2) |
8.5 |
% |
(10.2 |
)% |
10.8 |
% |
(9.4 |
)% |
Impact of
depreciation and amortization |
6.6 |
% |
8.2 |
% |
7.0 |
% |
8.0 |
% |
EBITDA
margin(1) |
15.1 |
% |
(2.0 |
)% |
17.8 |
% |
(1.4 |
)% |
|
Concrete |
|
Three months ended June
30, |
Six months ended June
30, |
|
2018 |
2017 |
2018 |
2017 |
|
|
|
|
|
Operating
income |
$ |
949 |
|
$ |
6,150 |
|
$ |
1,753 |
|
$ |
12,375 |
|
Other
expense |
(2,775 |
) |
(2,306 |
) |
(5,106 |
) |
(4,128 |
) |
Depreciation and amortization expense |
2,136 |
|
2,505 |
|
4,185 |
|
4,777 |
|
EBITDA(1) |
$ |
310 |
|
$ |
6,349 |
|
$ |
832 |
|
$ |
13,024 |
|
Operating
(loss) income margin(2) |
(2.3 |
)% |
5.1 |
% |
(2.2 |
)% |
5.6 |
% |
Impact of
depreciation and amortization |
2.7 |
% |
3.3 |
% |
2.7 |
% |
3.2 |
% |
EBITDA
margin(1) |
0.4 |
% |
8.4 |
% |
0.5 |
% |
8.8 |
% |
(1) EBITDA is a non-GAAP measure that represents earnings before
interest, taxes, depreciation and amortization. EBITDA margin is a
non-GAAP measure calculated by dividing EBITDA by contract
revenues.(2) Operating margin is calculated by dividing operating
income (loss), plus other income, by contract revenues.
Orion Group Holdings, Inc. and
SubsidiariesConsolidated Balance
Sheets(In Thousands, Except Share and Per Share
Information)
|
June 30, 2018 |
December 31,
2017 |
|
(Unaudited) |
(Audited) |
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ |
6,281 |
|
$ |
9,086 |
|
Accounts receivable: |
|
|
Trade, net of allowance of $0 and $0, respectively |
77,015 |
|
84,953 |
|
Retainage |
37,909 |
|
39,189 |
|
Other current |
3,942 |
|
3,706 |
|
Income taxes receivable |
248 |
|
339 |
|
Inventory |
3,878 |
|
4,386 |
|
Costs and estimated earnings in excess of billings on
uncompleted contracts |
53,287 |
|
46,006 |
|
Prepaid expenses and other |
4,677 |
|
4,124 |
|
Total current assets |
187,237 |
|
191,789 |
|
Property and equipment, net |
147,683 |
|
146,278 |
|
Inventory, non-current |
4,835 |
|
4,915 |
|
Goodwill |
69,483 |
|
69,483 |
|
Intangible assets, net of amortization |
16,481 |
|
18,175 |
|
Other
noncurrent |
6,550 |
|
$ |
2,645 |
|
Total assets |
$ |
432,269 |
|
$ |
433,285 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
Current liabilities: |
|
|
Current debt, net of debt issuance costs |
$ |
30,743 |
|
$ |
22,756 |
|
Accounts payable: |
|
|
Trade |
37,500 |
|
45,194 |
|
Retainage |
2,826 |
|
1,990 |
|
Accrued liabilities |
18,218 |
|
17,873 |
|
Taxes payable |
705 |
|
256 |
|
Billings in excess of costs and estimated earnings on
uncompleted contracts |
25,069 |
|
33,923 |
|
Total current liabilities |
115,061 |
|
121,992 |
|
Long term debt, net of debt issuance costs |
57,094 |
|
63,185 |
|
Other long-term liabilities |
4,904 |
|
3,573 |
|
Deferred income taxes |
15,084 |
|
13,243 |
|
Interest rate swap liability |
— |
|
26 |
|
Total liabilities |
192,143 |
|
202,019 |
|
Stockholders’ equity: |
|
|
Preferred stock -- $0.01 par value, 10,000,000 authorized, none
issued |
— |
|
— |
|
Common stock -- $0.01 par value, 50,000,000
authorized, 29,422,432 and 28,860,961 issued; 28,711,208 and
28,149,737 outstanding at June 30, 2018 and December 31, 2017,
respectively |
293 |
|
288 |
|
Treasury stock, 711,231 shares, at cost, as of June 30,
2018 and December 31, 2017, respectively |
(6,540 |
) |
(6,540 |
) |
Other comprehensive income (loss) |
320 |
|
(26 |
) |
Additional paid-in capital |
177,142 |
|
174,697 |
|
Retained earnings |
68,911 |
|
62,847 |
|
Total stockholders’ equity |
240,126 |
|
231,266 |
|
Total liabilities and stockholders’ equity |
$ |
432,269 |
|
$ |
433,285 |
|
Orion Group Holdings, Inc. and
SubsidiariesConsolidated Statements of Cash
Flows(In
Thousands)(Unaudited)
|
Six months ended June
30, |
|
2018 |
2017 |
Cash flows from operating activities: |
|
|
Net income (loss) |
$ |
6,350 |
|
$ |
(4,101 |
) |
Adjustments to reconcile net income (loss) to net cash
provided by (used in): |
|
|
Operating activities: |
|
|
Depreciation and amortization |
14,211 |
|
15,119 |
|
Deferred financing cost amortization |
646 |
|
631 |
|
Deferred income taxes |
1,841 |
|
(760 |
) |
Stock-based compensation |
1,151 |
|
1,207 |
|
Gain on sale of property and equipment |
(1,499 |
) |
(177 |
) |
Other gain from continuing operations |
(5,448 |
) |
— |
|
Change in operating assets and liabilities: |
|
|
Accounts receivable |
8,983 |
|
17,742 |
|
Income tax receivable |
91 |
|
(2,202 |
) |
Inventory |
588 |
|
(5 |
) |
Prepaid expenses and other |
1,482 |
|
720 |
|
Costs and estimated earnings in excess of billings on
uncompleted contracts |
(7,282 |
) |
(1,853 |
) |
Accounts payable |
(6,952 |
) |
(3,774 |
) |
Accrued liabilities |
(962 |
) |
(1,989 |
) |
Income tax payable |
449 |
|
(689 |
) |
Billings in excess of costs and estimated earnings on
uncompleted contracts |
(8,854 |
) |
252 |
|
Other |
(286 |
) |
— |
|
Net cash provided by operating activities |
4,509 |
|
20,121 |
|
Cash flows from investing activities: |
|
|
Proceeds from sale of property and equipment |
1,070 |
|
5,547 |
|
Contributions to CSV life insurance |
(266 |
) |
(241 |
) |
Acquisition of TBC |
— |
|
(6,000 |
) |
Insurance claim proceeds related to property and
equipment |
1,150 |
|
— |
|
Purchase of property and equipment |
(11,911 |
) |
(3,689 |
) |
Proceeds from return of investment |
94 |
|
— |
|
Net cash used in investing activities |
(9,863 |
) |
(4,383 |
) |
Cash flows from financing activities: |
|
|
Borrowings from Credit Facility |
13,000 |
|
37,000 |
|
Payments made on borrowings from Credit Facility |
(11,750 |
) |
(53,063 |
) |
Exercise of stock options |
1,299 |
|
940 |
|
Net cash provided by (used in) financing
activities |
2,549 |
|
(15,123 |
) |
Net change in cash and cash equivalents |
(2,805 |
) |
615 |
|
Cash and cash equivalents at beginning of period |
9,086 |
|
305 |
|
Cash and cash equivalents at end of period |
$ |
6,281 |
|
$ |
920 |
|
Supplemental disclosures of cash flow information: |
|
|
Cash paid during the period for: |
|
|
Interest |
$ |
2,055 |
|
$ |
2,193 |
|
Taxes, net of refunds |
$ |
404 |
|
$ |
1,067 |
|
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