XML 23 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities      
Net income (loss) $ 400 $ (3,620) $ (8,060)
Adjustments to reconcile net loss to net cash provided by operating activities      
Depreciation and amortization 29,491 34,162 28,083
Deferred financing cost amortization 1,269 1,225 462
Bad debt expense 0 0 22
Deferred income taxes (4,166) 751 (2,885)
Stock-based compensation 2,303 2,280 2,275
(Gain) loss on sale of property and equipment (674) (1,579) 466
Change in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable 15,022 (23,935) (2,666)
Income tax receivable (952) (49) 249
Inventory 89 1,696 1,150
Accounts receivable, non-current 0 (511) (222)
Prepaid expenses and other (226) 856 (467)
Costs and estimated earnings in excess of billings on uncompleted contracts (6,030) 19,640 (10,655)
Accounts payable (5,666) (5,717) 12,245
Accrued liabilities (1,519) (1,123) 1,658
Income tax payable (433) (125) (1,097)
Billings in excess of costs and estimated earnings on uncompleted contracts 5,225 (802) 4,655
Deferred revenue 0 0 (34)
Net cash provided by operating activities 34,133 23,149 25,179
Cash flows from investing activities:      
Proceeds from sale of property and equipment 6,826 2,152 2,708
Purchase of property and equipment (10,729) (18,715) (20,802)
TBC acquisition adjustment (557) 0 0
Insurance proceeds for PPE 925 0 0
Net cash used in investing activities (10,080) (17,686) (128,795)
Cash flows from financing activities:      
Borrowings from Credit Facility 72,000 57,000 149,021
Payments made on borrowings from Credit Facility (87,813) (63,084) (42,955)
Extinguishment of debt 0 0 (32,427)
Loan costs from Credit Facility (779) (486) (4,498)
Exercise of stock options 1,320 67 28
Purchase of shares into treasury 0 0 (3,101)
Net cash (used in) provided by financing activities (15,272) (6,503) 66,068
Net change in cash and cash equivalents 8,781 (1,040) (37,548)
Cash and cash equivalents at beginning of year 305 1,345 38,893
Cash and cash equivalents at end of year 9,086 305 1,345
Supplemental disclosures of cash flow information, cash paid during the period for:      
Interest 4,413 5,031 3,063
Taxes, net of refunds 1,008 999 584
Acquisition of TAS and purchase price adjustment      
Cash flows from investing activities:      
Payments for acquisition of businesses 0 (369) (110,344)
Houston Industrial Tool Services, Inc.      
Cash flows from investing activities:      
Payments for acquisition of businesses 0 0 (357)
Acquisition of business in Pacific Northwest      
Cash flows from investing activities:      
Payments for acquisition of businesses (6,000) 0 0
Acquisition of TW LaQuay Dredging [Member]      
Cash flows from investing activities:      
Payments for acquisition of businesses $ (545) $ (754) $ 0