XML 18 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash flows from operating activities:    
Net income (loss) attributable to Sterling common stockholders $ (7,500) $ 44
Plus: Noncontrolling owners' interests in earnings of subsidiaries and joint ventures 7,695 1,438
Net income 195 1,482
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,530 4,211
(Gain) loss on disposal of property and equipment (1,204) (145)
Deferred tax expense (2,951) 1,268
Interest expense accreted on noncontrolling interests 248 212
Stock-based compensation expense 105 125
Loss (gain) on sale of securities and other (649) 204
Other 18 0
Other changes in operating assets and liabilities:    
(Increase) decrease in contracts receivable 1,982 5,403
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts (1,312) (4,651)
(Increase) decrease in receivables from and equity in construction joint ventures (1,489) 456
(Increase) decrease in income tax receivable (1,079) (2,866)
Increase decrease in inventories depoits and other current assets (1,906) (113)
Increase (decrease) in accounts payable 4,762 (575)
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts 2,431 40
Increase (decrease) in accrued compensation and other liabilities (2,303) 395
Net cash provided by operating activities 1,378 5,446
Cash flows from investing activities:    
Additions to property and equipment (5,910) (8,433)
Purchases of short-term securities, available for sale (9,779) (57,516)
Sales of short-term securities, available for sale 11,325 27,364
Proceeds from sales of property and equipment 3,306 182
Net cash used in investing activities (1,058) (38,403)
Cash flows from financing activities:    
Cumulative daily drawdowns - Credit Facility 1,000 1,000
Cumulative daily repayments - Credit Facility (1,000) (1,000)
Distributions to noncontrolling interest owners 0 (3,900)
Purchases of treasury stock 0 (196)
Other (81) (18)
Net cash used in financing activities (81) (4,114)
Net increase (decrease) in cash and cash equivalents 239 (37,071)
Cash and cash equivalents at beginning of period 16,371 49,441
Cash and cash equivalents at end of period 16,610 12,370
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 120 2
Cash paid during the period for income taxes 2,000 1,665
Non-cash items:    
Reclassification of amounts payable to noncontrolling interest owner 0 1,054
Revaluation of noncontrolling interest - RLW put/call liability, net of tax $ 301 $ 0