XML 19 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 247,700 $ 2,347,443
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,931,433 13,053,384
Gain on disposal of property and equipment (152,746) (397,936)
Non-cash compensation 380,304 659,249
Deferred income taxes (1,172,361) (1,861,680)
Changes in operating assets and liabilities    
Trade accounts receivable (11,473,218) 20,369,437
Cost and estimated earnings in excess of billings on uncompleted contracts 824,731 5,220,391
Prepaid expenses and other (835,663) 526,865
Prepaid federal and state income tax 3,813,526  
Other assets 2,752 (1,112)
Trade accounts payable 11,375,967 (10,462,324)
Accrued liabilities 628,655 (2,627,296)
Billings in excess of cost and estimated earnings on uncompleted contracts 7,016,733 (1,700,430)
Federal and state income taxes payable 741,364 (2,040,792)
NET CASH PROVIDED BY OPERATING ACTIVITIES 21,329,177 23,085,199
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (1,086,520) (458,271)
Proceeds from sale of property and equipment 293,565 697,330
NET CASH USED IN INVESTING ACTIVITIES (792,955) 239,059
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on notes payable (5,479,474) (6,293,682)
Principal payments on capital lease obligations (794,281) (1,109,478)
Proceeds from exercise of stock options   395,571
Payment of dividends   (939)
NET CASH USED IN FINANCING ACTIVITIES (6,273,755) (7,008,528)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 14,262,467 16,315,730
Effect of exchange rates on cash 118,911 (123,155)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 16,130,374 8,614,244
CASH AND CASH EQUIVALENTS AT END OF PERIOD 30,511,752 24,806,819
Supplemental cash flow information    
Interest paid 357,527 628,158
Income taxes paid (3,224,163) 6,211,443
Noncash investing and financing activities    
Capital lease obligations incurred 30,260 368,396
Financed insurance premiums 3,045,297 3,064,370
Restricted stock awards to employees 100,200 25,441
Treasury shares issued for stock options exercised   $ 183,964