Subsidiary Guarantors (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 |
Subsidiary Guarantors [Abstract] | ' | ' |
Condensed Consolidating of Balance Sheet | ' | ' |
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GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | | GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATING BALANCE SHEET | | CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF MARCH 31, 2014 | | AS OF DECEMBER 31, 2013 |
(In thousands) | | (In thousands) |
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ASSETS | Subsidiary Guarantors | | Non-Guarantor Subsidiaries | | GLDD Corporation | | Eliminations | | Consolidated Totals | | ASSETS | Subsidiary Guarantors | | Non-Guarantor Subsidiaries | | GLDD Corporation | | Eliminations | | Consolidated Totals |
CURRENT ASSETS: | | | | | | | | | | | | | | | | CURRENT ASSETS: | | | | | | | | | | | | | | |
Cash and cash equivalents | $ | 56,659 | | $ | 1,971 | | $ | 65 | | $ | - | | $ | 58,695 | | Cash and cash equivalents | $ | 71,939 | | $ | 3,399 | | $ | - | | $ | - | | $ | 75,338 |
Accounts receivable — net | | 65,507 | | | - | | | - | | | - | | | 65,507 | | Accounts receivable — net | | 95,476 | | | 1,039 | | | - | | | - | | | 96,515 |
Receivables from affiliates | | 104,275 | | | 8,066 | | | 46,065 | | | -158,406 | | | - | | Receivables from affiliates | | 131,984 | | | 7,337 | | | 12,205 | | | -151,526 | | | - |
Contract revenues in excess of billings | | 88,168 | | | 4,893 | | | - | | | - | | | 93,061 | | Contract revenues in excess of billings | | 63,591 | | | 3,841 | | | - | | | - | | | 67,432 |
Inventories | | 34,707 | | | - | | | - | | | - | | | 34,707 | | Inventories | | 32,500 | | | - | | | - | | | - | | | 32,500 |
Prepaid expenses and other current assets | | 28,614 | | | 307 | | | 10,540 | | | - | | | 39,461 | | Prepaid expenses and other current assets | | 23,549 | | | 137 | | | 20,478 | | | - | | | 44,164 |
Assets held for sale | | 29,647 | | | 11,599 | | | - | | | -8,473 | | | 32,773 | | Assets held for sale | | 41,763 | | | 11,877 | | | - | | | -8,536 | | | 45,104 |
Total current assets | | 407,577 | | | 26,836 | | | 56,670 | | | -166,879 | | | 324,204 | | Total current assets | | 460,802 | | | 27,630 | | | 32,683 | | | -160,062 | | | 361,053 |
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PROPERTY AND EQUIPMENT—Net | | 356,979 | | | 7 | | | - | | | - | | | 356,986 | | PROPERTY AND EQUIPMENT—Net | | 345,612 | | | 8 | | | - | | | - | | | 345,620 |
GOODWILL AND OTHER INTANGIBLE ASSETS—Net | | 81,047 | | | - | | | - | | | - | | | 81,047 | | GOODWILL AND OTHER INTANGIBLE ASSETS—Net | | 81,302 | | | - | | | - | | | - | | | 81,302 |
INVENTORIES — Noncurrent | | 36,707 | | | - | | | - | | | - | | | 36,707 | | INVENTORIES — Noncurrent | | 38,496 | | | - | | | - | | | - | | | 38,496 |
INVESTMENTS IN JOINT VENTURES | | 7,055 | | | - | | | - | | | - | | | 7,055 | | INVESTMENTS IN JOINT VENTURES | | 8,256 | | | - | | | - | | | - | | | 8,256 |
INVESTMENTS IN SUBSIDIARIES | | 4,644 | | | - | | | 585,671 | | | -590,315 | | | - | | INVESTMENTS IN SUBSIDIARIES | | 1,212 | | | - | | | 638,955 | | | -640,167 | | | - |
ASSETS HELD FOR SALE—Noncurrent | | 9,220 | | | 54 | | | - | | | - | | | 9,274 | | ASSETS HELD FOR SALE—Noncurrent | | 8,796 | | | 60 | | | - | | | - | | | 8,856 |
OTHER | | 5,609 | | | 3 | | | 4,905 | | | - | | | 10,517 | | OTHER | | 3,886 | | | 3 | | | 5,193 | | | -20 | | | 9,062 |
TOTAL | $ | 908,838 | | $ | 26,900 | | $ | 647,246 | | $ | -757,194 | | $ | 825,790 | | TOTAL | $ | 948,362 | | $ | 27,701 | | $ | 676,831 | | $ | -800,249 | | $ | 852,645 |
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LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | LIABILITIES AND EQUITY | | | | | | | | | | | | | | |
CURRENT LIABILITIES: | | | | | | | | | | | | | | | | CURRENT LIABILITIES: | | | | | | | | | | | | | | |
Accounts payable | $ | 108,459 | | $ | 640 | | $ | 436 | | $ | - | | $ | 109,535 | | Accounts payable | $ | 115,235 | | $ | 754 | | $ | 132 | | $ | - | | $ | 116,121 |
Payables to affiliates | | 124,689 | | | 24,101 | | | 9,616 | | | -158,406 | | | - | | Payables to affiliates | | 96,270 | | | 24,862 | | | 30,394 | | | -151,526 | | | - |
Accrued expenses | | 26,536 | | | 16 | | | 5,699 | | | - | | | 32,251 | | Accrued expenses | | 28,086 | | | 15 | | | 10,430 | | | - | | | 38,531 |
Billings in excess of contract revenues | | 4,961 | | | - | | | - | | | - | | | 4,961 | | Billings in excess of contract revenues | | 6,754 | | | - | | | - | | | - | | | 6,754 |
Liabilities held for sale | | 33,669 | | | 1,385 | | | - | | | -8,473 | | | 26,581 | | Current portion of long term debt | | - | | | - | | | - | | | - | | | - |
Total current liabilities | | 298,314 | | | 26,142 | | | 15,751 | | | -166,879 | | | 173,328 | | Liabilities held for sale | | 38,158 | | | 2,871 | | | - | | | -8,536 | | | 32,493 |
| | | | | | | | | | | | | | | | Total current liabilities | | 284,503 | | | 28,502 | | | 40,956 | | | -160,062 | | | 193,899 |
7 3/8% SENIOR NOTES | | - | | | - | | | 250,000 | | | - | | | 250,000 | | | | | | | | | | | | | | | | |
REVOLVING CREDIT FACILITY | | - | | | - | | | 37,000 | | | - | | | 37,000 | | 7 3/8% SENIOR NOTES | | - | | | - | | | 250,000 | | | - | | | 250,000 |
DEFERRED INCOME TAXES | | 1,682 | | | - | | | 106,249 | | | - | | | 107,931 | | REVOLVING CREDIT FACILITY | | - | | | - | | | 35,000 | | | - | | | 35,000 |
LIABILITIES HELD FOR SALE—Noncurrent | | 707 | | | - | | | - | | | - | | | 707 | | DEFERRED INCOME TAXES | | - | | | - | | | 108,531 | | | -20 | | | 108,511 |
OTHER | | 18,578 | | | - | | | 546 | | | - | | | 19,124 | | LIABILITIES HELD FOR SALE—Noncurrent | | 1,212 | | | - | | | - | | | - | | | 1,212 |
Total liabilities | | 319,281 | | | 26,142 | | | 409,546 | | | -166,879 | | | 588,090 | | OTHER | | 21,679 | | | - | | | 243 | | | - | | | 21,922 |
| | | | | | | | | | | | | | | | Total liabilities | | 307,394 | | | 28,502 | | | 434,730 | | | -160,082 | | | 610,544 |
Total Great Lakes Dredge & Dock Corporation Equity | | 589,557 | | | 758 | | | 237,700 | | | -590,315 | | | 237,700 | | | | | | | | | | | | | | | | |
NONCONTROLLING INTERESTS | | - | | | - | | | - | | | - | | | - | | Total Great Lakes Dredge & Dock Corporation Equity | | 640,968 | | | -801 | | | 242,946 | | | -640,167 | | | 242,946 |
TOTAL EQUITY | | 589,557 | | | 758 | | | 237,700 | | | -590,315 | | | 237,700 | | NONCONTROLLING INTERESTS | | - | | | - | | | -845 | | | - | | | -845 |
TOTAL | $ | 908,838 | | $ | 26,900 | | $ | 647,246 | | $ | -757,194 | | $ | 825,790 | | TOTAL EQUITY | | 640,968 | | | -801 | | | 242,101 | | | -640,167 | | | 242,101 |
| TOTAL | $ | 948,362 | | $ | 27,701 | | $ | 676,831 | | $ | -800,249 | | $ | 852,645 |
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Schedule Of Condensed Consolidating Operations And Comprehensive Income (Table) (TextBlock) | ' | ' |
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | |
(In thousands) | |
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| Subsidiary Guarantors | | Non-Guarantor Subsidiaries | | GLDD Corporation | | Eliminations | | Consolidated Totals | |
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Contract revenues | $ | 173,322 | | $ | 6,029 | | $ | - | | $ | -4,969 | | $ | 174,382 | |
Costs of contract revenues | | -150,737 | | | -7,707 | | | - | | | 4,969 | | | -153,475 | |
Gross profit | | 22,585 | | | -1,678 | | | - | | | - | | | 20,907 | |
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OPERATING EXPENSES: | | | | | | | | | | | | | | | |
General and administrative expenses | | 17,870 | | | - | | | - | | | - | | | 17,870 | |
Loss on sale of assets—net | | 152 | | | - | | | - | | | - | | | 152 | |
Operating loss | | 4,563 | | | -1,678 | | | - | | | - | | | 2,885 | |
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Interest expense—net | | 69 | | | -129 | | | -4,956 | | | - | | | -5,016 | |
Equity in earnings (loss) of subsidiaries | | -1,143 | | | - | | | 3,505 | | | -2,362 | | | - | |
Equity in loss of joint ventures | | -1,843 | | | - | | | - | | | - | | | -1,843 | |
Gain on foreign currency transactions—net | | 58 | | | 7 | | | - | | | - | | | 65 | |
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Income (loss) from continuing operations before income taxes | | 1,704 | | | -1,800 | | | -1,451 | | | -2,362 | | | -3,909 | |
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Income tax benefit | | 480 | | | - | | | 973 | | | - | | | 1,453 | |
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Income (loss) from continuing operations | | 2,184 | | | -1,800 | | | -478 | | | -2,362 | | | -2,456 | |
Loss from discontinued operations, net of income taxes | | -2,868 | | | -1,024 | | | -4,717 | | | 5,870 | | | -2,739 | |
Net loss | | -684 | | | -2,824 | | | -5,195 | | | 3,508 | | | -5,195 | |
Net (income) loss attributable to noncontrolling interest | | - | | | - | | | - | | | - | | | - | |
Net loss attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | -684 | | $ | -2,824 | | $ | -5,195 | | $ | 3,508 | | $ | -5,195 | |
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Comprehensive loss attributable to Great Lakes Dredge & Dock Corporation | $ | -973 | | $ | -3,013 | | $ | -5,673 | | $ | 3,986 | | $ | -5,673 | |
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GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |
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CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |
FOR THE THREE MONTHS ENDED MARCH 31, 2013 | |
(In thousands) | |
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| Subsidiary Guarantors | | Non-Guarantor Subsidiaries | | GLDD Corporation | | Eliminations | | Consolidated Totals | |
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Contract revenues | $ | 177,907 | | $ | 2,246 | | $ | - | | $ | - | | | 180,153 | |
Costs of contract revenues | | -147,283 | | | -2,136 | | | - | | | - | | | -149,419 | |
Gross profit | | 30,624 | | | 110 | | | - | | | - | | | 30,734 | |
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OPERATING EXPENSES: | | | | | | | | | | | | | | | |
General and administrative expenses | | 16,236 | | | - | | | - | | | - | | | 16,236 | |
Loss on sale of assets—net | | 2 | | | - | | | - | | | - | | | 2 | |
Operating income (loss) | | 14,386 | | | 110 | | | - | | | - | | | 14,496 | |
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Interest expense—net | | -19 | | | -42 | | | -5,672 | | | - | | | -5,733 | |
Equity in earnings (loss) of subsidiaries | | -1,670 | | | - | | | 16,208 | | | -14,538 | | | - | |
Equity in loss of joint ventures | | -591 | | | - | | | - | | | - | | | -591 | |
Loss on foreign currency transactions—net | | 36 | | | - | | | - | | | - | | | 36 | |
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Income from continuing operations before income taxes | | 12,142 | | | 68 | | | 10,536 | | | -14,538 | | | 8,208 | |
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Income tax (provision) benefit | | 17 | | | - | | | -3,473 | | | - | | | -3,456 | |
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Income from continuing operations | | 12,159 | | | 68 | | | 7,063 | | | -14,538 | | | 4,752 | |
Income (loss) from discontinued operations, net of income taxes | | -4,383 | | | -5 | | | -6,652 | | | 6,699 | | | -4,341 | |
Net income (loss) | | 7,776 | | | 63 | | | 411 | | | -7,839 | | | 411 | |
Net (income) loss attributable to noncontrolling interest | | - | | | - | | | 22 | | | - | | | 22 | |
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | 7,776 | | $ | 63 | | $ | 433 | | $ | -7,839 | | $ | 433 | |
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Comprehensive income (loss) attributable to | $ | 7,793 | | $ | 57 | | $ | 444 | | $ | -7,850 | | $ | 444 | |
Great Lakes Dredge & Dock Corporation | |
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Condensed Cash Flow Statement | ' | ' |
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GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |
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CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |
FOR THE THREE MONTHS ENDED MARCH 31, 2013 | |
(In thousands) | |
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| Subsidiary Guarantors | | Non-Guarantor Subsidiaries | | GLDD Corporation | | Eliminations | | Consolidated Totals | |
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Contract revenues | $ | 177,907 | | $ | 2,246 | | $ | - | | $ | - | | | 180,153 | |
Costs of contract revenues | | -147,283 | | | -2,136 | | | - | | | - | | | -149,419 | |
Gross profit | | 30,624 | | | 110 | | | - | | | - | | | 30,734 | |
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OPERATING EXPENSES: | | | | | | | | | | | | | | | |
General and administrative expenses | | 16,236 | | | - | | | - | | | - | | | 16,236 | |
Loss on sale of assets—net | | 2 | | | - | | | - | | | - | | | 2 | |
Operating income (loss) | | 14,386 | | | 110 | | | - | | | - | | | 14,496 | |
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Interest expense—net | | -19 | | | -42 | | | -5,672 | | | - | | | -5,733 | |
Equity in earnings (loss) of subsidiaries | | -1,670 | | | - | | | 16,208 | | | -14,538 | | | - | |
Equity in loss of joint ventures | | -591 | | | - | | | - | | | - | | | -591 | |
Loss on foreign currency transactions—net | | 36 | | | - | | | - | | | - | | | 36 | |
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Income from continuing operations before income taxes | | 12,142 | | | 68 | | | 10,536 | | | -14,538 | | | 8,208 | |
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Income tax (provision) benefit | | 17 | | | - | | | -3,473 | | | - | | | -3,456 | |
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Income from continuing operations | | 12,159 | | | 68 | | | 7,063 | | | -14,538 | | | 4,752 | |
Income (loss) from discontinued operations, net of income taxes | | -4,383 | | | -5 | | | -6,652 | | | 6,699 | | | -4,341 | |
Net income (loss) | | 7,776 | | | 63 | | | 411 | | | -7,839 | | | 411 | |
Net (income) loss attributable to noncontrolling interest | | - | | | - | | | 22 | | | - | | | 22 | |
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | 7,776 | | $ | 63 | | $ | 433 | | $ | -7,839 | | $ | 433 | |
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Comprehensive income (loss) attributable to | $ | 7,793 | | $ | 57 | | $ | 444 | | $ | -7,850 | | $ | 444 | |
Great Lakes Dredge & Dock Corporation | |
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GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
FOR THE THREE MONTHS ENDED MARCH 31, 2014 |
(In thousands) |
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| | Subsidiary Guarantors | | Non-Guarantor Subsidiaries | | GLDD Corporation | | Eliminations | | Consolidated Totals |
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OPERATING ACTIVITIES: | | | | | | | | | | | | | | | |
Net cash flows provided by (used in) operating activities of continuing operations | | $ | 11,746 | | $ | -2,094 | | $ | -1,007 | | $ | - | | $ | 8,645 |
Net cash flows provided by (used in) operating activities of discontinued operations | | | -1,611 | | | -1,024 | | | - | | | - | | | -2,635 |
Cash provided by (used in) operating activities | | | 10,135 | | | -3,118 | | | -1,007 | | | - | | | 6,010 |
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INVESTING ACTIVITIES: | | | | | | | | | | | | | | | |
Purchases of property and equipment | | | -21,631 | | | - | | | - | | | - | | | -21,631 |
Proceeds from dispositions of property and equipment | | | 64 | | | - | | | - | | | - | | | 64 |
Proceeds from (payments on) vendor performance obligations | | | -3,100 | | | - | | | - | | | - | | | -3,100 |
Net change in accounts with affiliates | | | -722 | | | - | | | - | | | 722 | | | - |
Net cash flows used in investing activities of continuing operations | | | -25,389 | | | - | | | - | | | 722 | | | -24,667 |
Net cash flows used in investing activities of discontinued operations | | | -26 | | | - | | | - | | | - | | | -26 |
Cash used in investing activities | | | -25,415 | | | - | | | - | | | 722 | | | -24,693 |
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FINANCING ACTIVITIES: | | | | | | | | | | | | | | | |
Purchase of noncontrolling interest | | | - | | | - | | | -205 | | | - | | | -205 |
Net change in accounts with affiliates | | | - | | | 1,864 | | | -1,142 | | | -722 | | | - |
Exercise of options and purchases from employee stock plans | | | - | | | - | | | 415 | | | - | | | 415 |
Excess income tax benefit from share-based compensation | | | - | | | - | | | 4 | | | - | | | 4 |
Borrowings under revolving loans | | | - | | | - | | | 40,000 | | | - | | | 40,000 |
Repayments of revolving loans | | | - | | | - | | | -38,000 | | | - | | | -38,000 |
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Net cash flows provided by financing activities of continuing operations | | | - | | | 1,864 | | | 1,072 | | | -722 | | | 2,214 |
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Effect of foreign currency exchange rates on cash and cash equivalents | | | - | | | -174 | | | - | | | - | | | -174 |
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Net increase (decrease) in cash and cash equivalents | | | -15,280 | | | -1,428 | | | 65 | | | - | | | -16,643 |
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Cash and cash equivalents at beginning of period | | | 71,939 | | | 3,399 | | | - | | | - | | | 75,338 |
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Cash and cash equivalents at end of period | | $ | 56,659 | | $ | 1,971 | | $ | 65 | | $ | - | | $ | 58,695 |
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GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
FOR THE THREE MONTHS ENDED MARCH 31, 2013 |
(In thousands) |
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| | Subsidiary Guarantors | | Non-Guarantor Subsidiaries | | GLDD Corporation | | Eliminations | | Consolidated Totals |
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OPERATING ACTIVITIES: | | | | | | | | | | | | | | | |
Net cash flows provided by (used in) operating activities of continuing operations | | $ | 2,333 | | $ | -1,295 | | $ | -11,198 | | $ | - | | $ | -10,160 |
Net cash flows provided by (used in) operating activities of discontinued operations | | | -3,067 | | | -5 | | | - | | | - | | | -3,072 |
Cash provided by (used in) operating activities | | | -734 | | | -1,300 | | | -11,198 | | | - | | | -13,232 |
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INVESTING ACTIVITIES: | | | | | | | | | | | | | | | |
Purchases of property and equipment | | | -15,364 | | | - | | | - | | | - | | | -15,364 |
Proceeds from dispositions of property and equipment | | | 58 | | | - | | | - | | | - | | | 58 |
Net change in accounts with affiliates | | | -1,722 | | | - | | | - | | | 1,722 | | | - |
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Net cash flows used in investing activities of continuing operations | | | -17,028 | | | - | | | - | | | 1,722 | | | -15,306 |
Net cash flows used in investing activities of discontinued operations | | | -150 | | | - | | | - | | | - | | | -150 |
Cash used in investing activities | | | -17,178 | | | - | | | - | | | 1,722 | | | -15,456 |
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FINANCING ACTIVITIES: | | | | | | | | | | | | | | | |
Repayments of long term note payable | | | - | | | - | | | -10,547 | | | - | | | -10,547 |
Taxes paid on settlement of vested share awards | | | - | | | - | | | -28 | | | - | | | -28 |
Excess income tax benefit from share-based compensation | | | - | | | - | | | 15 | | | - | | | 15 |
Net change in accounts with affiliates | | | - | | | 1,184 | | | 538 | | | -1,722 | | | - |
Borrowings under revolving loans | | | - | | | - | | | 79,500 | | | - | | | 79,500 |
Repayments of revolving loans | | | - | | | - | | | -58,000 | | | - | | | -58,000 |
Capital contributions | | | - | | | 280 | | | -280 | | | - | | | - |
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Net cash flows provided by financing activities of continuing operations | | | - | | | 1,464 | | | 11,198 | | | -1,722 | | | 10,940 |
Net cash flows used in financing activities of discontinued operations | | | -25 | | | - | | | - | | | - | | | -25 |
Cash provided by (used in) financing activities | | | -25 | | | 1,464 | | | 11,198 | | | -1,722 | | | 10,915 |
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Effect of foreign currency exchange rates on cash and cash equivalents | | | - | | | -24 | | | - | | | - | | | -24 |
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Net increase (decrease) in cash and cash equivalents | | | -17,937 | | | 140 | | | - | | | - | | | -17,797 |
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Cash and cash equivalents at beginning of period | | | 24,273 | | | 167 | | | - | | | - | | | 24,440 |
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Cash and cash equivalents at end of period | | $ | 6,337 | | $ | 307 | | $ | - | | $ | - | | $ | 6,643 |
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