Great Lakes Dredge & Dock Corporation
Great Lakes Dredge & Dock CORP (Form: 8-K, Received: 08/10/2017 16:06:44)

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

Of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 10, 2017

Commission file number: 001-33225

Great Lakes Dredge & Dock Corporation

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

20-5336063

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

2122 York Road, Oak Brook, IL

 

60523

(Address of principal executive offices)

 

(Zip Code)

(630) 574-3000

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

 

 

 


 


 

Item 8.01.

Other Events.

 

 

Attached as Exhibit 99.1 hereto is a recast of certain information in Item 15. Exhibits and Financial Statement Schedules updating certain information originally included in the Annual Report on Form 10-K for the year ended December 31, 2016, of Great Lakes Dredge & Dock Corporation (the "Company"). The Company intends to file a Registration Statement on Form S-4 with the United States Securities and Exchange Commission, and the Company is filing this Current Report on Form 8-K to present updated guarantor financial information under Rule 3-10 of Regulation S-X. The updated presentation of the guarantor information reflects the release of certain of the Company’s 100% owned domestic subsidiaries as guarantors under the Company’s $325 million in Senior Notes due in 2022. Further details regarding the recast presentation are set forth in Note 18 to the recast consolidated financial statements and is included in Exhibit 99.1. Other than the changes reflected in Note 18, no other revisions have been made to the consolidated financial statements previously included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.

 

 

Item 9.01.

Financial Statements and Exhibits.

 

 

(d)

Exhibits.

 

 

 

 

Exhibit No.

  

Exhibit

 

 

23.1

 

Consent of Deloitte & Touche LLP. *

 

 

 

99.1

 

Financial Statements and Financial Statement Schedules of  Great Lakes Dredge & Dock Corporation’s Annual Report on Form 10-K for the year ended December 31, 2016.*

 

 

 

101.INS

 

XBRL Instance Document. *

 

 

 

101.SCH

 

XBRL Taxonomy Extension Schema. *

 

 

 

101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase. *

 

 

 

101.DEF

 

XBRL Taxonomy Extension Definition Linkbase. *

 

 

 

101.LAB

 

XBRL Taxonomy Extension Label Linkbase. *

 

 

 

101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase. *

 

 

 

 


 

S IGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

GREAT LAKES DREDGE & DOCK CORPORATION

(registrant)

 

 

 

 

 

By:

 

/s/   Mark W. Marinko

 

 

Mark W. Marinko

 

 

Senior Vice President and Chief Financial Officer

 

Date: August 10, 2017

 

 

 


 

E XHIBIT INDEX

 

 

 

 

Number

 

Document Description

 

 

 

 

 

 

23.1

 

Consent of Deloitte & Touche LLP. *

 

 

 

99.1

 

Financial Statements and Financial Statement Schedules of  Great Lakes Dredge & Dock Corporation’s Annual Report on Form 10-K for the year ended December 31, 2016.*

 

 

 

101.INS

 

XBRL Instance Document. *

 

 

 

101.SCH

 

XBRL Taxonomy Extension Schema. *

 

 

 

101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase. *

 

 

 

101.DEF

 

XBRL Taxonomy Extension Definition Linkbase. *

 

 

 

101.LAB

 

XBRL Taxonomy Extension Label Linkbase. *

 

 

 

101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase. *

 

 

 

 

 

Exhibit 23.1

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We consent to the incorporation by reference in Registration Statement No. 333-153207 on Form S-3 and Registration Statement Nos. 333-150067, 333-185350 and 333-218242 on Form S-8 of our report dated February 28, 2017 (August 10, 2017 as to Note 18), relating to the consolidated financial statements and financial statement schedule of Great Lakes Dredge & Dock Corporation and subsidiaries for the year ended December 31, 2016, appearing in this Current Report on Form 8-K.

 /s/ Deloitte & Touche LLP

Chicago, Illinois

August 10, 2017

 

 

Exhibit 99.1

Item 15.

Financial Statement Schedules

(a) Documents filed as part of this report

1. Financial Statements

The financial statements are set forth on pages 4 to 40 of this Report.

2. Financial Statement Schedules

All other schedules, except Schedule II—Valuation and Qualifying Accounts on page 41, are omitted because they are not required or the required information is shown in the financial statements or notes thereto.

 

 

 

 

1


GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

TABLE OF CONTENTS

 

 

Page

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

3

CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 AND 2015, AND FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014

 

Consolidated Balance Sheets

4

Consolidated Statements of Operations

5

Consolidated Statements of Comprehensive Income (Loss)

6

Consolidated Statements of Equity

7

Consolidated Statements of Cash Flows

8

Notes to Consolidated Financial Statements

10

 

 

2


REPORT OF INDEPENDENT REGIST ERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of

Great Lakes Dredge & Dock Corporation

Oak Brook, Illinois

 

 

We have audited the accompanying consolidated balance sheets of Great Lakes Dredge & Dock Corporation and subsidiaries (the “Company”) as of December 31, 2016 and 2015, and the related consolidated statements of operations, comprehensive income (loss), equity, and cash flows for each of the three years in the period ended December 31, 2016. Our audits also included the financial statement schedule listed in the Index at Item 15. These financial statements and financial statement schedule are the responsibility of the Company’s Management. Our responsibility is to express an opinion on these financial statements and financial statement schedule based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Great Lakes Dredge & Dock Corporation and subsidiaries as of December 31, 2016 and 2015, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2016, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, such financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all materially respects, the information set forth therein.

 

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s internal control over financial reporting as of December 31, 3016, based on the criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 28, 2017 expressed an unqualified opinion on the Company’s internal control over financial reporting (not presented herein).

 

/s/ Deloitte & Touche LLP

 

Chicago, Illinois
February 28, 2017 (August 10, 2017 as to Note 18)

 

 

 

3


Great Lakes Dredge & Dock Corporation and Subsidiaries

Consolidated Balance Sheets

As of December 31, 2016 and 2015

(in thousands, except per share amounts)  

 

 

 

2016

 

 

2015

 

ASSETS

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

11,167

 

 

$

14,184

 

Accounts receivable—net

 

 

88,091

 

 

 

130,777

 

Contract revenues in excess of billings

 

 

95,012

 

 

 

81,195

 

Inventories

 

 

37,137

 

 

 

35,963

 

Prepaid expenses

 

 

12,407

 

 

 

7,924

 

Other current assets

 

 

63,412

 

 

 

59,690

 

Total current assets

 

 

307,226

 

 

 

329,733

 

 

 

 

 

 

 

 

 

 

PROPERTY AND EQUIPMENT—Net

 

 

413,008

 

 

 

430,210

 

GOODWILL

 

 

83,576

 

 

 

83,576

 

OTHER INTANGIBLE ASSETS — Net

 

 

1,499

 

 

 

2,428

 

INVENTORIES—Noncurrent

 

 

52,602

 

 

 

41,646

 

INVESTMENTS IN JOINT VENTURES

 

 

4,734

 

 

 

3,761

 

ASSETS HELD FOR SALE— Noncurrent

 

 

9,299

 

 

 

 

OTHER

 

 

21,644

 

 

 

6,770

 

TOTAL

 

$

893,588

 

 

$

898,124

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Accounts payable

 

$

103,185

 

 

$

118,846

 

Accrued expenses

 

 

69,043

 

 

 

72,277

 

Billings in excess of contract revenues

 

 

5,141

 

 

 

7,061

 

Current portion of long term debt

 

 

2,465

 

 

 

7,506

 

Total current liabilities

 

 

179,834

 

 

 

205,690

 

 

 

 

 

 

 

 

 

 

7 3/8% SENIOR NOTES

 

 

272,998

 

 

 

271,998

 

REVOLVING CREDIT FACILITY

 

 

104,111

 

 

 

20,000

 

NOTES PAYABLE

 

 

13,293

 

 

 

53,792

 

DEFERRED INCOME TAXES

 

 

68,449

 

 

 

74,006

 

OTHER

 

 

7,013

 

 

 

20,465

 

Total liabilities

 

 

645,698

 

 

 

645,951

 

 

 

 

 

 

 

 

 

 

COMMITMENTS AND CONTINGENCIES (Note 13)

 

 

 

 

 

 

 

 

EQUITY:

 

 

 

 

 

 

 

 

Common stock—$.0001 par value; 90,000 authorized, 61,240 and 60,709 shares issued; 60,962 and 60,431 outstanding at December 31, 2016 and December 31, 2015, respectively.

 

 

6

 

 

 

6

 

Treasury stock, at cost

 

 

(1,433

)

 

 

(1,433

)

Additional paid-in capital

 

 

286,303

 

 

 

283,247

 

Accumulated deficit

 

 

(35,841

)

 

 

(27,664

)

Accumulated other comprehensive loss

 

 

(1,145

)

 

 

(1,983

)

Total equity

 

 

247,890

 

 

 

252,173

 

TOTAL

 

$

893,588

 

 

$

898,124

 

 

See notes to consolidated financial statements.

 

 

4


Great Lakes Dredge & Dock Corporation and Subsidiaries

Consolidated Statements of Operations

For the Years Ended December 31, 2016, 2015 and 2014

(in thousands, except per share amounts)

 

 

 

 

2016

 

 

 

2015

 

 

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONTRACT REVENUES

 

$

767,585

 

 

$

856,878

 

 

$

806,831

 

COSTS OF CONTRACT REVENUES

 

 

681,197

 

 

 

760,955

 

 

 

714,335

 

GROSS PROFIT

 

 

86,388

 

 

 

95,923

 

 

 

92,496

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

GENERAL AND ADMINISTRATIVE EXPENSES

 

 

65,533

 

 

 

71,069

 

 

 

67,911

 

IMPAIRMENT OF GOODWILL

 

 

 

 

 

2,750

 

 

 

 

(GAIN) LOSS ON SALE OF ASSETS—Net

 

 

6,175

 

 

 

(855

)

 

 

732

 

Total operating income

 

 

14,680

 

 

 

22,959

 

 

 

23,853

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense—net

 

 

(22,907

)

 

 

(24,365

)

 

 

(19,967

)

Equity in earnings (loss) of joint ventures

 

 

(2,365

)

 

 

(6,051

)

 

 

2,895

 

Gain on bargain purchase acquisition

 

 

 

 

 

 

 

 

2,197

 

Other income (expense)

 

 

(3,377

)

 

 

(1,229

)

 

 

210

 

Total other expense

 

 

(28,649

)

 

 

(31,645

)

 

 

(14,665

)

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

 

 

(13,969

)

 

 

(8,686

)

 

 

9,188

 

INCOME TAX BENEFIT

 

 

5,792

 

 

 

2,497

 

 

 

11,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM CONTINUING OPERATIONS

 

 

(8,177

)

 

 

(6,189

)

 

 

20,718

 

Loss from discontinued operations, net of income taxes

 

 

 

 

 

 

 

 

(10,423

)

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(8,177

)

 

$

(6,189

)

 

$

10,295

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share attributable to income from continuing operations

 

$

(0.13

)

 

$

(0.10

)

 

$

0.35

 

Basic loss per share attributable to loss on discontinued operations, net of income taxes

 

 

 

 

 

 

 

 

(0.17

)

Basic earnings (loss) per share

 

$

(0.13

)

 

$

(0.10

)

 

$

0.18

 

Basic weighted average shares

 

 

60,744

 

 

 

60,410

 

 

 

59,938

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per share attributable to income from continuing operations

 

$

(0.13

)

 

$

(0.10

)

 

$

0.34

 

Diluted loss per share attributable to loss on discontinued operations, net of income taxes

 

 

 

 

 

 

 

 

(0.17

)

Diluted earnings (loss) per share

 

$

(0.13

)

 

$

(0.10

)

 

$

0.17

 

Diluted weighted average shares

 

 

60,744

 

 

 

60,410

 

 

 

60,522

 

 

See notes to consolidated financial statements.

 

 

5


Great Lakes Dredge & Dock Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss)

For the Years Ended December 31, 2016, 2015 and 2014

(in thousands)

 

 

 

 

2016

 

 

 

2015

 

 

 

2014

 

Net income (loss)

 

$

(8,177

)

 

$

(6,189

)

 

$

10,295

 

Currency translation adjustment—net of tax (1)

 

 

508

 

 

 

(1,249

)

 

 

(62

)

Net unrealized (gain) loss on derivatives—net of tax (2)

 

 

330

 

 

 

 

 

 

(199

)

Other comprehensive income (loss)—net of tax

 

 

838

 

 

 

(1,249

)

 

 

(261

)

Comprehensive income (loss)

 

$

(7,339

)

 

$

(7,438

)

 

$

10,034

 

 

(1)

Net of income tax (provision) benefit of $(338), $827 and $41 for the years ended December 31, 2016, 2015 and 2014, respectively.

(2)

Net of income tax (provision) benefit of $216 and $(132) for the years ended December 31, 2016 and 2014, respectively.

See notes to consolidated financial statements.

 

 

 

6


Great Lakes Dredge & Dock Corporation and Subsidiaries

Consolidated Statements of Equity

For the Years Ended December 31, 2016, 2015 and 2014

(in thousands)

 

 

Great Lakes Dredge & Dock Corporation shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

Shares of

 

 

 

 

 

 

Shares of

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

Common

 

 

Common

 

 

Treasury

 

 

Treasury

 

 

Paid-In

 

 

Accumulated

 

 

Comprehensive

 

 

Noncontrolling

 

 

 

 

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Interest

 

 

Total

 

BALANCE—January 1, 2014

 

59,670

 

 

$

6

 

 

 

 

 

 

 

 

$

275,183

 

 

$

(31,770

)

 

$

(473

)

 

$

(845

)

 

$

242,101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

118

 

 

 

 

 

 

 

 

 

 

 

 

2,694

 

 

 

 

 

 

 

 

 

 

 

 

2,694

 

Vesting of restricted stock units, including impact of shares withheld for taxes

 

111

 

 

 

 

 

 

 

 

 

 

 

 

(497

)

 

 

 

 

 

 

 

 

 

 

 

(497

)

Exercise of stock options and purchases from employee stock plans

 

271

 

 

 

 

 

 

 

 

 

 

 

 

1,568

 

 

 

 

 

 

 

 

 

 

 

 

1,568

 

Excess income tax benefit from share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

206

 

 

 

 

 

 

 

 

 

 

 

 

206

 

Purchase of noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

(988

)

 

 

 

 

 

 

 

 

845

 

 

 

(143

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,295

 

 

 

 

 

 

 

 

 

10,295

 

Other comprehensive loss—net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(261

)

 

 

 

 

 

(261

)

BALANCE—December 31, 2014

 

60,170

 

 

$

6

 

 

 

 

 

$

 

 

$

278,166

 

 

$

(21,475

)

 

$

(734

)

 

$

 

 

$

255,963

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

154

 

 

 

 

 

 

 

 

 

 

 

 

4,040

 

 

 

 

 

 

 

 

 

 

 

 

4,040

 

Vesting of restricted stock units, including impact of shares withheld for taxes

 

115

 

 

 

 

 

 

 

 

 

 

 

 

(267

)

 

 

 

 

 

 

 

 

 

 

 

(267

)

Exercise of stock options and purchases from employee stock purchase plan

 

270

 

 

 

 

 

 

 

 

 

 

 

 

1,365

 

 

 

 

 

 

 

 

 

 

 

 

1,365

 

Excess income tax benefit from share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

(57

)

 

 

 

 

 

 

 

 

 

 

 

(57

)

Purchase of treasury stock

 

 

 

 

 

 

 

(278

)

 

 

(1,433

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,433

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,189

)

 

 

 

 

 

 

 

 

(6,189

)

Other comprehensive loss—net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,249

)

 

 

 

 

 

(1,249

)

BALANCE—December 31, 2015

 

60,709

 

 

$

6

 

 

 

(278

)

 

 

(1,433

)

 

$

283,247

 

 

$

(27,664

)

 

$

(1,983

)

 

$

 

 

$

252,173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

148

 

 

 

 

 

 

 

 

 

 

 

 

2,455

 

 

 

 

 

 

 

 

 

 

 

 

2,455

 

Vesting of restricted stock units, including impact of shares withheld for taxes

 

74

 

 

 

 

 

 

 

 

 

 

 

 

(171

)

 

 

 

 

 

 

 

 

 

 

 

(171

)

Exercise of stock options and purchases from employee stock purchase plan

 

309

 

 

 

 

 

 

 

 

 

 

 

 

905

 

 

 

 

 

 

 

 

 

 

 

 

905

 

Excess income tax benefit from share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

(133

)

 

 

 

 

 

 

 

 

 

 

 

(133

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,177

)

 

 

 

 

 

 

 

 

(8,177

)

Other comprehensive income—net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

838

 

 

 

 

 

 

838

 

BALANCE—December 31, 2016

 

61,240

 

 

$

6

 

 

 

(278

)

 

$

(1,433

)

 

$

286,303

 

 

$

(35,841

)

 

$

(1,145

)

 

$

 

 

$

247,890

 

 

See notes to consolidated financial statements.

 

 

 

7


Great Lakes Dredge & Dock Corporation and Sub sidiaries

Consolidated Statements of Cash Flows

For the Years Ended December 31, 2016, 2015 and 2014

(in thousands)

 

 

 

 

2016

 

 

2015

 

 

 

2014

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(8,177

)

 

$

(6,189

)

 

$

10,295

 

Loss from discontinued operations, net of income taxes

 

 

 

 

 

 

 

 

(10,423

)

Income (loss) from continuing operations

 

 

(8,177

)

 

 

(6,189

)

 

 

20,718

 

Adjustments to reconcile net income (loss) to net cash flows used in operating

   activities:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

63,023

 

 

 

64,585

 

 

 

50,129

 

Equity in (earnings) loss of joint ventures

 

 

(4,494

)

 

 

771

 

 

 

(2,895

)

Cash distributions from joint ventures

 

 

5,129

 

 

 

8,384

 

 

 

19,955

 

Deferred income taxes

 

 

(6,109

)

 

 

(2,689

)

 

 

(14,504

)

(Gain) loss on dispositions of property and equipment

 

 

6,175

 

 

 

(855

)

 

 

732

 

Impairment of goodwill

 

 

 

 

 

2,750

 

 

 

 

Gain on adjustment of contingent consideration

 

 

(8,940

)

 

 

(8,444

)

 

 

(1,086

)

Amortization of deferred financing fees

 

 

2,922

 

 

 

2,766

 

 

 

1,453

 

Gain on bargain purchase acquisition

 

 

 

 

 

 

 

 

(2,197

)

Unrealized foreign currency (gain) loss

 

 

477

 

 

 

(1,054

)

 

 

593

 

Unrealized net (gain) loss from mark-to-market valuations of derivatives

 

 

(6,135

)

 

 

1,359

 

 

 

3,029

 

Share-based compensation expense

 

 

2,455

 

 

 

4,040

 

 

 

2,694

 

Excess income tax benefit from share-based compensation

 

 

133

 

 

 

57

 

 

 

(206

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

41,274

 

 

 

(20,190

)