Southeastern Engineering Contractors, Inc.

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SOUTHEASTERN ENGINEERING CONTRACTORS, INC. STA TEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2009 2008 Cash flows from operating activities: Net Income $ 913,686 $ 642,227 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 108,147 129,599 Gain on sale of assets (29,000) Changes in assets and liabilities: Decrease (increase) in contracts receivable (567,506) 74,025 Decrease (increase) in costs and estimated earnings in excess of billings on uncompleted contracts 222,970 (71,061) Increase in other assets (1,636) Decrease in accounts payable - trade (737,870) (179,596) Increase (decrease) in accrued expenses (5,366) 20,830 Increase in billings in excess of costs and estimated earnings on uncompleted contracts 1,235,634 113,070 Cash flows provided by operating activities 1,140,695 727,458 Cash flows provided by (used in) investing activities: Proceeds from sale of assets 29,000 Purchase of property and equipment (255) 28,745 Cash flows used in fmancing activities: Repayment to stockholders (197,000) Repayment of short-term borrowings (99,425) Dividend distributions (213,300) Repayment of long-term debt (116,113) (120,491) (329,413) (416,916) Net increase in cash and cash equivalents 840,027 310,542 Cash and cash equivalents at the beginning of the year 2,035,194 709,118 Cash and cash equivalents at the end of the six months $ 2,875,221 $ 1,019,660 Supplementary disclosure of cash flows information Non-monetary investing and financing transactions: Debt incurred to acquire property and equipment Cash paid for interest $ $ 112,039 22,205 $ 114,725 $ 59,148 Read Accountants' Review Report The accompanying notes are an integral part of this statement 5