June 30, 2016 (1) | December 31, 2015 | ||||||||||
(in thousands) | |||||||||||
Cash and cash equivalents | $ | 50,065 | $ | 34,828 | |||||||
Total current assets | 125,584 | 115,869 | |||||||||
Property, plant and equipment, net | 213,689 | 200,384 | |||||||||
Total assets | 342,031 | 316,923 | |||||||||
Total current liabilities | 49,995 | 37,901 | |||||||||
Total shareholders’ equity | 264,904 | 257,197 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | March 31, | June 30, | June 30, | ||||||||||||||||
2016 (1) | 2015 | 2016 | 2016 (1) | 2015 | ||||||||||||||||
Revenue (2) | $ | 81,502 | $ | 84,338 | $ | 83,979 | $ | 165,481 | $ | 183,571 | ||||||||||
Cost of revenue | 67,436 | 78,533 | 78,278 | 145,714 | 173,318 | |||||||||||||||
Gross profit | 14,066 | 5,805 | 5,701 | 19,767 | 10,253 | |||||||||||||||
General and administrative expenses | 5,062 | 3,726 | 4,485 | 9,547 | 8,019 | |||||||||||||||
Operating income | 9,004 | 2,079 | 1,216 | 10,220 | 2,234 | |||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | (88 | ) | (50 | ) | (50 | ) | (138 | ) | (87 | ) | ||||||||||
Interest income | 2 | 7 | 6 | 8 | 13 | |||||||||||||||
Other income, net | 42 | 17 | 398 | 440 | 20 | |||||||||||||||
(44 | ) | (26 | ) | 354 | 310 | (54 | ) | |||||||||||||
Income before income taxes | 8,960 | 2,053 | 1,570 | 10,530 | 2,180 | |||||||||||||||
Income taxes | 3,420 | 696 | 581 | 4,001 | 740 | |||||||||||||||
Net income | $ | 5,540 | $ | 1,357 | $ | 989 | $ | 6,529 | $ | 1,440 | ||||||||||
Per share data: | ||||||||||||||||||||
Basic and diluted earnings per share - common shareholders | $ | 0.37 | $ | 0.09 | $ | 0.07 | $ | 0.44 | $ | 0.10 | ||||||||||
Cash dividend declared per common share | $ | 0.01 | $ | 0.10 | $ | 0.01 | $ | 0.02 | $ | 0.20 |
(1) | Results of operations for the three and six months ended June 30, 2016, include the operations acquired in the LEEVAC transaction effective January 1, 2016. Revenues and net income for the three months ended June 30, 2016, attributable to LEEVAC were $17.3 million and $1.5 million, respectively. Revenue and net income for the six months ended June 30, 2016, attributable to LEEVAC were $39.1 million and $751,000, respectively. |
(2) | Revenue for the three and six months ended June 30, 2016, includes the recognition of $1.5 million and $2.7 million of deferred revenue related to the values assigned to contracts acquired in the LEEVAC transaction, respectively. |
June 30, 2016 | March 31, 2016 | December 31, 2015 | ||||||||||||||||||
Segment | $'s | Labor hours | $'s | Labor hours | $'s | Labor hours | ||||||||||||||
Fabrication | $ | 41,126 | 431 | $ | 48,828 | 524 | $ | 62,006 | 724 | |||||||||||
Shipyards | 93,912 | 629 | 119,984 | 843 | 131,660 | 886 | ||||||||||||||
Services | 22,540 | 209 | 28,316 | 308 | 38,761 | 304 | ||||||||||||||
Intersegment Eliminations | (41 | ) | — | (60 | ) | — | (16 | ) | — | |||||||||||
Total Backlog | $ | 157,537 | 1,269 | $ | 197,068 | 1,675 | $ | 232,411 | 1,914 | |||||||||||
Fabrication | Three Months Ended June 30, | |||||||
2016 | 2015 | |||||||
Revenue | $ | 24,296 | $ | 48,365 | ||||
Gross profit | 3,844 | 210 | ||||||
Gross profit percentage | 15.8 | % | 0.4 | % | ||||
General and administrative expenses | 1,666 | 2,194 | ||||||
Operating income (loss) | 2,178 | (1,984 | ) | |||||
Shipyards (1) | Three Months Ended June 30, | |||||||
2016 | 2015 | |||||||
Revenue (2) | $ | 29,373 | $ | 14,760 | ||||
Gross profit (2) | 5,390 | 1,644 | ||||||
Gross profit percentage | 18.4 | % | 11.1 | % | ||||
General and administrative expenses | 1,996 | 420 | ||||||
Operating income (2) | 3,394 | 1,224 | ||||||
Services | Three Months Ended June 30, | |||||||
2016 | 2015 | |||||||
Revenue | $ | 28,692 | $ | 22,712 | ||||
Gross profit | 4,832 | 3,951 | ||||||
Gross profit percentage | 16.8 | % | 17.4 | % | ||||
General and administrative expenses | 1,336 | 1,029 | ||||||
Operating income | 3,496 | 2,922 | ||||||
(1) | Included in our results of operations for our Shipyards segment were revenue and net income of $17.3 million and $1.5 million attributable to the operations acquired in the LEEVAC transaction for the three months ended June 30, 2016. No amounts were included in the comparable 2015 period as the LEEVAC transaction was effective January 1, 2016. |
(2) | Revenue for the three months ended June 30, 2016 includes the recognition of $1.5 million of deferred revenue related to the values assigned to contracts acquired in the LEEVAC transaction. |
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
(in thousands) | |||||||
Cash flows from operating activities: | |||||||
Net income | $ | 6,529 | $ | 1,440 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Bad debt expense | 320 | 400 | |||||
Depreciation | 12,878 | 13,140 | |||||
Amortization of deferred revenue | (2,654 | ) | — | ||||
Gain on sale of assets | (369 | ) | (10 | ) | |||
Deferred income taxes | 3,899 | (715 | ) | ||||
Compensation expense - restricted stock | 1,619 | 1,153 | |||||
Changes in operating assets and liabilities: | |||||||
Contracts receivable and retainage | 9,783 | 41,446 | |||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 1,550 | 1,631 | |||||
Prepaid expenses and other assets | (1,396 | ) | 946 | ||||
Inventory | (1,234 | ) | 245 | ||||
Accounts payable | (7,522 | ) | (24,493 | ) | |||
Billings in excess of costs and estimated earnings on uncompleted contracts | 247 | (9,538 | ) | ||||
Deferred revenue | (8,718 | ) | — | ||||
Accrued employee costs | 1,144 | (516 | ) | ||||
Accrued expenses | 1,479 | (2,803 | ) | ||||
Accrued contract losses | (5,974 | ) | (604 | ) | |||
Current income taxes | 105 | 1,450 | |||||
Net cash provided by operating activities | 11,686 | 23,172 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (3,290 | ) | (2,953 | ) | |||
Net cash received in acquisition | 1,588 | — | |||||
Proceeds on the sale of equipment | 5,548 | 10 | |||||
Net cash provided by (used in) investing activities | 3,846 | (2,943 | ) | ||||
Cash flows from financing activities: | |||||||
Payments of dividends on common stock | (295 | ) | (2,930 | ) | |||
Net cash used in financing activities | (295 | ) | (2,930 | ) | |||
Net change in cash and cash equivalents | 15,237 | 17,299 | |||||
Cash and cash equivalents at beginning of period | 34,828 | 36,085 | |||||
Cash and cash equivalents at end of period | $ | 50,065 | $ | 53,384 |