| QUARTERLY OPERATING RESULTS (UNAUDITED) |
11. QUARTERLY OPERATING RESULTS (UNAUDITED)
The following table presents selected unaudited consolidated financial information on a quarterly basis for 2019 and 2018 (in thousands, except per share data):
|
|
|
March 31,
2019
|
|
|
June 30,
2019
|
|
|
September 30,
2019
|
|
|
December 31,
2019 (1)
|
|
|
Revenue
|
|
$
|
67,605
|
|
|
$
|
80,456
|
|
|
$
|
75,802
|
|
|
$
|
79,445
|
|
|
Gross profit (loss)
|
|
|
553
|
|
|
|
(1,598
|
)
|
|
|
(2,685
|
)
|
|
|
(13,269
|
)
|
|
Net loss
|
|
|
(3,042
|
)
|
|
|
(5,248
|
)
|
|
|
(6,779
|
)
|
|
|
(34,325
|
)
|
|
Basic and diluted loss per share
|
|
|
(0.20
|
)
|
|
|
(0.34
|
)
|
|
|
(0.44
|
)
|
|
|
(2.26
|
)
|
|
|
|
March 31,
2018
|
|
|
June 30,
2018
|
|
|
September 30,
2018
|
|
|
December 31,
2018 (2)
|
|
|
Revenue
|
|
$
|
57,290
|
|
|
$
|
54,014
|
|
|
$
|
49,712
|
|
|
$
|
60,231
|
|
|
Gross profit (loss)
|
|
|
679
|
|
|
|
(699
|
)
|
|
|
(3,212
|
)
|
|
|
(3,964
|
)
|
|
Net income (loss)
|
|
|
(5,296
|
)
|
|
|
549
|
|
|
|
(10,949
|
)
|
|
|
(4,682
|
)
|
|
Basic and diluted loss per share
|
|
|
(0.36
|
)
|
|
|
0.04
|
|
|
|
(0.73
|
)
|
|
|
(0.31
|
)
|
|
|
(1)
|
Gross loss and net loss for the fourth quarter 2019 was primarily due to the under recovery of overhead costs for our Fabrication Division and project charges of $13.8 million for our Fabrication and Shipyard Divisions. Net loss for the fourth quarter 2019 also includes impairments and (gain) loss on assets held for sale of $17.3 million for our Fabrication, Shipyard and Services Divisions. See Note 2 for further discussion of our project charges and Note 3 for further discussion of our impairments.
|
|
|
(2)
|
Gross loss and net loss for the fourth quarter 2018 was primarily due to under recovery of overhead costs for our Fabrication Division and project charges of $5.8 million for our Shipyard Division. Net loss for the fourth quarter 2018 also includes a $4.1 million gain on the sale of our Texas North Yard, offset partially by impairments of $3.0 million. Net loss for the third quarter 2018 includes the impact of a bad debt reserve of $2.8 million established during the quarter, and the fourth quarter 2018 includes a benefit from the reversal of the bad debt reserve as the receivable was collected during the quarter. See Note 2 for further discussion of our project charges and Note 3 for further discussion of our impairments.
|
|