| QUARTERLY OPERATING RESULTS (UNAUDITED) |
11. QUARTERLY OPERATING RESULTS (UNAUDITED)
The following table presents selected unaudited consolidated financial information on a quarterly basis for 2020 and 2019 (in thousands, except per share data):
|
|
|
March 31,
2020
|
|
|
June 30,
2020
|
|
|
September 30,
2020
|
|
|
December 31,
2020 (1)
|
|
|
Revenue
|
|
$
|
78,555
|
|
|
$
|
59,974
|
|
|
$
|
54,869
|
|
|
$
|
57,561
|
|
|
Gross loss
|
|
|
(254
|
)
|
|
|
(1,703
|
)
|
|
|
(7,817
|
)
|
|
|
(7,977
|
)
|
|
Net income (loss)
|
|
|
5,905
|
|
|
|
(5,537
|
)
|
|
|
(12,337
|
)
|
|
|
(15,406
|
)
|
|
Basic and diluted income (loss) per share
|
|
|
0.39
|
|
|
|
(0.36
|
)
|
|
|
(0.81
|
)
|
|
|
(1.01
|
)
|
|
|
|
March 31,
2019
|
|
|
June 30,
2019
|
|
|
September 30,
2019
|
|
|
December 31,
2019 (2)
|
|
|
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
|
)
|
|
|
(1)
|
Gross loss and net loss for the fourth quarter 2020 includes project charges of $8.8 million for our Shipyard Division. Net loss for the fourth quarter 2020 also includes impairment charges and net losses on the sales of assets held for sale of $1.6 million and $2.4 million for our Shipyard Division and F&S Division, respectively. The fourth quarter 2020 was also impacted by the under-recovery of overhead costs for our F&S Division, and to a lesser extent, our Shipyard Division. See Note 2 for further discussion of our project impacts and Note 3 for further discussion of our impairments.
|
|
|
(2)
|
Gross loss and net loss for the fourth quarter 2019 includes project charges of $10.2 million and $3.8 million for our Shipyard Division and F&S Division, respectively. Net loss for the fourth quarter 2019 also includes impairment charges of $7.6 million, $9.0 million and $0.7 million for our Shipyard Division, F&S Division and Corporate Division, respectively. The fourth quarter 2019 was also impacted by the under-recovery of overhead costs for our F&S Division, and to a lesser extent, our Shipyard Division. See Note 2 for further discussion of our project impacts and Note 3 for further discussion of our impairments.
|
|