| Summarized Segment Financial Information |
Summarized financial information for our segments as of and for the three-year period ended December 31, 2020, is as follows (in thousands):
|
|
|
Year Ended December 31, 2020
|
|
|
|
|
Shipyard
|
|
|
F&S
|
|
|
Corporate
|
|
|
Total
|
|
|
Revenue
|
|
$
|
153,698
|
|
|
$
|
99,485
|
|
|
$
|
(2,224
|
)
|
|
$
|
250,959
|
|
|
Gross profit (loss) (1)
|
|
|
(19,274
|
)
|
|
|
1,523
|
|
|
|
—
|
|
|
|
(17,751
|
)
|
|
Operating income (loss) (1)
|
|
|
(24,343
|
)
|
|
|
5,893
|
|
|
|
(8,709
|
)
|
|
|
(27,159
|
)
|
|
Depreciation and amortization expense
|
|
|
3,254
|
|
|
|
5,061
|
|
|
|
302
|
|
|
|
8,617
|
|
|
Capital expenditures
|
|
|
6,499
|
|
|
|
4,522
|
|
|
|
191
|
|
|
|
11,212
|
|
|
Total assets (4)
|
|
|
121,992
|
|
|
|
54,966
|
|
|
|
54,385
|
|
|
|
231,343
|
|
|
|
|
Year Ended December 31, 2019
|
|
|
|
|
Shipyard (5)
|
|
|
F&S (5)
|
|
|
Corporate
|
|
|
Total
|
|
|
Revenue
|
|
$
|
168,466
|
|
|
$
|
137,169
|
|
|
$
|
(2,327
|
)
|
|
$
|
303,308
|
|
|
Gross loss (2)
|
|
|
(16,025
|
)
|
|
|
(657
|
)
|
|
|
(317
|
)
|
|
|
(16,999
|
)
|
|
Operating loss (2)
|
|
|
(26,428
|
)
|
|
|
(13,696
|
)
|
|
|
(9,897
|
)
|
|
|
(50,021
|
)
|
|
Depreciation and amortization expense
|
|
|
4,167
|
|
|
|
4,984
|
|
|
|
413
|
|
|
|
9,564
|
|
|
Capital expenditures
|
|
|
1,827
|
|
|
|
1,963
|
|
|
|
—
|
|
|
|
3,790
|
|
|
Total assets (4)
|
|
|
103,409
|
|
|
|
77,402
|
|
|
|
71,966
|
|
|
|
252,777
|
|
|
|
|
Year Ended December 31, 2018
|
|
|
|
|
Shipyard
|
|
|
F&S
|
|
|
Corporate
|
|
|
Total
|
|
|
Revenue
|
|
$
|
96,424
|
|
|
$
|
126,695
|
|
|
$
|
(1,872
|
)
|
|
$
|
221,247
|
|
|
Gross profit (loss) (3)
|
|
|
(10,472
|
)
|
|
|
4,607
|
|
|
|
(1,331
|
)
|
|
|
(7,196
|
)
|
|
Operating income (loss) (3)
|
|
|
(14,396
|
)
|
|
|
4,558
|
|
|
|
(9,827
|
)
|
|
|
(19,665
|
)
|
|
Depreciation and amortization expense
|
|
|
4,229
|
|
|
|
5,826
|
|
|
|
295
|
|
|
|
10,350
|
|
|
Capital expenditures
|
|
|
2,003
|
|
|
|
1,460
|
|
|
|
18
|
|
|
|
3,481
|
|
|
Total assets (4)
|
|
|
97,197
|
|
|
|
102,719
|
|
|
|
58,374
|
|
|
|
258,290
|
|
|
|
(1)
|
Gross profit (loss) and operating income (loss) for 2020 includes project charges of $16.6 million for our Shipyard Division and project improvements of $2.7 million for our F&S Division. Operating income (loss) also includes impairment charges and net losses on the sales of assets held for sale of $1.6 million and $2.5 million for our Shipyard Division and F&S Division, respectively, charges of $1.3 million associated with damage caused by Hurricane Laura at our Lake Charles Yard for our Shipyard Division, and a gain of $10.0 million associated with the settlement of a contract dispute for our F&S Division. See Note 2 for further discussion of our project and hurricane impacts and Note 3 for further discussion of our facility closures and impairments.
|
|
|
(2)
|
Gross loss and operating loss for 2019 includes project charges of $12.3 million and $4.9 million for our Shipyard Division and F&S Division, respectively. Operating loss also includes impairment charges and net gains on the sales of assets held for sale of $7.9 million and $8.9 million for our Shipyard Division and F&S Division, respectively, and restructuring costs of $0.7 million for our Corporate Division. See Note 2 for further discussion of our project impacts and Note 3 for further discussion of our impairments.
|
|
|
(3)
|
Gross profit (loss) and operating income (loss) for 2018 includes project charges of $6.7 million and $2.4 million for our Shipyard Division and F&S Division, respectively. Operating income (loss) also includes impairment charges of $1.0 million for our Shipyard Division and a net benefit of $7.8 million for our F&S Division, primarily related to a gain on the sale of our South Texas Properties of $7.7 million and a gain on insurance recoveries of $3.6 million, offset partially by impairments of $3.5 million. See Note 2 for further discussion of our project impacts and Note 3 for further discussion of our asset impairments.
|
|
|
(4)
|
Cash and short-term investments are reported within our Corporate Division.
|
|
|
(5)
|
Revenue of $9.2 million and gross loss and operating loss of $5.1 million for 2019, and contract assets and contract receivables of $6.0 million as of December 31, 2019, associated with our two forty-vehicle ferry projects were reclassified from our former Fabrication Division to our Shipyard Division to conform to the presentation of these projects for 2020.
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