| Summary of Disposal Groups Including Discontinued Operations |
A summary of the operating results and cash flows from discontinued operations for the three and six months ended June 30, 2021, is as follows (in thousands):
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|
|
Three Months Ended June 30, 2021
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|
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Six Months Ended June 30, 2021
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|
|
Revenue
|
|
$
|
6,471
|
|
|
$
|
41,637
|
|
|
Cost of revenue
|
|
|
6,406
|
|
|
|
33,912
|
|
|
Gross profit(1)
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|
|
65
|
|
|
|
7,725
|
|
|
General and administrative expense
|
|
|
73
|
|
|
|
413
|
|
|
Impairments and (gain) loss on assets held for sale, net(2)
|
|
|
1,903
|
|
|
|
25,331
|
|
|
Other (income) expense, net
|
|
|
(660
|
)
|
|
|
(647
|
)
|
|
Operating loss
|
|
|
(1,251
|
)
|
|
|
(17,372
|
)
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|
Income tax (expense) benefit(3)
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|
|
—
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|
|
|
—
|
|
|
Loss from discontinued operations, net of taxes
|
|
$
|
(1,251
|
)
|
|
$
|
(17,372
|
)
|
|
|
|
Six Months Ended June 30, 2021
|
|
|
Operating cash flows from discontinued operations
|
|
$
|
(8,474
|
)
|
|
Investing cash flows from discontinued operations
|
|
$
|
31,424
|
|
|
|
(1)
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Includes a benefit of $8.4 million for the six months ended June 30, 2021, due to changes in estimated margins for our towing, salvage and rescue ship projects.
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|
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(2)
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Includes transaction and other costs of $1.9 million and $2.6 million respectively, for the three and six months ended June 30, 2021, and impairments of $22.8 million for the six months ended June 30, 2021, associated with the Shipyard Transaction (see discussion above).
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|
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(3)
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Income taxes attributable to discontinued operations were not material.
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|