| Summarized Segment Financial Information |
Summarized financial information concerning our segments as of and for the three and nine months ended September 30, 2016 and 2015 is as follows (in thousands):
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Three Months Ended September 30, 2016 |
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Fabrication |
Shipyards (1), (2)
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Services |
Corp. & Eliminations |
Consolidated |
Revenue |
$ |
22,311 |
|
$ |
23,060 |
|
$ |
20,928 |
|
$ |
(915 |
) |
$ |
65,384 |
|
Gross profit |
532 |
|
1,877 |
|
2,850 |
|
— |
|
5,259 |
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Operating income (loss) |
(949 |
) |
(188 |
) |
1,310 |
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— |
|
173 |
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Total assets |
285,320 |
|
75,779 |
|
100,781 |
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(124,668 |
) |
337,212 |
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Depreciation expense |
4,637 |
|
1,183 |
|
443 |
|
123 |
|
6,386 |
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CAPEX |
1,228 |
|
318 |
|
565 |
|
14 |
|
2,125 |
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Three Months Ended September 30, 2015 |
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Fabrication |
Shipyards (1)
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Services |
Corp. & Eliminations |
Consolidated |
Revenue |
$ |
32,133 |
|
$ |
12,936 |
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$ |
23,487 |
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$ |
(1,025 |
) |
$ |
67,531 |
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Gross profit (loss) |
(14,009 |
) |
1,937 |
|
4,235 |
|
— |
|
(7,837 |
) |
Operating income (loss) |
(22,747 |
) |
1,545 |
|
3,241 |
|
(274 |
) |
(18,235 |
) |
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Total assets |
363,710 |
|
54,726 |
|
90,567 |
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(171,967 |
) |
337,036 |
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Depreciation expense |
5,495 |
|
480 |
|
432 |
|
127 |
|
6,534 |
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CAPEX |
1,054 |
|
662 |
|
382 |
|
1 |
|
2,099 |
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Nine Months Ended September 30, 2016 |
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Fabrication |
Shipyards (1), (2)
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Services |
Corp. & Eliminations |
Consolidated |
Revenue |
$ |
70,436 |
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$ |
86,553 |
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$ |
76,179 |
|
$ |
(2,304 |
) |
$ |
230,864 |
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Gross profit |
4,418 |
|
9,595 |
|
11,012 |
|
— |
|
25,025 |
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Operating income (loss) |
(61 |
) |
3,720 |
|
6,893 |
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(160 |
) |
10,392 |
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Total assets |
285,320 |
|
75,779 |
|
100,781 |
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(124,668 |
) |
337,212 |
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Depreciation expense |
14,081 |
|
3,507 |
|
1,342 |
|
332 |
|
19,262 |
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CAPEX |
2,539 |
|
534 |
|
1,612 |
|
730 |
|
5,415 |
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Nine Months Ended September 30, 2015 |
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Fabrication |
Shipyards (1)
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Services |
Corp. & Eliminations |
Consolidated |
Revenue |
$ |
137,431 |
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$ |
47,177 |
|
$ |
70,987 |
|
$ |
(4,493 |
) |
$ |
251,102 |
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Gross profit (loss) |
(14,055 |
) |
6,022 |
|
10,449 |
|
— |
|
2,416 |
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Operating income (loss) |
(27,681 |
) |
4,779 |
|
7,441 |
|
(540 |
) |
(16,001 |
) |
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Total assets |
363,710 |
|
54,726 |
|
90,567 |
|
(171,967 |
) |
337,036 |
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Depreciation expense |
16,554 |
|
1,438 |
|
1,297 |
|
385 |
|
19,674 |
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CAPEX |
2,737 |
|
998 |
|
1,243 |
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74 |
|
5,052 |
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____________
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(1) |
Included in our results of operations for our Shipyards segment were revenue and net income (loss) of $16.8 million and $(471,000), for the three months ended September 30, 2016, and $55.9 million and $280,000 for the nine months ended September 30, 2016, respectively, attributable to the assets and operations acquired in the LEEVAC transaction. No amounts were included in the comparable 2015 periods as the LEEVAC transaction was effective January 1, 2016. See also Note 2.
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(2) |
Revenue for the three and nine months ended September 30, 2016 includes $1.5 million and $4.1 million of non-cash amortization of deferred revenue, respectively, related to the values assigned to contracts acquired in the LEEVAC transaction.
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