| QUARTERLY OPERATING RESULTS (UNAUDITED) |
13. QUARTERLY OPERATING
RESULTS (UNAUDITED)
A summary of
quarterly results of operations for the years ended
December 31, 2012 and 2011 were as follows (in thousands,
except per share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
March 31,
2012 |
|
|
June 30,
2012 |
|
|
September 30,
2012 (a) |
|
|
December 31,
2012 (b) |
|
|
Revenue
|
|
$ |
113,083 |
|
|
$ |
137,227 |
|
|
$ |
141,793 |
|
|
$ |
129,237 |
|
|
Gross profit
|
|
|
12,668 |
|
|
|
13,905 |
|
|
|
(13,379 |
) |
|
|
(9,354 |
) |
|
Net Income
|
|
|
6,779 |
|
|
|
7,592 |
|
|
|
(10,372 |
) |
|
|
(8,090 |
) |
|
Basic EPS
|
|
|
0.47 |
|
|
|
0.52 |
|
|
|
(0.72 |
) |
|
|
(0.56 |
) |
|
Diluted EPS
|
|
|
0.47 |
|
|
|
0.52 |
|
|
|
(0.72 |
) |
|
|
(0.56 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
March 31,
2011 (c) |
|
|
June 30,
2011 |
|
|
September 30,
2011 |
|
|
December 31,
2011 |
|
|
Revenue
|
|
$ |
46,348 |
|
|
$ |
87,251 |
|
|
$ |
85,827 |
|
|
$ |
88,406 |
|
|
Gross profit
(loss)
|
|
|
(9,568 |
) |
|
|
4,846 |
|
|
|
4,004 |
|
|
|
5,246 |
|
|
Net income
(loss)
|
|
|
(6,964 |
) |
|
|
1,835 |
|
|
|
1,559 |
|
|
|
1,766 |
|
|
Basic EPS
|
|
|
(0.49 |
) |
|
|
0.13 |
|
|
|
0.11 |
|
|
|
0.12 |
|
|
Diluted EPS
|
|
|
(0.49 |
) |
|
|
0.13 |
|
|
|
0.11 |
|
|
|
0.12 |
|
| (a) |
We recognized contract
losses of $20.6 million in the three-month period ended
September 30, 2012 which resulted in an unfavorable reduction
in gross margin during the period of $26.8 million as required
under the accounting for loss contracts under percentage of
completion accounting. This loss was mainly due to the increase in
estimated man-hours to complete one of our major deepwater
contracts. These increased man-hours were primarily driven by
revisions and delivery delays to specifications and designs by our
customer in the third quarter of 2012 causing out-of-sequence work
schedules to be used while executing the project. The customer also
extended delivery of the first phase of the project as a result of
these revisions. On March 7, 2013 we executed change orders
with the customer which settled issues raised in a claim for
additional costs on this project. Revenue for this claim was
recorded in the three-month period ended December 31,
2012. |
| (b) |
We determined the contract
receivable balance owed by Bluewater Industries on the Cheviot
project as describe in Note 2 would not likely be collected in full
and recorded a $14.5 million reserve as of December 31,
2012. |
| (c) |
On April 8, 2011, we
received an unfavorable ruling regarding a disputed claim for costs
incurred in connection with an April 2008 accident at our Texas
facility involving four cranes. As a result, we recognized all
recorded amounts as asset impairments in cost of revenue of $7.7
million, of which $5.9 million related to disputed crane rental
costs and $1.8 million related to the remaining net book value of
one of the cranes involved in the accident that is now deemed a
total loss. |
|