| Summary of Quarterly Results of Operations |
A summary of
quarterly results of operations for the years ended
December 31, 2013 and 2012 were as follows (in thousands,
except per share data):
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March 31,
2013 |
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June 30,
2013 (a) |
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September 30,
2013 |
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December 31,
2013 (a) |
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Revenue
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$ |
150,422 |
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$ |
154,575 |
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$ |
168,191 |
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$ |
135,138 |
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Gross profit
(loss)
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6,704 |
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9,677 |
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9,055 |
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(1,775 |
) |
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Net Income
(loss)
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2,787 |
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4,279 |
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3,276 |
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(3,110 |
) |
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Basic EPS
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0.19 |
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0.30 |
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0.23 |
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(0.22 |
) |
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Diluted EPS
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0.19 |
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0.30 |
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0.23 |
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(0.22 |
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March 31,
2012 |
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June 30,
2012 |
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September 30,
2012 (a) |
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December 31,
2012 (b) |
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Revenue
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$ |
113,083 |
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$ |
137,227 |
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$ |
141,793 |
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$ |
129,237 |
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Gross profit
(loss)
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12,668 |
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13,905 |
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(13,379 |
) |
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(9,354 |
) |
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Net income
(loss)
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6,779 |
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7,592 |
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(10,372 |
) |
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(8,090 |
) |
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Basic EPS
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0.47 |
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0.52 |
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(0.72 |
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(0.56 |
) |
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Diluted EPS
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0.47 |
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0.52 |
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(0.72 |
) |
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(0.56 |
) |
| (a) |
We recognized contract losses of $18.2 million in the
three-month period ended December 31, 2013, $10.9 million in
the three-month period ended September 30, 2013, and $.6
million in the three-month period ended June 30, 2013, as
required under the accounting for loss contracts under percentage
of completion accounting. Contract losses increased in 2013 due
mainly to the impact of de-scoping and final close-out of one of
our major deepwater projects, as further discussed in the Note 1
under “Revenue Recognition” above. Losses in 2012 were
due to the increase in estimated man-hours to complete one of our
major deepwater contracts, 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.
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| (b) |
We determined the
contract receivable balance owed by Bluewater Industries on the
Cheviot project as describe in Note 1 “Assets held for
sale” would not likely be collected in full and recorded a
$14.5 million reserve as of December 31, 2012. In March 2013,
we terminated our contract with Bluewater relating to this
project. |
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