Annual report pursuant to Section 13 and 15(d)

QUARTERLY OPERATING RESULTS (UNAUDITED)

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QUARTERLY OPERATING RESULTS (UNAUDITED)
12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY OPERATING RESULTS (UNAUDITED)

11. QUARTERLY OPERATING RESULTS (UNAUDITED)

The following table presents selected unaudited consolidated financial information on a quarterly basis for 2019 and 2018 (in thousands, except per share data):

 

 

 

March 31,

2019

 

 

June 30,

2019

 

 

September 30,

2019

 

 

December 31,

2019 (1)

 

Revenue

 

$

67,605

 

 

$

80,456

 

 

$

75,802

 

 

$

79,445

 

Gross profit (loss)

 

 

553

 

 

 

(1,598

)

 

 

(2,685

)

 

 

(13,269

)

Net loss

 

 

(3,042

)

 

 

(5,248

)

 

 

(6,779

)

 

 

(34,325

)

Basic and diluted loss per share

 

 

(0.20

)

 

 

(0.34

)

 

 

(0.44

)

 

 

(2.26

)

 

 

 

March 31,

2018

 

 

June 30,

2018

 

 

September 30,

2018

 

 

December 31,

2018 (2)

 

Revenue

 

$

57,290

 

 

$

54,014

 

 

$

49,712

 

 

$

60,231

 

Gross profit (loss)

 

 

679

 

 

 

(699

)

 

 

(3,212

)

 

 

(3,964

)

Net income (loss)

 

 

(5,296

)

 

 

549

 

 

 

(10,949

)

 

 

(4,682

)

Basic and diluted loss per share

 

 

(0.36

)

 

 

0.04

 

 

 

(0.73

)

 

 

(0.31

)

 

 

(1)

Gross loss and net loss for the fourth quarter 2019 was primarily due to the under recovery of overhead costs for our Fabrication Division and project charges of $13.8 million for our Fabrication and Shipyard Divisions. Net loss for the fourth quarter 2019 also includes impairments and (gain) loss on assets held for sale of $17.3 million for our Fabrication, Shipyard and Services Divisions.  See Note 2 for further discussion of our project charges and Note 3 for further discussion of our impairments.  

 

(2)

Gross loss and net loss for the fourth quarter 2018 was primarily due to under recovery of overhead costs for our Fabrication Division and project charges of $5.8 million for our Shipyard Division.  Net loss for the fourth quarter 2018 also includes a $4.1 million gain on the sale of our Texas North Yard, offset partially by impairments of $3.0 million. Net loss for the third quarter 2018 includes the impact of a bad debt reserve of $2.8 million established during the quarter, and the fourth quarter 2018 includes a benefit from the reversal of the bad debt reserve as the receivable was collected during the quarter.  See Note 2 for further discussion of our project charges and Note 3 for further discussion of our impairments.