| Summarized Segment Financial Information |
Summarized financial information for our segments as of and for the three-year period ended December 31, 2019, is as follows (in thousands):
|
|
|
2019
|
|
|
|
|
Fabrication
|
|
|
Shipyard
|
|
|
Services
|
|
|
Corporate
|
|
|
Consolidated
|
|
|
Revenue
|
|
$
|
70,052
|
|
|
$
|
159,217
|
|
|
$
|
81,706
|
|
|
$
|
(7,667
|
)
|
|
$
|
303,308
|
|
|
Gross profit (loss) (1)
|
|
|
(11,249
|
)
|
|
|
(10,949
|
)
|
|
|
5,516
|
|
|
|
(317
|
)
|
|
|
(16,999
|
)
|
|
Operating income (loss)
|
|
|
(22,101
|
)
|
|
|
(21,352
|
)
|
|
|
3,329
|
|
|
|
(9,897
|
)
|
|
|
(50,021
|
)
|
|
Depreciation and amortization expense
|
|
|
3,534
|
|
|
|
4,167
|
|
|
|
1,450
|
|
|
|
413
|
|
|
|
9,564
|
|
|
Capital expenditures
|
|
|
810
|
|
|
|
1,827
|
|
|
|
1,153
|
|
|
|
0
|
|
|
|
3,790
|
|
|
Total Assets
|
|
|
55,066
|
|
|
|
97,409
|
|
|
|
28,336
|
|
|
|
71,966
|
|
|
|
252,777
|
|
|
|
|
2018
|
|
|
|
|
Fabrication
|
|
|
Shipyard
|
|
|
Services
|
|
|
Corporate
|
|
|
Consolidated
|
|
|
Revenue
|
|
$
|
40,420
|
|
|
$
|
96,424
|
|
|
$
|
88,230
|
|
|
$
|
(3,827
|
)
|
|
$
|
221,247
|
|
|
Gross profit (loss) (2)
|
|
|
(7,840
|
)
|
|
|
(10,472
|
)
|
|
|
12,447
|
|
|
|
(1,331
|
)
|
|
|
(7,196
|
)
|
|
Operating income (loss)
|
|
|
(4,813
|
)
|
|
|
(14,396
|
)
|
|
|
9,371
|
|
|
|
(9,827
|
)
|
|
|
(19,665
|
)
|
|
Depreciation and amortization expense
|
|
|
4,315
|
|
|
|
4,229
|
|
|
|
1,511
|
|
|
|
295
|
|
|
|
10,350
|
|
|
Capital expenditures
|
|
|
216
|
|
|
|
2,003
|
|
|
|
1,244
|
|
|
|
18
|
|
|
|
3,481
|
|
|
Total Assets (3)
|
|
|
64,076
|
|
|
|
97,197
|
|
|
|
38,643
|
|
|
|
58,374
|
|
|
|
258,290
|
|
|
|
|
2017
|
|
|
|
|
Fabrication
|
|
|
Shipyard
|
|
|
Services
|
|
|
Corporate
|
|
|
Consolidated
|
|
|
Revenue
|
|
$
|
58,078
|
|
|
$
|
52,699
|
|
|
$
|
65,445
|
|
|
$
|
(5,200
|
)
|
|
$
|
171,022
|
|
|
Gross profit (loss) (4)
|
|
|
(1,900
|
)
|
|
|
(44,870
|
)
|
|
|
4,575
|
|
|
|
(730
|
)
|
|
|
(42,925
|
)
|
|
Operating income (loss)
|
|
|
(11,969
|
)
|
|
|
(50,044
|
)
|
|
|
1,874
|
|
|
|
(8,471
|
)
|
|
|
(68,610
|
)
|
|
Depreciation and amortization expense
|
|
|
6,592
|
|
|
|
4,073
|
|
|
|
1,676
|
|
|
|
404
|
|
|
|
12,745
|
|
|
Capital expenditures
|
|
|
2,395
|
|
|
|
1,909
|
|
|
|
403
|
|
|
|
127
|
|
|
|
4,834
|
|
|
Total Assets (3)
|
|
|
155,929
|
|
|
|
74,516
|
|
|
|
32,487
|
|
|
|
7,908
|
|
|
|
270,840
|
|
|
|
(1)
|
Gross loss and operating loss for 2019 includes project charges of $8.4 million, $7.2 million and $1.6 million for our Fabrication, Shipyard and Services Divisions, respectively. Operating loss also includes impairments of $8.7 million and $7.9 million for our Fabrication and Shipyard Divisions, respectively, and restructuring costs of $0.7 million for our Corporate Division. See Note 2 for further discussion of our project charges and Note 3 for further discussion of our impairments.
|
|
|
(2)
|
Gross loss and operating loss for 2018 includes project charges of $2.4 million and $6.7 million for our Fabrication and Shipyard Divisions, respectively. Operating loss also includes impairments of $1.0 million for our Shipyard Division and a net benefit of $8.2 million for our Fabrication Division related to a gain on the sale of our South Texas Properties of $8.0 million and a gain on insurance recoveries of $3.6 million, offset partially by impairments of $3.4 million. See Note 2 for further discussion of our project charges and Note 3 for further discussion of our asset impairments
|
|
|
(3)
|
Cash and short-term investments are reported within our Corporate Division for 2019. Total assets previously reported for 2018 and 2017 have been recast to conform to our presentation for 2019.
|
|
|
(4)
|
Gross loss and operating loss for 2017 includes project charges of $34.5 million for our Shipyard Division. Operating loss also includes impairments of $6.7 million and $1.2 million for our Fabrication and Shipyard Divisions, respectively. See Note 2 for further discussion of our project charges and Note 3 for further discussion of our asset impairments.
|
|