| Summary of Reclassification of Previously Reported Segments |
A summary of the adjustments to correct the immaterial errors and reclassifications to our previously reported segment results for 2020, is as follows (in thousands):
|
|
|
Year Ended December 31, 2020
|
|
|
|
|
F&S
|
|
|
Shipyard
|
|
|
Corporate
|
|
|
Total
|
|
|
Gross profit (loss), as reported (1)
|
|
$
|
1,523
|
|
|
$
|
(19,274
|
)
|
|
$
|
—
|
|
|
$
|
(17,751
|
)
|
|
Corrections
|
|
|
107
|
|
|
|
135
|
|
|
|
—
|
|
|
|
242
|
|
|
Gross profit (loss), as adjusted prior to recast
|
|
|
1,630
|
|
|
|
(19,139
|
)
|
|
|
—
|
|
|
|
(17,509
|
)
|
|
Recast for discontinued operations (2)
|
|
|
—
|
|
|
|
9,642
|
|
|
|
—
|
|
|
|
9,642
|
|
|
Changes in expense allocations
|
|
|
(76
|
)
|
|
|
284
|
|
|
|
(208
|
)
|
|
|
—
|
|
|
Gross profit (loss) from continuing operations, as adjusted
|
|
$
|
1,554
|
|
|
$
|
(9,213
|
)
|
|
$
|
(208
|
)
|
|
$
|
(7,867
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss), as reported (1)
|
|
$
|
5,893
|
|
|
$
|
(24,343
|
)
|
|
$
|
(8,709
|
)
|
|
$
|
(27,159
|
)
|
|
Corrections
|
|
|
111
|
|
|
|
140
|
|
|
|
(302
|
)
|
|
|
(51
|
)
|
|
Operating income (loss), as adjusted prior to recast
|
|
|
6,004
|
|
|
|
(24,203
|
)
|
|
|
(9,011
|
)
|
|
|
(27,210
|
)
|
|
Recast for discontinued operations (2)
|
|
|
—
|
|
|
|
13,307
|
|
|
|
—
|
|
|
|
13,307
|
|
|
Changes in expense allocations
|
|
|
(350
|
)
|
|
|
834
|
|
|
|
(484
|
)
|
|
|
—
|
|
|
Reclassification of legal expenses
|
|
|
—
|
|
|
|
(1,039
|
)
|
|
|
1,039
|
|
|
|
—
|
|
|
Operating income (loss) from continuing operations, as adjusted
|
|
$
|
5,654
|
|
|
$
|
(11,101
|
)
|
|
$
|
(8,456
|
)
|
|
$
|
(13,903
|
)
|
|
|
(1)
|
Represents amounts as reported in our previously issued 2020 Financial Statements which do not reflect discontinued operations presentation.
|
|
|
(2)
|
Reflects adjustments to recast previously issued 2020 Financial Statement amounts on a discontinued operations basis.
|
|
| Summarized Segment Financial Information |
Summarized financial information for our segments as of and for the two-year period ended December 31, 2021, is as follows (in thousands):
|
|
|
Year Ended December 31, 2021
|
|
|
|
|
F&S
|
|
|
Shipyard
|
|
|
Corporate
|
|
|
Total
|
|
|
Revenue (eliminations)
|
|
$
|
81,083
|
|
|
$
|
12,878
|
|
|
$
|
(509
|
)
|
|
$
|
93,452
|
|
|
Gross profit (loss) (1)
|
|
|
6,189
|
|
|
|
(4,242
|
)
|
|
|
(283
|
)
|
|
|
1,664
|
|
|
Operating income (loss) (1)
|
|
|
261
|
|
|
|
(5,769
|
)
|
|
|
(7,976
|
)
|
|
|
(13,484
|
)
|
|
Depreciation and amortization expense
|
|
|
4,001
|
|
|
|
—
|
|
|
|
319
|
|
|
|
4,320
|
|
|
Capital expenditures
|
|
|
1,141
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,141
|
|
|
Total assets (3)
|
|
|
59,023
|
|
|
|
16,222
|
|
|
|
60,028
|
|
|
|
135,273
|
|
|
|
|
Year Ended December 31, 2020
|
|
|
|
|
F&S
|
|
|
Shipyard
|
|
|
Corporate
|
|
|
Total
|
|
|
Revenue (eliminations)
|
|
$
|
99,485
|
|
|
$
|
20,468
|
|
|
$
|
(2,224
|
)
|
|
$
|
117,729
|
|
|
Gross profit (loss) (2)
|
|
|
1,554
|
|
|
|
(9,213
|
)
|
|
|
(208
|
)
|
|
|
(7,867
|
)
|
|
Operating income (loss) (2)
|
|
|
5,654
|
|
|
|
(11,101
|
)
|
|
|
(8,456
|
)
|
|
|
(13,903
|
)
|
|
Depreciation and amortization expense
|
|
|
4,928
|
|
|
|
—
|
|
|
|
302
|
|
|
|
5,230
|
|
|
Capital expenditures
|
|
|
2,067
|
|
|
|
—
|
|
|
|
191
|
|
|
|
2,258
|
|
|
Total assets (3)
|
|
|
54,174
|
|
|
|
17,499
|
|
|
|
59,780
|
|
|
|
131,453
|
|
|
|
(1)
|
Gross profit (loss) and operating income (loss) for 2021 includes project improvements of $3.3 million for our F&S Division and project charges of $3.8 million for our Shipyard Division. Operating income (loss) also includes charges of $3.2 million and $0.6 million associated with damage caused by Hurricane Ida for our F&S Division and Shipyard Division, respectively, acquisition costs of $0.5 million associated with the DSS Acquisition for our F&S Division, and the under-recovery of overhead costs for our F&S Division. See Note 2 for further discussion of our project and hurricane impacts and Note 4 for further discussion of the DSS Acquisition.
|
|
|
(2)
|
Gross profit (loss) and operating income (loss) for 2020 includes project improvements of $2.7 million for our F&S Division and project charges of $8.3 million for our Shipyard Division. Operating income (loss) also includes impairment charges and losses on the sale of assets held for sale of $2.5 million for our F&S Division, charges of $0.8 million associated with damage caused by Hurricane Laura for our Shipyard Division, and a gain of $10.0 million associated with the settlement of a contract dispute for our F&S Division. See Note 2 for further discussion of our project and hurricane impacts and Note 5 for further discussion of our impairments.
|
|
|
(3)
|
Cash and short-term investments are reported within our Corporate Division.
|
|