Gulf Island Fabrication, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Operating Segments (Tables)

Operating Segments (Tables)

12 Months Ended

Dec. 31, 2022

Summarized Segment Financial Information

Summarized financial information for our segments as of and for the two-year period ended December 31, 2022, is as follows (in thousands):


	Year Ended December 31, 2022
	Services		Fabrication			Shipyard			Corporate			Total
Revenue (eliminations)	$	87,022	$	48,299		$	7,671		$	(672	)	$	142,320
Gross profit (loss) (1)		11,227		(274	)		(3,058	)		—			7,895
Operating income (loss) (1)		8,124		4,874			(7,554	)		(8,859	)		(3,415	)
Depreciation and amortization expense		1,496		3,343			—			259			5,098
Capital expenditures		2,326		633			—			127			3,086
Total assets (3)		28,016		40,531			16,330			49,989			134,866


	Year Ended December 31, 2021
	Services		Fabrication			Shipyard			Corporate			Total
Revenue (eliminations)	$	40,558	$	41,339		$	12,878		$	(1,323	)	$	93,452
Gross profit (loss) (2)		5,692		497			(4,242	)		(283	)		1,664
Operating income (loss) (2)		3,498		(3,237	)		(5,769	)		(7,976	)		(13,484	)
Depreciation and amortization expense		641		3,360			—			319			4,320
Capital expenditures		1,092		49			—			—			1,141
Total assets (3)		21,745		37,310			16,222			59,996			135,273

(1)

Gross profit (loss) and operating income (loss) for 2022 includes project charges of $2.0 million for our Shipyard Division. Operating income (loss) for 2022 also includes gains of $7.5 million from the net impact of insurance recoveries and costs associated with damage previously caused by Hurricane Ida for our Fabrication Division, charges of $0.2 million associated with damage previously caused by Hurricane Ida for our Shipyard Division, an impairment charge of $0.5 million associated with the underlying right-of-use asset for our corporate office lease for our Corporate Division, and the partial under-recovery of overhead costs for our Fabrication Division. See Note 2 for further discussion of our project and Hurricane Ida impacts and Note 5 for further discussion of our corporate office lease asset impairment.

(2)

Gross profit (loss) and operating income (loss) for 2021 includes project improvements of $3.3 million for our Fabrication Division, project charges of $3.8 million for our Shipyard Division, and costs of $0.3 million for our Corporate Division associated with operating division support that are reflected within our Services Division and Fabrication Division for 2022. Operating income (loss) for 2021 also includes charges of $0.1 million, $3.1 million and $0.6 million associated with damage caused by Hurricane Ida for our Services Division, Fabrication Division and Shipyard Division, respectively, acquisition costs of $0.5 million associated with the DSS Acquisition for our Services Division, and the partial under-recovery of overhead costs for our Fabrication Division. See Note 2 for further discussion of our project and Hurricane Ida impacts and Note 4 for further discussion of the DSS Acquisition.

(3)

Cash and short-term investments are reported within our Corporate Division.