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, 2023

Summarized Segment Financial Information

Summarized financial information for our segments as of and for the two-year period ended December 31, 2023, is as follows (in thousands):


	Year Ended December 31, 2023
	Services		Fabrication		Shipyard			Corporate			Total
Revenue (eliminations) (1)	$	93,548	$	89,046	$	(30,417	)	$	(1,110	)	$	151,067
Gross profit (loss) (1)		13,783		10,178		(35,862	)		—			(11,901	)
Operating income (loss) (1)		10,929		10,558		(39,374	)		(7,996	)		(25,883	)
Depreciation and amortization expense		1,926		3,249		—			291			5,466
Capital expenditures		544		2,233		—			99			2,876
Total assets (3)		32,191		42,368		1,553			52,316			128,428


	Year Ended December 31, 2022
	Services		Fabrication			Shipyard			Corporate			Total
Revenue (eliminations)	$	87,022	$	48,299		$	7,671		$	(672	)	$	142,320
Gross profit (loss) (2)		11,227		(274	)		(3,058	)		—			7,895
Operating income (loss) (2)		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

(1)

Revenue for 2023 includes a charge of $32.5 million resulting from the resolution of our MPSV Litigation for our Shipyard Division. Gross profit (loss) and operating income (loss) for 2023 includes a charge of $32.5 million resulting from the resolution of our MPSV Litigation and project charges of $2.7 million for our Shipyard Division. Operating income (loss) for 2023 also includes gains of $2.0 million from the net impact of insurance recoveries and costs associated with damage previously caused by Hurricane Ida for our Fabrication Division, charges of $0.5 million associated with damage previously caused by Hurricane Ida for our Shipyard 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 7 for further discussion of the resolution of our MPSV Litigation.

(2)

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 3 for further discussion of our corporate office lease asset impairment.

(3)

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