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, 2014
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY OPERATING RESULTS (UNAUDITED)

16. QUARTERLY OPERATING RESULTS (UNAUDITED)

A summary of quarterly results of operations for the years ended December 31, 2014 and 2013 were as follows (in thousands, except per share data):

 

     March 31,
2014
     June 30,
2014 (a)
     September 30,
2014 (a)
     December 31,
2014 (a)(b)
 

Revenue

   $ 134,690       $ 129,169       $ 118,020       $ 124,760   

Gross profit

     8,773         10,322         14,653         10,808   

Net Income (loss)

     3,535         4,310         7,586         (111

Basic EPS

     0.24         0.30         0.52         (0.01

Diluted EPS

     0.24         0.30         0.52         (0.01

 

     March 31,
2013
     June 30,
2013 (a)
     September 30,
2013 (a)
     December 31,
2013 (a)
 

Revenue

   $ 150,422       $ 154,575       $ 168,191       $ 135,138   

Gross profit (loss)

     6,704         9,677         9,055         (1,775

Net income (loss)

     2,787         4,279         3,276         (3,110

Basic EPS

     0.19         0.30         0.23         (0.22

Diluted EPS

     0.19         0.30         0.23         (0.22

 

(a) We recognized contract losses of $1.6 million for the three-month period ended December 31, 2014, $0.3 million for the three-month period ended September 30, 2014, and $4.7 million for the three-month period ended June 30, 2014. We recognized contract losses of $18.2 million in the three-month period ended December 31, 2013, $10.9 million in the three-month period ended September 30, 2013, and $0.6 million in the three-month period ended June 30, 2013, as required under the accounting for loss contracts under percentage of completion accounting. Contract losses for the year ended December 31, 2014 were primarily related to tank barge projects for a marine transportation company, platform supply vessels for an offshore marine company and a production platform jacket for a deepwater customer. Contract losses in 2013 were primarily due to the impact of the de-scoping and final close-out of one of our major deepwater projects, as further discussed in the Note 1 under “Revenue Recognition” above.
(b) We recognized an impairment charge of $3.2 million related to a reduction in the fair value of assets held for sale and a $3.6 million charge related to an increase in the allowance for doubtful accounts for negotiations of an outstanding contract receivable balance for the three-month period ended December 31, 2014.