| Summary of Quarterly Results of Operations |
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):
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March 31,
2014 |
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June 30,
2014 (a) |
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September 30,
2014 (a) |
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December 31,
2014 (a)(b) |
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Revenue
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$ |
134,690 |
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$ |
129,169 |
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$ |
118,020 |
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$ |
124,760 |
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Gross profit
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8,773 |
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10,322 |
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14,653 |
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10,808 |
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Net Income
(loss)
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3,535 |
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4,310 |
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7,586 |
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(111 |
) |
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Basic EPS
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0.24 |
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0.30 |
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0.52 |
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(0.01 |
) |
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Diluted EPS
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0.24 |
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0.30 |
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0.52 |
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(0.01 |
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March 31,
2013 |
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June 30,
2013 (a) |
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September 30,
2013 (a) |
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December 31,
2013 (a) |
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Revenue
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$ |
150,422 |
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$ |
154,575 |
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$ |
168,191 |
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$ |
135,138 |
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Gross profit
(loss)
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6,704 |
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9,677 |
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9,055 |
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(1,775 |
) |
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Net income
(loss)
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2,787 |
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4,279 |
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3,276 |
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(3,110 |
) |
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Basic EPS
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0.19 |
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0.30 |
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0.23 |
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(0.22 |
) |
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Diluted EPS
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0.19 |
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0.30 |
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0.23 |
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(0.22 |
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| (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. |
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