| Summarized Segment Financial Information |
Summarized financial information concerning our segments as of and for the three-year period ended December 31, 2017, is as follows (in thousands):
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December 31, 2017 |
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Fabrication |
Shipyard (1)
|
Services |
Corp. & Eliminations |
Consolidated |
Revenue |
$ |
57,880 |
|
$ |
52,699 |
|
$ |
65,445 |
|
$ |
(5,002 |
) |
$ |
171,022 |
|
Gross profit (loss) |
(1,941 |
) |
(44,870 |
) |
4,575 |
|
(689 |
) |
(42,925 |
) |
Operating income (loss) |
(12,040 |
) |
(49,785 |
) |
1,874 |
|
(8,446 |
) |
(68,397 |
) |
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Depreciation expense |
6,592 |
|
4,073 |
|
1,676 |
|
404 |
|
12,745 |
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Capital expenditures |
2,395 |
|
1,909 |
|
403 |
|
127 |
|
4,834 |
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Total Assets |
$ |
195,187 |
|
$ |
74,516 |
|
$ |
105,291 |
|
$ |
(104,154 |
) |
$ |
270,840 |
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December 31, 2016 |
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Fabrication |
Shipyard |
Services |
Corp. & Eliminations |
Consolidated |
Revenue |
$ |
88,683 |
|
$ |
109,502 |
|
$ |
91,414 |
|
$ |
(3,273 |
) |
$ |
286,326 |
|
Gross profit (loss) |
5,276 |
|
7,801 |
|
12,420 |
|
(644 |
) |
24,853 |
|
Operating income (loss) |
1,500 |
|
2,375 |
|
9,106 |
|
(7,798 |
) |
5,183 |
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Depreciation expense |
18,566 |
|
4,686 |
|
1,775 |
|
421 |
|
25,448 |
|
Capital expenditures |
2,633 |
|
1,861 |
|
1,495 |
|
806 |
|
6,795 |
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Total Assets |
$ |
272,292 |
|
$ |
81,928 |
|
$ |
96,404 |
|
$ |
(128,216 |
) |
$ |
322,408 |
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December 31, 2015 |
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Fabrication |
Shipyard |
Services |
Corp. & Eliminations |
Consolidated |
Revenue |
$ |
151,576 |
|
$ |
59,601 |
|
$ |
100,431 |
|
$ |
(5,488 |
) |
$ |
306,120 |
|
Gross profit (loss) |
(36,990 |
) |
8,750 |
|
13,937 |
|
(853 |
) |
(15,156 |
) |
Operating income (loss) |
(49,295 |
) |
7,695 |
|
11,353 |
|
(8,367 |
) |
(38,614 |
) |
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Depreciation expense |
22,045 |
|
1,921 |
|
1,733 |
|
505 |
|
26,204 |
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Capital expenditures |
3,360 |
|
1,206 |
|
1,379 |
|
73 |
|
6,018 |
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Total Assets |
$ |
310,790 |
|
$ |
54,543 |
|
$ |
94,618 |
|
$ |
(143,028 |
) |
$ |
316,923 |
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____________
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(1) |
Included in the 2017 operating results for our Shipyard Division is $34.5 million in operating losses related to cost overruns and delays that we encountered in the newbuild construction of two multi-purpose service vessels. The delivery of the vessels will be extended beyond the contractual delivery dates and put us in a position to incur liquidated damages. In absence of a signed amendment with the customer, we have accrued the maximum liquidated damages under the contract of $11.2 million.
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