| Summary of Quarterly Results of Operations |
A summary of quarterly results of operations for the years ended December 31, 2017 and 2016 were as follows (in thousands, except per share data):
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March 31,
2017
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June 30,
2017
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September 30,
2017
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December 31,
2017 (1)
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Revenue |
$ |
37,993 |
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$ |
45,868 |
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$ |
49,884 |
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$ |
37,277 |
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Gross profit (loss) |
(4,897 |
) |
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(11,620 |
) |
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(494 |
) |
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(25,914 |
) |
Net income (loss) |
(6,454 |
) |
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(10,923 |
) |
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(3,110 |
) |
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(24,279 |
) |
Basic and fully diluted EPS |
$ |
(0.44 |
) |
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$ |
(0.73 |
) |
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$ |
(0.21 |
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$ |
(1.63 |
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March 31,
2016
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June 30,
2016
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September 30,
2016
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December 31,
2016
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Revenue |
$ |
83,979 |
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$ |
81,502 |
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$ |
65,384 |
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$ |
55,461 |
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Gross profit (loss) |
5,701 |
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14,066 |
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5,259 |
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(173 |
) |
Net income (loss) |
989 |
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5,540 |
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541 |
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(3,555 |
) |
Basic and fully diluted EPS |
$ |
0.07 |
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$ |
0.37 |
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$ |
0.04 |
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$ |
(0.24 |
) |
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(1) |
During the fourth quarter of 2017, we incurred $22.5 million in losses related to cost overruns and delays that we encountered in the newbuild construction of two multi-purpose service vessels. The cost overruns relate primarily to complexities with the installation of the power and communications systems. We believe the best course of action for the Company is to perform additional engineering and construction planning to ensure we are meeting the contractual performance requirements for these vessels and mitigating any further construction risk. With the additional electrical engineering, planning and construction estimates, the estimated delivery dates of the vessels will be extended beyond the contractual delivery dates, and we estimate that the maximum amount of liquidated damages of $11.2 million will be incurred in the absence of a signed amendment with the customer. We have included the maximum liquidated damages in our 2017 loss provision above and reduced our estimate of the contract price. Total contract losses for this customer for the year are $34.5 million.
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