| QUARTERLY OPERATING RESULTS (UNAUDITED) |
QUARTERLY OPERATING RESULTS (UNAUDITED)
A summary of quarterly results of operations for the years ended December 31, 2015 and 2014 were as follows (in thousands, except per share data):
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March 31,
2015
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June 30,
2015
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September 30,
2015 (a)
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December 31,
2015 (a)
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Revenue |
$ |
99,233 |
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$ |
84,338 |
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$ |
67,531 |
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$ |
55,018 |
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Gross profit (loss) |
4,448 |
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5,805 |
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(7,837 |
) |
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(17,572 |
) |
Net income (loss) |
83 |
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1,357 |
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(12,137 |
) |
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(14,667 |
) |
Basic and fully diluted EPS |
— |
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0.09 |
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(0.84 |
) |
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(1.01 |
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March 31,
2014
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June 30,
2014
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September 30,
2014
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December 31,
2014 (b)
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Revenue |
$ |
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 (loss) |
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) |
3,535 |
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4,310 |
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7,586 |
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(111 |
) |
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Basic and fully 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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(a) |
During the third quarter of 2015, we recorded contract losses of $14.3 million as a result of our inability to recover certain costs related to a deck and jacket for one of our large deepwater projects, and we recorded an impairment of $6.6 million related to assets held for sale. During the fourth quarter of 2015, we recorded additional contract losses of $10.3 million related to a decrease in the contract price due to final weight re-measurements and our inability to recover certain costs on disputed change orders related to a large deepwater project which was recently delivered. In addition, during the fourth quarter of 2015, we accrued contract losses of approximately $7.6 million resulting from increases in our projected unit labor rates of our fabrication facilities. Our increases in unit labor rates were driven by our inability to absorb fixed costs due to decreases in expected oil and gas fabrication activity.
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(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 during the fourth quarter of 2014.
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