| QUARTERLY OPERATING RESULTS (UNAUDITED) |
QUARTERLY OPERATING RESULTS (UNAUDITED)
The following table presents selected unaudited consolidated financial information on a quarterly basis for 2018 and 2017 (in thousands, except per share data):
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March 31,
2018
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June 30,
2018
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September 30,
2018
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December 31,
2018 (1)
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Revenue |
$ |
57,290 |
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|
$ |
54,014 |
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|
$ |
49,712 |
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$ |
60,231 |
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Gross profit (loss) |
679 |
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|
(699 |
) |
|
(3,212 |
) |
|
(3,964 |
) |
Net income (loss) |
(5,296 |
) |
|
549 |
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|
(10,949 |
) |
|
(4,682 |
) |
Basic and diluted EPS |
(0.36 |
) |
|
0.04 |
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|
(0.73 |
) |
|
(0.31 |
) |
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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 (2)
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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 loss |
(4,897 |
) |
|
(11,620 |
) |
|
(494 |
) |
|
(25,914 |
) |
Net loss |
(6,454 |
) |
|
(10,923 |
) |
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(3,110 |
) |
|
(24,279 |
) |
Basic and diluted EPS |
(0.45 |
) |
|
(0.73 |
) |
|
(0.21 |
) |
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(1.63 |
) |
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(1) |
Gross loss and net loss for the fourth quarter 2018 was primarily due to under recovery of our overhead costs within our Fabrication Division and a $5.8 million impact from increased forecast costs on our harbor tug projects within our Shipyard Division. See Note 2 for further discussion of these projects. Net loss benefited from the reversal of a bad debt reserve of $2.8 million established during the third quarter 2018 for a receivable that was collected during the fourth quarter 2018. Net loss also includes a $4.1 million gain on the sale of our Texas North Yard, offset partially by impairments of $3.0 million.
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(2) |
Gross loss for the fourth quarter 2017 includes a $34.5 million impact from increased forecast costs on our MPSV projects within our Shipyard Division. See Note 2 for further discussion of the MPSV projects.
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