| Summarized Segment Financial Information |
Summarized financial information for our segments as of and for the three-year period ended December 31, 2018, is as follows (in thousands):
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2018 |
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Fabrication(1)
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Shipyard (1)
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Services |
EPC |
Corporate |
Eliminations |
Consolidated |
Revenue |
$ |
37,943 |
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$ |
96,424 |
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$ |
88,230 |
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$ |
2,477 |
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$ |
— |
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$ |
(3,827 |
) |
$ |
221,247 |
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Gross profit (loss) |
(7,794 |
) |
(10,472 |
) |
12,447 |
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(46 |
) |
(1,331 |
) |
— |
|
(7,196 |
) |
Operating income (loss) |
(2,950 |
) |
(14,396 |
) |
9,371 |
|
(1,863 |
) |
(9,827 |
) |
— |
|
(19,665 |
) |
Depreciation expense |
4,310 |
|
4,229 |
|
1,511 |
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5 |
|
295 |
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— |
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10,350 |
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Capital expenditures |
73 |
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2,003 |
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1,244 |
|
143 |
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18 |
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— |
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3,481 |
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Total Assets |
62,138 |
|
97,197 |
|
38,643 |
|
1,938 |
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58,374 |
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— |
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258,290 |
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2017 |
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Fabrication |
Shipyard (2)
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Services |
EPC |
Corporate |
Eliminations |
Consolidated |
Revenue |
$ |
57,880 |
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$ |
52,699 |
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$ |
65,445 |
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$ |
198 |
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$ |
— |
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$ |
(5,200 |
) |
$ |
171,022 |
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Gross profit (loss) |
(1,941 |
) |
(44,870 |
) |
4,575 |
|
41 |
|
(730 |
) |
— |
|
(42,925 |
) |
Operating income (loss) |
(12,010 |
) |
(50,044 |
) |
1,874 |
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41 |
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(8,471 |
) |
— |
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(68,610 |
) |
Depreciation expense |
6,592 |
|
4,073 |
|
1,676 |
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— |
|
404 |
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— |
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12,745 |
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Capital expenditures |
2,395 |
|
1,909 |
|
403 |
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— |
|
127 |
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— |
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4,834 |
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Total Assets |
155,731 |
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74,516 |
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32,487 |
|
198 |
|
7,908 |
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— |
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270,840 |
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2016 |
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Fabrication |
Shipyard |
Services |
EPC |
Corporate |
Eliminations |
Consolidated |
Revenue |
$ |
88,683 |
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$ |
109,502 |
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$ |
91,414 |
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$ |
— |
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$ |
— |
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$ |
(3,273 |
) |
$ |
286,326 |
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Gross profit (loss) |
5,276 |
|
7,801 |
|
12,420 |
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— |
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(644 |
) |
— |
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24,853 |
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Operating income (loss) |
2,009 |
|
2,436 |
|
9,217 |
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— |
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(7,798 |
) |
— |
|
5,864 |
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Depreciation expense |
18,566 |
|
4,686 |
|
1,775 |
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— |
|
421 |
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— |
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25,448 |
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Capital expenditures |
2,633 |
|
1,861 |
|
1,495 |
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— |
|
806 |
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— |
|
6,795 |
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Total Assets |
195,901 |
|
81,928 |
|
37,102 |
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— |
|
7,477 |
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— |
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322,408 |
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_______________
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(1) |
Gross loss and operating loss for 2018 for our Fabrication Division includes a $2.4 million impact from increased costs on a petrochemical module project and our Shipyard Division includes a $6.7 million impact from increased forecast costs on our harbor tug projects. Operating loss also includes a net benefit of $6.9 million related to a gain on the sale of our South Texas Properties of $8.0 million and a gain on insurance recoveries of $3.6 million, offset partially by impairments of $4.4 million related to inventory and assets that were held for sale and a loss on assets sold of $0.3 million within our Fabrication and Shipyard Divisions. See Note 2 for further discussion of the project charges and Note 3 and Note 5 for further discussion of our asset impairments and gains on assets held for sale.
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(2) |
Gross loss and operating loss for 2017 for our Shipyard Division includes a $34.5 million impact from increased forecast costs on our MPSV projects. See Note 2 for further discussion of the MPSV projects.
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