Annual report pursuant to Section 13 and 15(d)

QUARTERLY OPERATING RESULTS (UNAUDITED) (Tables)

v3.10.0.1
QUARTERLY OPERATING RESULTS (UNAUDITED) (Tables)
12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Summary of Quarterly Results of Operations
The following table presents selected unaudited consolidated financial information on a quarterly basis for 2018 and 2017 (in thousands, except per share data):
 
March 31,
2018
 
June 30,
2018
 
September 30,
2018
 
December 31,
2018 (1)
Revenue
$
57,290

 
$
54,014

 
$
49,712

 
$
60,231

Gross profit (loss)
679

 
(699
)
 
(3,212
)
 
(3,964
)
Net income (loss)
(5,296
)
 
549

 
(10,949
)
 
(4,682
)
Basic and diluted EPS
(0.36
)
 
0.04

 
(0.73
)
 
(0.31
)
 
March 31,
2017
 
June 30,
2017
 
September 30,
2017
 
December 31,
2017 (2)
Revenue
$
37,993

 
$
45,868

 
$
49,884

 
$
37,277

Gross loss
(4,897
)
 
(11,620
)
 
(494
)
 
(25,914
)
Net loss
(6,454
)
 
(10,923
)
 
(3,110
)
 
(24,279
)
Basic and diluted EPS
(0.45
)
 
(0.73
)
 
(0.21
)
 
(1.63
)
______________
(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.
(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.