| Summarized Segment Financial Information |
Summarized financial information concerning our segments as of and for the three and six months ended June 30, 2016 and 2015 is as follows (in thousands):
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Three Months Ended June 30, 2016 |
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Fabrication |
Shipyards (1), (2)
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Services |
Corp. & Eliminations |
Consolidated |
Revenue |
$ |
24,296 |
|
$ |
29,373 |
|
$ |
28,692 |
|
$ |
(859 |
) |
$ |
81,502 |
|
Gross profit |
3,844 |
|
5,390 |
|
4,832 |
|
— |
|
14,066 |
|
Operating income (loss) |
2,178 |
|
3,394 |
|
3,496 |
|
(64 |
) |
9,004 |
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|
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Total assets |
290,910 |
|
81,874 |
|
100,197 |
|
(130,950 |
) |
342,031 |
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Depreciation expense |
4,589 |
|
1,161 |
|
456 |
|
105 |
|
6,311 |
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CAPEX |
1,201 |
|
181 |
|
505 |
|
679 |
|
2,566 |
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Three Months Ended June 30, 2015 |
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Fabrication |
Shipyards (1)
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Services |
Corp. & Eliminations |
Consolidated |
Revenue |
$ |
48,365 |
|
$ |
14,760 |
|
$ |
22,712 |
|
$ |
(1,499 |
) |
$ |
84,338 |
|
Gross profit |
210 |
|
1,644 |
|
3,951 |
|
— |
|
5,805 |
|
Operating income (loss) |
(1,984 |
) |
1,224 |
|
2,922 |
|
(83 |
) |
2,079 |
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Total assets |
353,911 |
|
62,576 |
|
103,756 |
|
(163,852 |
) |
356,391 |
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Depreciation expense |
5,499 |
|
479 |
|
435 |
|
130 |
|
6,543 |
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CAPEX |
1,203 |
|
242 |
|
432 |
|
75 |
|
1,952 |
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Six Months Ended June 30, 2016 |
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Fabrication |
Shipyards (1), (2)
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Services |
Corp. & Eliminations |
Consolidated |
Revenue |
$ |
48,125 |
|
$ |
63,493 |
|
$ |
55,251 |
|
$ |
(1,388 |
) |
$ |
165,481 |
|
Gross profit |
3,886 |
|
7,720 |
|
8,161 |
|
— |
|
19,767 |
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Operating income (loss) |
897 |
|
3,918 |
|
5,590 |
|
(185 |
) |
10,220 |
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Total assets |
290,910 |
|
81,874 |
|
100,197 |
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(130,950 |
) |
342,031 |
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Depreciation expense |
9,444 |
|
2,327 |
|
898 |
|
209 |
|
12,878 |
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CAPEX |
1,311 |
|
216 |
|
1,047 |
|
716 |
|
3,290 |
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Six Months Ended June 30, 2015 |
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Fabrication |
Shipyards (1)
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Services |
Corp. & Eliminations |
Consolidated |
Revenue |
$ |
105,298 |
|
$ |
34,241 |
|
$ |
47,500 |
|
$ |
(3,468 |
) |
$ |
183,571 |
|
Gross profit (loss) |
(46 |
) |
4,085 |
|
6,214 |
|
— |
|
10,253 |
|
Operating income (loss) |
(4,934 |
) |
3,234 |
|
4,200 |
|
(266 |
) |
2,234 |
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Total assets |
353,911 |
|
62,576 |
|
103,756 |
|
(163,852 |
) |
356,391 |
|
Depreciation expense |
11,059 |
|
958 |
|
865 |
|
258 |
|
13,140 |
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CAPEX |
1,683 |
|
334 |
|
861 |
|
75 |
|
2,953 |
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____________
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(1) |
Included in our results of operations for our Shipyards segment were revenue and net income of $17.3 million and $1.5 million, for the three months ended June 30, 2016 and $39.1 million and $751,000 for the six months ended June 30, 2016, respectively, attributable to the assets and operations acquired in the LEEVAC transaction. No amounts were included in the comparable 2015 periods as the LEEVAC transaction was effective January 1, 2016. See also Note 2.
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(2) |
Included in revenue and results of operations was recognition of $1.5 million and $2.7 million of deferred revenue for the three and six months ended June 30, 2016, respectively related to the values assigned to contracts acquired in the LEEVAC transaction.
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