QUARTERLY OPERATING RESULTS (UNAUDITED)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

16. QUARTERLY OPERATING RESULTS (UNAUDITED)

A summary of quarterly results of operations for the years ended December 31, 2014 and 2013 were as follows (in thousands, except per share data):


	March 31, 2014		June 30, 2014 (a)		September 30, 2014 (a)		December 31, 2014 (a)(b)
Revenue	$	134,690	$	129,169	$	118,020	$	124,760
Gross profit		8,773		10,322		14,653		10,808
Net Income (loss)		3,535		4,310		7,586		(111	)
Basic EPS		0.24		0.30		0.52		(0.01	)
Diluted EPS		0.24		0.30		0.52		(0.01	)


	March 31, 2013		June 30, 2013 (a)		September 30, 2013 (a)		December 31, 2013 (a)
Revenue	$	150,422	$	154,575	$	168,191	$	135,138
Gross profit (loss)		6,704		9,677		9,055		(1,775	)
Net income (loss)		2,787		4,279		3,276		(3,110	)
Basic EPS		0.19		0.30		0.23		(0.22	)
Diluted EPS		0.19		0.30		0.23		(0.22	)

(a)

We recognized contract losses of $1.6 million for the three-month period ended December 31, 2014, $0.3 million for the three-month period ended September 30, 2014, and $4.7 million for the three-month period ended June 30, 2014. We recognized contract losses of $18.2 million in the three-month period ended December 31, 2013, $10.9 million in the three-month period ended September 30, 2013, and $0.6 million in the three-month period ended June 30, 2013, as required under the accounting for loss contracts under percentage of completion accounting. Contract losses for the year ended December 31, 2014 were primarily related to tank barge projects for a marine transportation company, platform supply vessels for an offshore marine company and a production platform jacket for a deepwater customer. Contract losses in 2013 were primarily due to the impact of the de-scoping and final close-out of one of our major deepwater projects, as further discussed in the Note 1 under “Revenue Recognition” above.

(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 for the three-month period ended December 31, 2014.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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