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Quarterly Financial Information
 12 Months Ended
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information

Note 17 — Quarterly Financial Information (Unaudited)

 

Offshore marine construction activities may fluctuate as a result of weather conditions and the timing of capital expenditures by oil and gas companies.  Historically, a substantial portion of our services has been performed during the summer and fall months.  As a result, historically a disproportionate portion of our revenues and net income is earned during such period.  The following is a summary of consolidated quarterly financial information for 2013 and 2012 (in thousands, except per share amounts):

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

March 31,

 

June 30,

 

September 30,

 

December 31,

 

2013

 

 

 

 

 

 

 

 

 

Net revenues (1)

$
197,429 

$
232,178 

$
220,117 

$
226,837 

 

Gross profit (2)

 
52,567 

 
67,497 

 
69,457 

 
71,164 

 

Net income applicable to Helix:

 

 

 

 

 

 

 

 

 

Income from continuing operations

$
557 

$
27,240 

$
44,549 

$
36,503 

 

Income from discontinued operations

 
1,058 

 
(29)

 
44 

 

 -

 

Net income applicable to Helix

$
1,615 

$
27,211 

$
44,593 

$
36,503 

 

Basic earnings per common share:

 

 

 

 

 

 

 

 

 

Income from continuing operations

$
0.01 

$
0.26 

$
0.42 

$
0.35 

 

Income from discontinued operations

 
0.01 

 

 -

 

 -

 

 -

 

Basic earnings per common share

$
0.02 

$
0.26 

$
0.42 

$
0.35 

 

Diluted earnings per common share:

 

 

 

 

 

 

 

 

 

Income from continuing operations

$
0.01 

$
0.26 

$
0.42 

$
0.35 

 

Income from discontinued operations

 
0.01 

 

 -

 

 -

 

 -

 

Diluted earnings per common share

$
0.02 

$
0.26 

$
0.42 

$
0.35 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

March 31,

 

June 30,

 

September 30,

 

December 31,

 

2012

 

 

 

 

 

 

 

 

 

Net revenues (3)

$
229,842 

$
197,461 

$
217,110 

$
201,696 

 

Gross profit (loss) (4)

 
72,483 

 
28,438 

 
57,919 

 
(108,925)

 

Net income (loss) applicable to Helix:

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$
16,874 

$
2,425 

$
10,362 

$
(99,679)

 

Income (loss) from discontinued operations

 
48,853 

 
42,216 

 
4,503 

 
(71,888)

 

Net income (loss) applicable to Helix (5)

$
65,727 

$
44,641 

$
14,865 

$
(171,567)

 

Basic earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$
0.16 

$
0.02 

$
0.10 

$
(0.95)

 

Income (loss) from discontinued operations

 
0.46 

 
0.40 

 
0.04 

 
(0.69)

 

Basic earnings (loss) per common share

$
0.62 

$
0.42 

$
0.14 

$
(1.64)

 

Diluted earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$
0.16 

$
0.02 

$
0.10 

$
(0.95)

 

Income (loss) from discontinued operations

 
0.46 

 
0.40 

 
0.04 

 
(0.69)

 

Diluted earnings (loss) per common share

$
0.62 

$
0.42 

$
0.14 

$
(1.64)

 

 

(1) Excludes revenues from discontinued operations of $48.8 million for the quarter ended March 31, 2013.

 

(2) Excludes gross profit from discontinued operations of $28.2 million for the quarter ended March 31, 2013.

 

(3) Excludes revenues from discontinued operations of $178.1 million, $149.9 million, $119.1 million and $110.1 million for the quarters ended March 31, June 30, September 30 and December 31, 2012.

 

(4) Excludes gross profit from discontinued operations of $89.2 million, $64.8 million, $27.8 million and $(102.6) million for the quarters ended March 31, June 30, September 30 and December 31, 2012.  Includes impairment charges totaling $14.6 million in the second quarter of 2012, $4.6 million in the third quarter of 2012 and $158.0 million in the fourth quarter of 2012 (Note 2).

 

(5) Our net loss in the fourth quarter of 2012 includes a $138.6 million impairment charge associated with the sale of ERT (Note 3).