Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | GIFI | |
Entity Registrant Name | GULF ISLAND FABRICATION INC | |
Entity Central Index Key | 1,031,623 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 14,851,833 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 22,283 | $ 51,167 |
Contracts receivable and retainage, net | 38,080 | 20,169 |
Contracts in progress | 31,643 | 26,829 |
Prepaid expenses and other assets | 2,982 | 3,222 |
Inventory | 11,871 | 11,973 |
Assets held for sale | 107,262 | 0 |
Total current assets | 214,121 | 113,360 |
Property, plant and equipment, net | 90,698 | 206,222 |
Other assets | 2,767 | 2,826 |
Total assets | 307,586 | 322,408 |
Current liabilities: | ||
Accounts payable | 19,329 | 9,021 |
Advance billings on contracts | 8,642 | 3,977 |
Deferred revenue, current | 5,406 | 11,881 |
Accrued contract losses | 3,514 | 387 |
Accrued expenses and other liabilities | 9,236 | 10,032 |
Income tax payable | 257 | 50 |
Total current liabilities | 46,384 | 35,348 |
Net deferred tax liabilities | 14,450 | 23,234 |
Deferred revenue, noncurrent | 0 | 489 |
Other liabilities | 698 | 305 |
Total liabilities | 61,532 | 59,376 |
Shareholders’ equity: | ||
Preferred stock, no par value, 5,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common stock, no par value, 20,000,000 shares authorized, 14,850,833 issued and outstanding at June 30, 2017, and 14,695,020 at December 31, 2016, respectively | 10,711 | 10,641 |
Additional paid-in capital | 99,442 | 98,813 |
Retained earnings | 135,901 | 153,578 |
Total shareholders’ equity | 246,054 | 263,032 |
Total liabilities and shareholders’ equity | $ 307,586 | $ 322,408 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | ||
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 14,850,833 | 14,695,020 |
Common stock, shares outstanding (in shares) | 14,850,833 | 14,695,020 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Revenue | $ 45,868 | $ 81,502 | $ 83,860 | $ 165,481 |
Cost of revenue | 57,488 | 67,436 | 100,378 | 145,714 |
Gross profit (loss) | (11,620) | 14,066 | (16,518) | 19,767 |
General and administrative expenses | 4,640 | 5,062 | 8,570 | 9,547 |
Asset impairment | 0 | 0 | 389 | 0 |
Operating income (loss) | (16,260) | 9,004 | (25,477) | 10,220 |
Other income (expense): | ||||
Interest expense | (158) | (88) | (217) | (138) |
Interest income | 12 | 2 | 12 | 8 |
Other income (expense), net | (266) | 42 | (257) | 440 |
Total other income (expense) | (412) | (44) | (462) | 310 |
Net income (loss) before income taxes | (16,672) | 8,960 | (25,939) | 10,530 |
Income tax expense (benefit) | (5,749) | 3,420 | (8,561) | 4,001 |
Net income (loss) | $ (10,923) | $ 5,540 | $ (17,378) | $ 6,529 |
Per share data: | ||||
Basic and diluted earnings (loss) per share - common shareholders (usd per share) | $ (0.73) | $ 0.37 | $ (1.17) | $ 0.44 |
Cash dividend declared per common share (usd per share) | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.02 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings |
Beginning balance (in shares) at Dec. 31, 2016 | 14,695,020 | 14,695,020 | ||
Beginning balance at Dec. 31, 2016 | $ 263,032 | $ 10,641 | $ 98,813 | $ 153,578 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | (17,378) | (17,378) | ||
Vesting of restricted stock (in shares) | 155,813 | |||
Vesting of restricted stock | (884) | $ (88) | (796) | |
Compensation expense - restricted stock | 1,583 | $ 158 | 1,425 | |
Dividends on common stock | $ (299) | (299) | ||
Ending balance (in shares) at Jun. 30, 2017 | 14,850,833 | 14,850,833 | ||
Ending balance at Jun. 30, 2017 | $ 246,054 | $ 10,711 | $ 99,442 | $ 135,901 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (17,378) | $ 6,529 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Bad debt expense | 17 | 320 |
Depreciation and amortization | 7,476 | 12,878 |
Amortization of deferred revenue | (1,887) | (2,654) |
Asset impairment | 389 | 0 |
Loss (gain) on sale of assets | 259 | (369) |
Deferred income taxes | (8,784) | 3,899 |
Compensation expense - restricted stock | 1,583 | 1,619 |
Changes in operating assets and liabilities: | ||
Contracts receivable and retainage, net | (17,927) | 9,783 |
Contracts in progress | (4,814) | 1,550 |
Prepaid expenses and other assets | 201 | (1,396) |
Inventory | 102 | (1,234) |
Accounts payable | 10,308 | (7,522) |
Advance billings on contracts | 4,665 | 247 |
Deferred revenue | (5,078) | (8,718) |
Deferred compensation | 393 | 0 |
Accrued expenses | (795) | 2,769 |
Accrued contract losses | 3,127 | (5,974) |
Current income taxes and other | 207 | 105 |
Net cash (used in) provided by operating activities | (27,936) | 11,832 |
Cash flows from investing activities: | ||
Capital expenditures | (1,824) | (3,290) |
Net cash received in acquisition | 0 | 1,588 |
Proceeds from the sale of equipment | 2,120 | 5,548 |
Net cash provided by investing activities | 296 | 3,846 |
Cash flows from financing activities: | ||
Tax payments made on behalf of employees from withheld, vested shares of common stock | (884) | (146) |
Payment of financing cost | (61) | 0 |
Payments of dividends on common stock | (299) | (295) |
Net cash used in financing activities | (1,244) | (441) |
Net change in cash and cash equivalents | (28,884) | 15,237 |
Cash and cash equivalents at beginning of period | 51,167 | 34,828 |
Cash and cash equivalents at end of period | $ 22,283 | $ 50,065 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Gulf Island Fabrication, Inc. ("Gulf Island," and together with its subsidiaries "the Company," "we" or "our"), is a leading fabricator of complex steel structures and marine vessels used in energy extraction and production, petrochemical and industrial facilities, power generation, alternative energy projects and shipping and marine transportation operations. We also provide related installation, hookup, commissioning, repair and maintenance services with specialized crews and integrated project management capabilities. We are currently fabricating complex modules for the construction of a new petrochemical plant and two multi-purpose service vessels. We recently fabricated wind turbine pedestals for the first offshore wind power project in the United States. We also constructed one of the largest liftboats servicing the Gulf of Mexico ("GOM"), one of the deepest production jackets in the GOM and the first SPAR fabricated in the United States. Our customers include U.S. and, to a lesser extent, international energy producers, petrochemical, industrial, power and marine operators. We operate and manage our business through three operating divisions: Fabrication, Shipyards and Services. Our corporate headquarters is located in Houston, Texas, with fabrication facilities located in Houma, Jennings and Lake Charles, Louisiana. Our fabrication facilities in Aransas Pass and Ingleside, Texas are currently being marketed for sale. The consolidated financial statements include the accounts of Gulf Island Fabrication, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. For definitions of certain technical terms contained in this Form 10-Q, see the Glossary of Certain Technical Terms contained in our Annual Report on Form 10-K for the year ended December 31, 2016 . The accompanying unaudited, consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2017 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The balance sheet at December 31, 2016 , has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . Reclassifications We made the following reclassifications to our financial statements for the three and six months ended June 30, 2016, to conform to current period presentation: • We reclassified $146,000 from operating activities to financing activities in the Company’s consolidated statement of cash flows for the six months ended June 30, 2016, related to tax payments made by the Company to satisfy employee income tax withholding obligations arising from vesting shares as a result of the adoption of Accounting Standards Update 2016-09 as discussed in "New Accounting Standards" below. This reclassification had no impact to our financial position or results of operations. • We reclassified corporate administrative costs and overhead expenses previously allocated to the results of operations of our three operating divisions to our Corporate division for the three and six months ended June 30, 2016 , to conform to current period presentation as discussed in Note 8. These reclassifications had no impact to our consolidated financial statements. New Accounting Standards On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, “Revenue from Contracts with Customers” (Topic 606), which supersedes the revenue recognition requirements in FASB Accounting Standard Codification (ASC) Topic 605, “Revenue Recognition.” ASU No. 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will be effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early application is permitted. We use the percentage-of-completion accounting method to account for our fixed-price or unit rate contracts, computed by the efforts-expended method which measures the percentage of labor hours incurred to date as compared to estimated total labor hours for each contract. We understand that this method will still be allowed under the update; however, there are additional criteria to consider for the requirements to recognize revenue under the percentage-of-completion method. We are in process of reviewing our contracts to ensure that we will continue to be able to apply our revenue recognition policies and we are evaluating whether implementation of this update will have a material effect to our results of operations. We intend to use the modified retrospective model in adopting this standard, which will require a cumulative catch up adjustment, if any, on January 1, 2018. In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. ASU 2015-16 is effective for annual periods beginning after December 15, 2016. We adopted this guidance effective January 1, 2017, which did not have an impact on our financial position, results of operations and related disclosures. In February 2016, the FASB issued ASU 2016-02, “Leases,” which requires lessees to record most leases on their balance sheets but recognize expenses in a manner similar to current guidance. ASU 2016-02 will be effective for annual periods beginning after December 15, 2018. The guidance is required to be applied using a modified retrospective approach. We are currently evaluating the effect that ASU 2016-02 will have on our financial position, results of operations and related disclosures; however, we expect to record our lease obligations on our balance sheet. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification within the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016. We adopted the requirements of ASU 2016-09 effective January 1, 2017. The provisions of ASU No. 2016-09 that are applicable to the Company and affect the Company’s consolidated financial statements include the following: • This ASU requires the recognition of the excess tax benefit or tax deficiency resulting from the difference between the deduction for tax purposes and the compensation cost recognized for financial reporting purposes created when common stock vests as an income tax benefit or expense in the Company’s statement of operations. Under previous GAAP, this difference was required to be recognized in additional paid-in capital. The expense or benefit required to be recognized is calculated separately as a discrete item each reporting period and not as part of the Company’s projected annual effective tax rate. During the three and six months ended June 30, 2017 , we recorded tax expense of $4,000 and $214,000 , respectively (approximate $0.01 loss per share) related to the adoption of this ASU. We have adopted these provisions on a prospective basis and our prior period presentation has not changed. Future effects to the Company’s income tax expense (benefit) as a result of the adoption of this ASU will depend on the timing, number of shares and the closing price per share of the Company’s common stock on the dates of vesting. • This ASU No. 2016-09 also clarifies that cash paid by the Company to taxing authorities in order to satisfy employee income tax withholding obligations from vesting shares should be classified as a financing activity in the Company’s statement of cash flows. We have reported payments of $884,000 within financing activities within our consolidated statement of cash flows for the six months ended June 30, 2017 , as a result of adoption of this ASU. We have adopted these provisions retrospectively and reclassified $146,000 from cash used in operating activities to cash used in financing activities for the six months ended June 30, 2016 , to conform to the current period presentation. |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 6 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
ASSETS HELD FOR SALE | ASSETS HELD FOR SALE Our South Texas Assets: On February 23, 2017, our Board of Directors approved management's recommendation to place our South Texas facilities located in Aransas Pass and Ingleside, Texas, up for sale. Our Texas South Yard in Ingleside, Texas, is located on the northwest corner of the intersection of the U.S. Intracoastal Waterway and the Corpus Christi Ship Channel. The 45 -foot deep Corpus Christi Ship Channel provides direct and unrestricted access to the Gulf of Mexico. Our Texas North Yard in Aransas Pass, Texas, is located along the U.S. Intracoastal Waterway and is approximately three miles north of the Corpus Christi Ship Channel. These properties are currently underutilized and represent excess capacity within our Fabrication division. Our net book value of property, plant and equipment for these assets was $104.8 million at June 30, 2017 . We measure and record assets held for sale at the lower of their carrying amount or fair value less cost to sell. We have compared the net book value of this asset group to the fair value less cost to sell based upon appraisals obtained which did not result in impairment. We continue to wind down all fabrication activities at these locations and have re-allocated remaining backlog and workforce to our Houma Fabrication Yard. As a result of the decision to place our South Texas facilities up for sale and the underutilization currently being experienced, we expect to incur costs associated with maintaining the facility that will not be recoverable until such time as we are able to consummate one or more sales of these assets. These costs include insurance, general maintenance of the properties in its current state, property taxes and retained employees which will be expensed as incurred. We do not expect the sale of these assets to impact our ability to service our deepwater customers or operate our Fabrication division. Our South Texas assets held for sale do not qualify for discontinued operations presentation. Prospect Shipyard Assets: We lease a 35 -acre complex 26 miles from the Gulf of Mexico in Houma, Louisiana. We have entered into an agreement to terminate the lease no later than December 31, 2017, with the owner of the property (currently a senior vice president within the Company) to facilitate an orderly disposal of assets at the facility. Our remaining lease payments are not material. We have classified the machinery and equipment remaining at this shipyard as assets held for sale at February 6, 2017. Our net book value of property, plant and equipment for these assets was $2.5 million at June 30, 2017 . We measure and record assets held for sale at the lower of their carrying amount or fair value less cost to sell. We recorded an impairment of $389,000 during the three months ended June 30, 2017. Additionally, we sold two drydocks from our Prospect Shipyard for proceeds of $2.0 million and recorded a loss on sale of $259,000 during the three months ended June 30, 2017. We do not expect the sale of these assets to impact our ability to service our Shipyards customers. The future anticipated costs expected to be incurred prior to the termination of this lease are not significant to our consolidated financial statements. Our Prospect Shipyard assets held for sale do not qualify for discontinued operations presentation. A summary of the significant assets included in assets held for sale as of June 30, 2017, at our South Texas facilities and our Prospect Shipyard is as follows (in thousands): Assets South Texas Fabrication Yards Prospect Shipyard Consolidated Land $ 5,492 $ — $ 5,492 Buildings and improvements 117,582 — 117,582 Machinery and equipment 93,557 2,719 96,276 Furniture and fixtures 867 82 949 Vehicles 729 — 729 Other 252 — 252 Less: accumulated depreciation (113,720 ) (298 ) (114,018 ) Total assets held for sale $ 104,759 $ 2,503 $ 107,262 |
REVENUE AND CONTRACT COSTS
REVENUE AND CONTRACT COSTS | 6 Months Ended |
Jun. 30, 2017 | |
Contractors [Abstract] | |
REVENUE AND CONTRACT COSTS | REVENUE AND CONTRACT COSTS The Company uses the percentage-of-completion accounting method for fabrication contracts. Revenue from fixed-price or unit rate contracts is recognized on the percentage-of-completion method, computed by the efforts-expended method using the percentage of labor hours incurred as compared to estimated total labor hours to complete each contract. This progress percentage is applied to our estimate of total anticipated gross profit for each contract to determine gross profit earned to date. Revenue recognized in a period for a contract is the amount of gross profit recognized for that period plus labor costs and pass-through costs incurred on the contract during the period. We define pass-through costs as material, freight, equipment rental, and sub-contractor services that are included in the direct costs of revenue associated with projects. Consequently, pass-through costs are included in revenue but have no impact on the gross profit realized for that particular period. Our pass-through costs as a percentage of revenue for each period presented were as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Pass-through costs as a percentage of revenues 53.1% 35.1% 41.9% 37.6% Contracts in progress at June 30, 2017 , were $31.6 million with $28.1 million relating to two major customers. Advance billings on contracts at June 30, 2017 , was $8.6 million and included advances of $7.8 million from three major customers. Accrued contract losses were $3.5 million and $387,000 as of June 30, 2017 and December 31, 2016 , respectively. Our accrued contract losses as of June 30, 2017 , are a result of changes in estimates totaling $10.2 million identified during the three months ended June 30, 2017 , due to cost overruns and re-work related to two vessels we are constructing for a major customer in our Shipyards division. Revenue and gross profit on contracts can be significantly affected by change orders and claims that may not be resolved until the later stages of the contract or after the contract has been completed and delivery occurs. At June 30, 2017 , we included no amounts in revenue related to change orders on projects which have been approved as to scope but not price. During the six months ended June 30, 2016 , we recorded a loss of $488,000 |
CONTRACTS RECEIVABLE AND RETAIN
CONTRACTS RECEIVABLE AND RETAINAGE | 6 Months Ended |
Jun. 30, 2017 | |
Contractors [Abstract] | |
CONTRACTS RECEIVABLE AND RETAINAGE | CONTRACTS RECEIVABLE AND RETAINAGE Our customers include major and large independent oil and gas companies, petrochemical and industrial facilities, marine companies and their contractors. Of our contracts receivable balance at June 30, 2017 , $18.0 million , or 47.4% , was with two customers. The significant projects for these two customers consist of: • one large petroleum supply vessel for a customer in our Shipyards segment that was tendered for delivery on February 6, 2017 (see also Note 9 regarding this receivable as this customer has refused delivery of the vessel); and • the fabrication of four modules associated with a U.S. ethane cracker project. As of June 30, 2017 , we included an allowance for bad debt of $1.3 million |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company bases its fair value determinations by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: • Level 1 - inputs are based upon quoted prices for identical instruments traded in active markets. • Level 2 - inputs are based upon quoted prices for similar instruments in active markets and model-based valuation techniques for which all significant assumptions are observable in the market. • Level 3 - inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. These include discounted cash flow models and similar valuation techniques. Recurring fair value measurements and financial instruments - The carrying amounts that we have reported for financial instruments, including cash and cash equivalents, accounts receivables and accounts payables, approximate their fair values. Assets held for sale - We measure and record assets held for sale at the lower of their carrying amount or fair value less cost to sell. The determination of fair value can require the use of significant judgment and can vary on the facts and circumstances. We have classified our assets at our South Texas facilities and our Prospect Shipyard as assets held for sale at June 30, 2017 . We compared the net book value of the asset groups to estimates of fair value less cost to sell and recorded an impairment of $389,000 for the six months ended June 30, 2017 , related to the assets held for sale at our Prospect shipyard. See Note 2. We had no assets |
EARNINGS PER SHARE AND SHAREHOL
EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY | EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY Earnings per Share: The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Basic and diluted: Numerator: Net income (loss) $ (10,923 ) $ 5,540 $ (17,378 ) $ 6,529 Less: Distributed and undistributed income (unvested restricted stock) (53 ) 60 (87 ) 68 Net income attributable to common shareholders $ (10,870 ) $ 5,480 $ (17,291 ) $ 6,461 Denominator: Weighted-average shares (1) 14,851 14,631 14,805 14,616 Basic and diluted earnings (loss) per share - common shareholders $ (0.73 ) $ 0.37 $ (1.17 ) $ 0.44 ______________ (1) We have no |
LINE OF CREDIT
LINE OF CREDIT | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
LINE OF CREDIT | LINE OF CREDIT On June 9, 2017, we entered into a $40.0 million credit agreement with Whitney Bank, as lender (the “New Credit Facility”). The New Credit Facility matures June 9, 2019 , and may be used for issuing letters of credit and/or general corporate and working capital purposes. Interest on drawings under the New Credit Facility may be designated, at our option, as either Base Rate (as defined in the New Credit Facility) or LIBOR plus 2.0% per annum. Unused commitment fees on the undrawn portion of the facility and the letter of credit fee on undrawn stated amounts under letters of credit issued by the lenders are 0.4% per annum and 2.0% per annum, respectively. The New Credit Facility is secured by substantially all of our assets (other than the assets of Gulf Marine Fabricators, L.P., which are currently held for sale). We must comply with the following financial covenants each quarter during the term of the facility: i. ratio of current assets to current liabilities of not less than 1.25 :1.00; ii. minimum tangible net worth requirement of at least the sum of: a) $230.0 million , plus b) an amount equal to 50% of consolidated net income for each fiscal quarter ending after June 30, 2017 (with no deduction for a net loss in any such fiscal quarter except for any gain or loss in connection with the sale of assets by Gulf Marine Fabricators, L.P.), plus c) 100% of all net proceeds of any issuance of any stock or other equity after deducting of any fees, commissions, expenses and other costs incurred in such offering; and iii. ratio of funded debt to tangible net worth of not more than 0.50 :1.00. Concurrent with our execution of the New Credit Facility, we terminated our prior credit facility with JPMorgan Chase Bank, N.A. At the time of the termination, there was approximately $4.6 million of letters of credit outstanding, all of which was temporarily cash collateralized by us. At June 30, 2017 , no amounts were outstanding under the New Credit Facility. Subsequent to June 30, 2017, we were able to reissue new letters of credit under the New Credit Facility for the same amount which have been accepted by the beneficiaries and the corresponding amount of cash collateral has been released. As of June 30, 2017 |
SEGMENT DISCLOSURES
SEGMENT DISCLOSURES | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
SEGMENT DISCLOSURES | SEGMENT DISCLOSURES We have structured our operations with three operating divisions and a corporate non-operating division. During the three months ended June 30, 2017 , management reduced its allocation of corporate administrative costs and overhead expenses from its corporate, non-operating division to its operating divisions in order to individually evaluate corporate administrative costs and overhead within our Corporate division as well as to not overly burden our operating divisions with costs that do not directly relate to their operations. Accordingly, a significant portion of our corporate administrative costs and overhead expenses are retained within the results of our corporate division. In addition, we have also allocated certain personnel previously included in the operating divisions to our Corporate division. In doing so, management believes that it has created a fourth reportable segment with each of its three operating divisions and its Corporate division each meeting the criteria of reportable segments under GAAP. Our operating divisions and Corporate division are discussed below. Fabrication - Our Fabrication division primarily fabricates structures such as offshore drilling and production platforms and other steel structures for customers in the oil and gas industries including jackets and deck sections of fixed production platforms along with pressure vessels. Our Fabrication division also fabricates structures for alternative energy customers (such as the five jackets and piles we constructed for a shallow water wind turbine project off the coast of Rhode Island during 2015) as well as modules for an LNG facility. We have historically performed these activities out of our fabrication yards in Houma, Louisiana and formerly out of our fabrication yards in Aransas Pass and Ingleside, Texas. Shipyards - Our Shipyards division primarily fabricates and repairs marine vessels including offshore supply vessels, anchor handling vessels, lift boats, tugboats and towboats. Our Shipyards division also constructs and owns drydocks to lift marine vessels out of the water in order to make repairs or modifications. Our marine repair activities include steel repair, blasting and painting services, electrical systems repair, machinery and piping system repairs and propeller, shaft and rudder reconditioning. Our Shipyards division also performs conversion projects that consist of lengthening or modifying the use of existing vessels to enhance their capacity or functionality. We perform these activities out of our facilities in Houma, Jennings and Lake Charles, Louisiana. Services - Our Services division primarily provides interconnect piping services on offshore platforms and inshore structures. Interconnect piping services involve sending employee crews to offshore platforms in the Gulf of Mexico to perform welding and other activities required to connect production equipment, service modules and other equipment on a platform. We also contract with oil and gas companies that have platforms and other structures located in the inland lakes and bays throughout the Southeast for various on-site construction and maintenance activities. In addition, our Services division can fabricate packaged skid units and construct various municipal and drainage projects, such as pump stations, levee reinforcement, bulkheads and other projects for state and local governments. Corporate - Our Corporate division primarily includes expenses that do not directly relate to the operations or shared services provided to our three operating divisions. Expenses for shared services, which include human resources, insurance, business development, accounting salaries, etc., are allocated to the operating divisions. Expenses that are not allocated include, but are not limited to, costs related to executive management and directors' fees, clerical and administrative salaries, costs of maintaining the corporate office and costs associated with overall governance and being a publicly traded company. We generally evaluate the performance of, and allocate resources to, our segments based upon gross profit (loss) and operating income (loss). Segment assets are comprised of all assets attributable to each segment. Corporate administrative costs and overhead are allocated to our three operating divisions for expenses that directly relate to the operations or relate to shared services as discussed above. During 2016, we allocated substantially all of our corporate administrative costs and overhead to our three operating divisions. We have recast our 2016 segment data below in order to conform to the current period presentation. Intersegment revenues are priced at the estimated fair value of work performed. Summarized financial information concerning our segments as of and for the three and six months ended June 30, 2017 and 2016 , is as follows (in thousands): Three Months Ended June 30, 2017 Fabrication Shipyards (1) Services Corporate Eliminations Consolidated Revenue $ 13,990 $ 18,303 $ 15,396 $ — $ (1,821 ) $ 45,868 Gross profit (loss) 1,931 (13,851 ) 390 (90 ) — (11,620 ) Operating income (loss) 1,098 (14,834 ) (257 ) (2,267 ) — (16,260 ) Total assets 201,284 57,905 98,367 259,175 (309,145 ) 307,586 Depreciation and amortization expense 1,152 994 421 209 — 2,776 Capital expenditures 746 546 106 35 — 1,433 Three Months Ended June 30, 2016 Fabrication Shipyards (1) Services Corporate Eliminations Consolidated Revenue $ 24,296 $ 29,373 $ 28,692 $ — $ (859 ) $ 81,502 Gross profit (loss) 3,877 5,423 4,864 (98 ) — 14,066 Operating income (loss) 2,747 3,963 4,064 (1,770 ) — 9,004 Total assets 290,910 81,874 100,197 334,946 (465,896 ) 342,031 Depreciation and amortization expense 4,589 1,161 456 105 — 6,311 Capital expenditures 1,201 181 505 679 — 2,566 Six months ended June 30, 2017 Fabrication Shipyards (1) Services Corporate Eliminations Consolidated Revenue $ 24,199 $ 36,724 $ 26,107 $ — $ (3,170 ) $ 83,860 Gross profit (loss) (1,034 ) (15,556 ) 423 (351 ) — (16,518 ) Operating income (loss) (2,688 ) (17,892 ) (890 ) (4,007 ) — (25,477 ) Total assets 201,284 57,905 98,367 259,175 (309,145 ) 307,586 Depreciation and amortization expense 4,287 2,004 854 331 — 7,476 Capital expenditures 848 818 106 52 — 1,824 Six months ended June 30, 2016 Fabrication Shipyards (1) Services Corporate Eliminations Consolidated Revenue $ 48,125 $ 63,493 $ 55,251 $ — $ (1,388 ) $ 165,481 Gross profit (loss) 3,964 7,797 8,240 (234 ) — 19,767 Operating income (loss) 2,028 5,047 6,721 (3,576 ) — 10,220 Total assets 290,910 81,874 100,197 334,946 (465,896 ) 342,031 Depreciation and amortization expense 9,444 2,327 898 209 — 12,878 Capital expenditures 1,311 216 1,047 716 — 3,290 ____________ (1) Revenue includes non-cash amortization of deferred revenue related to the values assigned to contracts acquired in the LEEVAC transaction of $335,000 and $1.5 million for the three months ended June 30, 2017 and 2016 and $1.9 million and $2.7 million for the six months ended June 30, 2017 and 2016 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES During the third and fourth quarters of 2015, we recorded contract losses of $24.5 million related to a decrease in the contract price due to final weight re-measurements and our inability to recover certain costs on disputed change orders related to a large deepwater project we delivered to our customer in November 2015. No amounts with respect to these disputed change orders are included on our consolidated balance sheet or recognized in revenue in our consolidated statement of operations as of and for the three and six months ended June 30, 2017 and 2016 . In the second quarter of 2016, we initiated legal action to recover our costs from these disputed change orders. We can give no assurance that our actions will be successful or that we will recover all or any portion of these contract losses from our customer. On October 21, 2016, a customer of our Shipyards division announced it was in noncompliance with certain financial covenants included in the customer’s debt agreements and stated that, while it had received limited waivers from its lenders, its debt agreements would require further negotiation and amendment. This same customer rejected delivery of the first vessel that we completed and tendered for delivery on February 6, 2017, alleging certain technical deficiencies exist with respect to the vessel and is seeking recovery of all purchase price amounts previously paid by the customer under the contract. On March 10, 2017, we gave notice for arbitration with our customer in an effort to resolve this matter. We are also building a second vessel for this customer which has been suspended and included in our arbitration proceedings. We disagree with our customer concerning these alleged technical deficiencies and have put the customer in default under the terms of the contracts for both vessels. On May 17, 2017, the customer filed for protection under Chapter 11 of the United States Bankruptcy Code for reorganization under a negotiated, pre-packaged plan. The customer has petitioned the Bankruptcy Court to accept our contracts for the two vessels we are constructing for them. As of June 30, 2017 , approximately $4.6 million remained due and outstanding from our customer for the first vessel. The balance due to us for the second vessel upon completion and delivery is approximately $4.9 million . We are working with legal counsel to protect our contractual claims during the restructuring and intend to re-initiate our rights for arbitration in accordance with our contract upon our customer's emergence from Chapter 11 reorganization. We intend to take all legal action as may be necessary to protect our rights under the contracts and recover the remaining balances owed to us. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On July 27, 2017 , our Board of Directors declared a dividend of $ 0.01 per share on our shares of common stock outstanding, payable August 24, 2017 , to shareholders of record on August 10, 2017 |
Organization and Summary of S17
Organization and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Standards | New Accounting Standards On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, “Revenue from Contracts with Customers” (Topic 606), which supersedes the revenue recognition requirements in FASB Accounting Standard Codification (ASC) Topic 605, “Revenue Recognition.” ASU No. 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will be effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early application is permitted. We use the percentage-of-completion accounting method to account for our fixed-price or unit rate contracts, computed by the efforts-expended method which measures the percentage of labor hours incurred to date as compared to estimated total labor hours for each contract. We understand that this method will still be allowed under the update; however, there are additional criteria to consider for the requirements to recognize revenue under the percentage-of-completion method. We are in process of reviewing our contracts to ensure that we will continue to be able to apply our revenue recognition policies and we are evaluating whether implementation of this update will have a material effect to our results of operations. We intend to use the modified retrospective model in adopting this standard, which will require a cumulative catch up adjustment, if any, on January 1, 2018. In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. ASU 2015-16 is effective for annual periods beginning after December 15, 2016. We adopted this guidance effective January 1, 2017, which did not have an impact on our financial position, results of operations and related disclosures. In February 2016, the FASB issued ASU 2016-02, “Leases,” which requires lessees to record most leases on their balance sheets but recognize expenses in a manner similar to current guidance. ASU 2016-02 will be effective for annual periods beginning after December 15, 2018. The guidance is required to be applied using a modified retrospective approach. We are currently evaluating the effect that ASU 2016-02 will have on our financial position, results of operations and related disclosures; however, we expect to record our lease obligations on our balance sheet. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification within the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016. We adopted the requirements of ASU 2016-09 effective January 1, 2017. The provisions of ASU No. 2016-09 that are applicable to the Company and affect the Company’s consolidated financial statements include the following: • This ASU requires the recognition of the excess tax benefit or tax deficiency resulting from the difference between the deduction for tax purposes and the compensation cost recognized for financial reporting purposes created when common stock vests as an income tax benefit or expense in the Company’s statement of operations. Under previous GAAP, this difference was required to be recognized in additional paid-in capital. The expense or benefit required to be recognized is calculated separately as a discrete item each reporting period and not as part of the Company’s projected annual effective tax rate. During the three and six months ended June 30, 2017 , we recorded tax expense of $4,000 and $214,000 , respectively (approximate $0.01 loss per share) related to the adoption of this ASU. We have adopted these provisions on a prospective basis and our prior period presentation has not changed. Future effects to the Company’s income tax expense (benefit) as a result of the adoption of this ASU will depend on the timing, number of shares and the closing price per share of the Company’s common stock on the dates of vesting. • This ASU No. 2016-09 also clarifies that cash paid by the Company to taxing authorities in order to satisfy employee income tax withholding obligations from vesting shares should be classified as a financing activity in the Company’s statement of cash flows. We have reported payments of $884,000 within financing activities within our consolidated statement of cash flows for the six months ended June 30, 2017 , as a result of adoption of this ASU. We have adopted these provisions retrospectively and reclassified $146,000 from cash used in operating activities to cash used in financing activities for the six months ended June 30, 2016 , to conform to the current period presentation. |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Significant Assets Included in Assets Held for Sale | A summary of the significant assets included in assets held for sale as of June 30, 2017, at our South Texas facilities and our Prospect Shipyard is as follows (in thousands): Assets South Texas Fabrication Yards Prospect Shipyard Consolidated Land $ 5,492 $ — $ 5,492 Buildings and improvements 117,582 — 117,582 Machinery and equipment 93,557 2,719 96,276 Furniture and fixtures 867 82 949 Vehicles 729 — 729 Other 252 — 252 Less: accumulated depreciation (113,720 ) (298 ) (114,018 ) Total assets held for sale $ 104,759 $ 2,503 $ 107,262 |
Revenue and Contract Costs (Tab
Revenue and Contract Costs (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Contractors [Abstract] | |
Pass-through Costs as a Percentage of Revenue | Our pass-through costs as a percentage of revenue for each period presented were as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Pass-through costs as a percentage of revenues 53.1% 35.1% 41.9% 37.6% |
Earnings Per Share and Shareh20
Earnings Per Share and Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Basic and diluted: Numerator: Net income (loss) $ (10,923 ) $ 5,540 $ (17,378 ) $ 6,529 Less: Distributed and undistributed income (unvested restricted stock) (53 ) 60 (87 ) 68 Net income attributable to common shareholders $ (10,870 ) $ 5,480 $ (17,291 ) $ 6,461 Denominator: Weighted-average shares (1) 14,851 14,631 14,805 14,616 Basic and diluted earnings (loss) per share - common shareholders $ (0.73 ) $ 0.37 $ (1.17 ) $ 0.44 ______________ (1) We have no |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Summarized Segment Financial Information | Summarized financial information concerning our segments as of and for the three and six months ended June 30, 2017 and 2016 , is as follows (in thousands): Three Months Ended June 30, 2017 Fabrication Shipyards (1) Services Corporate Eliminations Consolidated Revenue $ 13,990 $ 18,303 $ 15,396 $ — $ (1,821 ) $ 45,868 Gross profit (loss) 1,931 (13,851 ) 390 (90 ) — (11,620 ) Operating income (loss) 1,098 (14,834 ) (257 ) (2,267 ) — (16,260 ) Total assets 201,284 57,905 98,367 259,175 (309,145 ) 307,586 Depreciation and amortization expense 1,152 994 421 209 — 2,776 Capital expenditures 746 546 106 35 — 1,433 Three Months Ended June 30, 2016 Fabrication Shipyards (1) Services Corporate Eliminations Consolidated Revenue $ 24,296 $ 29,373 $ 28,692 $ — $ (859 ) $ 81,502 Gross profit (loss) 3,877 5,423 4,864 (98 ) — 14,066 Operating income (loss) 2,747 3,963 4,064 (1,770 ) — 9,004 Total assets 290,910 81,874 100,197 334,946 (465,896 ) 342,031 Depreciation and amortization expense 4,589 1,161 456 105 — 6,311 Capital expenditures 1,201 181 505 679 — 2,566 Six months ended June 30, 2017 Fabrication Shipyards (1) Services Corporate Eliminations Consolidated Revenue $ 24,199 $ 36,724 $ 26,107 $ — $ (3,170 ) $ 83,860 Gross profit (loss) (1,034 ) (15,556 ) 423 (351 ) — (16,518 ) Operating income (loss) (2,688 ) (17,892 ) (890 ) (4,007 ) — (25,477 ) Total assets 201,284 57,905 98,367 259,175 (309,145 ) 307,586 Depreciation and amortization expense 4,287 2,004 854 331 — 7,476 Capital expenditures 848 818 106 52 — 1,824 Six months ended June 30, 2016 Fabrication Shipyards (1) Services Corporate Eliminations Consolidated Revenue $ 48,125 $ 63,493 $ 55,251 $ — $ (1,388 ) $ 165,481 Gross profit (loss) 3,964 7,797 8,240 (234 ) — 19,767 Operating income (loss) 2,028 5,047 6,721 (3,576 ) — 10,220 Total assets 290,910 81,874 100,197 334,946 (465,896 ) 342,031 Depreciation and amortization expense 9,444 2,327 898 209 — 12,878 Capital expenditures 1,311 216 1,047 716 — 3,290 ____________ (1) Revenue includes non-cash amortization of deferred revenue related to the values assigned to contracts acquired in the LEEVAC transaction of $335,000 and $1.5 million for the three months ended June 30, 2017 and 2016 and $1.9 million and $2.7 million for the six months ended June 30, 2017 and 2016 , respectively. |
Organization and Summary of S22
Organization and Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2017USD ($)segment | Jun. 30, 2017USD ($)segment$ / shares | Jun. 30, 2016USD ($) | |
Accounting Policies [Abstract] | |||
Number of operating segments | segment | 3 | 3 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by (used in) operating activities | $ (27,936) | $ 11,832 | |
Net cash provided by (used in) financing activities | (1,244) | (441) | |
Share-based compensation, tax expense | $ 4 | $ 214 | |
Loss per share from share-based compensation tax expense (dollars per share) | $ / shares | $ 0.01 | ||
Tax payments made on behalf of employees from withheld, vested shares of common stock | $ 884 | 146 | |
Accounting Standards Update 2016-09 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by (used in) operating activities | (146) | ||
Net cash provided by (used in) financing activities | $ 146 |
Assets Held for Sale - Narrativ
Assets Held for Sale - Narrative (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2017USD ($)a | |
Disposal Group, Held-for-sale, Not Discontinued Operations | |
Long Lived Assets Held-for-sale [Line Items] | |
Property, plant and equipment held for sale | $ 107,262 |
South Texas Fabrication Yards | Disposal Group, Held-for-sale, Not Discontinued Operations | |
Long Lived Assets Held-for-sale [Line Items] | |
Property, plant and equipment held for sale | 104,759 |
Prospect Shipyard | |
Long Lived Assets Held-for-sale [Line Items] | |
Loss on sale of assets | 259 |
Prospect Shipyard | Disposal Group, Held-for-sale, Not Discontinued Operations | |
Long Lived Assets Held-for-sale [Line Items] | |
Property, plant and equipment held for sale | $ 2,503 |
Area of leased facility (in acres) | a | 35 |
Impairment of assets held for sale | $ 389 |
Prospect Shipyard | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |
Long Lived Assets Held-for-sale [Line Items] | |
Proceeds from sale of assets | $ 2,000 |
Assets Held for Sale - Signific
Assets Held for Sale - Significant Assets Included in Assets Held for Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations $ in Thousands | Jun. 30, 2017USD ($) |
Long Lived Assets Held-for-sale [Line Items] | |
Less: accumulated depreciation | $ (114,018) |
Total assets held for sale | 107,262 |
South Texas Fabrication Yards | |
Long Lived Assets Held-for-sale [Line Items] | |
Less: accumulated depreciation | (113,720) |
Total assets held for sale | 104,759 |
Prospect Shipyard | |
Long Lived Assets Held-for-sale [Line Items] | |
Less: accumulated depreciation | (298) |
Total assets held for sale | 2,503 |
Land | |
Long Lived Assets Held-for-sale [Line Items] | |
Total assets held for sale, gross | 5,492 |
Land | South Texas Fabrication Yards | |
Long Lived Assets Held-for-sale [Line Items] | |
Total assets held for sale, gross | 5,492 |
Land | Prospect Shipyard | |
Long Lived Assets Held-for-sale [Line Items] | |
Total assets held for sale, gross | 0 |
Buildings and improvements | |
Long Lived Assets Held-for-sale [Line Items] | |
Total assets held for sale, gross | 117,582 |
Buildings and improvements | South Texas Fabrication Yards | |
Long Lived Assets Held-for-sale [Line Items] | |
Total assets held for sale, gross | 117,582 |
Buildings and improvements | Prospect Shipyard | |
Long Lived Assets Held-for-sale [Line Items] | |
Total assets held for sale, gross | 0 |
Machinery and equipment | |
Long Lived Assets Held-for-sale [Line Items] | |
Total assets held for sale, gross | 96,276 |
Machinery and equipment | South Texas Fabrication Yards | |
Long Lived Assets Held-for-sale [Line Items] | |
Total assets held for sale, gross | 93,557 |
Machinery and equipment | Prospect Shipyard | |
Long Lived Assets Held-for-sale [Line Items] | |
Total assets held for sale, gross | 2,719 |
Furniture and fixtures | |
Long Lived Assets Held-for-sale [Line Items] | |
Total assets held for sale, gross | 949 |
Furniture and fixtures | South Texas Fabrication Yards | |
Long Lived Assets Held-for-sale [Line Items] | |
Total assets held for sale, gross | 867 |
Furniture and fixtures | Prospect Shipyard | |
Long Lived Assets Held-for-sale [Line Items] | |
Total assets held for sale, gross | 82 |
Vehicles | |
Long Lived Assets Held-for-sale [Line Items] | |
Total assets held for sale, gross | 729 |
Vehicles | South Texas Fabrication Yards | |
Long Lived Assets Held-for-sale [Line Items] | |
Total assets held for sale, gross | 729 |
Vehicles | Prospect Shipyard | |
Long Lived Assets Held-for-sale [Line Items] | |
Total assets held for sale, gross | 0 |
Other | |
Long Lived Assets Held-for-sale [Line Items] | |
Total assets held for sale, gross | 252 |
Other | South Texas Fabrication Yards | |
Long Lived Assets Held-for-sale [Line Items] | |
Total assets held for sale, gross | 252 |
Other | Prospect Shipyard | |
Long Lived Assets Held-for-sale [Line Items] | |
Total assets held for sale, gross | $ 0 |
Revenue and Contract Costs - Pa
Revenue and Contract Costs - Pass Through Costs (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Contractors [Abstract] | ||||
Pass-through costs as a percentage of revenues | 53.10% | 35.10% | 41.90% | 37.60% |
Revenue and Contract Costs - Na
Revenue and Contract Costs - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Long-term Contracts or Programs Disclosure [Line Items] | ||||
Contracts in progress | $ 31,643,000 | $ 31,643,000 | $ 26,829,000 | |
Advance billings on contracts | 8,642,000 | 8,642,000 | 3,977,000 | |
Accrued contract losses | 3,514,000 | 3,514,000 | $ 387,000 | |
Change in estimated costs | 10,200,000 | |||
Loss related to disputed change orders | $ 488,000 | |||
Project, Approved Scope, Unapproved Price | ||||
Long-term Contracts or Programs Disclosure [Line Items] | ||||
Revenue | 0 | |||
One Major Customer | Customer Concentration Risk | Costs in Excess of Billings | ||||
Long-term Contracts or Programs Disclosure [Line Items] | ||||
Contracts in progress | 28,100,000 | 28,100,000 | ||
Two Major Customers | Customer Concentration Risk | Billings in Excess of Costs | ||||
Long-term Contracts or Programs Disclosure [Line Items] | ||||
Customer advances | $ 7,800,000 | $ 7,800,000 |
Contracts Receivable and Reta27
Contracts Receivable and Retainage (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017USD ($)vesselmodule | Dec. 31, 2016USD ($) | |
Long-term Contracts or Programs Disclosure [Line Items] | ||
Contract receivable | $ 38,080 | $ 20,169 |
Allowance for bad debt | $ 1,300 | |
Two Major Customers | ||
Long-term Contracts or Programs Disclosure [Line Items] | ||
Number of vessels with contract receivables | vessel | 1 | |
Number of modules with contract receivables | module | 4 | |
Contract Receivable | Customer Concentration Risk | Two Major Customers | ||
Long-term Contracts or Programs Disclosure [Line Items] | ||
Contract receivable | $ 18,000 | |
Percentage of contract receivable | 47.40% |
Fair Value Measurement - Proper
Fair Value Measurement - Property, Plant, and Equipment Reclassified (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2017USD ($) | |
Prospect Shipyard | Disposal Group, Held-for-sale, Not Discontinued Operations | |
Long Lived Assets Held-for-sale [Line Items] | |
Impairment of assets held for sale | $ 389 |
Earnings Per Share and Shareh29
Earnings Per Share and Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Numerator: | ||||
Net income (loss) | $ (10,923) | $ 5,540 | $ (17,378) | $ 6,529 |
Less: Distributed and undistributed income (unvested restricted stock) | (53) | 60 | (87) | 68 |
Net income attributable to common shareholders | $ (10,870) | $ 5,480 | $ (17,291) | $ 6,461 |
Denominator: | ||||
Weighted-average shares (in shares) | 14,851,000 | 14,631,000 | 14,805,000 | 14,616,000 |
Basic and diluted earnings (loss) per share - common shareholders (usd per share) | $ (0.73) | $ 0.37 | $ (1.17) | $ 0.44 |
Dilutive securities (in shares) | 0 | 0 | 0 | 0 |
Line of Credit (Details)
Line of Credit (Details) | Jun. 09, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 08, 2017USD ($) |
Line of Credit Facility [Line Items] | |||
Revolving credit facility | $ 40,000,000 | ||
Financial covenants, minimum current assets to current liabilities ratio | 1.25 | ||
Financial covenants, minimum net worth | $ 230,000,000 | ||
Financial covenants, percent of net income added to net worth requirement | 50.00% | ||
Financial covenants, percent of proceeds from stock issuance added to net worth requirement | 100.00% | ||
Financial covenant, maximum funded debt to tangible net worth ratio | 0.50 | ||
Total outstanding letters of credit | $ 4,600,000 | ||
Revolving credit facility, borrowings outstanding | $ 0 | ||
Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Fees on undrawn borrowings | 2.00% | ||
Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Fees on undrawn borrowings | 0.40% | ||
London Interbank Offered Rate (LIBOR) | Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 2.00% |
Segment Disclosures (Details)
Segment Disclosures (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($)segment | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)segment | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of operating divisions | segment | 3 | 3 | |||
Revenue | $ 45,868 | $ 81,502 | $ 83,860 | $ 165,481 | |
Gross profit (loss) | (11,620) | 14,066 | (16,518) | 19,767 | |
Operating income (loss) | (16,260) | 9,004 | (25,477) | 10,220 | |
Total assets | 307,586 | 342,031 | 307,586 | 342,031 | $ 322,408 |
Depreciation and amortization expense | 2,776 | 6,311 | 7,476 | 12,878 | |
Capital expenditures | 1,433 | 2,566 | 1,824 | 3,290 | |
Recognition of deferred revenue | 335 | 1,500 | 1,887 | 2,654 | |
Operating Segments | Fabrication | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 13,990 | 24,296 | 24,199 | 48,125 | |
Gross profit (loss) | 1,931 | 3,877 | (1,034) | 3,964 | |
Operating income (loss) | 1,098 | 2,747 | (2,688) | 2,028 | |
Total assets | 201,284 | 290,910 | 201,284 | 290,910 | |
Depreciation and amortization expense | 1,152 | 4,589 | 4,287 | 9,444 | |
Capital expenditures | 746 | 1,201 | 848 | 1,311 | |
Operating Segments | Shipyards | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 18,303 | 29,373 | 36,724 | 63,493 | |
Gross profit (loss) | (13,851) | 5,423 | (15,556) | 7,797 | |
Operating income (loss) | (14,834) | 3,963 | (17,892) | 5,047 | |
Total assets | 57,905 | 81,874 | 57,905 | 81,874 | |
Depreciation and amortization expense | 994 | 1,161 | 2,004 | 2,327 | |
Capital expenditures | 546 | 181 | 818 | 216 | |
Operating Segments | Services | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 15,396 | 28,692 | 26,107 | 55,251 | |
Gross profit (loss) | 390 | 4,864 | 423 | 8,240 | |
Operating income (loss) | (257) | 4,064 | (890) | 6,721 | |
Total assets | 98,367 | 100,197 | 98,367 | 100,197 | |
Depreciation and amortization expense | 421 | 456 | 854 | 898 | |
Capital expenditures | 106 | 505 | 106 | 1,047 | |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Gross profit (loss) | (90) | (98) | (351) | (234) | |
Operating income (loss) | (2,267) | (1,770) | (4,007) | (3,576) | |
Total assets | 259,175 | 334,946 | 259,175 | 334,946 | |
Depreciation and amortization expense | 209 | 105 | 331 | 209 | |
Capital expenditures | 35 | 679 | 52 | 716 | |
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (1,821) | (859) | (3,170) | (1,388) | |
Gross profit (loss) | 0 | 0 | 0 | 0 | |
Operating income (loss) | 0 | 0 | 0 | 0 | |
Total assets | (309,145) | (465,896) | (309,145) | (465,896) | |
Depreciation and amortization expense | 0 | 0 | 0 | 0 | |
Capital expenditures | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Dec. 31, 2015 | Jun. 30, 2017 | Dec. 31, 2016 | |
Loss Contingencies [Line Items] | |||
Contract receivable | $ 38,080 | $ 20,169 | |
Contracts in progress | 31,643 | $ 26,829 | |
Contract Receivable | Customer of Shipyard | |||
Loss Contingencies [Line Items] | |||
Contract receivable | 4,600 | ||
Contracts in progress | $ 4,900 | ||
Large Deepwater Project, Recently Delivered | |||
Loss Contingencies [Line Items] | |||
Contract losses | $ 24,500 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Jul. 27, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Subsequent Event [Line Items] | |||||
Dividends declared per share (usd per share) | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.02 | |
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends declared, date | Jul. 27, 2017 | ||||
Dividends declared per share (usd per share) | $ 0.01 | ||||
Dividends declared, payable date | Aug. 24, 2017 | ||||
Dividends declared, record date | Aug. 10, 2017 |