Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 02, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 14,850,154 | ||
Entity Public Float | $ 99,152,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 51,167 | $ 34,828 |
Contracts receivable, net | 20,169 | 47,060 |
Contracts in progress | 26,829 | 12,822 |
Prepaid expenses and other | 3,222 | 3,418 |
Inventory | 11,973 | 12,936 |
Assets held for sale | 0 | 4,805 |
Total current assets | 113,360 | 115,869 |
Property, plant and equipment, net | 206,222 | 200,384 |
Other assets | 2,826 | 670 |
Total assets | 322,408 | 316,923 |
Current liabilities: | ||
Accounts payable | 9,021 | 13,604 |
Advance billings on contracts | 3,977 | 7,081 |
Deferred revenue, current | 11,881 | 0 |
Accrued contract losses | 387 | 9,495 |
Accrued expenses and other liabilities | 10,032 | 7,608 |
Income taxes payable | 50 | 113 |
Total current liabilities | 35,348 | 37,901 |
Net deferred tax liabilities | 23,234 | 21,825 |
Deferred revenue, noncurrent | 489 | 0 |
Other liabilities | 305 | 0 |
Total liabilities | 59,376 | 59,726 |
Shareholders’ equity: | ||
Preferred stock, no par value, 5,000,000 shares authorized, no shares issued and outstanding | ||
Common stock, no par value, 20,000,000 shares authorized, 14,695,020 issued and outstanding at December 31, 2016 and 14,580,216 at December 31, 2015, respectively | 10,641 | 10,352 |
Additional paid-in capital | 98,813 | 96,194 |
Retained earnings | 153,578 | 150,651 |
Total shareholders’ equity | 263,032 | 257,197 |
Total liabilities and shareholders’ equity | $ 322,408 | $ 316,923 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, no 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, no par value (in dollars per share) | ||
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 14,695,020 | 14,580,216 |
Common stock, shares outstanding (in shares) | 14,695,020 | 14,580,216 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Revenue | $ 286,326 | $ 306,120 | $ 506,639 |
Cost of revenue: | |||
Contract costs | 261,473 | 321,276 | 462,083 |
Gross profit (loss) | 24,853 | (15,156) | 44,556 |
General and administrative expenses | 19,670 | 16,256 | 17,409 |
Asset impairment | 0 | 7,202 | 3,200 |
Operating income (loss) | 5,183 | (38,614) | 23,947 |
Other income (expense): | |||
Interest expense | (332) | (165) | (37) |
Interest income | 24 | 26 | 13 |
Other income (expense), net | 681 | 20 | (99) |
Total Other income (expense) | 373 | (119) | (123) |
Net income (loss) before income taxes | 5,556 | (38,733) | 23,824 |
Income tax expense (benefit) | 2,041 | (13,369) | 8,504 |
Net income (loss) | $ 3,515 | $ (25,364) | $ 15,320 |
Per share data: | |||
Basic and diluted earnings (loss) per share—common shareholders (in dollars per share) | $ 0.24 | $ (1.75) | $ 1.05 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings |
Beginning Balance (in shares) at Dec. 31, 2013 | 14,493,748 | |||
Beginning Balance at Dec. 31, 2013 | $ 275,562 | $ 10,012 | $ 93,125 | $ 172,425 |
Increase (Decrease) in Shareholders' Equity | ||||
Net income (loss) | 15,320 | 15,320 | ||
Vesting of restricted stock (in shares) | 45,356 | |||
Vesting of restricted stock | (358) | $ (35) | (323) | |
Compensation expense restricted stock | 1,139 | $ 113 | 1,026 | |
Dividends on common stock | (5,865) | (5,865) | ||
Ending Balance (in shares) at Dec. 31, 2014 | 14,539,104 | |||
Ending Balance at Dec. 31, 2014 | 285,798 | $ 10,090 | 93,828 | 181,880 |
Increase (Decrease) in Shareholders' Equity | ||||
Net income (loss) | (25,364) | (25,364) | ||
Vesting of restricted stock (in shares) | 41,112 | |||
Vesting of restricted stock | (79) | $ (9) | (70) | |
Compensation expense restricted stock | 2,707 | $ 271 | 2,436 | |
Dividends on common stock | $ (5,865) | (5,865) | ||
Ending Balance (in shares) at Dec. 31, 2015 | 14,580,216 | 14,580,216 | ||
Ending Balance at Dec. 31, 2015 | $ 257,197 | $ 10,352 | 96,194 | 150,651 |
Increase (Decrease) in Shareholders' Equity | ||||
Net income (loss) | 3,515 | 3,515 | ||
Vesting of restricted stock (in shares) | 114,804 | |||
Vesting of restricted stock | (217) | $ (23) | (194) | |
Compensation expense restricted stock | 3,125 | $ 312 | 2,813 | |
Dividends on common stock | $ (588) | (588) | ||
Ending Balance (in shares) at Dec. 31, 2016 | 14,695,020 | 14,695,020 | ||
Ending Balance at Dec. 31, 2016 | $ 263,032 | $ 10,641 | $ 98,813 | $ 153,578 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities: | |||
Net income (loss) | $ 3,515 | $ (25,364) | $ 15,320 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation | 25,448 | 26,204 | 26,436 |
Amortization of deferred revenue | (5,223) | 0 | 0 |
Asset impairment | 0 | 7,202 | 3,200 |
Allowance for doubtful accounts | 493 | 448 | 3,168 |
(Gain) loss on the sale of assets | (757) | (10) | 86 |
Deferred income taxes | 1,409 | (14,061) | 8,264 |
Stock-based compensation expense | 3,125 | 2,707 | 1,139 |
Changes in operating assets and liabilities: | |||
Contracts receivable, net | 28,067 | 31,740 | 15,074 |
Contracts in progress | (13,984) | 14,167 | (2,262) |
Advance billings on contracts | (3,197) | (11,685) | (16,240) |
Accounts payable | (12,757) | (26,668) | (25,782) |
Prepaid expenses and other assets | 230 | 1,092 | 352 |
Inventory | 6,501 | 931 | 1,189 |
Accrued contract losses | (9,108) | 8,678 | 817 |
Deferred revenue | (11,656) | 0 | 0 |
Deferred compensation | 305 | 0 | 0 |
Accrued expenses | 2,003 | (5,381) | 1,334 |
Current income taxes | (63) | 615 | 15 |
Net cash provided by operating activities | 14,351 | 10,615 | 32,110 |
Cash flows from investing activities: | |||
Cash received in acquisition | 3,035 | 0 | 0 |
Capital expenditures, net | (6,795) | (6,018) | (27,658) |
Proceeds from the sale of equipment | 6,458 | 11 | 929 |
Net cash provided by (used in) investing activities | 2,698 | (6,007) | (26,729) |
Cash flows from financing activities: | |||
Borrowings against notes payable | 0 | 0 | 22,000 |
Payments on notes payable | 0 | 0 | (22,000) |
Payment of financing costs | (122) | 0 | 0 |
Payments of dividends on common stock | (588) | (5,865) | (5,865) |
Net cash used in financing activities | (710) | (5,865) | (5,865) |
Net increase (decrease) in cash and cash equivalents | 16,339 | (1,257) | (484) |
Cash and cash equivalents at beginning of period | 34,828 | 36,085 | 36,569 |
Cash and cash equivalents at end of period | 51,167 | 34,828 | 36,085 |
Supplemental cash flow information: | |||
Interest paid | 332 | 165 | 169 |
Income taxes paid (refunds received), net | 377 | (152) | 225 |
Schedule of noncash financing activities | |||
Reclassification of property, plant and equipment to assets held for sale | 0 | 4,805 | 0 |
Reclassification of assets held for sale to inventory | $ 0 | $ 3,727 | $ 0 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation 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 and 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, completing newbuild construction of two technologically advanced offshore support and two multi-purpose service vessels and 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. Our corporate headquarters is located in Houston, Texas, with fabrication facilities located in Houma, Jennings and Lake Charles, Louisiana, and Aransas Pass and Ingleside, Texas. On January 1, 2016, we acquired substantially all of the assets and assumed certain specified liabilities of LEEVAC Shipyards, L.L.C. and its affiliates (collectively, “LEEVAC”), through our newly formed wholly-owned subsidiary, Gulf Island Shipyards, L.L.C. in an all cash transaction. See further discussion of the LEEVAC transaction as discussed in Note 2 - "LEEVAC Transaction." The consolidated financial statements include the accounts of Gulf Island Fabrication, Inc. and its majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Operating Cycle The lengths of our contracts vary, but are typically longer than one year in duration. Consistent with industry practice, assets and liabilities have been classified as current under the operating cycle concept whereby all contract-related items are regarded as current regardless of whether cash will be received or paid within a twelve month period. Assets and liabilities classified as current which may not be paid or received within the next twelve months include contract retainage, contracts in progress and advanced billings on contracts. However, any variation from normal contract terms would cause classification of assets and liabilities as long-term. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Areas requiring significant estimates by our management include asset impairments, value of assets held for sale, provisions for contract losses, contract revenues, costs and profits, the application of the percentage-of-completion method of accounting and the determination of the allowance of doubtful accounts. Actual results could differ from those estimates. Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Allowance for Doubtful Accounts We routinely review individual contracts receivable balances and make provisions for probable doubtful accounts as we deem appropriate. Among the factors considered during the review are the financial condition of our customer and their access to financing, underlying disputes on the account, age and amount of the account and overall economic conditions. Accounts are written off only when all reasonable collection efforts are exhausted. Our principal customers include major and large independent oil and gas companies and their contractors and marine vessel operators and their contractors. This concentration of customers may impact our overall exposure to credit risk, either positively or negatively, in that customers may be similarly affected by changes in economic or other conditions. Receivables are generally not collateralized. In the normal course of business, we extend credit to our customers on a short-term basis. See Note 4 - "Contracts Receivable and Retainage" for a detail of our allowance for doubtful accounts. Stock-Based Compensation Awards under the Company’s stock-based compensation plans are calculated using a fair value based measurement method. Share-based compensation expense for share based awards is recognized only for those awards that are expected to vest. We use the straight-line method to recognize share-based compensation expense over the requisite service period of the award. Inventory Inventory consists of materials and production supplies and is stated at the lower of cost or market determined on the first-in, first-out basis. Assets Held for Sale Assets held for sale are required to be measured at the lower of their carrying amount or fair value less cost to sell. See Note 6 - “Fair Value Measurements” for additional information regarding our assets held for sale. Workers Compensation Liability The Company and its subsidiaries are self-insured for workers’ compensation liability except for losses in excess of varying threshold amounts. Our workers compensation liability balance was $3.4 million as of December 31, 2016 and $2.6 million as of December 31, 2015 , respectively. Property, Plant and Equipment Property, plant and equipment is stated at cost less accumulated depreciation. Depreciation is computed on the straight-line basis over the estimated useful lives of the assets, which range from three to 25 years . Ordinary maintenance and repairs, which do not extend the physical or economic lives of the plant or equipment, are charged to expense as incurred. Long-Lived Assets We evaluate impairment losses on long-lived assets or asset groups used in operations when events and circumstances indicate that the assets or asset groups might not be recoverable. If events and circumstance indicate that the assets or asset groups might not be recoverable, the expected future undiscounted cash flows from the assets or asset groups are estimated and compared with the carrying amount of the assets or asset groups. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the assets or asset groups, an impairment loss is recorded. An impairment loss is measured by comparing the fair value of the asset or asset group to its carrying amount and recording the excess of the carrying amount of the asset or asset group over its fair value as an impairment charge. An asset group constitutes the minimum level for which identifiable cash flows are principally independent of the cash flows of other asset or liability groups. Fair value is determined based on discounted cash flows or appraised values, as appropriate. Fair Value Measurements The Company bases its fair value determinations of the carrying value of other financial assets and liabilities on an evaluation of their particular facts and circumstances and valuation techniques that require judgments and estimates. We base our 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. See Note 6-“Fair Value Measurements” for additional information regarding fair value measurements. Revenue Recognition We use 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 which measures the percentage of labor hours incurred to date as compared to estimated total labor hours for 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 earned for that period plus the costs incurred on the contract during the period. Under a unit rate contract, material items or labor tasks are assigned unit rates of measure. The unit rates of measure will generally be an amount of dollars per ton, per foot, per square foot or per item installed. A typical unit rate contract can contain hundreds to thousands of unit rates of measure. Profit margins are built into the unit rates. Profit incentives are included in revenue when their realization is probable. Claims for extra work or changes in scope of work are included in revenue when the amount can be reliably estimated and collection is probable. To the extent work from changes in scope have been approved for scope, but not as to price, revenue is recognized up to cost incurred. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions, and final contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined. For the years ended December 31, 2016 , 2015 , and 2014 , there was no significant revenue related to unapproved change orders or claims. Some contracts include a total or partial reimbursement to us of any costs associated with specific capital projects required by the fabrication process. If a particular capital project provides future benefits to us, the cost to build the capital project will be capitalized, and the revenue for the capital project will increase the estimated profit in the contract. See Note 3 -“Contract Revenue and Percentage-of-Completion Method” for additional information regarding our percentage-of-completion accounting and revenue recognition. Income Taxes Income taxes have been provided using the liability method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using enacted rates expected to be in effect during the year in which the basis differences reverse. A valuation allowance is provided to reserve for deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Reserves for uncertain tax positions are recognized when the positions are more likely than not to not be sustained upon audit. Interest and penalties on uncertain tax positions are recorded in income tax expense. Our federal tax returns have been examined and settled through the 2012 tax year. There were no material uncertain tax positions recorded for the years presented in these statements. See also Note 9 - "Income Taxes." 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, but 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 July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory,” which requires entities to measure inventory at the lower of cost or net realizable value rather than at the lower of cost or market. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 will be effective for annual periods beginning after December 15, 2016, and early adoption is permitted. We have not elected to early adopt this guidance. We do not expect the adoption of ASU 2015-11 will have a material impact on our financial position, results of operations and related disclosures. 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 will be effective for annual periods beginning after December 15, 2016, and early adoption is permitted. We have not elected to early adopt this guidance. We do not expect the adoption of ASU 2015-16 will have a material 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. See Note 5 for disclosure of our minimum lease payments. 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 on the statement of cash flows. This guidance requires all excess tax benefits or deficiencies to be recognized as income tax benefit or expense in the income statement, and all excess tax benefits to be classified with other income tax cash flows as operating activities. This portion of the amendment should be applied prospectively. The guidance also changes the timing of when excess tax benefits are recognized and the methods available to an entity to estimate the impact of forfeitures related to share-based awards. These two amendment topics should be applied using a modified retrospective transition method, and would require recognition of cumulative-effect adjustments to equity as of the beginning of the period in which the guidance is adopted. The guidance also classifies cash paid by an employer when directly withholding shares for tax-withholding purposes as a financing activity on the statement of cash flows. This portion of the amendment should be applied retrospectively. ASU 2016-09 will be effective for annual periods beginning after December 15, 2016. Early adoption is permitted in any interim or annual period. We have not elected to early adopt this guidance. We are currently evaluating the effect that ASU 2016-09 will have on our financial position and related disclosures. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments,” which changes the way companies evaluate credit losses for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model to evaluate impairment, potentially resulting in earlier recognition of allowances for losses. The new standard also requires enhanced disclosures, including the requirement to disclose the information used to track credit quality by year of origination for most financing receivables. ASU 2016-13 will be effective for annual periods beginning after December 15, 2019. Early adoption is permitted for all entities for annual periods beginning after December 15, 2018. We have not elected to early adopt this guidance. The guidance must be applied using a cumulative-effect transition method. We are currently evaluating the effect that ASU 2016-13 will have on our financial position, results of operations and related disclosures. During 2016, we adopted ASU 2014-15, "Presentation of Financial Statements - Going Concern ," for our fiscal year ending December 31, 2016. Based on management’s evaluation, which covered the one year period following our 2016 Form 10-K filing, we did not identify any conditions or events that raise substantial doubt about our ability to continue as a going concern. Accordingly the adoption of this guidance did not have an impact on our financial position, results of operations and related disclosures. |
LEEVAC TRANSACTION
LEEVAC TRANSACTION | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
LEEVAC TRANSACTION | LEEVAC TRANSACTION On January 1, 2016, we acquired substantially all of the assets and assumed certain specified liabilities of LEEVAC Shipyards, L.L.C. and its affiliates (“LEEVAC”). The purchase price for the acquisition was $20.0 million , subject to a working capital adjustment whereby we received a dollar-for-dollar reduction for the assumption of certain net liabilities of LEEVAC and settlement payments applied from sureties on certain ongoing fabrication projects that were assigned to us in the transaction. After taking into account these adjustments, we received approximately $1.6 million in cash at closing. During the fourth quarter, we finalized our working capital true-up with the seller and received $1.4 million for additional working capital resulting in an adjustment to the initial purchase price accounting values as further discussed below. Included in our consolidated balance sheet as of December 31, 2016 are assets of $52.2 million and liabilities of $54.0 million from the operations and assets acquired in the LEEVAC transaction. The results of LEEVAC are included in our consolidated statements of operations for the year ended December 31, 2016 . Revenue and net (loss) income included in our results of operations and attributable to the assets and operations acquired in the LEEVAC transaction were $75.6 million and $(1.8) million for the year ended December 31, 2016 , respectively. Included in revenue was $5.2 million in non-cash amortization of deferred revenue related to the values assigned to the contracts acquired in the LEEVAC transaction. The facilities acquired in the LEEVAC transaction are leased and operated under lease and sublease agreements as follows: • Jennings Shipyard - Our Jennings Shipyard is an 180 -acre complex five miles east of Jennings, Louisiana, on the west bank of the Mermentau River approximately 25 miles north of the Intracoastal waterway that we lease from a third party. The Jennings Shipyard includes over 100,000 square feet of covered fabrication area including a panel line, pipe shop and 3,000 feet of water frontage with two launch ways and four covered construction bays. The lease, including exercisable renewal options, extends through January 2045. • Lake Charles Shipyard - Our Lake Charles Shipyard is a 10 -acre complex 17 miles from the Gulf of Mexico on the Calcasieu River near Lake Charles, Louisiana, that we sublease from a third party. The Lake Charles Shipyard includes 1,100 feet of bulkhead water frontage with a water depth of 40 feet located one mile from the Gulf Intracoastal Waterway and is located near multiple petrochemical plants. The sublease, including exercisable renewal options (subject to sublessor renewals), extends through July 2038. • Prospect Shipyard - We lease a 35 -acre complex 26 miles from the Gulf of Mexico near Houma, Louisiana, from the former owner of LEEVAC Shipyards, currently the Senior Vice President of our Shipyards division. Payment terms are approximately $67,000 per month. The lease expires 90 days following the completion of either of the two vessels currently under construction at the facility, but no later than August 31, 2017. We expect to move the machinery and equipment at this shipyard to our remaining Shipyard division facilities prior to or at expiration of the lease. Strategically, the LEEVAC transaction expands our marine fabrication and repair and maintenance presence in the Gulf South market. We acquired approximately $121.2 million of newbuild construction backlog inclusive of approximately $9.2 million of purchase price fair value allocated to four , newbuild construction projects to be delivered in 2017 and 2018 for two customers. Additionally, we hired 380 employees representing substantially all of the former LEEVAC employees. We finalized our working capital true-up with the seller during the fourth quarter of 2016, which resulted in an additional receipt of cash of $1.4 million . We have recorded adjustments to the initial purchase price accounting values based upon the actual working capital values that we presented. Our working capital true-up resulted from a $2.1 million reduction in the seller payment owed for prepaid contracts and a $3.6 million decrease in the actual value of working capital (primarily accounts receivable and accounts payable) that we received. We also recorded an adjustment of $2.1 million to the purchase price valuation allocated to machinery and equipment. The tables below present the total cash received as reported in our consolidated statements of cash flows, the amounts received from the seller and the corresponding fair values assigned to the assets and liabilities acquired from LEEVAC which includes the effect of the working capital true-up and our updated valuation of machinery and equipment. As Originally Reported Adjustment from Working Capital True-up Valuation Adjustment Fair Value Assets: Accounts receivable $ 3,544 $ (1,882 ) $ — $ 1,662 Inventory 4,938 724 — 5,662 Prepaid expenses and other assets — 57 — 57 Machinery and equipment 23,056 — 2,118 25,174 Intangible assets (leasehold interests) 2,123 — — 2,123 Liabilities: — Accounts payable and accrued expenses 6,003 2,464 — 8,467 Deferred revenue and below market contracts 29,246 — — 29,246 Net cash received from seller $ 1,588 $ 3,565 $ (2,118 ) $ 3,035 As Originally Reported Adjustment from Working Capital True-up Adjusted Consideration received upon acquisition of LEEVAC: Seller payment for prepaid contracts (1) $ 16,942 $ (2,118 ) $ 14,824 Surety payments related to assigned contracts (2) 7,125 — 7,125 Sub-total 24,067 (2,118 ) 21,949 Less: Working capital assumed 2,479 (3,565 ) (1,086 ) Net cash due to the Company 1,588 1,447 3,035 Sub-total 4,067 (2,118 ) 1,949 Purchase price $ 20,000 $ — $ 20,000 __________ (1) Payment from seller for customer payments received in advance of progress on contracts assigned to us concurrent with the closing of the LEEVAC transaction. (2) Payments from sureties in connection with the release of further obligations related to contracts assigned to us concurrent with the closing of the LEEVAC transaction. Pro Forma Results of Acquisitions The results of the LEEVAC Transaction are fully incorporated in our financial statements for the year ended December 31, 2016 as the transaction occurred on January 1, 2016. The table below presents our pro forma results of operations for the year ended December 31, 2015 assuming that we acquired substantially all of the assets and certain specified liabilities of LEEVAC on January 1, 2015 (in thousands): Year Ended December 31, 2015 Pro forma adjustments Historical results LEEVAC Adjustments Pro forma results Revenue $ 306,120 $ 87,239 $ — $ 393,359 Net income (loss) $ (25,364 ) $ (4,655 ) $ 3,738 (1) $ (26,281 ) ______________ (1) Adjustments to historical results are as follows: Year Ended December 31, 2015 Effect of purchase price depreciation $ 1,217 Elimination of interest expense 2,038 Income taxes 483 Total $ 3,738 |
CONTRACT REVENUE AND PERCENTAGE
CONTRACT REVENUE AND PERCENTAGE-OF-COMPLETION METHOD | 12 Months Ended |
Dec. 31, 2016 | |
Revenue Recognition [Abstract] | |
CONTRACT REVENUE AND PERCENTAGE-OF-COMPLETION METHOD | CONTRACT REVENUE AND PERCENTAGE-OF-COMPLETION METHOD Information with respect to uncompleted contracts as of December 31, is as follows (in thousands): 2016 2015 Costs incurred on uncompleted contracts $ 246,424 $ 437,658 Estimated profit earned to date 21,363 7,777 Sub-total 267,787 445,435 Less billings to date 244,935 439,694 Total $ 22,852 $ 5,741 The above amounts are included in the accompanying consolidated balance sheets at December 31, under the following captions (in thousands): 2016 2015 Contracts in progress $ 26,829 $ 12,822 Advance billings on contracts (3,977 ) (7,081 ) Total $ 22,852 $ 5,741 Provision for estimated losses Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. We recognized contract losses of $1.8 million , $33.9 million , and $6.6 million in the years ended December 31, 2016 , 2015 , and 2014 , respectively. Contract losses for the year ended December 31, 2016 were primarily attributable to decreasing margins on fabrication work due to continued depressed oil and gas prices within our Fabrication division and the movement of vessels in progress from our leased Prospect Shipyard to our owned Houma Shipyard within our Shipyards division. Contract losses for the year ended December 31, 2015 were primarily due to $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 which was delivered in 2015. In addition, we increased accrued contract losses associated with our remaining contracts by approximately $9.4 million during 2015 due to increases in our projected unit labor rates of our fabrication facilities. Our increases in unit labor rates were driven by our inability to absorb fixed costs due to decreases in expected oil and gas fabrication activity. Contract losses for the year ended December 31, 2014 were primarily related to two 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. Revenues from Major Customers The Company is not dependent on any one customer, and the revenue earned from each customer varies from year to year based on the contracts awarded; however, the Company is highly dependent on a few large customers in each year, particularly customers for our major deepwater projects, as shown below. Revenues from customers comprising 10% or more of the Company’s total revenue for the years ended December 31, 2016 , 2015 and 2014 , respectively, are summarized as follows (in thousands): Customer 2016 2015 2014 A $ 65,981 * * B * $ 55,775 $ 160,173 C * $ 36,320 * D * * $ 98,644 * The customer revenue was less than 10% of the total revenue for the year. International Revenues The Company’s fabricated structures are used worldwide by U.S. customers operating abroad and by foreign customers. Revenues related to fabricated structures for delivery outside of the United States accounted for 14% , 6% , and 10% of the Company’s revenues for the years ended December 31, 2016 , 2015 and 2014 , respectively, and are summarized as follows (in thousands): 2016 2015 2014 Location: United States $ 245,039 $ 287,892 $ 456,839 International 41,287 18,228 49,800 Total $ 286,326 $ 306,120 $ 506,639 Contract Costs Contract costs include all direct material, labor and subcontract costs and those indirect costs related to contract performance, such as indirect labor, supplies and tools. Also included in contract costs are a portion of those indirect contract costs related to plant capacity, such as depreciation, insurance and repairs and maintenance. These indirect costs are allocated to jobs based on actual direct labor hours incurred. We define pass-through costs as material, freight, equipment rental, and sub-contractor services included in the direct costs of revenue associated with projects. Pass-through costs have no impact in the determination of gross margin recognized for the related project for a particular period. Pass-through costs as a percentage of revenue were 36.5% , 44.4% and 48.2% for the years ended December 31, 2016 , 2015 and 2014 , respectively. Some of our contracts contain provisions that require us to pay liquidated damages if we are responsible for the failure to meet specified contractual milestone dates and the applicable customer asserts a claim under those provisions. Those contracts define the conditions under which our customers may make claims against us for liquidated damages. In 2014, we had one asserted liquidated damages claim in the amount of $0.3 million that was fully settled, related to the fabrication of an offshore supply vessel. Other than the aforementioned claim, as of March 2, 2017 , we were not aware of any asserted or unasserted liquidated damage claims by any of our customers. |
CONTRACTS RECEIVABLE AND RETAIN
CONTRACTS RECEIVABLE AND RETAINAGE | 12 Months Ended |
Dec. 31, 2016 | |
Contractors [Abstract] | |
CONTRACTS RECEIVABLE AND RETAINAGE | CONTRACTS RECEIVABLE AND RETAINAGE Of our contracts receivable balance at December 31, 2016 , $8.6 million , or 42.7% , is for three customers. Amounts due on contracts as of December 31, were as follows (in thousands): 2016 2015 Completed contracts Current receivables $ 6,812 $ 15,904 Long-term receivables due after one year — — Contracts in progress: Current receivables 14,248 31,148 Retainage due within one year 113 52 Total contracts receivable 21,173 47,104 Less allowance for doubtful accounts 1,004 44 Net contracts receivable $ 20,169 $ 47,060 Our allowance for doubtful accounts as of December 31, 2016 primarily relates to a customer in our Fabrication division for the storage of an offshore drilling platform which was fully reserved in 2016. Our allowance for doubtful accounts as of December 31, 2015 related to a customer that had declared bankruptcy and was fully reserved in 2015. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following at December 31, (in thousands): Estimated Useful Life 2016 2015 (in Years) Land - $ 10,463 $ 10,463 Buildings 25 65,894 64,154 Machinery and equipment 3 to 25 238,029 223,521 Furniture and fixtures 3 to 5 5,570 5,354 Transportation equipment 3 to 5 3,814 3,481 Improvements 15 128,437 127,727 Construction in progress - 5,303 2,488 Total cost 457,510 437,188 Less accumulated depreciation 251,288 236,804 Net book value $ 206,222 $ 200,384 We lease certain equipment used in the normal course under month-to-month lease agreements cancelable only by us. During 2016 , 2015 , and 2014 , we expensed $2.5 million , $5.9 million , and $5.6 million , respectively, related to these leases. We lease our corporate office and parking facilities located in Houston, Texas. Leased premises consist of office space of approximately 8,000 square feet. The term of the lease matures on January 31, 2020 . We also lease and/or sublease facilities in Lake Charles, Jennings and Houma, Louisiana. See note 2 "LEEVAC Transaction" for additional description of these leases. The schedule of minimum rental payments under our leases/sublease is as follows (in thousands): Minimum Payments 2017 $ 852 2018 439 2019 325 2020 115 2021 96 Thereafter 295 Total $ 2,122 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS 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. LEEVAC transaction - We recorded the assets and liabilities acquired from LEEVAC at their estimated fair values. See Note 2. The values assigned for the valuation of the machinery and equipment we acquired were estimated primarily using the cost method. The cost method uses the concept of replacement and/or reproductive cost of the asset less depreciation due to physical, functional and economic factors, including obsolescence. The preliminary values assigned to the intangible assets (leasehold interest) and below market contracts were calculated using the income method by applying a discounted cash flow model to the differences between the forecasted cash flows and market rates. The significant estimates and assumptions used in calculating these estimates are generally unobservable in the marketplace and reflect management’s estimates of assumptions that market participants would use. Accordingly, we have determined that the fair values assigned to the assets and liabilities acquired in the LEEVAC transaction fall within Level 3 of the fair value hierarchy. Impairment of long-lived assets - We evaluate long-lived assets or asset groups used in operations for impairment losses when events and circumstances indicate that the assets or asset groups might not be recoverable. If events and circumstance indicate that the assets or asset groups might not be recoverable, the expected future undiscounted cash flows from the assets or asset groups are estimated and compared with the carrying amount of the assets or asset groups. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the assets or asset groups, an impairment loss is recorded. An impairment loss is measured by comparing the fair value of the asset or asset group to its carrying amount and recording the excess of the carrying amount of the asset or asset group over its fair value as an impairment charge. An asset group constitutes the minimum level for which identifiable cash flows are principally independent of the cash flows of other asset or liability groups. Fair value is determined based on discounted cash flows or appraised values, as appropriate. As a result of the indicators of impairment identified for the South Texas properties asset group, and the uncertainty with respect to the future undiscounted cash flows, we have obtained appraisals, level 3 inputs, to determine the fair value of the asset group, which did not result in impairment. 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 had no assets held for sale at December 31, 2016. Assets held for sale at December 31, 2015 consist of equipment that was subsequently sold during the first quarter of 2016. We estimated the fair value as the actual cash proceeds received less costs incurred to sell. We recorded an impairment of $0.6 million related to this equipment during the fourth quarter of 2015. During 2015, we recorded an impairment related to a partially constructed topside, related valves, piping and equipment that we acquired from a customer following its default under a contract for a deepwater project in 2012 in the amount of $6.6 million . We reclassified the asset’s net realizable value of $3.7 million from assets held for sale to inventory based on the estimated scrap value of these materials. The impairment was the result of our limited ability to effectively market these assets held for sale due to the sustained downturn in the energy sector and a potential buyer that was no longer expressing interest in the assets. During the fourth quarter of 2014, management recorded an impairment charge of $3.2 million related to these same assets based upon a fair value $10.3 million for these assets with the assistance of third party valuation specialists, relying primarily on the cost approach and applied the market approach where comparable sales transaction information was readily available. The cost approach is based on current replacement or reproduction costs of the subject assets less depreciation attributable to physical, functional, and economic factors. The market approach involves gathering data on sales and offerings of similar assets in order to value the subject assets. This approach also includes an assumption for the measurement of the loss in value from physical, functional, and economic factors. We have determined that our impairments of assets held for sale and inventory are non-recurring fair value measurements that fall within Level 3 of the fair value hierarchy. |
EARNINGS PER SHARE AND STOCK RE
EARNINGS PER SHARE AND STOCK REPURCHASE PLAN | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE AND STOCK REPURCHASE PLAN | EARNINGS PER SHARE AND STOCK REPURCHASE PLAN The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): 2016 2015 2014 Numerator: Net income (loss) $ 3,515 $ (25,364 ) $ 15,320 Less: distributed loss / distributed and undistributed income (unvested restricted stock) 30 84 104 Net income (loss) attributable to common shareholders $ 3,485 $ (25,448 ) $ 15,216 Denominator (basic and fully diluted): Denominator for basic earnings per share-weighted-average shares 14,631 14,546 14,505 Basic and fully diluted earnings (loss) per share—common shareholders $ 0.24 $ (1.75 ) $ 1.05 On July 30, 2015, our Board of Directors authorized the Company to repurchase up to $10.0 million in shares of our common stock under a share repurchase program that remains in effect through July 30, 2017. Repurchases may be effected through open market purchases or in privately negotiated transactions at such times and in such amounts as management deems appropriate, depending on market conditions and other factors. The repurchase program does not obligate the Company to acquire any particular amount of common stock and may be modified, suspended or discontinued at any time. To date, we have made no repurchases of our common stock. Due to the severity of the industry downturn, management has recommended and our Board of Directors has approved a suspension of our stock repurchase program in an effort to conserve cash. |
LINE OF CREDIT
LINE OF CREDIT | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
LINE OF CREDIT | LINE OF CREDIT We have a credit agreement with Whitney Bank and JPMorgan Chase Bank N.A. that provides for an $40.0 million revolving credit facility, which was amended and restated on December 16, 2016. The amended and restated credit facility: (i) is secured by substantially all of our assets (other than real estate); (ii) extends the term of the facility from January 2, 2017 to November 29, 2018; (iii) reduces the borrowing base from $80.0 million to $40.0 million ; and (iv) permits the full borrowing base to be used for issuing letters of credit and/or general corporate and working capital purposes. Under the prior facility, only $20.0 million of the $80.0 million borrowing base could be used for general corporate and working capital purposes. Given the historically low levels of borrowings under our prior credit facility and our cash position, we requested a reduction in the amount of available credit under the facility from $80.0 million to $40.0 million during negotiations with the lenders to decrease the commitment fees payable on the undrawn portion of the facility. We must comply with the following financial covenants each quarter beginning with the quarter ending December 31, 2016 : (i) minimum net worth requirement of not less than $255.0 million , (a) plus 50% of net income earned in each quarter beginning December 31, 2016 and (b) 100% of proceeds from any issuance of common stock, (c) less the amount of any impairment on assets owned by Gulf Marine Fabricators, L.P. up to $30.0 million ; (ii) debt to EBITDA ratio not greater than 2.5 to 1.0; and (iii) interest coverage ratio not less than 2.0 to 1.0. The annual interest rates applicable to amounts outstanding under the amended and restated credit facility continue to remain, at the Company’s option, at either (i) a prime rate established by JPMorgan Chase Bank, N.A., or (ii) a LIBOR rate (defined in the amended and restated credit agreement) plus 2.0% per annum. In addition, the commitment fee 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 remain at 0.50% per annum and 2.0% per annum, respectively. At December 31, 2016 we had no outstanding borrowings under the credit agreement, and we had outstanding letters of credit totaling $ 7.7 million . After consideration of outstanding letters of credit, the availability of the unused portion of the revolving credit agreement (as amended) for additional letters of credit and for general corporate purposes was $32.3 million . We were in compliance with our covenants at December 31, 2016. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows (in thousands): 2016 2015 Deferred tax liabilities: Property, plant and equipment $ 27,468 $ 31,943 Prepaid insurance 766 1,209 Total deferred tax liabilities: 28,234 33,152 Deferred tax assets: Employee benefits 1,303 924 Uncompleted contracts 106 3,321 Stock based compensation expense 1,488 825 Allowance for uncollectible accounts 192 16 Long term incentive awards 264 — Federal net operating loss 617 5,478 AMT credit carryforwards 1,030 763 Total deferred tax assets: 5,000 11,327 Net deferred tax liabilities: $ 23,234 $ 21,825 Significant components of income tax expense for the years ended December 31 were as follows (in thousands): 2016 2015 2014 Current: Federal $ 302 $ 219 $ (105 ) State 361 473 459 Total current 663 692 354 Deferred: Federal 1,549 (13,614 ) 8,120 State (171 ) (447 ) 30 Total deferred 1,378 (14,061 ) 8,150 Income taxes $ 2,041 $ (13,369 ) $ 8,504 A reconciliation of income taxes computed at the U.S. federal statutory tax rate to the Company’s income tax (benefit) expense for the years ended December 31 is as follows (in thousands): 2016 % 2015 % 2014 % U.S. statutory rate $ 1,945 35.0% $ (13,556 ) 35.0% $ 8,338 35.0% Increase (decrease) resulting from: State income taxes 64 1.1% 275 (0.7)% 311 1.0% Other 32 0.6% (88 ) 0.2% (145 ) (0.3)% Income tax (benefit) expense $ 2,041 36.7% $ (13,369 ) 34.5% $ 8,504 35.7% |
RETIREMENT AND LONG-TERM INCENT
RETIREMENT AND LONG-TERM INCENTIVE PLANS | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Payments and Retirement Disclosure [Abstract] | |
RETIREMENT AND LONG-TERM INCENTIVE PLANS | RETIREMENT AND LONG-TERM INCENTIVE PLANS 401(k) Plan The Company has a defined contribution plan for all employees that are qualified under Section 401(k) of the Internal Revenue Code. Gulf Island Resources employees are not eligible for the retirement plan. Contributions to the retirement plan by the Company are based on the participants’ contributions, with an additional year-end discretionary contribution determined by the Board of Directors. Effective April 1, 2016, the Company temporarily suspended its matching contribution in response to the downturn in the oil and gas industry. For the years ended December 31, 2016 , 2015 and 2014, the Company contributed a total of $670,000 , $2.3 million , and $2.6 million , respectively. Long-Term Incentive Plans Under our long-term incentive plans, the compensation committee of our Board of Directors may award shares of restricted stock and/or options to eligible participants as the compensation committee determines are warranted. A summary of our long-term incentive plans is as follows: Long-Term Incentive Plan (approved by our shareholders on February 13, 1997) • authorizes the grant of options to purchase an aggregate of 1,000,000 (split adjusted) shares of the Company’s common stock to certain officers, key employees, directors and consultants of the Company chosen by the compensation committee. • No individual employee may be granted options to purchase more than an aggregate of 400,000 shares of common stock. 2002 Long-Term Incentive Plan (approved by our shareholders on April 24, 2002, and amended on April 26, 2006). • authorizes the grant of awards, including options, to purchase an aggregate of 500,000 shares of the Company’s common stock to certain officers, key employees, directors and consultants of the Company chosen by the compensation committee. • no individual employee may be granted options to purchase more than an aggregate of 200,000 shares of common stock. 2011 Stock Incentive Plan (approved by our shareholders on April 28, 2011) • authorizes the grant of awards, including options, to purchase an aggregate of 500,000 shares of the Company’s common stock to certain officers, key employees, directors and consultants of the Company chosen by the compensation committee. • no individual employee may be granted options to purchase more than an aggregate of 200,000 shares of common stock. 2015 Stock Incentive Plan (approved by our shareholders on April 23,2015) • authorizes the grant of awards, including options, to purchase an aggregate of 1,000,000 shares of the Company’s common stock to certain officers, key employees, directors and consultants of the Company chosen by the compensation committee. • no individual employee may be granted options to purchase more than an aggregate of 200,000 shares of common stock and no outside director may receive awards that relate to more than 25,000 shares in any fiscal year. At December 31, 2016 , there were approximately 1,123,482 shares in the aggregate remaining available for future issuance under the Long-Term Incentive Plan, the 2002 Long-Term Incentive Plan, the 2011 Stock Incentive Plan and the 2015 Stock Incentive Plan (together, the “Incentive Plans”). The Company issues new shares through its transfer agent upon stock option exercises or restricted share issuances. Restricted Stock Awards Awards of restricted stock are subject to transfer restrictions, forfeit provisions and other terms and conditions subject to the provisions of our long-term incentive plans. At the time an award of restricted stock is made, the compensation committee will establish a period of time during which the transfer of the shares of restricted stock shall be restricted and after which the shares of restricted stock shall be vested. Except for the shares of restricted stock that vest based on the attainment of performance goals, the restricted period shall be a minimum of three years , with incremental vesting of portions of the award over the three-year period permitted. Our long-term incentive plans do not have any limitations on the amount of shares that can be specifically awarded as restricted stock. Restricted stock granted to our non-employee directors have six -month vesting periods. The fair value of restricted stock is determined based on the closing price of the Company’s common stock on the date of the grant. A summary of our restricted stock awards activity for the years ended December 31, 2016 , 2015 and 2014 is presented in the table below. 2016 2015 2014 Number of Shares Weighted- Average Grant-Date Fair Value Per Share Number of Shares Weighted- Average Grant-Date Fair Value Per Share Number of Shares Weighted- Average Grant-Date Fair Value Per Share Restricted shares at the beginning of period 262,964 $ 18.33 107,840 $ 24.27 178,950 $ 24.00 Granted 259,699 8.55 215,034 16.33 6,000 23.19 Vested (114,804 ) 14.37 (41,112 ) 22.04 (45,356 ) 23.35 Forfeited (37,294 ) 15.48 (18,798 ) 21.39 (31,754 ) 23.85 Restricted shares at the end of period 370,565 $ 12.99 262,964 $ 18.33 107,840 $ 24.27 As of December 31, 2016 , there was $2.6 million of total unrecognized compensation cost related to restricted share-based compensation arrangements granted under the Incentive Plans. This cost is expected to be recognized over a weighted-average period of 1.7 years . The total fair value of shares vested during the year ended December 31, 2016 was $1.2 million . Share-based compensation cost that has been charged against income for the Incentive Plans was $2.1 million , $2.7 million and $1.1 million for 2016 , 2015 and 2014 , respectively. The total income tax benefit recognized in the income statement for share-based compensation arrangements was $0 , $0 and $49,000 for 2016 , 2015 and 2014 , respectively. Performance share awards We issue performance share awards to our executives and certain members of management. Performance targets are communicated to employees at the beginning of a performance period and are based upon our total shareholder return compared to an industry peer group as determined by our Board of Directors. There were no performance based share awards for the year ended December 31, 2014. Awards granted during 2015 are based upon a two -year performance period ending December 31, 2016 and payable in shares. The shares vest at the completion of the performance period with compensation expense recognized on a straight line basis. Awards granted during 2016 are based upon a three -year performance period ending in December 31, 2018 and are payable in cash. The fair value of the 2016 awards is calculated each reporting period and compensation expense (including fair value adjustments) are recognized on a straight line basis. For the years ended December 31, 2016 , 2015 and 2014 , expense recognized for performance based share compensation was $1.3 million , $1.1 million and $0 , respectively. The fair value of the performance based shares granted for the years ended December 31, 2016 and 2015 was $1.6 million and $2.7 million , respectively, as determined using a Monte Carlo simulation model. |
CONTINGENCIES AND COMMITMENTS
CONTINGENCIES AND COMMITMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES AND COMMITMENTS | CONTINGENCIES AND COMMITMENTS The Company is subject to various routine legal proceedings in the normal conduct of its business, primarily involving commercial claims, workers’ compensation claims, and claims for personal injury under general maritime laws of the United States and the Jones Act. While the outcome of these lawsuits, legal proceedings and claims cannot be predicted with certainty, management believes that the outcome of any such proceedings, even if determined adversely, would not have a material adverse effect on the financial position, results of operations or cash flows of the Company. |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENTS | OPERATING SEGMENTS In connection with the LEEVAC Transaction (See Note 2), management restructured the operation of our business units into three divisions which we believe meet the criteria of reportable segments under GAAP. These divisions consist of Fabrication, Shipyards and Services. Fabrication Division - 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, hull, tendon, and/or deck sections of floating production platforms (such as TLPs, SPARs, FPSOs and MinDOCs), piles, wellhead protectors, subsea templates, and various production, compressor, and utility modules along with pressure vessels. Our Fabrication division also fabricates structures for alternative energy customers (such as the five jackets and piles we constructed for the first offshore wind power project in the United States during 2015) as well as modules for petrochemical facilities. We perform these activities out of our fabrication yards in Houma, Louisiana, and Aransas Pass and Ingleside, Texas. Shipyards Division - Our Shipyards division primarily manufactures newbuild and repairs various steel marine vessels in the United States including offshore supply vessels, anchor handling vessels and liftboats to support the construction and ongoing operation of offshore oil and gas production platforms, tug boats, towboats, barges and other marine vessels. We also construct dry docks to lift marine vessels out of the water. 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. In addition, we perform conversion projects that consist of lengthening vessels, modifying vessels to permit their use for a different type of activity, and other modifications to enhance the capacity or functionality of a vessel. Our Houma dry dock has a current lift capacity of 9,000 tons and is used to maintain and repair third party marine vessels, as well as to launch vessels fabricated at our facilities. We are in process of enhancing our Houma dry dock to increase this capacity to 15,000 tons. We perform these activities out of our shipyards in Houma, Jennings and Lake Charles, Louisiana. Services Division - 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 southeastern United States for various on-site construction and maintenance activities. In addition, our Services division fabricates packaged skid units and perform various municipal and drainage projects, such as pump stations, levee reinforcement, bulkheads and other public works projects for state and local governments. We perform these services at our customer's facilities or out of our Houma Service Yard. We generally evaluate the performance of, and allocate resources to, our divisions based upon gross profit (loss) and operating income (loss). Segment assets are comprised of all assets attributable to each division. Corporate administrative costs and overhead are generally allocated to our segments except for those costs that are not directly related to the operations of our divisions. Intersegment revenues are priced at the estimated fair value of work performed. Summarized financial information concerning our segments as of and for the three-year period ended December 31, 2016 is as follows (in thousands): December 31, 2016 Fabrication Shipyards (1), (2) Services Corp. & Eliminations Consolidated Revenue $ 88,683 $ 109,502 $ 91,414 $ (3,273 ) $ 286,326 Gross profit 5,061 7,587 12,205 — 24,853 Operating income (loss) (1,039 ) (163 ) 6,568 (183 ) 5,183 Depreciation expense 18,566 4,686 1,775 421 25,448 Capital expenditures 2,633 1,861 1,495 806 6,795 Total Assets $ 272,292 $ 81,928 $ 96,404 $ (128,216 ) $ 322,408 December 31, 2015 Fabrication Shipyards Services Corp. & Eliminations Consolidated Revenue $ 151,576 $ 59,601 $ 100,431 $ (5,488 ) $ 306,120 Gross profit (loss) (37,541 ) 8,665 13,726 (6 ) (15,156 ) Operating income (loss) (54,036 ) 6,973 9,548 (1,099 ) (38,614 ) Depreciation expense 22,045 1,921 1,733 505 26,204 Capital expenditures 3,360 1,206 1,379 73 6,018 Total Assets $ 310,790 $ 54,543 $ 94,618 $ (143,028 ) $ 316,923 December 31, 2014 Fabrication Shipyards Services Corp. & Eliminations Consolidated Revenue $ 303,880 $ 79,197 $ 132,107 $ (8,545 ) $ 506,639 Gross profit (loss) 19,418 4,922 20,258 (42 ) 44,556 Operating income (loss) 4,079 3,262 17,502 (896 ) 23,947 Depreciation expense 22,524 1,805 1,612 495 26,436 Capital expenditures 23,245 2,135 2,083 195 27,658 Total Assets $ 396,806 $ 63,090 $ 95,385 $ (157,338 ) $ 397,943 ____________ (1) Included in our results of operations for our Shipyards division was revenue and net (loss) income of $75.6 million and ( $1.8 million ), for the year ended December 31, 2016 , respectively, attributable to the assets and operations acquired in the LEEVAC transaction. No amounts were included in the comparable 2015 or 2014 periods as the LEEVAC transaction was effective January 1, 2016. See also Note 2. (2) Revenue for the year ended December 31, 2016 includes $5.2 million of non-cash amortization of deferred revenue, related to the values assigned to contracts acquired in the LEEVAC transaction. |
QUARTERLY OPERATING RESULTS (UN
QUARTERLY OPERATING RESULTS (UNAUDITED) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY OPERATING RESULTS (UNAUDITED) | QUARTERLY OPERATING RESULTS (UNAUDITED) A summary of quarterly results of operations for the years ended December 31, 2016 and 2015 were as follows (in thousands, except per share data): March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Revenue $ 83,979 $ 81,502 $ 65,384 $ 55,461 Gross profit (loss) 5,701 14,066 5,259 (172 ) Net income (loss) 989 5,540 541 (3,555 ) Basic and fully diluted EPS $ 0.07 $ 0.37 $ 0.04 $ (0.24 ) March 31, 2015 June 30, 2015 September 30, 2015 (1) December 31, 2015 (1) Revenue $ 99,233 $ 84,338 $ 67,531 $ 55,018 Gross profit (loss) 4,448 5,805 (7,837 ) (17,572 ) Net income (loss) 83 1,357 (12,137 ) (14,667 ) Basic and fully diluted EPS $ — $ 0.09 $ (0.84 ) $ (1.01 ) (1) During the third quarter of 2015, we recorded contract losses of $14.3 million as a result of our inability to recover certain costs related to a deck and jacket for one of our large deepwater projects, and we recorded an impairment of $6.6 million related to assets held for sale. During the fourth quarter of 2015, we recorded additional contract losses of $10.3 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 which was delivered in 2015. In addition, during the fourth quarter of 2015, we accrued contract losses of approximately $7.6 million resulting from increases in our projected unit labor rates of our fabrication facilities. Our increases in unit labor rates were driven by our inability to absorb fixed costs due to decreases in expected oil and gas fabrication activity. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Dividends On February 23, 2017 , our Board of Directors declared a dividend of $0.01 per share on the shares of our common stock outstanding, payable March 24, 2017 to shareholders of record on March 10, 2017 . Our South Texas Properties On February 23, 2017, our Board of Directors approved a recommendation of management to place our South Texas properties 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 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. The net book value of property, plant and equipment for these assets was $107.6 million at December 31, 2016. We are working to wind down all fabrication activities at these locations and re-allocate remaining backlog and workforce to our Houma Fabrication Yard as necessary. As a result of the decision to place our South Texas properties for sale and the underutilization currently being experienced, we expect to incur costs associated with the maintaining of the facility through its sale that will not be recoverable. These costs include insurance, general maintenance of the property in its current state, property taxes, and retained employees. We do not expect the sale of these properties to impact our ability to service our deepwater customers or operate our Fabrication division. Customer Matter On October 21, 2016, a customer of our Shipyards division announced it had received limited waivers from its lenders and noteholders through November 11, 2016, which was extended through March 3, 2017 with respect to noncompliance with certain financial covenants included in the customer’s debt agreements. The customer also announced its debt agreements will require further negotiation and amendment. In the event our customer is unsuccessful in these efforts, the customer has publicly stated that it will consider other options including a possible reorganization under Chapter 11 of the Federal bankruptcy laws. At December 31, 2016 , we had two vessels under construction for this customer with no contracts receivable outstanding and deferred revenue exceeded our contracts in progress. We completed and tendered to this customer for delivery the first vessel on February 6, 2017. Upon our tender of delivery, our customer alleged certain technical deficiencies associated with the vessel. We disagree with our customer concerning these alleged technical deficiencies and have put the customer in default under the terms of the contract. As of February 6, 2017, approximately $4.5 million remained due and outstanding from our customer under this contract. We continue to hold discussions with our customer in an effort to resolve this matter and intend to take all legal action as may be necessary to protect our rights under the contract and recover the remaining balance owed to us. The second offshore supply vessel for this customer is scheduled for delivery in May 2017. As of the date of this Report, the balance due to us for this second vessel is approximately $4.9 million and both we and our customer remain in compliance with the terms of this contract. We continue to monitor our work performed in relation to our customer’s status and its ability to pay under the terms of these contracts. Because these vessels have been completed or are substantially complete, we believe that they have significant fair value, and that we would be able to fully recover any amounts due to us. Based on our evaluation to date, we do not believe that any loss on this contract is probable or estimatable at this time. |
Organization and Summary of S21
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation 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 and 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, completing newbuild construction of two technologically advanced offshore support and two multi-purpose service vessels and 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. Our corporate headquarters is located in Houston, Texas, with fabrication facilities located in Houma, Jennings and Lake Charles, Louisiana, and Aransas Pass and Ingleside, Texas. On January 1, 2016, we acquired substantially all of the assets and assumed certain specified liabilities of LEEVAC Shipyards, L.L.C. and its affiliates (collectively, “LEEVAC”), through our newly formed wholly-owned subsidiary, Gulf Island Shipyards, L.L.C. in an all cash transaction. See further discussion of the LEEVAC transaction as discussed in Note 2 - "LEEVAC Transaction." The consolidated financial statements include the accounts of Gulf Island Fabrication, Inc. and its majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Operating Cycle | Operating Cycle The lengths of our contracts vary, but are typically longer than one year in duration. Consistent with industry practice, assets and liabilities have been classified as current under the operating cycle concept whereby all contract-related items are regarded as current regardless of whether cash will be received or paid within a twelve month period. Assets and liabilities classified as current which may not be paid or received within the next twelve months include contract retainage, contracts in progress and advanced billings on contracts. However, any variation from normal contract terms would cause classification of assets and liabilities as long-term. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Areas requiring significant estimates by our management include asset impairments, value of assets held for sale, provisions for contract losses, contract revenues, costs and profits, the application of the percentage-of-completion method of accounting and the determination of the allowance of doubtful accounts. Actual results could differ from those estimates. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts We routinely review individual contracts receivable balances and make provisions for probable doubtful accounts as we deem appropriate. Among the factors considered during the review are the financial condition of our customer and their access to financing, underlying disputes on the account, age and amount of the account and overall economic conditions. Accounts are written off only when all reasonable collection efforts are exhausted. Our principal customers include major and large independent oil and gas companies and their contractors and marine vessel operators and their contractors. This concentration of customers may impact our overall exposure to credit risk, either positively or negatively, in that customers may be similarly affected by changes in economic or other conditions. Receivables are generally not collateralized. In the normal course of business, we extend credit to our customers on a short-term basis. |
Stock-Based Compensation | Stock-Based Compensation Awards under the Company’s stock-based compensation plans are calculated using a fair value based measurement method. Share-based compensation expense for share based awards is recognized only for those awards that are expected to vest. We use the straight-line method to recognize share-based compensation expense over the requisite service period of the award. |
Inventory | Inventory Inventory consists of materials and production supplies and is stated at the lower of cost or market determined on the first-in, first-out basis. |
Assets Held for Sale | Assets Held for Sale Assets held for sale are required to be measured at the lower of their carrying amount or fair value less cost to sell. |
Workers Compensation Liability | Workers Compensation Liability The Company and its subsidiaries are self-insured for workers’ compensation liability except for losses in excess of varying threshold amounts. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is stated at cost less accumulated depreciation. Depreciation is computed on the straight-line basis over the estimated useful lives of the assets, which range from three to 25 years . Ordinary maintenance and repairs, which do not extend the physical or economic lives of the plant or equipment, are charged to expense as incurred. |
Long-Lived Assets | Long-Lived Assets We evaluate impairment losses on long-lived assets or asset groups used in operations when events and circumstances indicate that the assets or asset groups might not be recoverable. If events and circumstance indicate that the assets or asset groups might not be recoverable, the expected future undiscounted cash flows from the assets or asset groups are estimated and compared with the carrying amount of the assets or asset groups. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the assets or asset groups, an impairment loss is recorded. An impairment loss is measured by comparing the fair value of the asset or asset group to its carrying amount and recording the excess of the carrying amount of the asset or asset group over its fair value as an impairment charge. An asset group constitutes the minimum level for which identifiable cash flows are principally independent of the cash flows of other asset or liability groups. Fair value is determined based on discounted cash flows or appraised values, as appropriate. |
Fair Value Measurements | Fair Value Measurements The Company bases its fair value determinations of the carrying value of other financial assets and liabilities on an evaluation of their particular facts and circumstances and valuation techniques that require judgments and estimates. We base our 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. |
Revenue Recognition | Revenue Recognition We use 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 which measures the percentage of labor hours incurred to date as compared to estimated total labor hours for 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 earned for that period plus the costs incurred on the contract during the period. Under a unit rate contract, material items or labor tasks are assigned unit rates of measure. The unit rates of measure will generally be an amount of dollars per ton, per foot, per square foot or per item installed. A typical unit rate contract can contain hundreds to thousands of unit rates of measure. Profit margins are built into the unit rates. Profit incentives are included in revenue when their realization is probable. Claims for extra work or changes in scope of work are included in revenue when the amount can be reliably estimated and collection is probable. To the extent work from changes in scope have been approved for scope, but not as to price, revenue is recognized up to cost incurred. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions, and final contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined. For the years ended December 31, 2016 , 2015 , and 2014 , there was no significant revenue related to unapproved change orders or claims. Some contracts include a total or partial reimbursement to us of any costs associated with specific capital projects required by the fabrication process. If a particular capital project provides future benefits to us, the cost to build the capital project will be capitalized, and the revenue for the capital project will increase the estimated profit in the contract. |
Income Taxes | Income Taxes Income taxes have been provided using the liability method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using enacted rates expected to be in effect during the year in which the basis differences reverse. A valuation allowance is provided to reserve for deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Reserves for uncertain tax positions are recognized when the positions are more likely than not to not be sustained upon audit. Interest and penalties on uncertain tax positions are recorded in income tax expense. Our federal tax returns have been examined and settled through the 2012 tax year. There were no material uncertain tax positions recorded for the years presented in these statements. |
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, but 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 July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory,” which requires entities to measure inventory at the lower of cost or net realizable value rather than at the lower of cost or market. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 will be effective for annual periods beginning after December 15, 2016, and early adoption is permitted. We have not elected to early adopt this guidance. We do not expect the adoption of ASU 2015-11 will have a material impact on our financial position, results of operations and related disclosures. 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 will be effective for annual periods beginning after December 15, 2016, and early adoption is permitted. We have not elected to early adopt this guidance. We do not expect the adoption of ASU 2015-16 will have a material 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. See Note 5 for disclosure of our minimum lease payments. 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 on the statement of cash flows. This guidance requires all excess tax benefits or deficiencies to be recognized as income tax benefit or expense in the income statement, and all excess tax benefits to be classified with other income tax cash flows as operating activities. This portion of the amendment should be applied prospectively. The guidance also changes the timing of when excess tax benefits are recognized and the methods available to an entity to estimate the impact of forfeitures related to share-based awards. These two amendment topics should be applied using a modified retrospective transition method, and would require recognition of cumulative-effect adjustments to equity as of the beginning of the period in which the guidance is adopted. The guidance also classifies cash paid by an employer when directly withholding shares for tax-withholding purposes as a financing activity on the statement of cash flows. This portion of the amendment should be applied retrospectively. ASU 2016-09 will be effective for annual periods beginning after December 15, 2016. Early adoption is permitted in any interim or annual period. We have not elected to early adopt this guidance. We are currently evaluating the effect that ASU 2016-09 will have on our financial position and related disclosures. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments,” which changes the way companies evaluate credit losses for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model to evaluate impairment, potentially resulting in earlier recognition of allowances for losses. The new standard also requires enhanced disclosures, including the requirement to disclose the information used to track credit quality by year of origination for most financing receivables. ASU 2016-13 will be effective for annual periods beginning after December 15, 2019. Early adoption is permitted for all entities for annual periods beginning after December 15, 2018. We have not elected to early adopt this guidance. The guidance must be applied using a cumulative-effect transition method. We are currently evaluating the effect that ASU 2016-13 will have on our financial position, results of operations and related disclosures. During 2016, we adopted ASU 2014-15, "Presentation of Financial Statements - Going Concern ," for our fiscal year ending December 31, 2016. Based on management’s evaluation, which covered the one year period following our 2016 Form 10-K filing, we did not identify any conditions or events that raise substantial doubt about our ability to continue as a going concern. Accordingly the adoption of this guidance did not have an impact on our financial position, results of operations and related disclosures. |
LEEVAC Transaction (Tables)
LEEVAC Transaction (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedules of Net Cash Received Upon Acquisition | The tables below present the total cash received as reported in our consolidated statements of cash flows, the amounts received from the seller and the corresponding fair values assigned to the assets and liabilities acquired from LEEVAC which includes the effect of the working capital true-up and our updated valuation of machinery and equipment. As Originally Reported Adjustment from Working Capital True-up Valuation Adjustment Fair Value Assets: Accounts receivable $ 3,544 $ (1,882 ) $ — $ 1,662 Inventory 4,938 724 — 5,662 Prepaid expenses and other assets — 57 — 57 Machinery and equipment 23,056 — 2,118 25,174 Intangible assets (leasehold interests) 2,123 — — 2,123 Liabilities: — Accounts payable and accrued expenses 6,003 2,464 — 8,467 Deferred revenue and below market contracts 29,246 — — 29,246 Net cash received from seller $ 1,588 $ 3,565 $ (2,118 ) $ 3,035 As Originally Reported Adjustment from Working Capital True-up Adjusted Consideration received upon acquisition of LEEVAC: Seller payment for prepaid contracts (1) $ 16,942 $ (2,118 ) $ 14,824 Surety payments related to assigned contracts (2) 7,125 — 7,125 Sub-total 24,067 (2,118 ) 21,949 Less: Working capital assumed 2,479 (3,565 ) (1,086 ) Net cash due to the Company 1,588 1,447 3,035 Sub-total 4,067 (2,118 ) 1,949 Purchase price $ 20,000 $ — $ 20,000 __________ (1) Payment from seller for customer payments received in advance of progress on contracts assigned to us concurrent with the closing of the LEEVAC transaction. (2) Payments from sureties in connection with the release of further obligations related to contracts assigned to us concurrent with the closing of the LEEVAC transaction. |
Pro Forma Results of Operations Assuming LEEVAC Acquisition | The table below presents our pro forma results of operations for the year ended December 31, 2015 assuming that we acquired substantially all of the assets and certain specified liabilities of LEEVAC on January 1, 2015 (in thousands): Year Ended December 31, 2015 Pro forma adjustments Historical results LEEVAC Adjustments Pro forma results Revenue $ 306,120 $ 87,239 $ — $ 393,359 Net income (loss) $ (25,364 ) $ (4,655 ) $ 3,738 (1) $ (26,281 ) ______________ (1) Adjustments to historical results are as follows: Year Ended December 31, 2015 Effect of purchase price depreciation $ 1,217 Elimination of interest expense 2,038 Income taxes 483 Total $ 3,738 |
CONTRACT REVENUE AND PERCENTA23
CONTRACT REVENUE AND PERCENTAGE-OF-COMPLETION METHOD (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Revenue Recognition [Abstract] | |
Information with Respect to Uncompleted Contracts | Information with respect to uncompleted contracts as of December 31, is as follows (in thousands): 2016 2015 Costs incurred on uncompleted contracts $ 246,424 $ 437,658 Estimated profit earned to date 21,363 7,777 Sub-total 267,787 445,435 Less billings to date 244,935 439,694 Total $ 22,852 $ 5,741 |
Uncompleted Contracts Included in Accompanying Consolidated Balance Sheets | The above amounts are included in the accompanying consolidated balance sheets at December 31, under the following captions (in thousands): 2016 2015 Contracts in progress $ 26,829 $ 12,822 Advance billings on contracts (3,977 ) (7,081 ) Total $ 22,852 $ 5,741 |
Summary of Revenues from Customers | Revenues from customers comprising 10% or more of the Company’s total revenue for the years ended December 31, 2016 , 2015 and 2014 , respectively, are summarized as follows (in thousands): Customer 2016 2015 2014 A $ 65,981 * * B * $ 55,775 $ 160,173 C * $ 36,320 * D * * $ 98,644 * The customer revenue was less than 10% of the total revenue for the year. |
Company Revenues by Geographic Location | Revenues related to fabricated structures for delivery outside of the United States accounted for 14% , 6% , and 10% of the Company’s revenues for the years ended December 31, 2016 , 2015 and 2014 , respectively, and are summarized as follows (in thousands): 2016 2015 2014 Location: United States $ 245,039 $ 287,892 $ 456,839 International 41,287 18,228 49,800 Total $ 286,326 $ 306,120 $ 506,639 |
CONTRACTS RECEIVABLE AND RETA24
CONTRACTS RECEIVABLE AND RETAINAGE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Contractors [Abstract] | |
Amounts Due on Contracts | Amounts due on contracts as of December 31, were as follows (in thousands): 2016 2015 Completed contracts Current receivables $ 6,812 $ 15,904 Long-term receivables due after one year — — Contracts in progress: Current receivables 14,248 31,148 Retainage due within one year 113 52 Total contracts receivable 21,173 47,104 Less allowance for doubtful accounts 1,004 44 Net contracts receivable $ 20,169 $ 47,060 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consisted of the following at December 31, (in thousands): Estimated Useful Life 2016 2015 (in Years) Land - $ 10,463 $ 10,463 Buildings 25 65,894 64,154 Machinery and equipment 3 to 25 238,029 223,521 Furniture and fixtures 3 to 5 5,570 5,354 Transportation equipment 3 to 5 3,814 3,481 Improvements 15 128,437 127,727 Construction in progress - 5,303 2,488 Total cost 457,510 437,188 Less accumulated depreciation 251,288 236,804 Net book value $ 206,222 $ 200,384 |
Schedule of Minimum Rental Payments | The schedule of minimum rental payments under our leases/sublease is as follows (in thousands): Minimum Payments 2017 $ 852 2018 439 2019 325 2020 115 2021 96 Thereafter 295 Total $ 2,122 |
EARNINGS PER SHARE AND STOCK 26
EARNINGS PER SHARE AND STOCK REPURCHASE PLAN (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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): 2016 2015 2014 Numerator: Net income (loss) $ 3,515 $ (25,364 ) $ 15,320 Less: distributed loss / distributed and undistributed income (unvested restricted stock) 30 84 104 Net income (loss) attributable to common shareholders $ 3,485 $ (25,448 ) $ 15,216 Denominator (basic and fully diluted): Denominator for basic earnings per share-weighted-average shares 14,631 14,546 14,505 Basic and fully diluted earnings (loss) per share—common shareholders $ 0.24 $ (1.75 ) $ 1.05 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows (in thousands): 2016 2015 Deferred tax liabilities: Property, plant and equipment $ 27,468 $ 31,943 Prepaid insurance 766 1,209 Total deferred tax liabilities: 28,234 33,152 Deferred tax assets: Employee benefits 1,303 924 Uncompleted contracts 106 3,321 Stock based compensation expense 1,488 825 Allowance for uncollectible accounts 192 16 Long term incentive awards 264 — Federal net operating loss 617 5,478 AMT credit carryforwards 1,030 763 Total deferred tax assets: 5,000 11,327 Net deferred tax liabilities: $ 23,234 $ 21,825 |
Components of Income Tax Expense | Significant components of income tax expense for the years ended December 31 were as follows (in thousands): 2016 2015 2014 Current: Federal $ 302 $ 219 $ (105 ) State 361 473 459 Total current 663 692 354 Deferred: Federal 1,549 (13,614 ) 8,120 State (171 ) (447 ) 30 Total deferred 1,378 (14,061 ) 8,150 Income taxes $ 2,041 $ (13,369 ) $ 8,504 |
Reconciliation of Income Tax | A reconciliation of income taxes computed at the U.S. federal statutory tax rate to the Company’s income tax (benefit) expense for the years ended December 31 is as follows (in thousands): 2016 % 2015 % 2014 % U.S. statutory rate $ 1,945 35.0% $ (13,556 ) 35.0% $ 8,338 35.0% Increase (decrease) resulting from: State income taxes 64 1.1% 275 (0.7)% 311 1.0% Other 32 0.6% (88 ) 0.2% (145 ) (0.3)% Income tax (benefit) expense $ 2,041 36.7% $ (13,369 ) 34.5% $ 8,504 35.7% |
RETIREMENT AND LONG-TERM INCE28
RETIREMENT AND LONG-TERM INCENTIVE PLANS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Payments and Retirement Disclosure [Abstract] | |
Summary of Restricted Stock Awards Activity | A summary of our restricted stock awards activity for the years ended December 31, 2016 , 2015 and 2014 is presented in the table below. 2016 2015 2014 Number of Shares Weighted- Average Grant-Date Fair Value Per Share Number of Shares Weighted- Average Grant-Date Fair Value Per Share Number of Shares Weighted- Average Grant-Date Fair Value Per Share Restricted shares at the beginning of period 262,964 $ 18.33 107,840 $ 24.27 178,950 $ 24.00 Granted 259,699 8.55 215,034 16.33 6,000 23.19 Vested (114,804 ) 14.37 (41,112 ) 22.04 (45,356 ) 23.35 Forfeited (37,294 ) 15.48 (18,798 ) 21.39 (31,754 ) 23.85 Restricted shares at the end of period 370,565 $ 12.99 262,964 $ 18.33 107,840 $ 24.27 |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Summarized Segment Financial Information | Summarized financial information concerning our segments as of and for the three-year period ended December 31, 2016 is as follows (in thousands): December 31, 2016 Fabrication Shipyards (1), (2) Services Corp. & Eliminations Consolidated Revenue $ 88,683 $ 109,502 $ 91,414 $ (3,273 ) $ 286,326 Gross profit 5,061 7,587 12,205 — 24,853 Operating income (loss) (1,039 ) (163 ) 6,568 (183 ) 5,183 Depreciation expense 18,566 4,686 1,775 421 25,448 Capital expenditures 2,633 1,861 1,495 806 6,795 Total Assets $ 272,292 $ 81,928 $ 96,404 $ (128,216 ) $ 322,408 December 31, 2015 Fabrication Shipyards Services Corp. & Eliminations Consolidated Revenue $ 151,576 $ 59,601 $ 100,431 $ (5,488 ) $ 306,120 Gross profit (loss) (37,541 ) 8,665 13,726 (6 ) (15,156 ) Operating income (loss) (54,036 ) 6,973 9,548 (1,099 ) (38,614 ) Depreciation expense 22,045 1,921 1,733 505 26,204 Capital expenditures 3,360 1,206 1,379 73 6,018 Total Assets $ 310,790 $ 54,543 $ 94,618 $ (143,028 ) $ 316,923 December 31, 2014 Fabrication Shipyards Services Corp. & Eliminations Consolidated Revenue $ 303,880 $ 79,197 $ 132,107 $ (8,545 ) $ 506,639 Gross profit (loss) 19,418 4,922 20,258 (42 ) 44,556 Operating income (loss) 4,079 3,262 17,502 (896 ) 23,947 Depreciation expense 22,524 1,805 1,612 495 26,436 Capital expenditures 23,245 2,135 2,083 195 27,658 Total Assets $ 396,806 $ 63,090 $ 95,385 $ (157,338 ) $ 397,943 ____________ (1) Included in our results of operations for our Shipyards division was revenue and net (loss) income of $75.6 million and ( $1.8 million ), for the year ended December 31, 2016 , respectively, attributable to the assets and operations acquired in the LEEVAC transaction. No amounts were included in the comparable 2015 or 2014 periods as the LEEVAC transaction was effective January 1, 2016. See also Note 2. (2) Revenue for the year ended December 31, 2016 includes $5.2 million of non-cash amortization of deferred revenue, related to the values assigned to contracts acquired in the LEEVAC transaction. |
QUARTERLY OPERATING RESULTS (30
QUARTERLY OPERATING RESULTS (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations | A summary of quarterly results of operations for the years ended December 31, 2016 and 2015 were as follows (in thousands, except per share data): March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Revenue $ 83,979 $ 81,502 $ 65,384 $ 55,461 Gross profit (loss) 5,701 14,066 5,259 (172 ) Net income (loss) 989 5,540 541 (3,555 ) Basic and fully diluted EPS $ 0.07 $ 0.37 $ 0.04 $ (0.24 ) March 31, 2015 June 30, 2015 September 30, 2015 (1) December 31, 2015 (1) Revenue $ 99,233 $ 84,338 $ 67,531 $ 55,018 Gross profit (loss) 4,448 5,805 (7,837 ) (17,572 ) Net income (loss) 83 1,357 (12,137 ) (14,667 ) Basic and fully diluted EPS $ — $ 0.09 $ (0.84 ) $ (1.01 ) (1) During the third quarter of 2015, we recorded contract losses of $14.3 million as a result of our inability to recover certain costs related to a deck and jacket for one of our large deepwater projects, and we recorded an impairment of $6.6 million related to assets held for sale. During the fourth quarter of 2015, we recorded additional contract losses of $10.3 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 which was delivered in 2015. In addition, during the fourth quarter of 2015, we accrued contract losses of approximately $7.6 million resulting from increases in our projected unit labor rates of our fabrication facilities. Our increases in unit labor rates were driven by our inability to absorb fixed costs due to decreases in expected oil and gas fabrication activity. |
Organization and Summary of S31
Organization and Summary of Significant Accounting Policies (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Significant Accounting Policies [Line Items] | |||
Unapproved change order and claim revenue | $ | $ 0 | $ 0 | $ 0 |
Workers compensation liability | $ | $ 3.4 | $ 2.6 | |
Number of technologically advanced offshore support vessels being constructed | vessel | 2 | ||
Number of multi-purpose service vessels being constructed | vessel | 2 | ||
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of property, plant and equipment | 3 years | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of property, plant and equipment | 25 years |
LEEVAC Transaction - Narrative
LEEVAC Transaction - Narrative (Details) ft² in Thousands | Dec. 31, 2016USD ($) | Jan. 01, 2016USD ($)ft²aemployeeCustomervesselProjectft | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | ||||||||||||||
Total Assets | $ 322,408,000 | $ 322,408,000 | $ 316,923,000 | $ 322,408,000 | $ 322,408,000 | $ 316,923,000 | $ 397,943,000 | |||||||
Liabilities | 59,376,000 | 59,376,000 | 59,726,000 | 59,376,000 | 59,376,000 | 59,726,000 | ||||||||
Revenues | 55,461,000 | $ 65,384,000 | $ 81,502,000 | $ 83,979,000 | 55,018,000 | $ 67,531,000 | $ 84,338,000 | $ 99,233,000 | 286,326,000 | 306,120,000 | 506,639,000 | |||
Net income (loss) | (3,555,000) | $ 541,000 | $ 5,540,000 | $ 989,000 | $ (14,667,000) | $ (12,137,000) | $ 1,357,000 | $ 83,000 | 3,515,000 | (25,364,000) | 15,320,000 | |||
Recognition of deferred revenue | 5,223,000 | 0 | $ 0 | |||||||||||
Business combination, initial accounting incomplete, adjustment to machinery and equipment | 2,100,000 | |||||||||||||
LEEVAC | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase price | 20,000,000 | $ 20,000,000 | ||||||||||||
Net cash received at closing | 1,600,000 | |||||||||||||
Due from seller | 1,447,000 | |||||||||||||
Total Assets | 52,200,000 | 52,200,000 | 52,200,000 | 52,200,000 | ||||||||||
Liabilities | $ 54,000,000 | $ 54,000,000 | 54,000,000 | 54,000,000 | ||||||||||
Revenues | 75,600,000 | 87,239,000 | ||||||||||||
Net income (loss) | (1,800,000) | $ (4,655,000) | ||||||||||||
Recognition of deferred revenue | $ 5,200,000 | |||||||||||||
Build construction backlog acquired | 121,200,000 | |||||||||||||
Build construction acquired, purchase price fair value allocated | $ 9,200,000 | |||||||||||||
Number of build construction projects in backlog acquired | Project | 4 | |||||||||||||
Third party customers with backlog acquired | Customer | 2 | |||||||||||||
Employees hired upon acquisition | employee | 380 | |||||||||||||
Seller payment for prepaid contracts | (2,118,000) | |||||||||||||
Decrease in working capital assumed | 3,565,000 | |||||||||||||
Net cash received from seller | $ 2,118,000 | |||||||||||||
Jennings Shipyard | LEEVAC | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Area of leased facility (in acres) | a | 180 | |||||||||||||
Covered fabrication area acquired (greater than) | ft² | 100 | |||||||||||||
Water frontage acquired | ft | 3,000 | |||||||||||||
Lake Charles Shipyard | LEEVAC | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Area of leased facility (in acres) | a | 10 | |||||||||||||
Water frontage acquired | ft | 1,100 | |||||||||||||
Prospect Shipyard | LEEVAC | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Area of leased facility (in acres) | a | 35 | |||||||||||||
Monthly rental payment | $ 67,000 | |||||||||||||
Lease expiration period after completion of vessels | 90 days | |||||||||||||
Number of vessels under construction at the leased facility | vessel | 2 |
LEEVAC Transaction - Assets and
LEEVAC Transaction - Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2016 | Jan. 01, 2016 | |
Valuation Adjustment | |||
Machinery and equipment | $ 2,100 | ||
LEEVAC | |||
Assets: | |||
Accounts receivable | 1,662 | $ 1,662 | $ 3,544 |
Inventory | 5,662 | 5,662 | 4,938 |
Prepaid expenses and other assets | 57 | 57 | 0 |
Machinery and equipment | 25,174 | 25,174 | 23,056 |
Intangible assets (leasehold interests) | 2,123 | 2,123 | 2,123 |
Liabilities: | |||
Accounts payable and accrued expenses | 8,467 | 8,467 | 6,003 |
Deferred revenue and below market contracts | 29,246 | 29,246 | 29,246 |
Net cash received from seller | $ 3,035 | 3,035 | $ 1,588 |
Adjustment from working capital true-up | |||
Accounts receivable | (1,882) | ||
Inventory | 724 | ||
Prepaid expenses and other assets | 57 | ||
Accounts payable and accrued expenses | 2,464 | ||
Net cash received from seller | 3,565 | ||
Valuation Adjustment | |||
Net cash received from seller | $ (2,118) |
LEEVAC Transaction - Considerat
LEEVAC Transaction - Consideration Sources (Details) - LEEVAC - USD ($) | Dec. 31, 2016 | Jan. 01, 2016 | Dec. 31, 2016 |
Consideration received upon acquisition of LEEVAC: | |||
Seller payment for prepaid contracts | $ 14,824,000 | $ 16,942,000 | $ 14,824,000 |
Surety payments related to assigned contracts | 7,125,000 | 7,125,000 | 7,125,000 |
Cash received | 21,949,000 | 24,067,000 | 21,949,000 |
Less: | |||
Working capital assumed | (1,086,000) | 2,479,000 | (1,086,000) |
Due from seller | 3,035,000 | 1,588,000 | 3,035,000 |
Working capital assumed and net cash due | 1,949,000 | 4,067,000 | 1,949,000 |
Purchase price | $ 20,000,000 | $ 20,000,000 | |
Adjustment from working capital true-up | |||
Seller payment for prepaid contracts | (2,118,000) | ||
Cash received | (2,118,000) | ||
Working capital assumed | (3,565,000) | ||
Due from seller | 1,447,000 | ||
Working capital assumed and net cash due | $ (2,118,000) |
LEEVAC Transaction - Pro Forma
LEEVAC Transaction - Pro Forma Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Revenue | $ 55,461 | $ 65,384 | $ 81,502 | $ 83,979 | $ 55,018 | $ 67,531 | $ 84,338 | $ 99,233 | $ 286,326 | $ 306,120 | $ 506,639 |
Net income (loss) | $ (3,555) | $ 541 | $ 5,540 | $ 989 | $ (14,667) | $ (12,137) | $ 1,357 | $ 83 | 3,515 | (25,364) | $ 15,320 |
Pro forma revenue | 393,359 | ||||||||||
Pro forma net income (loss) | (26,281) | ||||||||||
Pro Forma Adjustment to Historical Results | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Revenue | 0 | ||||||||||
Net income (loss) | 3,738 | ||||||||||
Effect of purchase price depreciation | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Net income (loss) | 1,217 | ||||||||||
Elimination of interest expense | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Net income (loss) | 2,038 | ||||||||||
Income taxes | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Net income (loss) | 483 | ||||||||||
LEEVAC | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Revenue | 75,600 | 87,239 | |||||||||
Net income (loss) | $ (1,800) | $ (4,655) |
Contract Revenue and Percenta36
Contract Revenue and Percentage-of-Completion Method - Information with Respect to Uncompleted Contracts (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Revenue Recognition [Abstract] | ||
Costs incurred on uncompleted contracts | $ 246,424 | $ 437,658 |
Estimated profit earned to date | 21,363 | 7,777 |
Contract costs and estimated profits | 267,787 | 445,435 |
Less billings to date | 244,935 | 439,694 |
Net costs and estimated earnings in excess of billings | $ 22,852 | $ 5,741 |
Contract Revenue and Percenta37
Contract Revenue and Percentage-of-Completion Method - Uncompleted Contracts Included in Accompanying Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Revenue Recognition [Abstract] | ||
Contracts in progress | $ 26,829 | $ 12,822 |
Advance billings on contracts | (3,977) | (7,081) |
Net costs and estimated earnings in excess of billings | $ 22,852 | $ 5,741 |
Contract Revenue and Percenta38
Contract Revenue and Percentage-of-Completion Method - Revenues from Major Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue, Major Customer [Line Items] | |||||||||||
Revenue | $ 55,461 | $ 65,384 | $ 81,502 | $ 83,979 | $ 55,018 | $ 67,531 | $ 84,338 | $ 99,233 | $ 286,326 | $ 306,120 | $ 506,639 |
Customer A | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Revenue | $ 65,981 | ||||||||||
Customer B | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Revenue | 55,775 | 160,173 | |||||||||
Customer C | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Revenue | $ 36,320 | ||||||||||
Customer D | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Revenue | $ 98,644 |
Contract Revenue and Percenta39
Contract Revenue and Percentage-of-Completion Method - Revenues by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Geographic Reporting Disclosure [Line Items] | |||||||||||
Revenue | $ 55,461 | $ 65,384 | $ 81,502 | $ 83,979 | $ 55,018 | $ 67,531 | $ 84,338 | $ 99,233 | $ 286,326 | $ 306,120 | $ 506,639 |
United States | |||||||||||
Geographic Reporting Disclosure [Line Items] | |||||||||||
Revenue | 245,039 | 287,892 | 456,839 | ||||||||
International | |||||||||||
Geographic Reporting Disclosure [Line Items] | |||||||||||
Revenue | $ 41,287 | $ 18,228 | $ 49,800 |
Contract Revenue and Percenta40
Contract Revenue and Percentage-of-Completion Method - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)claimProject | |
Revenue from External Customer [Line Items] | ||||
Loss on contracts | $ 1.8 | $ 33.9 | $ 6.6 | |
Loss on contracts, number of tank barge projects | Project | 2 | |||
Percentage of revenue related to fabricated structures for delivery outside U.S | 14.00% | 6.00% | 10.00% | |
Pass-through costs as a percentage of revenue | 36.50% | 44.40% | 48.20% | |
Number of settled asserted liquidated damages claims | claim | 1 | |||
Asserted liquidated damages claims settled | $ 0.3 | |||
Large Deepwater Project, Recently Delivered | ||||
Revenue from External Customer [Line Items] | ||||
Loss on contracts | $ 10.3 | $ 24.5 | ||
Fabrication Facilities | ||||
Revenue from External Customer [Line Items] | ||||
Loss on contracts | $ 7.6 | |||
Loss on contract due to labor rate changes | $ 9.4 |
Contracts Receivable and Reta41
Contracts Receivable and Retainage - Amounts Due on Contracts (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)Customer | Dec. 31, 2015USD ($) | |
Long-term Contracts or Programs Disclosure [Line Items] | ||
Current receivables | $ 20,169 | $ 47,060 |
Total contracts receivable | 21,173 | 47,104 |
Less allowance for doubtful accounts | 1,004 | 44 |
Net contracts receivable | 20,169 | 47,060 |
Completed Contracts | ||
Long-term Contracts or Programs Disclosure [Line Items] | ||
Current receivables | 6,812 | 15,904 |
Long-term receivables due after one year | 0 | 0 |
Contracts In Progress | ||
Long-term Contracts or Programs Disclosure [Line Items] | ||
Current receivables | 14,248 | 31,148 |
Retainage due within one year | 113 | $ 52 |
Top 6 Customers | ||
Long-term Contracts or Programs Disclosure [Line Items] | ||
Current receivables | $ 8,600 | |
Percentage of contract receivable | 42.70% | |
Number of major customers, contracts receivable | Customer | 3 |
Property, Plant and Equipment42
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 457,510 | $ 437,188 |
Less accumulated depreciation | 251,288 | 236,804 |
Net book value | 206,222 | 200,384 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 10,463 | 10,463 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 65,894 | 64,154 |
Property, plant and equipment, estimated useful life | 25 years | |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 238,029 | 223,521 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5,570 | 5,354 |
Transportation equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,814 | 3,481 |
Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 128,437 | 127,727 |
Property, plant and equipment, estimated useful life | 15 years | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 5,303 | $ 2,488 |
Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful life | 3 years | |
Minimum | Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful life | 3 years | |
Minimum | Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful life | 3 years | |
Minimum | Transportation equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful life | 3 years | |
Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful life | 25 years | |
Maximum | Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful life | 25 years | |
Maximum | Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful life | 5 years | |
Maximum | Transportation equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful life | 5 years |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Details) ft² in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Property, Plant and Equipment [Abstract] | |||
Lease agreement expenses | $ | $ 2.5 | $ 5.9 | $ 5.6 |
Office space area of leased premises | ft² | 8 |
Property, Plant and Equipment44
Property, Plant and Equipment - Schedule of Minimum Future Rental Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Property, Plant and Equipment [Abstract] | |
2,017 | $ 852 |
2,018 | 439 |
2,019 | 325 |
2,020 | 115 |
2,021 | 96 |
Thereafter | 295 |
Future minimum rental payments due | $ 2,122 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||||||
Fair value of assets held for sale | $ 10,300,000 | $ 0 | $ 10,300,000 | |||
Impairment of asset held for sale | $ 600,000 | $ 6,600,000 | $ 3,200,000 | |||
Impairment charge | $ 6,600,000 | |||||
Reclassification of assets held for sale to inventory | $ 0 | $ 3,727,000 | $ 0 |
Earnings Per Share and Stock 46
Earnings Per Share and Stock Repurchase Plan - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 30, 2015 | |
Numerator: | ||||||||||||
Net income (loss) | $ (3,555,000) | $ 541,000 | $ 5,540,000 | $ 989,000 | $ (14,667,000) | $ (12,137,000) | $ 1,357,000 | $ 83,000 | $ 3,515,000 | $ (25,364,000) | $ 15,320,000 | |
Less: distributed loss / distributed and undistributed income (unvested restricted stock) | 30,000 | 84,000 | 104,000 | |||||||||
Net income (loss) attributable to common shareholders | $ 3,485,000 | $ (25,448,000) | $ 15,216,000 | |||||||||
Denominator (basic and fully diluted): | ||||||||||||
Denominator for basic earnings per share-weighted-average shares | 14,631 | 14,546 | 14,505 | |||||||||
Basic and fully diluted earnings (loss) per share—common shareholders | $ (0.24) | $ 0.04 | $ 0.37 | $ 0.07 | $ (1.01) | $ (0.84) | $ 0.09 | $ 0 | $ 0.24 | $ (1.75) | $ 1.05 | |
Stock repurchase program, authorized amount | $ 10,000,000 |
Line of Credit (Details)
Line of Credit (Details) | Dec. 16, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 15, 2016USD ($) |
Line of Credit Facility [Line Items] | |||
Revolving credit facility | $ 40,000,000 | $ 80,000,000 | |
Financial covenants, minimum net worth | $ 255,000,000 | ||
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 covenants, maximum impairment of certain assets deducted from net worth requirement | $ 30,000,000 | ||
Financial covenants, maximum EBITDA ratio | 2.5 | ||
Financial covenants, minimum interest coverage ratio | 2 | ||
Borrowings under credit agreement | $ 0 | ||
Outstanding letters of credit | 7,700,000 | ||
Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Available borrowings for general corporate purposes | $ 20,000,000 | ||
Fees on unused borrowings | 0.50% | ||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable interest rate | 2.00% | ||
Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Fees on unused borrowings | 2.00% | ||
Revolving credit facility, unused portion | $ 32,300,000 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax liabilities: | ||
Property, plant and equipment | $ 27,468 | $ 31,943 |
Prepaid insurance | 766 | 1,209 |
Total deferred tax liabilities: | 28,234 | 33,152 |
Deferred tax assets: | ||
Employee benefits | 1,303 | 924 |
Uncompleted contracts | 106 | 3,321 |
Stock based compensation expense | 1,488 | 825 |
Allowance for uncollectible accounts | 192 | 16 |
Long term incentive awards | 264 | 0 |
Federal net operating loss | 617 | 5,478 |
AMT credit carryforwards | 1,030 | 763 |
Total deferred tax assets: | 5,000 | 11,327 |
Net deferred tax liabilities: | $ 23,234 | $ 21,825 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ 302 | $ 219 | $ (105) |
State | 361 | 473 | 459 |
Total current | 663 | 692 | 354 |
Deferred: | |||
Federal | 1,549 | (13,614) | 8,120 |
State | (171) | (447) | 30 |
Total deferred | 1,378 | (14,061) | 8,150 |
Income tax (benefit) expense | $ 2,041 | $ (13,369) | $ 8,504 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. statutory rate | $ 1,945 | $ (13,556) | $ 8,338 |
Increase (decrease) resulting from: | |||
State income taxes | 64 | 275 | 311 |
Other | 32 | (88) | (145) |
Income tax (benefit) expense | $ 2,041 | $ (13,369) | $ 8,504 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. statutory rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) resulting from: | |||
State income taxes | 1.10% | (0.70%) | 1.00% |
Other | 0.60% | 0.20% | (0.30%) |
Income tax (benefit) expense | 36.70% | 34.50% | 35.70% |
Retirement and Long-Term Ince51
Retirement and Long-Term Incentive Plans - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employer discretionary contribution | $ 670 | $ 2,300 | $ 2,600 | |
Available shares for future issuance (in shares) | 1,123,482 | |||
Total unrecognized compensation costs | $ 2,600 | |||
Recognition of compensation cost, weighted average period | 1 year 8 months 12 days | |||
Total fair value of shares vested | $ 1,200 | |||
Share-based compensation cost charged against income | 3,125 | 2,707 | 1,139 | |
Total income tax benefit under share-base compensation | 0 | 0 | 49 | |
Incentive Plans | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation cost charged against income | $ 2,100 | $ 2,700 | $ 1,100 | |
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized (in shares) | 1,000,000 | |||
Employee Stock Option | Long Term Incentive Plan 2002 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized (in shares) | 500,000 | |||
Employee Stock Option | Long Term Incentive Plan 2011 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized (in shares) | 500,000 | |||
Employee Stock Option | Long Term Incentive Plan 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized (in shares) | 1,000,000 | |||
Non Performance Based | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock vesting period, minimum | 3 years | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share awards | 370,565 | 262,964 | 107,840 | 178,950 |
Restricted Stock | Non-employee directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock vesting period | 6 months | |||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share awards | 0 | 0 | ||
Performance based share compensation expense | $ 1,300 | $ 1,100 | $ 0 | |
Fair value of performance based shares granted | $ 1,600 | $ 2,700 | ||
Maximum | Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options available for grant to an individual (in shares) | 400,000 | |||
Maximum | Employee Stock Option | Long Term Incentive Plan 2002 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options available for grant to an individual (in shares) | 200,000 | |||
Maximum | Employee Stock Option | Long Term Incentive Plan 2011 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options available for grant to an individual (in shares) | 200,000 | |||
Maximum | Employee Stock Option | Long Term Incentive Plan 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options available for grant to an individual (in shares) | 200,000 | |||
Options available for grant to an outside director (in shares) | 25,000 | |||
2015 Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period awards are earned | 2 years | |||
2016 Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period awards are earned | 3 years |
Retirement and Long-Term Ince52
Retirement and Long-Term Incentive Plans - Summary of Status of Restricted Stock Awards (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Shares | |||
Restricted shares at the beginning of period (in shares) | 262,964 | 107,840 | 178,950 |
Granted (in shares) | 259,699 | 215,034 | 6,000 |
Vested (in shares) | (114,804) | (41,112) | (45,356) |
Forfeited (in shares) | (37,294) | (18,798) | (31,754) |
Restricted shares at the end of period (in shares) | 370,565 | 262,964 | 107,840 |
Weighted- Average Grant-Date Fair Value Per Share | |||
Restricted shares at the beginning of period (USD per share) | $ 18.33 | $ 24.27 | $ 24 |
Granted (USD per share) | 8.55 | 16.33 | 23.19 |
Vested (USD per share) | 14.37 | 22.04 | 23.35 |
Forfeited (USD per share) | 15.48 | 21.39 | 23.85 |
Restricted shares at the end of period (USD per share) | $ 12.99 | $ 18.33 | $ 24.27 |
Operating Segments (Details)
Operating Segments (Details) ton in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($)ton | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)tonsegment | Dec. 31, 2015USD ($)jacket | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Divisions | segment | 3 | ||||||||||
Revenue | $ 55,461 | $ 65,384 | $ 81,502 | $ 83,979 | $ 55,018 | $ 67,531 | $ 84,338 | $ 99,233 | $ 286,326 | $ 306,120 | $ 506,639 |
Gross profit (loss) | (172) | 5,259 | 14,066 | 5,701 | (17,572) | (7,837) | 5,805 | 4,448 | 24,853 | (15,156) | 44,556 |
Operating income (loss) | 5,183 | (38,614) | 23,947 | ||||||||
Depreciation expense | 25,448 | 26,204 | 26,436 | ||||||||
Capital expenditures | 6,795 | 6,018 | 27,658 | ||||||||
Total Assets | 322,408 | 316,923 | 322,408 | 316,923 | 397,943 | ||||||
Net (loss) income | (3,555) | $ 541 | $ 5,540 | $ 989 | (14,667) | $ (12,137) | $ 1,357 | $ 83 | 3,515 | (25,364) | 15,320 |
Recognition of deferred revenue | 5,223 | $ 0 | 0 | ||||||||
Number of jackets and piles constructed | jacket | 5 | ||||||||||
Operating Segments | Fabrication | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 88,683 | $ 151,576 | 303,880 | ||||||||
Gross profit (loss) | 5,061 | (37,541) | 19,418 | ||||||||
Operating income (loss) | (1,039) | (54,036) | 4,079 | ||||||||
Depreciation expense | 18,566 | 22,045 | 22,524 | ||||||||
Capital expenditures | 2,633 | 3,360 | 23,245 | ||||||||
Total Assets | 272,292 | 310,790 | 272,292 | 310,790 | 396,806 | ||||||
Operating Segments | Shipyards | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 109,502 | 59,601 | 79,197 | ||||||||
Gross profit (loss) | 7,587 | 8,665 | 4,922 | ||||||||
Operating income (loss) | (163) | 6,973 | 3,262 | ||||||||
Depreciation expense | 4,686 | 1,921 | 1,805 | ||||||||
Capital expenditures | 1,861 | 1,206 | 2,135 | ||||||||
Total Assets | 81,928 | 54,543 | 81,928 | 54,543 | 63,090 | ||||||
Operating Segments | Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 91,414 | 100,431 | 132,107 | ||||||||
Gross profit (loss) | 12,205 | 13,726 | 20,258 | ||||||||
Operating income (loss) | 6,568 | 9,548 | 17,502 | ||||||||
Depreciation expense | 1,775 | 1,733 | 1,612 | ||||||||
Capital expenditures | 1,495 | 1,379 | 2,083 | ||||||||
Total Assets | 96,404 | 94,618 | 96,404 | 94,618 | 95,385 | ||||||
Corp. & Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (3,273) | (5,488) | (8,545) | ||||||||
Gross profit (loss) | 0 | (6) | (42) | ||||||||
Operating income (loss) | (183) | (1,099) | (896) | ||||||||
Depreciation expense | 421 | 505 | 495 | ||||||||
Capital expenditures | 806 | 73 | 195 | ||||||||
Total Assets | (128,216) | $ (143,028) | (128,216) | (143,028) | $ (157,338) | ||||||
LEEVAC | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 75,600 | 87,239 | |||||||||
Total Assets | $ 52,200 | 52,200 | |||||||||
Net (loss) income | (1,800) | $ (4,655) | |||||||||
Recognition of deferred revenue | 5,200 | ||||||||||
LEEVAC | Shipyards | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 75,600 | ||||||||||
Net (loss) income | (1,800) | ||||||||||
Recognition of deferred revenue | $ 5,200 | ||||||||||
Prospect Shipyard | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Current dry dock lift capacity | ton | 9 | 9 | |||||||||
Expected dry dock lift capacity | ton | 15 | 15 |
Quarterly Operating Results (54
Quarterly Operating Results (Unaudited) - Summary of Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 55,461 | $ 65,384 | $ 81,502 | $ 83,979 | $ 55,018 | $ 67,531 | $ 84,338 | $ 99,233 | $ 286,326 | $ 306,120 | $ 506,639 |
Gross profit (loss) | (172) | 5,259 | 14,066 | 5,701 | (17,572) | (7,837) | 5,805 | 4,448 | 24,853 | (15,156) | 44,556 |
Net income (loss) | $ (3,555) | $ 541 | $ 5,540 | $ 989 | $ (14,667) | $ (12,137) | $ 1,357 | $ 83 | $ 3,515 | $ (25,364) | $ 15,320 |
Basic and fully diluted EPS (in dollars per share) | $ (0.24) | $ 0.04 | $ 0.37 | $ 0.07 | $ (1.01) | $ (0.84) | $ 0.09 | $ 0 | $ 0.24 | $ (1.75) | $ 1.05 |
Quarterly Operating Results (55
Quarterly Operating Results (Unaudited) - Summary of Quarterly Results of Operations Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||||
Loss on contract recognized | $ 1.8 | $ 33.9 | $ 6.6 | |||
Impairment charge of asset held for sale | $ 0.6 | $ 6.6 | $ 3.2 | |||
Large Deepwater Project | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Loss on contract recognized | $ 14.3 | |||||
Large Deepwater Project, Recently Delivered | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Loss on contract recognized | 10.3 | $ 24.5 | ||||
Fabrication Facilities | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Loss on contract recognized | $ 7.6 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 23, 2017$ / shares | Mar. 02, 2017USD ($) | Feb. 06, 2017USD ($) | Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($) |
Subsequent Event [Line Items] | |||||
Property, plant and equipment, net | $ 206,222,000 | $ 200,384,000 | |||
Potentially uncollectible receivable, number of vessels under construction | vessel | 2 | ||||
Current receivables | $ 20,169,000 | 47,060,000 | |||
Contracts in progress | 26,829,000 | $ 12,822,000 | |||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends declared, date | Feb. 23, 2017 | ||||
Dividends declared per share (in dollars per share) | $ / shares | $ 0.01 | ||||
Dividends declared, payable date | Mar. 24, 2017 | ||||
Dividends declared, record date | Mar. 10, 2017 | ||||
Contracts Receivable | |||||
Subsequent Event [Line Items] | |||||
Contract receivable | 0 | ||||
Customer of Shipyard | Contracts Receivable | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Current receivables | $ 4,500,000 | ||||
Contracts in progress | $ 4,900,000 | ||||
South Texas Properties | |||||
Subsequent Event [Line Items] | |||||
Property, plant and equipment, net | $ 107,600,000 |