Operating Segments (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Reclassification of Previously Reported Segments

A summary of the adjustments to correct the immaterial errors and reclassifications to our previously reported segment results for 2020, is as follows (in thousands):

	Year Ended December 31, 2020
	F&S			Shipyard			Corporate			Total
Gross profit (loss), as reported ⁽¹⁾	$	1,523		$	(19,274	)	$	—		$	(17,751	)
Corrections		107			135			—			242
Gross profit (loss), as adjusted prior to recast		1,630			(19,139	)		—			(17,509	)
Recast for discontinued operations ⁽²⁾		—			9,642			—			9,642
Changes in expense allocations		(76	)		284			(208	)		—
Gross profit (loss) from continuing operations, as adjusted	$	1,554		$	(9,213	)	$	(208	)	$	(7,867	)

Operating income (loss), as reported ⁽¹⁾	$	5,893		$	(24,343	)	$	(8,709	)	$	(27,159	)
Corrections		111			140			(302	)		(51	)
Operating income (loss), as adjusted prior to recast		6,004			(24,203	)		(9,011	)		(27,210	)
Recast for discontinued operations ⁽²⁾		—			13,307			—			13,307
Changes in expense allocations		(350	)		834			(484	)		—
Reclassification of legal expenses		—			(1,039	)		1,039			—
Operating income (loss) from continuing operations, as adjusted	$	5,654		$	(11,101	)	$	(8,456	)	$	(13,903	)

(1)

Represents amounts as reported in our previously issued 2020 Financial Statements which do not reflect discontinued operations presentation.

(2)

Reflects adjustments to recast previously issued 2020 Financial Statement amounts on a discontinued operations basis.

Summarized Segment Financial Information

Summarized financial information for our segments as of and for the two-year period ended December 31, 2021, is as follows (in thousands):

	Year Ended December 31, 2021
	F&S		Shipyard			Corporate			Total
Revenue (eliminations)	$	81,083	$	12,878		$	(509	)	$	93,452
Gross profit (loss) ⁽¹⁾		6,189		(4,242	)		(283	)		1,664
Operating income (loss) ⁽¹⁾		261		(5,769	)		(7,976	)		(13,484	)
Depreciation and amortization expense		4,001		—			319			4,320
Capital expenditures		1,141		—			—			1,141
Total assets ⁽³⁾		59,023		16,222			60,028			135,273

	Year Ended December 31, 2020
	F&S		Shipyard			Corporate			Total
Revenue (eliminations)	$	99,485	$	20,468		$	(2,224	)	$	117,729
Gross profit (loss) ⁽²⁾		1,554		(9,213	)		(208	)		(7,867	)
Operating income (loss) ⁽²⁾		5,654		(11,101	)		(8,456	)		(13,903	)
Depreciation and amortization expense		4,928		—			302			5,230
Capital expenditures		2,067		—			191			2,258
Total assets ⁽³⁾		54,174		17,499			59,780			131,453

(1)

Gross profit (loss) and operating income (loss) for 2021 includes project improvements of $3.3 million for our F&S Division and project charges of $3.8 million for our Shipyard Division. Operating income (loss) also includes charges of $3.2 million and $0.6 million associated with damage caused by Hurricane Ida for our F&S Division and Shipyard Division, respectively, acquisition costs of $0.5 million associated with the DSS Acquisition for our F&S Division, and the under-recovery of overhead costs for our F&S Division. See Note 2 for further discussion of our project and hurricane impacts and Note 4 for further discussion of the DSS Acquisition.

(2)

Gross profit (loss) and operating income (loss) for 2020 includes project improvements of $2.7 million for our F&S Division and project charges of $8.3 million for our Shipyard Division. Operating income (loss) also includes impairment charges and losses on the sale of assets held for sale of $2.5 million for our F&S Division, charges of $0.8 million associated with damage caused by Hurricane Laura for our Shipyard Division, and a gain of $10.0 million associated with the settlement of a contract dispute for our F&S Division. See Note 2 for further discussion of our project and hurricane impacts and Note 5 for further discussion of our impairments.

(3)

Cash and short-term investments are reported within our Corporate Division.