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Quarterly Financial Information
 12 Months Ended
Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information

Note 18 — Quarterly Financial Information (Unaudited)

 

The offshore marine construction industry in the Gulf of Mexico is highly seasonal as a result of weather conditions and the timing of capital expenditures by oil and gas companies.  Historically, a substantial portion of our services has been performed during the summer and fall months.  As a result, historically a disproportionate portion of our revenues and net income is earned during such period.  The following is a summary of consolidated quarterly financial information for 2012 and 2011 (in thousands, except per share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

March 31,

 

June 30,

 

September 30,

 

December 31,

 

2012

 

 

 

 

 

 

 

 

 

Net revenues (1)

$
229,842 

$
197,461 

$
217,110 

$
201,696 

 

Gross profit (loss) (2)

 
72,483 

 
28,438 

 
57,919 

 
(108,925)

 

Net income (loss)

 
65,737 

 
44,651 

 
14,875 

 
(171,560)

 

Net income (loss) applicable to common shareholders:

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$
16,874 

$
2,425 

$
10,362 

$
(99,679)

 

Income (loss) from discontinued operations (3)

 
48,853 

 
42,216 

 
4,503 

 
(71,888)

 

Net income (loss) applicable to common shareholders

$
65,727 

$
44,641 

$
14,865 

$
(171,567)

 

Basic earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$
0.16 

$
0.02 

$
0.10 

$
(0.95)

 

Income (loss) from discontinued operations

 
0.46 

 
0.40 

 
0.04 

 
(0.69)

 

Basic earnings (loss) per common share

$
0.62 

$
0.42 

$
0.14 

$
(1.64)

 

Diluted earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$
0.16 

$
0.02 

$
0.10 

$
(0.95)

 

Income (loss) from discontinued operations

 
0.46 

 
0.40 

 
0.04 

 
(0.69)

 

Diluted earnings (loss) per common share

$
0.62 

$
0.42 

$
0.14 

$
(1.64)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

March 31,

 

June 30,

 

September 30,

 

December 31,

 

2011

 

 

 

 

 

 

 

 

 

Net revenues (4)

$
122,748 

$
165,861 

$
213,278 

$
200,113 

 

Gross profit (5)

 
14,395 

 
44,043 

 
64,972 

 
26,273 

 

Net income (6)

 
25,867 

 
41,323 

 
46,026 

 
16,763 

 

Net income applicable to common shareholders:

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$
(9,315)

$
10,547 

$
15,999 

$
17,487 

 

Income (loss) from discontinued operations

 
35,172 

 
30,766 

 
30,017 

 
(734)

 

Net income applicable to common shareholders

$
25,857 

$
41,313 

$
46,016 

$
16,753 

 

Basic earnings per common share:

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$
(0.09)

$
0.10 

$
0.15 

$
0.17 

 

Income (loss) from discontinued operations

 
0.33 

 
0.29 

 
0.28 

 
(0.01)

 

Basic earnings per common share

$
0.24 

$
0.39 

$
0.43 

$
0.16 

 

Diluted earnings per common share:

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$
(0.09)

$
0.10 

$
0.15 

$
0.17 

 

Income (loss) from discontinued operations

 
0.33 

 
0.29 

 
0.29 

 
(0.01)

 

Diluted earnings per common share

$
0.24 

$
0.39 

$
0.44 

$
0.16 

 

 

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

 

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

 

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

 

(4) Excludes revenues from discontinued operations of $168.9 million, $172.5 million, $159.2 million and $196.1 million for the quarters ended March 31, June 30, September 30 and December 31, 2011.

 

(5) Excludes gross profit from discontinued operations of $62.7 million, $56.2 million, $57.3 million and $4.8 million for the quarters ended March 31, June 30, September 30 and December 31, 2011.  The fourth quarter includes a $6.6 million impairment charge to reduce our Australian well intervention equipment to its estimated fair value at December 31, 2011.

 

(6) Our net income in the fourth quarter of 2011 includes a $10.6 million other than temporary impairment loss on our equity investment in our Australian joint venture (Note 5).  The fourth quarter also includes a $31.3 million tax benefit related to reorganization of our Australian well intervention operations.