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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gulf Island Fabrication Inc | NASDAQ:GIFI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.22 | 3.20% | 7.09 | 7.08 | 7.15 | 7.13 | 6.60 | 6.87 | 15,378 | 18:56:06 |
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FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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GULF ISLAND FABRICATION, INC.
(Exact name of registrant as specified in its charter)
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LOUISIANA
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72-1147390
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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16225 PARK TEN PLACE, SUITE 300
HOUSTON, TEXAS
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77084
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(Address of principal executive offices)
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(Zip Code)
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(713) 714-6100
(Registrant’s telephone number, including area code)
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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Emerging Growth Company
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Item 3
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2017 Annual Report:
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Our annual report for the year ended December 31, 2017, filed with the SEC on Form 10-K on March 9, 2018.
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ASC:
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FASB Accounting Standards Codification.
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ASU:
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Accounting Standards Update.
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Company:
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Gulf Island Fabrication, Inc. and its consolidated subsidiaries.
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Credit Agreement:
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The Company's $40.0 million revolving credit facility with Hancock Whitney Bank
maturing June 9, 2020, as amended.
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deck:
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The component of a platform on which development drilling, production, separating, gathering, piping, compression, well support, crew quartering and other functions related to offshore oil and gas development are conducted.
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direct labor hours:
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Hours worked by employees directly involved in the production of the Company’s products. These hours do not include support personnel hours such as maintenance, warehousing and drafting.
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EPC:
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Engineering, procurement and construction phases of a complex project; EPC typically refers to a contract that requires the project management and coordination of these significant activities.
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Exchange Act:
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Securities Exchange Act of 1934, as amended.
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FASB:
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Financial Accounting Standards Board.
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FPSO:
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Floating Production Storage and Offloading vessel. A floating vessel used by the offshore oil and gas industry for the production and processing of hydrocarbons and for the storage of oil.
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GAAP:
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Generally accepted accounting principles in the U.S.
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GOM:
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Gulf of Mexico.
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inland or inshore:
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Inside coastlines, typically in bays, lakes and marshy areas.
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jacket:
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A component of a fixed platform consisting of a tubular steel, braced structure extending from the mudline of the seabed to a point above the water surface. The jacket is anchored with tubular steel pilings driven into the seabed. The jacket supports the deck structure located above the water.
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LIBOR:
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London Inter-Bank Offered Rate.
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MinDOC:
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Minimum Deepwater Operating Concept. A floating production platform designed for stability and dynamic positioning response to waves consisting of three vertical columns arranged in a triangular shape connected to upper and lower pontoon sections.
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modules
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Fabricated structures that include structural steel, piping, valves, fittings, storage vessels and other equipment that are incorporated into a petrochemical or industrial system. These modules are pre-fabricated at our facilities and then transported to the customer's location for final integration.
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MPSV
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Multi-Purpose Service Vessel.
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NOL(s)
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Net operating loss(es) that are available to offset future taxable income, subject to certain limitations.
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offshore
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In unprotected waters outside coastlines.
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onshore
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Inside the coastline on land.
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OSV
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Offshore Support Vessel.
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piles
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Rigid tubular pipes that are driven into the seabed to support platforms.
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platform
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A structure from which offshore oil and gas development drilling and production are conducted.
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pressure vessel
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A metal container generally cylindrical or spheroid, capable of withstanding various internal pressure loads.
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SeaOne
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SeaOne Caribbean, LLC.
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SeaOne Project
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The engineering, procurement, construction, installation, commissioning and start-up work for SeaOne's Compressed Gas Liquids Caribbean Fuels Supply Project. This project will include execution of engineering, construction and installation of modules for an export facility in Gulfport, Mississippi, and import facilities in the Caribbean and South America.
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SEC
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U.S. Securities and Exchange Commission.
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skid unit
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Packaged equipment usually consisting of major production, utility or compression equipment with associated piping and control system.
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South Texas Properties
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Historically, our Texas North Yard and Texas South Yard properties, improvements and equipment located in Aransas Pass and Ingleside, Texas, respectively. The Texas South Yard property, together with improvements and related machinery and equipment was sold on April 20, 2018. The Texas North Yard, together with improvements and related machinery and equipment is held for sale.
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SPAR
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Single Point Anchor Reservoir. A floating vessel with a circular cross-section that sits vertically in the water and is used for infield flow lines and associated subsea infrastructure. The SPAR connects subsea production and injection wells for oil and gas production in deepwater environments.
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subsea templates
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Tubular frames which are placed on the seabed and anchored with piles. Usually a series of oil and gas wells are drilled through these underwater structures.
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Surety
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A financial institution that issues bonds to customers on behalf of the Company for the purpose of providing third-party financial assurance related to our performance of construction contracts.
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T&M
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Work performed and billed to the customer generally at contracted time and material rates, cost plus or other variable fee arrangements which can include a mark-up.
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Texas North Yard
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Our Texas North Yard consists of our fabrication yard located in Aransas Pass, Texas, along the U.S. Intracoastal Waterway approximately three miles north of the Corpus Christi Ship Channel. This property is situated on approximately 196 acres. Our Texas North Yard, together with its improvements and related machinery and equipment is held for sale.
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Texas South Yard
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Historically, our Texas South Yard consisted of our fabrication yard located in Ingleside, Texas on the northwest corner of the Corpus Christi Ship Channel at the intersection of the Corpus Christi Ship Channel and the U.S. Intracoastal Waterway. This property was sold on April 20, 2018.
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this Report
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This quarterly report filed on Form 10-Q for the quarter ended September 30, 2018.
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TLP
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Tension Leg Platform. A floating hull and deck anchored by vertical tensioned cables or pipes connected to pilings driven into the seabed. A tension leg platform is typically used in water depths exceeding 1,200 feet.
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U.S.
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The United States of America.
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September 30,
2018 |
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December 31,
2017 |
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(Unaudited)
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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45,020
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$
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8,983
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Short-term investments
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9,494
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|
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—
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Contracts receivable and retainage, net
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28,933
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28,466
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Contracts in progress
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40,187
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28,373
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Inventory
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6,568
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4,933
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Prepaid expenses and other assets
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3,456
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3,833
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Assets held for sale
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42,670
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104,576
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Total current assets
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176,328
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179,164
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Property, plant and equipment, net
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80,707
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88,899
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Other noncurrent assets
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5,922
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2,777
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Total assets
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$
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262,957
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$
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270,840
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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Current liabilities:
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Accounts payable
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$
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20,166
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$
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18,375
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Advance billings on contracts
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14,930
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5,136
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Deferred revenue
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829
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4,676
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Accrued contract losses
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6,033
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7,618
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Accrued expenses and other liabilities
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10,339
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|
12,860
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Total current liabilities
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52,297
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48,665
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Deferred revenue, noncurrent
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2,489
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|
769
|
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Other noncurrent liabilities
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3,035
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|
1,913
|
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Total liabilities
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57,821
|
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51,347
|
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Shareholders’ equity:
|
|
|
|
||||
Preferred stock, no par value, 5,000 shares authorized, no shares issued and outstanding
|
—
|
|
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—
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|
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Common stock, no par value, 20,000 shares authorized, 15,044 shares issued and outstanding at September 30, 2018 and 14,910 at December 31, 2017
|
10,957
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|
|
10,823
|
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Additional paid-in capital
|
101,661
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|
100,456
|
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Retained earnings
|
92,518
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|
|
108,214
|
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Total shareholders’ equity
|
205,136
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|
|
219,493
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|
||
Total liabilities and shareholders’ equity
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$
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262,957
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$
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270,840
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
||||||||||||
|
2018
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2017
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2018
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2017
|
||||||||
Revenue
|
$
|
49,712
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$
|
49,884
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$
|
161,016
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$
|
133,745
|
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Cost of revenue
|
52,924
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50,378
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164,248
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|
150,755
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|
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Gross loss
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(3,212
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)
|
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(494
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)
|
|
(3,232
|
)
|
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(17,010
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)
|
||||
General and administrative expenses
|
7,672
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4,370
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|
17,473
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|
|
12,940
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|
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Asset impairments
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—
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—
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|
|
1,360
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|
|
389
|
|
||||
Operating loss
|
(10,884
|
)
|
|
(4,864
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)
|
|
(22,065
|
)
|
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(30,339
|
)
|
||||
Interest income (expense), net
|
72
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|
|
(45
|
)
|
|
(166
|
)
|
|
(262
|
)
|
||||
Other income (expense), net
|
140
|
|
|
38
|
|
|
6,954
|
|
|
(209
|
)
|
||||
Net loss before income taxes
|
(10,672
|
)
|
|
(4,871
|
)
|
|
(15,277
|
)
|
|
(30,810
|
)
|
||||
Income tax expense (benefit)
|
277
|
|
|
(1,761
|
)
|
|
419
|
|
|
(10,322
|
)
|
||||
Net loss
|
$
|
(10,949
|
)
|
|
$
|
(3,110
|
)
|
|
$
|
(15,696
|
)
|
|
$
|
(20,488
|
)
|
Per share data:
|
|
|
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|
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||||||||
Basic and diluted loss per common share
|
$
|
(0.73
|
)
|
|
$
|
(0.21
|
)
|
|
$
|
(1.05
|
)
|
|
$
|
(1.38
|
)
|
Cash dividends per common share
|
$
|
—
|
|
|
$
|
0.01
|
|
|
$
|
—
|
|
|
$
|
0.03
|
|
|
Common Stock
|
|
Additional
Paid-In
Capital
|
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Retained
Earnings
|
|
Total
Shareholders’
Equity
|
||||||||||||
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Shares
|
|
Amount
|
|
|||||||||||||||
Balance at January 1, 2018
|
14,910
|
|
|
$
|
10,823
|
|
|
$
|
100,456
|
|
|
$
|
108,214
|
|
|
$
|
219,493
|
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,696
|
)
|
|
(15,696
|
)
|
|||||
Restricted stock vesting
|
134
|
|
|
(79
|
)
|
|
(716
|
)
|
|
—
|
|
|
(795
|
)
|
|||||
Stock based compensation expense
|
—
|
|
|
213
|
|
|
1,921
|
|
|
—
|
|
|
2,134
|
|
|||||
Balance at September 30, 2018
|
15,044
|
|
|
$
|
10,957
|
|
|
$
|
101,661
|
|
|
$
|
92,518
|
|
|
$
|
205,136
|
|
|
Nine Months Ended
September 30, |
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2018
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|
2017
|
||||
Cash flows from operating activities:
|
|
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|
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Net loss
|
$
|
(15,696
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)
|
|
$
|
(20,488
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)
|
Adjustments to reconcile net loss to net cash used in operating activities:
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|
||||
Bad debt expense
|
2,776
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|
19
|
|
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Depreciation and amortization
|
7,834
|
|
|
10,141
|
|
||
Amortization of deferred revenue
|
(504
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)
|
|
(2,397
|
)
|
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Asset impairments
|
1,360
|
|
|
389
|
|
||
(Gain) loss on sale of assets, net
|
(3,496
|
)
|
|
224
|
|
||
Gain on insurance recoveries, net
|
(3,342
|
)
|
|
—
|
|
||
Deferred income taxes
|
—
|
|
|
(10,235
|
)
|
||
Stock based compensation expense
|
2,134
|
|
|
2,636
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Contracts receivable and retainage, net
|
(6,211
|
)
|
|
(5,363
|
)
|
||
Contracts in progress
|
(11,814
|
)
|
|
(15,981
|
)
|
||
Prepaid expenses, inventory, and other assets
|
(2,519
|
)
|
|
(26
|
)
|
||
Accounts payable
|
1,791
|
|
|
12,436
|
|
||
Advance billings on contracts
|
9,795
|
|
|
390
|
|
||
Deferred revenue
|
(1,621
|
)
|
|
(5,825
|
)
|
||
Accrued contract losses
|
(1,585
|
)
|
|
1,595
|
|
||
Accrued expenses and other liabilities
|
2,432
|
|
|
2,926
|
|
||
Net cash used in operating activities
|
(18,666
|
)
|
|
(29,559
|
)
|
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Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(2,362
|
)
|
|
(4,515
|
)
|
||
Purchase of short-term investments
|
(9,174
|
)
|
|
—
|
|
||
Proceeds from sale of property, plant and equipment
|
57,716
|
|
|
2,120
|
|
||
Recoveries from insurance claims
|
9,362
|
|
|
—
|
|
||
Net cash provided by (used in) investing activities
|
55,542
|
|
|
(2,395
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Tax payments made on behalf of employees from vested stock withholdings
|
(795
|
)
|
|
(885
|
)
|
||
Payment of financing cost
|
(44
|
)
|
|
(88
|
)
|
||
Payments of dividends on common stock
|
—
|
|
|
(448
|
)
|
||
Proceeds from borrowings under Credit Agreement
|
15,000
|
|
|
2,000
|
|
||
Repayment of borrowings under Credit Agreement
|
(15,000
|
)
|
|
(2,000
|
)
|
||
Net cash used in financing activities
|
(839
|
)
|
|
(1,421
|
)
|
||
Net change in cash and cash equivalents
|
36,037
|
|
|
(33,375
|
)
|
||
Cash and cash equivalents, beginning of period
|
8,983
|
|
|
51,167
|
|
||
Cash and cash equivalents, end of period
|
$
|
45,020
|
|
|
$
|
17,792
|
|
|
|
|
|
|
|
|
|
|||||||||
|
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Texas North Yard Assets
|
|
|
|
|
||||||||||
Assets
|
|
Assets Under Agreement For Sale
|
|
Remaining Assets
|
|
Shipyard Division Assets
|
|
Consolidated
|
||||||||
Land
|
|
$
|
2,157
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,157
|
|
Buildings and improvements
|
|
31,798
|
|
|
189
|
|
|
—
|
|
|
31,987
|
|
||||
Machinery and equipment
|
|
13,856
|
|
|
27,754
|
|
|
2,187
|
|
|
43,797
|
|
||||
Less: accumulated depreciation
|
|
(24,176
|
)
|
|
(10,797
|
)
|
|
(298
|
)
|
|
(35,271
|
)
|
||||
Total assets held for sale
|
|
$
|
23,635
|
|
|
$
|
17,146
|
|
|
$
|
1,889
|
|
|
$
|
42,670
|
|
•
|
Insurance recoveries of
$8.9 million
, which offset impairments of damaged assets at our Texas North Yard, resulting in no net gain or loss. Our impairments were based upon our best estimate of the decline in the fair value of the property and related equipment.
|
•
|
Insurance recoveries of
$5.2 million
, which offset impairments of
two
buildings and
five
damaged cranes that were sold during the second quarter 2018, resulting in the aforementioned net gain on insurance recoveries of
$3.6 million
.
|
•
|
Insurance recoveries of
$1.3 million
, net of deductibles, which offset clean-up and repair related costs incurred directly related to the damage we incurred as a result of Hurricane Harvey.
|
|
|
Three Months Ended September 30, 2018
|
||||||||||||||||||||||
|
|
Fabrication
|
|
Shipyard
|
|
Services
|
|
EPC
|
|
Eliminations
|
|
Total
|
||||||||||||
Contract Type
|
|
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|
|
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|
|
|||||||||||||
Fixed-price and unit-rate
(1)
|
$
|
2,311
|
|
|
$
|
23,635
|
|
|
$
|
12,193
|
|
|
$
|
—
|
|
|
$
|
(779
|
)
|
|
$
|
37,360
|
|
|
T&M
(2)
|
—
|
|
|
857
|
|
|
10,424
|
|
|
—
|
|
|
—
|
|
|
11,281
|
|
|||||||
Other
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
1,071
|
|
|
—
|
|
|
1,071
|
|
|||||||
|
Total
|
$
|
2,311
|
|
|
$
|
24,492
|
|
|
$
|
22,617
|
|
|
$
|
1,071
|
|
|
$
|
(779
|
)
|
|
$
|
49,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2017
|
||||||||||||||||||||||
|
|
Fabrication
|
|
Shipyard
|
|
Services
|
|
EPC
|
|
Eliminations
|
|
Total
|
||||||||||||
Contract Type
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fixed-price and unit-rate
(1)
|
$
|
18,318
|
|
|
$
|
13,906
|
|
|
$
|
6,147
|
|
|
$
|
—
|
|
|
$
|
(1,159
|
)
|
|
$
|
37,212
|
|
|
T&M
(2)
|
—
|
|
|
1,168
|
|
|
11,504
|
|
|
—
|
|
|
—
|
|
|
12,672
|
|
|||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Total
|
$
|
18,318
|
|
|
$
|
15,074
|
|
|
$
|
17,651
|
|
|
$
|
—
|
|
|
$
|
(1,159
|
)
|
|
$
|
49,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||||
|
|
Fabrication
|
|
Shipyard
|
|
Services
|
|
EPC
|
|
Eliminations
|
|
Total
|
||||||||||||
Contract Type
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fixed-price and unit-rate
(1)
|
$
|
28,171
|
|
|
$
|
62,116
|
|
|
$
|
35,197
|
|
|
$
|
—
|
|
|
$
|
(2,550
|
)
|
|
$
|
122,934
|
|
|
T&M
(2)
|
—
|
|
|
4,561
|
|
|
31,495
|
|
|
—
|
|
|
—
|
|
|
36,056
|
|
|||||||
Other
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
2,026
|
|
|
—
|
|
|
2,026
|
|
|||||||
|
Total
|
$
|
28,171
|
|
|
$
|
66,677
|
|
|
$
|
66,692
|
|
|
$
|
2,026
|
|
|
$
|
(2,550
|
)
|
|
$
|
161,016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||||||
|
|
Fabrication
|
|
Shipyard
|
|
Services
|
|
EPC
|
|
Eliminations
|
|
Total
|
||||||||||||
Contract Type
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fixed-price and unit-rate
(1)
|
$
|
42,517
|
|
|
$
|
47,632
|
|
|
$
|
20,969
|
|
|
$
|
—
|
|
|
$
|
(4,328
|
)
|
|
$
|
106,790
|
|
|
T&M
(2)
|
—
|
|
|
4,166
|
|
|
22,789
|
|
|
—
|
|
|
—
|
|
|
26,955
|
|
|||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Total
|
$
|
42,517
|
|
|
$
|
51,798
|
|
|
$
|
43,758
|
|
|
$
|
—
|
|
|
$
|
(4,328
|
)
|
|
$
|
133,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
|
Performance Obligations at September 30, 2018
|
||
Fabrication
|
$
|
44,746
|
|
Shipyard
(1)
|
282,912
|
|
|
Services
|
11,699
|
|
|
EPC
|
836
|
|
|
Intersegment eliminations
|
—
|
|
|
Total
|
$
|
340,193
|
|
|
|
Year
|
|
Total
|
||
Remainder of 2018
|
|
$
|
56,243
|
|
2019
|
|
199,922
|
|
|
2020
|
|
74,976
|
|
|
2021
|
|
8,405
|
|
|
2022
|
|
647
|
|
|
Total
|
|
$
|
340,193
|
|
|
|
|
•
|
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; and
|
•
|
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.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Basic and diluted
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(10,949
|
)
|
|
$
|
(3,110
|
)
|
|
$
|
(15,696
|
)
|
|
$
|
(20,488
|
)
|
Less: Distributed and undistributed loss (unvested restricted stock)
|
—
|
|
|
(14
|
)
|
|
—
|
|
|
(100
|
)
|
||||
Net loss attributable to common shareholders
|
$
|
(10,949
|
)
|
|
$
|
(3,096
|
)
|
|
$
|
(15,696
|
)
|
|
$
|
(20,388
|
)
|
Weighted-average shares
(1)
|
15,044
|
|
|
14,852
|
|
|
15,017
|
|
|
14,821
|
|
||||
Basic and diluted loss per common share
|
$
|
(0.73
|
)
|
|
$
|
(0.21
|
)
|
|
$
|
(1.05
|
)
|
|
$
|
(1.38
|
)
|
•
|
Ratio of current assets to current liabilities of not less than
1.25
:1.00;
|
•
|
Minimum tangible net worth of at least the sum of
$180.0 million
, plus
100%
of the proceeds from any issuance of stock or other equity after deducting any fees, commissions, expenses and other costs incurred in such offering; and
|
•
|
Ratio of funded debt to tangible net worth of not more than
0.50
:1.00.
|
|
Three Months Ended September 30, 2018
|
||||||||||||||||||||
|
Fabrication
|
Shipyard
|
Services
|
EPC
|
Corporate
|
Eliminations
|
Consolidated
|
||||||||||||||
Revenue
|
$
|
2,311
|
|
$
|
24,492
|
|
$
|
22,617
|
|
$
|
1,071
|
|
$
|
—
|
|
$
|
(779
|
)
|
$
|
49,712
|
|
Gross profit (loss)
|
(4,032
|
)
|
(1,764
|
)
|
3,191
|
|
(205
|
)
|
(402
|
)
|
—
|
|
(3,212
|
)
|
|||||||
Operating income (loss)
|
(7,708
|
)
|
(2,460
|
)
|
2,486
|
|
(708
|
)
|
(2,494
|
)
|
—
|
|
(10,884
|
)
|
|||||||
Total assets
(1)
|
100,115
|
|
92,839
|
|
37,201
|
|
2,217
|
|
30,585
|
|
—
|
|
262,957
|
|
|||||||
Depreciation and amortization expense
|
1,023
|
|
1,050
|
|
365
|
|
—
|
|
36
|
|
—
|
|
2,474
|
|
|||||||
Capital expenditures
|
—
|
|
783
|
|
545
|
|
142
|
|
1
|
|
—
|
|
1,471
|
|
|||||||
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2017
|
|||||||||||||||||||
|
Fabrication
|
Shipyard
|
Services
|
EPC
|
Corporate
|
Eliminations
|
Consolidated
|
|||||||||||||
Revenue
|
$
|
18,318
|
|
$
|
15,074
|
|
$
|
17,651
|
|
—
|
|
$
|
—
|
|
$
|
(1,159
|
)
|
$
|
49,884
|
|
Gross profit (loss)
|
1,250
|
|
(3,504
|
)
|
1,912
|
|
—
|
|
(152
|
)
|
—
|
|
(494
|
)
|
||||||
Operating income (loss)
|
472
|
|
(4,392
|
)
|
1,217
|
|
—
|
|
(2,161
|
)
|
—
|
|
(4,864
|
)
|
||||||
Total assets
(1)
|
164,677
|
|
96,614
|
|
33,024
|
|
—
|
|
9,065
|
|
—
|
|
303,380
|
|
||||||
Depreciation and amortization expense
|
1,133
|
|
1,030
|
|
413
|
|
—
|
|
95
|
|
—
|
|
2,671
|
|
||||||
Capital expenditures
|
1,479
|
|
1,054
|
|
94
|
|
—
|
|
25
|
|
—
|
|
2,652
|
|
||||||
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||
|
Fabrication
|
Shipyard
|
Services
|
EPC
|
Corporate
|
Eliminations
|
Consolidated
|
||||||||||||||
Revenue
|
$
|
28,171
|
|
$
|
66,677
|
|
$
|
66,692
|
|
$
|
2,026
|
|
$
|
—
|
|
$
|
(2,550
|
)
|
$
|
161,016
|
|
Gross profit (loss)
|
(5,918
|
)
|
(5,563
|
)
|
9,390
|
|
30
|
|
(1,171
|
)
|
—
|
|
(3,232
|
)
|
|||||||
Operating income (loss)
|
(12,529
|
)
|
(7,652
|
)
|
7,189
|
|
(1,375
|
)
|
(7,698
|
)
|
—
|
|
(22,065
|
)
|
|||||||
Total assets
(1)
|
100,115
|
|
92,839
|
|
37,201
|
|
2,217
|
|
30,585
|
|
—
|
|
262,957
|
|
|||||||
Depreciation and amortization expense
|
3,219
|
|
3,170
|
|
1,141
|
|
—
|
|
304
|
|
—
|
|
7,834
|
|
|||||||
Capital expenditures
|
—
|
|
1,442
|
|
708
|
|
142
|
|
70
|
|
—
|
|
2,362
|
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||||
|
Fabrication
|
Shipyard
|
Services
|
EPC
|
Corporate
|
Eliminations
|
Consolidated
|
||||||||||||||
Revenue
|
$
|
42,517
|
|
$
|
51,798
|
|
$
|
43,758
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(4,328
|
)
|
$
|
133,745
|
|
Gross profit (loss)
|
216
|
|
(19,061
|
)
|
2,335
|
|
—
|
|
(500
|
)
|
—
|
|
(17,010
|
)
|
|||||||
Operating income (loss)
|
(2,216
|
)
|
(22,285
|
)
|
327
|
|
—
|
|
(6,165
|
)
|
—
|
|
(30,339
|
)
|
|||||||
Total assets
(1)
|
164,677
|
|
96,614
|
|
33,024
|
|
—
|
|
9,065
|
|
—
|
|
303,380
|
|
|||||||
Depreciation and amortization expense
|
5,420
|
|
3,034
|
|
1,266
|
|
—
|
|
421
|
|
—
|
|
10,141
|
|
|||||||
Capital expenditures
|
2,327
|
|
1,872
|
|
199
|
|
—
|
|
117
|
|
—
|
|
4,515
|
|
•
|
During the first quarter 2018, we executed a contract for the construction and delivery of one towing, salvage and rescue ship vessel with the U.S. Navy for
$63.6 million
, with an option for seven additional vessels, which was subsequently protested by one of the unsuccessful bidders. On July 16, 2018, we were notified that the award was upheld by the U.S. Government Accountability Office, and we were given a notification to proceed. On August 6, 2018, we were notified that the unsuccessful bidder had filed a subsequent protest with the Department of Justice. On August 9, 2018, we were granted a partial stay, which allows us to proceed with pre-construction design development, planning, scheduling and material ordering. Construction of the vessel cannot begin until a final ruling is issued by the U.S. Court of Federal Claims. We are working with the U.S. Navy to re-establish a timeline for construction under this contract.
|
•
|
During the second quarter 2018, we signed change orders with two different customers for the construction of one additional harbor tug boat for each customer. Each change order was approximately $13.0 million. We are now constructing a total of five harbor tug boats for each customer.
|
•
|
During the third quarter 2018, we signed a contract for the expansion and delivery of a 245-guest paddle wheel riverboat. The paddle wheel boat will be built using the existing hull of a former gaming vessel built in 1995.
|
•
|
The level of new construction and fabrication projects in the new markets we are pursuing, including petrochemical and industrial facilities and offshore wind;
|
•
|
The ability of SeaOne to obtain financing and our successful execution of an agreement with SeaOne for the SeaOne Project;
|
•
|
Continued growth within our Shipyard and Services Divisions;
|
•
|
Our ability to secure contracts through competitive bidding or alliance/partnering arrangements;
|
•
|
Our ability to execute projects within our cost estimates and successfully manage them through completion; and
|
•
|
Our ability to resolve our dispute with a customer related to the construction of two MPSVs.
|
|
September 30, 2018
|
||||||||||||||||||||||
|
Fabrication
|
|
Shipyard
|
|
Services
|
|
EPC
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Future performance obligations under Topic 606
|
$
|
44,746
|
|
|
$
|
282,912
|
|
|
$
|
11,699
|
|
|
$
|
836
|
|
|
$
|
—
|
|
|
$
|
340,193
|
|
Signed contracts under purported termination
(1)
|
—
|
|
|
30,148
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,148
|
|
||||||
Backlog
|
$
|
44,746
|
|
|
$
|
313,060
|
|
|
$
|
11,699
|
|
|
$
|
836
|
|
|
$
|
—
|
|
|
$
|
370,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes backlog within our Shipyard Division pursuant to a purported notice of termination from our customer related to contracts for the construction of two MPSVs. We dispute the purported termination and disagree with the customer’s reasons for the same. We can provide no assurances that we will reach a favorable resolution with the customer for completion of the MPSVs. See Note 8 to our Consolidated Financial Statements for further discussion of the dispute.
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||
Division
|
Amount
|
|
Labor hours
|
|
Amount
|
|
Labor hours
|
||||||
Fabrication
|
$
|
44,746
|
|
|
220
|
|
|
$
|
15,771
|
|
|
150
|
|
Shipyard
|
313,060
|
|
|
1,741
|
|
|
184,035
|
|
|
1,104
|
|
||
Services
|
11,699
|
|
|
158
|
|
|
23,181
|
|
|
290
|
|
||
EPC
|
836
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Intersegment eliminations
|
—
|
|
|
—
|
|
|
(370
|
)
|
|
—
|
|
||
Total
(1)
|
$
|
370,341
|
|
|
2,119
|
|
|
$
|
222,617
|
|
|
1,544
|
|
Year
(2)
|
|
Total
|
|
Percentage
|
||
Remainder of 2018
|
|
56,243
|
|
|
15.2%
|
|
2019
|
|
199,922
|
|
|
54.0%
|
|
2020
|
|
105,124
|
|
|
28.4%
|
|
2021
|
|
8,405
|
|
|
2.2%
|
|
2022
|
|
647
|
|
|
0.2%
|
|
Thereafter
|
|
—
|
|
|
—%
|
|
Total
|
|
$
|
370,341
|
|
|
100.0%
|
(1)
|
At
September 30, 2018
,
six
customers represented approximately
89%
of our backlog, and at December 31, 2017, four customers represented approximately 73% of our backlog. At
September 30, 2018
, backlog from the
six
customers consisted of:
|
(i)
|
Newbuild construction of five harbor tugs (to be completed in 2018 through 2020);
|
(ii)
|
Newbuild construction of five harbor tugs (separate from above) (to be completed in 2019 through 2020);
|
(iii)
|
Newbuild construction of two regional class research vessels (both to be completed in 2021);
|
(iv)
|
Newbuild construction of one towing, salvage and rescue ship vessel (to be completed in 2021). During the first quarter 2018, we executed a contract with the U.S. Navy for
$63.6 million
, with an option for seven additional vessels, which was subsequently protested by one of the unsuccessful bidders. Construction of the vessel cannot begin until a final ruling is issued by the U.S. Court of Federal Claims. See Note 8 to our Consolidated Financial Statements for further discussion. We are working with the U.S. Navy to re-establish a timeline for construction under this contract;
|
(v)
|
Expansion of a 245-guest paddle wheel riverboat (to be competed in 2020); and
|
(vi)
|
Newbuild construction of two MPSV's. We are currently in dispute with our customer pursuant to a purported notice of termination related to these contracts. We dispute the purported termination and disagree with the customer’s reasons for the same. We can provide no assurances that we will reach a favorable resolution with the customer for completion of the MPSVs. See Note 8 to our Consolidated Financial Statements for further discussion of the dispute.
|
(2)
|
The timing of recognition of the revenue represented in our backlog is based on our current estimates to complete the projects. Certain factors and circumstances could cause changes in the amounts ultimately recognized and the timing of recognition of revenue from our backlog.
|
|
Three Months Ended September 30,
|
|
Increase (Decrease)
|
||||||||||
|
2018
|
|
2017
|
|
Amount
|
|
Percent
|
||||||
Revenue
|
$
|
49,712
|
|
|
$
|
49,884
|
|
|
$
|
(172
|
)
|
|
(0.3)%
|
Cost of revenue
|
52,924
|
|
|
50,378
|
|
|
2,546
|
|
|
5.1%
|
|||
Gross loss
|
(3,212
|
)
|
|
(494
|
)
|
|
(2,718
|
)
|
|
(550.2)%
|
|||
Gross loss percentage
|
(6.5
|
)%
|
|
(1.0
|
)%
|
|
|
|
|
||||
General and administrative expenses
|
7,672
|
|
|
4,370
|
|
|
3,302
|
|
|
75.6%
|
|||
Operating loss
|
(10,884
|
)
|
|
(4,864
|
)
|
|
(6,020
|
)
|
|
(123.8)%
|
|||
Interest income (expense), net
|
72
|
|
|
(45
|
)
|
|
117
|
|
|
260.0%
|
|||
Other income, net
|
140
|
|
|
38
|
|
|
102
|
|
|
268.4%
|
|||
Net loss before income taxes
|
(10,672
|
)
|
|
(4,871
|
)
|
|
(5,801
|
)
|
|
(119.1)%
|
|||
Income tax expense (benefit)
|
277
|
|
|
(1,761
|
)
|
|
2,038
|
|
|
115.7%
|
|||
Net loss
|
$
|
(10,949
|
)
|
|
$
|
(3,110
|
)
|
|
$
|
(7,839
|
)
|
|
(252.1)%
|
•
|
A
$5.0 million
increase in revenue within our Services Division due to additional demand for onshore and offshore oil and gas service related projects; and
|
•
|
A
$9.4 million
net increase in revenue within our Shipyard Division due to additional progress on the construction of ten harbor tug vessels and an ice-breaker tug that was not under construction during the third quarter 2017, offset partially by lower revenue from our two MPSV contracts that were suspended during the first quarter 2018. See Note 8 to our Consolidated Financial Statements for further discussion of the MPSV contracts.
|
•
|
A decrease in gross loss within our Shipyard Division of
$1.7 million
due to increased revenue, a reduction in overhead costs, and the prior period including $2.1 million in contract losses related to cost increases on the construction of two MPSVs; and
|
•
|
Increased gross profit within our Services Division of
$1.3 million
due to increased revenue and higher recovery of our overhead costs.
|
•
|
Bad debt expense of
$2.8 million
related to a contracts receivable reserve recorded during the third quarter 2018 within our Fabrication Division as we received indications that collectability of the receivable was no longer probable;
|
•
|
Increased legal and advisory fees related to customer disputes;
|
•
|
Costs associated with the evaluation of strategic alternatives and initiatives to diversify our business; and
|
•
|
An increase in administrative personnel for our newly created EPC Division.
|
Fabrication
|
|
Three Months Ended September 30,
|
|
Increase (Decrease)
|
||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
Percent
|
||||||
Revenue
|
|
$
|
2,311
|
|
|
$
|
18,318
|
|
|
$
|
(16,007
|
)
|
|
(87.4)%
|
Gross profit (loss)
|
|
(4,032
|
)
|
|
1,250
|
|
|
(5,282
|
)
|
|
(422.6)%
|
|||
Gross profit (loss) percentage
|
|
(174.5
|
)%
|
|
6.8
|
%
|
|
|
|
|
||||
General and administrative expenses
|
|
3,676
|
|
|
778
|
|
|
2,898
|
|
|
372.5%
|
|||
Operating income (loss)
|
|
(7,708
|
)
|
|
472
|
|
|
(8,180
|
)
|
|
|
Shipyard
|
|
Three Months Ended September 30,
|
|
Increase (Decrease)
|
||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
Percent
|
||||||
Revenue
(1)
|
|
$
|
24,492
|
|
|
$
|
15,074
|
|
|
$
|
9,418
|
|
|
62.5%
|
Gross loss
|
|
(1,764
|
)
|
|
(3,504
|
)
|
|
1,740
|
|
|
49.7%
|
|||
Gross loss percentage
|
|
(7.2
|
)%
|
|
(23.2
|
)%
|
|
|
|
|
||||
General and administrative expenses
|
|
696
|
|
|
888
|
|
|
(192
|
)
|
|
(21.6)%
|
|||
Operating loss
(1)
|
|
(2,460
|
)
|
|
(4,392
|
)
|
|
1,932
|
|
|
|
(1)
|
Revenue for the
three months ended September 30, 2018
and
2017
, includes
$15,000
and
$0.5 million
, respectively, of non-cash amortization of deferred revenue related to values assigned to contracts acquired in a previous acquisition.
|
Services
|
|
Three Months Ended September 30,
|
|
Increase (Decrease)
|
||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
Percent
|
||||||
Revenue
|
|
$
|
22,617
|
|
|
$
|
17,651
|
|
|
$
|
4,966
|
|
|
28.1%
|
Gross profit
|
|
3,191
|
|
|
1,912
|
|
|
1,279
|
|
|
66.9%
|
|||
Gross profit percentage
|
|
14.1
|
%
|
|
10.8
|
%
|
|
|
|
|
||||
General and administrative expenses
|
|
705
|
|
|
695
|
|
|
10
|
|
|
1.4%
|
|||
Operating income
|
|
2,486
|
|
|
1,217
|
|
|
1,269
|
|
|
|
EPC
|
|
Three Months Ended September 30,
|
|
Increase (Decrease)
|
||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
Percent
|
||||||
Revenue
|
|
$
|
1,071
|
|
|
$
|
—
|
|
|
$
|
1,071
|
|
|
100.0%
|
Gross loss
|
|
(205
|
)
|
|
—
|
|
|
(205
|
)
|
|
(100.0)%
|
|||
Gross loss percentage
|
|
(19.1
|
)%
|
|
n/a
|
|
|
|
|
|
||||
General and administrative expenses
|
|
503
|
|
|
—
|
|
|
503
|
|
|
100.0%
|
|||
Operating loss
|
|
(708
|
)
|
|
—
|
|
|
(708
|
)
|
|
|
Corporate
|
|
Three Months Ended September 30,
|
|
Increase (Decrease)
|
||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
Percent
|
||||||
Revenue
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Gross loss
|
|
(402
|
)
|
|
(152
|
)
|
|
(250
|
)
|
|
(164.5)%
|
|||
Gross loss percentage
|
|
n/a
|
|
|
n/a
|
|
|
|
|
|
||||
General and administrative expenses
|
|
2,092
|
|
|
2,009
|
|
|
83
|
|
|
4.1%
|
|||
Operating loss
|
|
(2,494
|
)
|
|
(2,161
|
)
|
|
(333
|
)
|
|
|
|
Nine Months Ended September 30,
|
|
Increase (Decrease)
|
||||||||||
|
2018
|
|
2017
|
|
Amount
|
|
Percent
|
||||||
Revenue
|
$
|
161,016
|
|
|
$
|
133,745
|
|
|
$
|
27,271
|
|
|
20.4%
|
Cost of revenue
|
164,248
|
|
|
150,755
|
|
|
13,493
|
|
|
9.0%
|
|||
Gross loss
|
(3,232
|
)
|
|
(17,010
|
)
|
|
13,778
|
|
|
81.0%
|
|||
Gross loss percentage
|
(2.0
|
)%
|
|
(12.7
|
)%
|
|
|
|
|
||||
General and administrative expenses
|
17,473
|
|
|
12,940
|
|
|
4,533
|
|
|
35.0%
|
|||
Asset impairments
|
1,360
|
|
|
389
|
|
|
971
|
|
|
249.6%
|
|||
Operating loss
|
(22,065
|
)
|
|
(30,339
|
)
|
|
8,274
|
|
|
27.3%
|
|||
Interest expense, net
|
(166
|
)
|
|
(262
|
)
|
|
96
|
|
|
36.6%
|
|||
Other income (expense), net
|
6,954
|
|
|
(209
|
)
|
|
7,163
|
|
|
3,427.3%
|
|||
Net loss before income taxes
|
(15,277
|
)
|
|
(30,810
|
)
|
|
15,533
|
|
|
50.4%
|
|||
Income tax expense (benefit)
|
419
|
|
|
(10,322
|
)
|
|
10,741
|
|
|
104.1%
|
|||
Net loss
|
$
|
(15,696
|
)
|
|
$
|
(20,488
|
)
|
|
$
|
4,792
|
|
|
23.4%
|
•
|
Bad debt expense of
$2.8 million
related to a contracts receivable reserve recorded during the third quarter 2018 within our Fabrication Division as we received indications that collectability of the receivable was no longer probable;
|
•
|
Higher legal and advisory fees related to customer disputes;
|
•
|
Costs associated with the evaluation of strategic alternatives and initiatives to diversify our business;
|
•
|
An increase in administrative personnel for our newly created EPC Division; and
|
•
|
Higher short term incentive plan costs for certain divisions and higher long-term incentive plan costs.
|
Fabrication
|
|
Nine Months Ended September 30,
|
|
Increase (Decrease)
|
||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
Percent
|
||||||
Revenue
|
|
$
|
28,171
|
|
|
$
|
42,517
|
|
|
$
|
(14,346
|
)
|
|
(33.7)%
|
Gross profit (loss)
|
|
(5,918
|
)
|
|
216
|
|
|
(6,134
|
)
|
|
(2,839.8)%
|
|||
Gross profit (loss) percentage
|
|
(21.0
|
)%
|
|
0.5
|
%
|
|
|
|
|
||||
General and administrative expenses
|
|
5,251
|
|
|
2,432
|
|
|
2,819
|
|
|
115.9%
|
|||
Asset impairments
|
|
1,360
|
|
|
—
|
|
|
1,360
|
|
|
100.0%
|
|||
Operating loss
|
|
(12,529
|
)
|
|
(2,216
|
)
|
|
(10,313
|
)
|
|
|
•
|
Bad debt expense of
$2.8 million
related to a contracts receivable reserve recorded during the third quarter 2018 as we received indications that collectability of the receivable was no longer probable;
|
•
|
Legal and advisory fees related to pursuit of claims against a customer for disputed change orders for a project completed prior to 2017; and
|
•
|
Legal expenses incurred to market and sell our South Texas Properties.
|
Shipyard
|
|
Nine Months Ended September 30,
|
|
Increase (Decrease)
|
||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
Percent
|
||||||
Revenue
(1)
|
|
$
|
66,677
|
|
|
$
|
51,798
|
|
|
$
|
14,879
|
|
|
28.7%
|
Gross loss
(1)
|
|
(5,563
|
)
|
|
(19,061
|
)
|
|
13,498
|
|
|
70.8%
|
|||
Gross loss percentage
|
|
(8.3
|
)%
|
|
(36.8
|
)%
|
|
|
|
|
||||
General and administrative expenses
|
|
2,089
|
|
|
2,835
|
|
|
(746
|
)
|
|
(26.3)%
|
|||
Asset impairments
|
|
—
|
|
|
389
|
|
|
(389
|
)
|
|
(100.0)%
|
|||
Operating loss
(1)
|
|
(7,652
|
)
|
|
(22,285
|
)
|
|
14,633
|
|
|
|
(1)
|
Revenue for the
nine months ended September 30, 2018
, and
2017
, includes
$0.5 million
and
$2.4 million
, respectively, of non-cash amortization of deferred revenue related to values assigned to contracts in a previous acquisition.
|
•
|
Higher revenue and a reduction in overhead costs;
|
•
|
Contract losses of
$12.7 million
during the prior period related to cost increases on the construction of two MPSVs; and
|
•
|
Holding and closing costs during the prior period of approximately $0.8 million related to our Prospect shipyard, for which our lease of the facility was terminated during the fourth quarter 2017.
|
Services
|
|
Nine Months Ended September 30,
|
|
Increase (Decrease)
|
||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
Percent
|
||||||
Revenue
|
|
$
|
66,692
|
|
|
$
|
43,758
|
|
|
$
|
22,934
|
|
|
52.4%
|
Gross profit
|
|
9,390
|
|
|
2,335
|
|
|
7,055
|
|
|
302.1%
|
|||
Gross profit percentage
|
|
14.1
|
%
|
|
5.3
|
%
|
|
|
|
|
||||
General and administrative expenses
|
|
2,201
|
|
|
2,008
|
|
|
193
|
|
|
9.6%
|
|||
Operating income
|
|
7,189
|
|
|
327
|
|
|
6,862
|
|
|
|
EPC
|
|
Nine Months Ended September 30,
|
|
Increase (Decrease)
|
||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
Percent
|
||||||
Revenue
|
|
$
|
2,026
|
|
|
$
|
—
|
|
|
$
|
2,026
|
|
|
100.0%
|
Gross profit
|
|
30
|
|
|
—
|
|
|
30
|
|
|
100.0%
|
|||
Gross profit percentage
|
|
1.5
|
%
|
|
n/a
|
|
|
|
|
|
||||
General and administrative expenses
|
|
1,405
|
|
|
—
|
|
|
1,405
|
|
|
100.0%
|
|||
Operating loss
|
|
(1,375
|
)
|
|
—
|
|
|
(1,375
|
)
|
|
|
Corporate
|
|
Nine Months Ended September 30,
|
|
Increase (Decrease)
|
||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
Percent
|
||||||
Revenue
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Gross loss
|
|
(1,171
|
)
|
|
(500
|
)
|
|
(671
|
)
|
|
(134.2)%
|
|||
Gross loss percentage
|
|
n/a
|
|
|
n/a
|
|
|
|
|
|
||||
General and administrative expenses
|
|
6,527
|
|
|
5,665
|
|
|
862
|
|
|
15.2%
|
|||
Operating loss
|
|
(7,698
|
)
|
|
(6,165
|
)
|
|
(1,533
|
)
|
|
|
Available Liquidity
|
|
Total
|
||
Cash and cash equivalents
|
|
$
|
45,020
|
|
Short-term investments
(1)
|
|
9,494
|
|
|
Total cash, cash equivalents and short-term investments
|
|
54,514
|
|
|
Credit Agreement capacity
|
|
40,000
|
|
|
Less: Outstanding letters of credit
|
|
2,475
|
|
|
Credit Agreement availability
|
|
37,525
|
|
|
Total available liquidity
|
|
$
|
92,039
|
|
•
|
Ratio of current assets to current liabilities of not less than
1.25
:1.00;
|
•
|
Minimum tangible net worth of at least the sum of
$180.0 million
, plus 100% of the proceeds from any issuance of stock or other equity after deducting of any fees, commissions, expenses and other costs incurred in such offering; and
|
•
|
Ratio of funded debt to tangible net worth of not more than
0.50
:1.00.
|
•
|
Operating losses for the period, excluding gains from asset sales and insurance recoveries of
$6.8 million
, bad debt expense of
$2.8 million
, non-cash amortization of deferred revenue of
$0.5 million
, and non-cash depreciation and amortization, asset impairments, and stock compensation expense totaling
$11.3 million
;
|
•
|
Increase in contracts receivable and retainage of
$6.2 million
(exclusive of bad debt expense of
$2.8 million
and a $3.0 million reclassification of retainage to other noncurrent assets during the period as we do not anticipate collection within the next twelve months). The increase in contracts receivable, net of the reclassification, is primarily due to slower collections of receivables for our T&M work;
|
•
|
Increase in contracts in progress of
$11.8 million
, primarily related to the net billing positions on projects in our Shipyard Division;
|
•
|
Increase in prepaid expenses, inventory and other assets of
$2.5 million
, primarily due to the aforementioned reclassification of retainage to other noncurrent assets; and
|
•
|
Decrease in accrued contract losses and noncurrent deferred revenue of
$3.2 million
.
|
•
|
Increase in advance billings on contracts of
$9.8 million
, primarily related to the net billing position on projects in our Fabrication Division; and
|
•
|
Increase in accounts payable and accrued expenses of
$4.2 million
;
|
GULF ISLAND FABRICATION, INC.
|
|
|
|
BY:
|
/s/ Westley S. Stockton
|
|
Westley S. Stockton
|
|
Executive Vice President, Chief Financial Officer, Secretary and Treasurer (Principal Financial Officer)
|
1 Year Gulf Island Fabrication Chart |
1 Month Gulf Island Fabrication Chart |
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