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QUARTERLY OPERATING RESULTS (UNAUDITED) | 12 Months Ended
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Dec. 31, 2015
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, 2015 and 2014 were as follows (in thousands, except per share data):
| March 31, 2015 |  | June 30, 2015 |  | September 30, 2015 (a) |  | December 31, 2015 (a)
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 | )
| March 31, 2014 |  | June 30, 2014 |  | September 30, 2014 |  | December 31, 2014 (b)
Revenue | $ | 134,690 |  |  | $ | 129,169 |  |  | $ | 118,020 |  |  | $ | 124,760 |
Gross profit (loss) | 8,773 |  |  | 10,322 |  |  | 14,653 |  |  | 10,808 |
Net income (loss) | 3,535 |  |  | 4,310 |  |  | 7,586 |  |  | (111 | )
Basic and fully diluted EPS | 0.24 |  |  | 0.30 |  |  | 0.52 |  |  | (0.01 | )
(a) | 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 recently delivered. 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.
(b) | We recognized an impairment charge of $3.2 million related to a reduction in the fair value of assets held for sale and a $3.6 million charge related to an increase in the allowance for doubtful accounts for negotiations of an outstanding contract receivable balance during the fourth quarter of 2014.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=51825399&loc=d3e1280-108306 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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