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QUARTERLY OPERATING RESULTS (UNAUDITED) | 12 Months Ended
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Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY OPERATING RESULTS (UNAUDITED) | QUARTERLY OPERATING RESULTS (UNAUDITED) The following table presents selected unaudited consolidated financial information on a quarterly basis for 2018 and 2017 (in thousands, except per share data):
| March 31, 2018 |  | June 30, 2018 |  | September 30, 2018 |  | December 31, 2018 (1)
Revenue | $ | 57,290 |  |  | $ | 54,014 |  |  | $ | 49,712 |  |  | $ | 60,231 |
Gross profit (loss) | 679 |  |  | (699 | ) |  | (3,212 | ) |  | (3,964 | )
Net income (loss) | (5,296 | ) |  | 549 |  |  | (10,949 | ) |  | (4,682 | )
Basic and diluted EPS | (0.36 | ) |  | 0.04 |  |  | (0.73 | ) |  | (0.31 | )
| March 31, 2017 |  | June 30, 2017 |  | September 30, 2017 |  | December 31, 2017 (2)
Revenue | $ | 37,993 |  |  | $ | 45,868 |  |  | $ | 49,884 |  |  | $ | 37,277 |
Gross loss | (4,897 | ) |  | (11,620 | ) |  | (494 | ) |  | (25,914 | )
Net loss | (6,454 | ) |  | (10,923 | ) |  | (3,110 | ) |  | (24,279 | )
Basic and diluted EPS | (0.45 | ) |  | (0.73 | ) |  | (0.21 | ) |  | (1.63 | )
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(1) | Gross loss and net loss for the fourth quarter 2018 was primarily due to under recovery of our overhead costs within our Fabrication Division and a $5.8 million impact from increased forecast costs on our harbor tug projects within our Shipyard Division. See Note 2 for further discussion of these projects. Net loss benefited from the reversal of a bad debt reserve of $2.8 million established during the third quarter 2018 for a receivable that was collected during the fourth quarter 2018. Net loss also includes a $4.1 million gain on the sale of our Texas North Yard, offset partially by impairments of $3.0 million.
(2) | Gross loss for the fourth quarter 2017 includes a $34.5 million impact from increased forecast costs on our MPSV projects within our Shipyard Division. See Note 2 for further discussion of the MPSV projects.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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