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QUARTERLY OPERATING RESULTS (UNAUDITED) | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY OPERATING RESULTS (UNAUDITED) | 11. QUARTERLY OPERATING RESULTS (UNAUDITED) The following table presents selected unaudited consolidated financial information on a quarterly basis for 2019 and 2018 (in thousands, except per share data):
|  | March 31, 2019 |  |  | June 30, 2019 |  |  | September 30, 2019 |  |  | December 31, 2019 (1) |
Revenue |  | $ | 67,605 |  |  | $ | 80,456 |  |  | $ | 75,802 |  |  | $ | 79,445 |
Gross profit (loss) |  |  | 553 |  |  |  | (1,598 | ) |  |  | (2,685 | ) |  |  | (13,269 | )
Net loss |  |  | (3,042 | ) |  |  | (5,248 | ) |  |  | (6,779 | ) |  |  | (34,325 | )
Basic and diluted loss per share |  |  | (0.20 | ) |  |  | (0.34 | ) |  |  | (0.44 | ) |  |  | (2.26 | )
|  | March 31, 2018 |  |  | June 30, 2018 |  |  | September 30, 2018 |  |  | December 31, 2018 (2) |
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 loss per share |  |  | (0.36 | ) |  |  | 0.04 |  |  |  | (0.73 | ) |  |  | (0.31 | )
| (1) | Gross loss and net loss for the fourth quarter 2019 was primarily due to the under recovery of overhead costs for our Fabrication Division and project charges of $13.8 million for our Fabrication and Shipyard Divisions. Net loss for the fourth quarter 2019 also includes impairments and (gain) loss on assets held for sale of $17.3 million for our Fabrication, Shipyard and Services Divisions. See Note 2 for further discussion of our project charges and Note 3 for further discussion of our impairments.
| (2) | Gross loss and net loss for the fourth quarter 2018 was primarily due to under recovery of overhead costs for our Fabrication Division and project charges of $5.8 million for our Shipyard Division. Net loss for the fourth quarter 2018 also includes a $4.1 million gain on the sale of our Texas North Yard, offset partially by impairments of $3.0 million. Net loss for the third quarter 2018 includes the impact of a bad debt reserve of $2.8 million established during the quarter, and the fourth quarter 2018 includes a benefit from the reversal of the bad debt reserve as the receivable was collected during the quarter. See Note 2 for further discussion of our project charges and Note 3 for further discussion of our impairments.

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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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