Gulf Island Fabrication(GIFI) - 2023 Q4 - Annual Results

Report Overview Gulf Island reported strong Q4 and full-year 2023 results, driven by services and fabrication, while strategically winding down the Shipyard Division and resolving litigation Fourth Quarter 2023 Performance Summary Gulf Island reported strong fourth-quarter 2023 results with significant increases in revenue, net income, and adjusted EBITDA compared to the prior year, driven by momentum in small-scale fabrication and services, including Spark Safety Q4 2023 Consolidated Financial Highlights | Metric | Q4 2023 ($ million) | Q4 2022 ($ million) | YoY Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | $44.6 | $38.1 | +17.1% | | Consolidated Net Income | $7.1 | $0.5 | +1320% | | Consolidated Adjusted EBITDA | $6.6 | $2.3 | +187% | - Services Division operating income was $2.7 million; EBITDA was $3.2 million[6] - Fabrication Division operating income was $6.1 million; Adjusted EBITDA was $5.4 million[6] - Cash and short-term investments balance reached $47.9 million at December 31, 2023[6] - Substantially completed remaining ferry projects for the Shipyard Division[6] Full Year 2023 Performance Summary For the full year 2023, Gulf Island saw an increase in consolidated revenue and a significant improvement in adjusted EBITDA, despite reporting a net loss, largely due to the resolution of the MPSV Litigation and the wind-down of the Shipyard Division FY 2023 Consolidated Financial Highlights | Metric | FY 2023 ($ million) | FY 2022 ($ million) | YoY Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | $151.1 | $142.3 | +6.2% | | Consolidated Adjusted Revenue | $181.5 | $134.6 | +34.8% | | Consolidated Net Loss | ($24.4) | ($3.4) | -617.6% | | Consolidated Adjusted EBITDA | $17.0 | $2.3 | +639.1% | - Services Division operating income was $10.9 million; EBITDA was $12.9 million[7] - Fabrication Division operating income was $10.6 million; Adjusted EBITDA was $11.8 million[7] - Resolved MPSV Litigation, which included a $32.5 million revenue reversal for the Shipyard Division[4][7] Management Insights & Strategic Direction Management highlighted strong Q4 and full-year 2023 results, attributing success to favorable Gulf Coast market trends and strategic execution, now fully focused on profitable growth in services and fabrication after completing the shipyard wind-down and resolving the MPSV Litigation Management Commentary Management highlighted strong Q4 and full-year 2023 results, attributing success to favorable Gulf Coast market trends and strategic execution, now fully focused on profitable growth in services and fabrication after completing the shipyard wind-down and resolving the MPSV Litigation - Q4 revenue increased 17% YoY, driven by small-scale fabrication and services, including Spark Safety[8] - Services operating income increased 35% for FY2023 due to asset deployment to higher-margin opportunities and Spark Safety growth[8] - Fabrication gross margins exceeded 11% for FY2023, reflecting strong project execution and bidding discipline[8] - Key achievements in 2023 include substantial completion of shipyard wind-down and successful resolution of MPSV Litigation[8] 2024 Segment EBITDA Expectations | Segment | Expected 2024 EBITDA ($ million) | | :--- | :--- | | Services | ~$14.0 | | Fabrication | ~$8.0 (excludes large project awards) | - Year-end cash balance was nearly $48 million, with an expected increase to $60 million after a February 2024 property sale, providing significant financial flexibility for growth[8] Resolution of MPSV Litigation The company's MPSV Litigation was dismissed in Q4 2023, leading to a settlement agreement that released the company from performance bond obligations and resulted in a $32.5 million charge in Q3 2023, including a $20.0 million promissory note - Lawsuit dismissed in full with prejudice on October 4, 2023[10] - Settlement Agreement on November 6, 2023, released the Company from performance bond obligations and transferred MPSVs to the Surety[10] - Company entered into a promissory note for $20.0 million, payable in 15 equal annual installments starting December 31, 2024, at 3.0% interest[10] - A $32.5 million charge was recorded in Q3 2023 for the Shipyard Division, consisting of a $12.5 million non-cash write-off and a $20.0 million liability for the settlement[10] Strategic Update Gulf Island continued its strategic transformation in 2023, focusing on profitable growth by pursuing new end markets, diversifying services, strengthening project execution, and expanding its skilled workforce, while maintaining presence in traditional offshore markets Pursue Traditional Offshore Markets Robust demand in the Gulf of Mexico for traditional offshore activities in 2023 drove growth in services and small-scale fabrication, with momentum expected to continue into 2024 - Robust demand in the Gulf of Mexico for traditional offshore activities in 2023, driving growth in services and small-scale fabrication[11] - Momentum expected to continue into 2024 due to stable oil prices and healthy customer balance sheets[11] Pursue New Growth End Markets The company has a strong foundation to pursue new growth opportunities in LNG, petrochemical, and energy transition markets, while maintaining disciplined bidding practices - Strong foundation to pursue new growth opportunities in LNG, petrochemical, and energy transition markets in the Gulf Coast region[12] - Bidding activity for large fabrication projects remains active, but decision cycles are extending due to higher interest rates and a challenging permitting environment (e.g., LNG export project pause)[12] - Company remains disciplined, focusing on profitably growing its services and small-scale fabrication businesses[12] Grow and Diversify Services Business Services revenue grew by 7.5% in 2023, driven by favorable offshore demand and Spark Safety, with a 2024 focus on strategic opportunities in the Gulf of Mexico market - Services revenue grew by 7.5% during 2023, driven by favorable offshore demand and contribution from Spark Safety[13] - Focus for 2024 is on strategic opportunities that capitalize on the Gulf of Mexico market[13] Strengthen Project Execution and Bidding Discipline The company prioritized strengthening project execution and bidding discipline in 2023, expanding services gross margins and achieving strong fabrication gross margins, a focus to continue in 2024 - Key priority given inflationary pressures and challenges with skilled labor availability[14] - Services gross margins expanded 180 basis points year-over-year in 2023[14] - Fabrication gross margins reached 11.4% for 2023 despite partial under-utilization[14] - Company will maintain focus on project execution and disciplined bidding for adequate risk-adjusted returns in 2024[14] Expand Skilled Workforce The company maintained its skilled labor headcount in Services during 2023 and is confident in its ability to ramp up Fabrication headcount, evaluating expansion opportunities for 2024 - Maintained skilled labor headcount in Services during 2023 despite the challenging labor environment[15] - Confident in its proven ability to ramp up headcount in Fabrication to support new project awards[15] - Evaluating opportunities to expand skilled labor headcount in 2024, including strategic acquisitions[15] Segment Performance (Fourth Quarter 2023) This section details the financial performance of Gulf Island's Services, Fabrication, Shipyard, and Corporate segments for the fourth quarter of 2023 Services Segment The Services Segment experienced significant growth in Q4 2023, driven by its Spark Safety business line and a favorable project margin mix, leading to increased revenue, new project awards, and improved operating income and EBITDA Services Segment Q4 2023 Performance | Metric | Q4 2023 ($ million) | Q4 2022 ($ million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | $24.5 | $21.6 | +13.4% | | New Project Awards | $24.2 | $21.3 | +13.5% | | Operating Income | $2.7 | $2.2 | +22.7% | | EBITDA | $3.2 | $2.6 | +25.1% | - Backlog totaled $0.5 million at December 31, 2023[17] - Improved operating results primarily due to higher revenue and a more favorable project margin mix, including the benefit of the division's Spark Safety business line[18] Fabrication Segment The Fabrication Segment demonstrated strong growth in Q4 2023, with increased revenue and new project awards, and a substantial rise in adjusted EBITDA, primarily due to higher small-scale fabrication activity and favorable resolution of customer change orders Fabrication Segment Q4 2023 Performance | Metric | Q4 2023 ($ million) | Q4 2022 ($ million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | $19.7 | $16.4 | +19.8% | | New Project Awards | $19.9 | $17.3 | +15.1% | | Operating Income | $6.1 | $4.1 | +48.8% | | Adjusted EBITDA | $5.4 | $2.0 | +171.1% | - Backlog totaled $11.7 million at December 31, 2023[20] - Improved operating results (excluding Hurricane Ida impacts) primarily due to project improvements from the resolution of customer change orders and a more favorable project margin mix[21] Shipyard Segment The Shipyard Segment's operations were substantially wound down in Q4 2023, with the completion and delivery of the remaining ferry projects, reporting a reduced operating loss compared to the prior year Shipyard Segment Q4 2023 Performance | Metric | Q4 2023 ($ million) | Q4 2022 ($ million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | $0.6 | $0.4 | +50.0% | | Operating Loss | ($0.1) | ($3.6) | +97.2% | - Seventy-vehicle ferry completed, delivered and accepted by the customer during the fourth quarter 2023[22] - Final forty-vehicle ferry substantially completed and delivered during the fourth quarter 2023, with final customer acceptance expected in March 2024[22] Corporate Segment The Corporate Segment reported a slightly reduced operating loss and EBITDA loss in Q4 2023 compared to the prior year, reflecting general corporate overheads Corporate Segment Q4 2023 Performance | Metric | Q4 2023 ($ million) | Q4 2022 ($ million) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Loss | ($2.1) | ($2.3) | +8.7% | | EBITDA Loss | ($2.0) | ($2.3) | +13.0% | Segment Descriptions Gulf Island operates through four reportable segments: Services (offshore/onshore work), Fabrication (on-site fabrication), Shipyard (ferry construction and MPSV litigation costs, now substantially wound down), and Corporate (general overheads) - Services Segment: Includes offshore and onshore services work performed at customer facilities, including offshore platforms[25] - Fabrication Segment: Includes all fabrication work performed on-site at the Company's facilities, including pull-through fabrication work for the Services Segment[25] - Shipyard Segment: Includes two ferries under construction (substantially completed in Q4 2023) and vessel holding costs and legal fees associated with the Company's previous MPSV Litigation. The wind down of operations was substantially completed in Q4 2023[25] - Corporate Segment: Includes costs not directly related to the Company's operating segments, such as costs of being a publicly traded company[25] Financial Position & Outlook This section provides an overview of Gulf Island's balance sheet, liquidity, and financial outlook for 2024, including segment EBITDA guidance Balance Sheet and Liquidity Gulf Island maintained a strong liquidity position at year-end 2023, with a substantial cash balance, initiated a share repurchase program, and incurred debt related to the MPSV litigation settlement - Cash and short-term investments balance was $47.9 million at December 31, 2023, including $1.5 million of restricted cash[26] - Current and long-term debt totaled $20.0 million at December 31, 2023, associated with the Note Agreement from the MPSV Litigation[26] - Repurchased 29,578 shares of common stock for $0.1 million in Q4 2023 under its share repurchase program commenced in December 2023[26] 2024 Financial Outlook Gulf Island provided indicative segment and consolidated EBITDA guidance for full year 2024, anticipating continued growth in Services and small-scale Fabrication, while Corporate segment loss is expected to be consistent with historical levels 2024 Segment EBITDA Guidance | Segment | Expected 2024 EBITDA ($ million) | | :--- | :--- | | Services | ~$14.0 (driven by Spark Safety) | | Fabrication | ~$8.0 (includes small-scale growth, excludes large project awards) | | Corporate | ~($8.0) Loss | - Forecast excludes an anticipated gain of approximately $2.9 million resulting from the previously disclosed property sale in February 2024[27] - Forecasted 2024 EBITDA for Fabrication is lower than 2023 levels due to the prior year benefiting from the contribution of a large fabrication project that was cancelled during the year[27] Additional Information This section provides details on the Q4 2023 conference call, an overview of Gulf Island, definitions of non-GAAP measures, and a cautionary statement regarding forward-looking information Fourth Quarter 2023 Conference Call Gulf Island scheduled a conference call for March 7, 2024, to discuss its financial results, accessible via webcast or dial-in, with a replay available online - Conference call held on Thursday, March 7, 2024, at 4:00 p.m. Central Time (5:00 p.m. Eastern Time)[28] - Accessible via webcast on Gulf Island's website at www.gulfisland.com or by dialing 1.877.704.4453[28] About Gulf Island Gulf Island Fabrication, Inc. is a leading steel fabricator and service provider to the industrial and energy sectors, offering complex steel structures, modules, and specialty services to a diverse customer base - Leading fabricator of complex steel structures and modules and provider of specialty services[29] - Specialty services include project management, hookup, commissioning, repair, maintenance, scaffolding, coatings, welding enclosures, civil construction and staffing services[29] - Customers include U.S. and international energy producers; refining, petrochemical, LNG, industrial and power operators; and EPC companies[29] - Headquartered in The Woodlands, Texas, with primary operating facilities in Houma, Louisiana[29] Non-GAAP Measures This section defines the non-GAAP financial measures used by Gulf Island, including EBITDA, adjusted EBITDA, adjusted revenue, adjusted gross profit, new project awards, and backlog, explaining their relevance as supplemental indicators of performance - EBITDA: Reflects operating results and expectations of future performance excluding the non-cash impacts of depreciation and amortization[30] - Adjusted EBITDA: EBITDA adjusted to remove certain nonrecurring items (e.g., Hurricane Ida impacts, impairment charges) and the operating results of the Shipyard Division (including MPSV Litigation impacts)[30] - Adjusted Revenue and Adjusted Gross Profit: GAAP measures adjusted to remove revenue and gross profit/loss for the Shipyard Division (including MPSV Litigation impacts)[30] - New Project Awards and Backlog: Represent the expected revenue value of contract commitments received and the unrecognized revenue value of new project awards, respectively[31] - Non-GAAP measures are supplemental and not replacements or alternatives to GAAP measures[32] Cautionary Statement The company's forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially, including economic factors, industry cycles, competition, project execution, and regulatory changes - Forward-looking statements discuss potential future performance, operations, and projects, identified by words like 'anticipates,' 'expects,' 'plans,' etc[34] - Actual results may differ materially due to factors such as supply chain disruptions, inflationary pressures, economic slowdowns, natural disasters, labor costs, geopolitical conflicts, and volatility in oil and gas prices[35] - Other important factors include competition, reliance on significant customers, competitive pricing and cost overruns on projects, ability to secure new project awards, and compliance with regulatory and environmental laws[35] - The Company cautions investors that it undertakes no obligation to publicly update or revise any forward-looking statements[36] Company Information Contact information for Gulf Island's Chief Executive Officer and Chief Financial Officer is provided - Richard W. Heo, Chief Executive Officer, contact: 713.714.6100[37] - Westley S. Stockton, Chief Financial Officer, contact: 713.714.6100[37] Financial Statements This section presents Gulf Island's consolidated financial statements, including results of operations, adjusted revenue, adjusted gross profit, EBITDA, and segment-level performance Consolidated Results of Operations The consolidated results of operations show detailed financial performance for Q4 and full year 2023, highlighting revenue, gross profit/loss, operating income/loss, and net income/loss, along with per share data Consolidated Results of Operations ($ thousand) | Metric | Q4 2023 ($ thousand) | Q3 2023 ($ thousand) | Q4 2022 ($ thousand) | FY 2023 ($ thousand) | FY 2022 ($ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | New project awards | $44,400 | $38,417 | $37,945 | $157,719 | $240,247 | | Revenue | $44,550 | $5,023 | $38,139 | $151,067 | $142,320 | | Cost of revenue | $36,087 | $34,902 | $35,716 | $162,968 | $134,425 | | Gross profit (loss) | $8,463 | ($29,879) | $2,423 | ($11,901) | $7,895 | | General and administrative expense | $3,395 | $4,080 | $5,249 | $16,278 | $18,214 | | Other (income) expense, net | ($1,607) | ($324) | ($3,206) | ($2,296) | ($6,904) | | Operating income (loss) | $6,675 | ($33,635) | $380 | ($25,883) | ($3,415) | | Interest (expense) income, net | $383 | $397 | $190 | $1,440 | $86 | | Income (loss) before income taxes | $7,058 | ($33,238) | $570 | ($24,443) | ($3,329) | | Income tax (expense) benefit | $32 | $3 | ($21) | $41 | ($23) | | Net income (loss) | $7,090 | ($33,235) | $549 | ($24,402) | ($3,352) | | Basic income (loss) per share | $0.44 | ($2.04) | $0.04 | ($1.51) | ($0.21) | | Diluted income (loss) per share | $0.43 | ($2.04) | $0.04 | ($1.51) | ($0.21) | Consolidated Adjusted Revenue This table provides a reconciliation of consolidated revenue to adjusted revenue, which excludes the Shipyard Division's revenue, particularly the negative revenue impact from the MPSV Litigation resolution Consolidated Adjusted Revenue Reconciliation ($ thousand) | Metric | Q4 2023 ($ thousand) | Q3 2023 ($ thousand) | Q4 2022 ($ thousand) | FY 2023 ($ thousand) | FY 2022 ($ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | $44,550 | $5,023 | $38,139 | $151,067 | $142,320 | | Add (less): Shipyard revenue | ($556) | $32,702 | ($357) | $30,417 | ($7,671) | | Adjusted revenue | $43,994 | $37,725 | $37,782 | $181,484 | $134,649 | Consolidated Adjusted Gross Profit This table reconciles consolidated gross profit (loss) to adjusted gross profit, by removing the gross loss (profit) attributable to the Shipyard Division, including the significant charge related to the MPSV Litigation Consolidated Adjusted Gross Profit Reconciliation ($ thousand) | Metric | Q4 2023 ($ thousand) | Q3 2023 ($ thousand) | Q4 2022 ($ thousand) | FY 2023 ($ thousand) | FY 2022 ($ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Gross profit (loss) | $8,463 | ($29,879) | $2,423 | ($11,901) | $7,895 | | Add (less): Shipyard gross loss (profit) | ($93) | $34,356 | $2,299 | $35,862 | $3,058 | | Adjusted gross profit | $8,370 | $4,477 | $4,722 | $23,961 | $10,953 | Consolidated EBITDA and Adjusted EBITDA This table provides reconciliations of net income (loss) to EBITDA and adjusted EBITDA, with adjustments for depreciation, amortization, hurricane insurance gains, non-cash impairments, and the Shipyard Division's operating loss Consolidated EBITDA and Adjusted EBITDA Reconciliations ($ thousand) | Metric | Q4 2023 ($ thousand) | Q3 2023 ($ thousand) | Q4 2022 ($ thousand) | FY 2023 ($ thousand) | FY 2022 ($ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | $7,090 | ($33,235) | $549 | ($24,402) | ($3,352) | | Operating income (loss) | $6,675 | ($33,635) | $380 | ($25,883) | ($3,415) | | EBITDA | $8,026 | ($32,245) | $1,714 | ($20,417) | $1,683 | | Adjusted EBITDA | $6,606 | $2,581 | $2,293 | $16,969 | $2,265 | Results of Operations by Segment This section details the financial performance of each operating segment (Services, Fabrication, Shipyard, and Corporate) for the fourth quarter and full year, including revenue, gross profit, operating income/loss, and EBITDA/Adjusted EBITDA Services Division Results ($ thousand) | Metric | Q4 2023 ($ thousand) | Q3 2023 ($ thousand) | Q4 2022 ($ thousand) | FY 2023 ($ thousand) | FY 2022 ($ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | New project awards | $24,150 | $22,776 | $21,274 | $92,728 | $85,846 | | Revenue | $24,515 | $22,976 | $21,609 | $93,548 | $87,022 | | Gross profit | $3,435 | $3,260 | $2,932 | $13,783 | $11,227 | | Operating income | $2,742 | $2,577 | $2,212 | $10,929 | $8,124 | | EBITDA | $3,228 | $3,079 | $2,580 | $12,855 | $9,620 | Fabrication Division Results ($ thousand) | Metric | Q4 2023 ($ thousand) | Q3 2023 ($ thousand) | Q4 2022 ($ thousand) | FY 2023 ($ thousand) | FY 2022 ($ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | New project awards | $19,896 | $16,589 | $17,291 | $66,629 | $154,239 | | Revenue | $19,664 | $14,979 | $16,414 | $89,046 | $48,299 | | Gross profit (loss) | $4,935 | $1,217 | $1,790 | $10,178 | ($274) | | Operating income | $6,115 | $904 | $4,087 | $10,558 | $4,874 | | Adjusted EBITDA | $5,378 | $1,426 | $1,984 | $11,819 | $761 | Shipyard Division Results ($ thousand) | Metric | Q4 2023 ($ thousand) | Q3 2023 ($ thousand) | Q4 2022 ($ thousand) | FY 2023 ($ thousand) | FY 2022 ($ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | New project awards | $539 | ($718) | ($379) | ($528) | $834 | | Revenue | $556 | ($32,702) | $357 | ($30,417) | $7,671 | | Gross profit (loss) | $93 | ($34,356) | ($2,299) | ($35,862) | ($3,058) | | Operating loss | ($106) | ($35,117) | ($3,589) | ($39,374) | ($7,554) | | EBITDA | ($106) | ($35,117) | ($3,589) | ($39,374) | ($7,554) | Corporate Division Results ($ thousand) | Metric | Q4 2023 ($ thousand) | Q3 2023 ($ thousand) | Q4 2022 ($ thousand) | FY 2023 ($ thousand) | FY 2022 ($ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating loss | ($2,076) | ($1,999) | ($2,330) | ($7,996) | ($8,859) | | EBITDA | ($2,000) | ($1,924) | ($2,271) | ($7,705) | ($8,600) | | Adjusted EBITDA | ($2,000) | ($1,924) | ($2,271) | ($7,705) | ($8,116) | Consolidated Balance Sheets The consolidated balance sheets present the company's financial position at year-end 2023 and 2022, detailing assets, liabilities, and shareholders' equity Consolidated Balance Sheets ($ thousand) | Asset/Liability/Equity | Dec 31, 2023 ($ thousand) | Dec 31, 2022 ($ thousand) | | :--- | :--- | :--- | | ASSETS: | | | | Cash and cash equivalents | $38,176 | $33,221 | | Restricted cash | $1,475 | $1,603 | | Short-term investments | $8,233 | $9,905 | | Total current assets | $101,627 | $87,069 | | Property, plant and equipment, net | $23,145 | $31,154 | | Total assets | $128,428 | $134,866 | | LIABILITIES AND SHAREHOLDERS' EQUITY: | | | | Accounts payable | $8,466 | $8,310 | | Total current liabilities | $29,847 | $30,789 | | Long-term debt, noncurrent | $18,925 | - | | Total liabilities | $49,457 | $32,242 | | Total shareholders' equity | $78,971 | $102,624 | | Total liabilities and shareholders' equity | $128,428 | $134,866 | Consolidated Cash Flows The consolidated cash flow statement outlines the cash generated from or used in operating, investing, and financing activities for Q4 and full year 2023 and 2022 Consolidated Cash Flows ($ thousand) | Activity | Q4 2023 ($ thousand) | Q3 2023 ($ thousand) | Q4 2022 ($ thousand) | FY 2023 ($ thousand) | FY 2022 ($ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $7,369 | $2,021 | $9,902 | $7,197 | ($8,923) | | Net cash provided by (used in) investing activities | $6,088 | ($626) | ($2,150) | ($503) | ($8,870) | | Net cash used in financing activities | ($128) | ($128) | ($888) | ($1,867) | ($1,972) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $13,329 | $1,267 | $6,864 | $4,827 | ($19,765) | | Cash, cash equivalents and restricted cash, end of period | $39,651 | $26,322 | $34,824 | $39,651 | $34,824 | 2024 Financial Outlook - Segment and Consolidated EBITDA Reconciliations This table provides a reconciliation of forecasted net income (loss) to EBITDA for each segment and on a consolidated basis for the full year 2024, supporting the financial outlook 2024 Segment and Consolidated EBITDA Reconciliations ($ thousand) | Metric | Services ($ thousand) | Fabrication ($ thousand) | Shipyard ($ thousand) | Corporate ($ thousand) | Consolidated ($ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | $12,000 | $5,200 | $0 | ($6,400) | $10,800 | | Operating income (loss) | $12,000 | $5,200 | $0 | ($8,300) | $8,900 | | EBITDA | $14,000 | $8,000 | $0 | ($8,000) | $14,000 | - Forecasted EBITDA excludes a gain of approximately $2.9 million for the Fabrication Division resulting from the sale of property in February 2024[55]