The New York-listed company, the largest dredging outfit in
the US, blamed its demolition business for a drop in earnings but said its core
business had also underperformed.
Net profit for the three months to 31 December fell to $0.3m
from $6.8m a year earlier while revenue swelled to $207.1m from $158.6m.
Sales at its demolition segment were chopped in half.
Jonathan Berger, CEO, said: "I am deeply disappointed
with the issues in our demolition segment, which contributed to the need to
restate our second and third quarter financial results, and deferral of the
recognition of revenue and Adjusted EBITDA.
“The demolition segment is a key part of our growth
strategy, and we are committed to having the right personnel and tools in place
to effectively grow the segment while maintaining adequate operational and
financial controls.
“We will be focusing on improving controls at our demolition
segment and throughout the Company."
The dredging segment’s performance also fell short of
expectations despite reporting record revenue of $190.1m during the quarter.
Plans to sell one of its underused vessels were hit when the
buyer suffered funding delays but the company said it expects the sale to go
through this year with the effect of a $4m book gain.
