Gulf Island Fabrication, Inc. Reports First Quarter Earnings Business Wire HOUMA, La. -- April 25, 2013 Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $2.8 million ($.19 diluted EPS) on revenue of $150.4 million for its first quarter ended March 31, 2013, compared to net income of $6.8 million ($.47 diluted EPS) on revenue of $113.1 million for the first quarter ended March 31, 2012. The company had a revenue backlog of $453.2 million and a labor backlog of approximately 3.5 million man-hours at March 31, 2013, compared to a revenue backlog of $537.0 million and a labor backlog of 4.4 million man-hours reported as of December 31, 2012, which included projects totaling $230 million and 2 million man-hours awarded in 2013 through March 13, 2013. SELECTED BALANCE SHEET INFORMATION (in thousands) March 31, December 31, 2013 2012 Cash and cash equivalents $ 12,254 $ 24,888 Total current assets 229,393 173,604 Property, plant and equipment, at cost,net 227,296 229,216 Total assets 457,364 403,495 Total current liabilities 134,482 92,274 Debt 10,000 0 Shareholders' equity 274,970 273,500 Total liabilities and shareholders' equity 457,364 403,495 The management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, April 26, 2013 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the Company’s financial results for the quarter ended March 31, 2013. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.596.2569. A digital rebroadcast of the call is available two hours after the call and ending May 2, 2013 by dialing 1.888.203.1112, replay passcode: 1457583. Gulf Island Fabrication, Inc., based in Houma, Louisiana, is a leading fabricator of offshore drilling and production platforms, hull and/or deck sections of floating production platforms and other specialized structures used in the development and production of offshore oil and gas reserves. These structures include jackets and deck sections of fixed production platforms; hull and/or deck sections of floating production platforms (such as tension leg platforms “TLPs”, “SPARs”, “FPSOs”, and “MinDOCs”), piles, wellhead protectors, subsea templates and various production, compressor and utility modules, offshore living quarters, towboats, liftboats, tanks and barges. The Company also provides offshore interconnect pipe hook-up, inshore marine construction, manufacture and repair of pressure vessels, heavy lifts such as ship integration and TLP module integration, loading and offloading of jack-up drilling rigs, semi-submersible drilling rigs, TLPs, SPARs, or other similar cargo, onshore and offshore scaffolding, piping insulation services, and steel warehousing and sales. GULF ISLAND FABRICATION, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) Three Months Ended March 31, 2013 2012 Revenue $ 150,422 $ 113,083 Cost of revenue 143,718 100,415 Gross profit 6,704 12,668 General and administrative expenses 2,355 2,612 Operating income 4,349 10,056 Other income (expense): Interest expense (64 ) (96 ) Interest income 1 248 Other - 63 (63 ) 215 Income before income taxes 4,286 10,271 Income taxes 1,499 3,492 Net income $ 2,787 $ 6,779 Per share data: Basic earnings per share - common shareholders $ 0.19 $ 0.47 Diluted earnings per share - common shareholders $ 0.19 $ 0.47 Weighted-average shares 14,455 14,381 Effect of dilutive securities: employee stock 6 27 options Adjusted weighted-average shares 14,461 14,408 Depreciation and amortization included in $ 6,126 $ 5,650 expense above Cash dividend declared per common share $ 0.10 $ 0.10 Contact: Gulf Island Fabrication, Inc. Kirk J. Meche, 985-872-2100 President and Chief Executive Officer
Gulf Island Fabrication, Inc. Reports First Quarter Earnings
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