Gulf Island Fabrication, Inc. Reports First Quarter Earnings

  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
 
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