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Gulf Island Fabrication, Inc. Reports Second Quarter Earnings



  Gulf Island Fabrication, Inc. Reports Second Quarter Earnings

Business Wire

HOUMA, La. -- July 25, 2013

Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $4.3
million ($.30 diluted EPS) on revenue of $154.6 million for its second quarter
ended June 30, 2013, compared to net income of $7.6 million ($.52 diluted EPS)
on revenue of $137.2 million for the second quarter ended June 30, 2012. Net
income for the six months ended June 30, 2013 was $7.1 million ($.49 diluted
earnings per share) on revenue of $305.0 million, compared to net income of
$14.4 million ($.99 diluted earnings per share) on revenue of $250.3 million
for the six months ended June 30, 2012.

The company had a revenue backlog of $433.8 million and a labor backlog of
approximately 3.6 million man-hours at June 30, 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, including commitments received through March
13, 2013.

 
SELECTED BALANCE SHEET INFORMATION
(in thousands)
                                                June 30,      December 31,
                                                2013          2012
Cash and cash equivalents                       $ 29,718      $   24,888
Total current assets                              198,320         173,604
Property, plant and equipment, at cost, net       224,251         229,216
Total assets                                      436,779         403,495
Total current liabilities                         122,353         92,274
Debt                                              -               -
Shareholders' equity                              277,933         273,500
Total liabilities and shareholders' equity        436,779         403,495
                                                               

The management of Gulf Island Fabrication, Inc. will hold a conference call on
Friday, July 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 June 30, 2013.
The call is accessible by webcast (www.gulfisland.com) through CCBN and by
dialing 1.888.264.8931. A digital rebroadcast of the call is available two
hours after the call and ending August 1, 2013 by dialing 1.888.203.1112,
replay passcode: 4678466.

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 INCOME (UNAUDITED)
(in thousands, except per share data)
 
 
                     Three Months Ended              Six Months Ended
                     June 30,                        June 30,
                     2013            2012            2013            2012
                                                                      
Revenue              $ 154,575   (a) $ 137,227       $ 304,997   (a) $ 250,310
Cost of revenue        144,898         123,322         288,616         223,737  
Gross profit           9,677           13,905          16,381          26,573
General and
administrative         2,853           2,582           5,208           5,194    
expenses
Operating income       6,824           11,323          11,173          21,379
                                                                      
Other income
(expense):
Interest expense       (60     )       (23     )       (124    )       (119    )
Interest income        -               180             1               428
Other income           (43     )       22              (43     )       85       
(expense)
                       (103    )       179             (166    )       394      
                                                                      
Income before          6,721           11,502          11,007          21,773
income taxes
                                                                      
Income taxes           2,442           3,910           3,941           7,402    
                                                                      
                                                                      
Net income           $ 4,279         $ 7,592         $ 7,066         $ 14,371   
                                                                      
                                                                      
                                                                      
Per share data:
                                                                      
Basic earnings
per share -          $ 0.30          $ 0.52          $ 0.49          $ 0.99     
common
shareholders
                                                                      
Diluted earnings
per share -          $ 0.30          $ 0.52          $ 0.49          $ 0.99     
common
shareholders
                                                                      
                                                                      
Weighted-average       14,457          14,388          14,456          14,385
shares
Effect of
dilutive
securities:            3               21              3               24       
employee stock
options
Adjusted
weighted-average       14,460          14,409          14,459          14,409   
shares
                                                                      
Depreciation and
amortization         $ 6,250         $ 5,783         $ 12,376        $ 11,433   
included in
expense above
                                                                      
Cash dividend
declared per         $ 0.10          $ 0.10          $ 0.20          $ 0.20     
common share
                                                                      
                                                                      
(a) - Included in revenue for the three- and six-month periods ending June 30,
2013, is $43.4 million and $88.8 million recognized from a large deepwater
project, which negatively impacted gross profit for the respective periods. This
project is scheduled for delivery in the first quarter of 2014.
 

Contact:

Gulf Island Fabrication, Inc.
Kirk J. Meche, 985-872-2100
Chief Executive Officer
or
Jeffrey M. Favret, 985.872.2100
Chief Financial Officer
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