Gulf Island Fabrication, Inc. Reports Third Quarter Earnings

  Gulf Island Fabrication, Inc. Reports Third Quarter Earnings

Business Wire

HOUSTON -- October 25, 2013

Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $3.3
million ($.23 diluted earnings per share) on revenue of $168.2 million for its
third quarter ended September 30, 2013, compared to a net loss of $10.4
million (($.72) diluted loss per share) on revenue of $141.8 million for the
third quarter ended September 30, 2012. Net income for the nine months ended
September 30, 2013 was $10.3 million ($.72 diluted earnings per share) on
revenue of $473.2 million, compared to net income of $4.0 million ($.28
diluted earnings per share) on revenue of $392.1 million for the nine months
ended September 30, 2012.

The company had a revenue backlog of $342.5 million and a labor backlog of
approximately 3.0 million man-hours at September 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)
                                             September 30,   December 31,
                                                2013              2012
Cash and cash equivalents                       $   21,791        $   24,888
Total current assets                                188,996           173,604
Property, plant and equipment, at                   222,970           229,216
cost,net
Total assets                                        426,176           403,495
Total current liabilities                           108,870           92,274
Debt                                                -                 -
Shareholders' equity                                279,823           273,500
Total liabilities and shareholders'                 426,176           403,495
equity
                                                                  

The management of Gulf Island Fabrication, Inc. will hold a conference call on
Monday, October 28, 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 September 30,
2013. The call is accessible by webcast (www.gulfisland.com) through CCBN and
by dialing 1.888.219.1420. A digital rebroadcast of the call is available two
hours after the call and ending November 4, 2013 by dialing 1.888.203.1112,
replay passcode: 4161293.

Gulf Island Fabrication, Inc., based in Houston, Texas, 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            Nine Months Ended
                       September 30,                   September 30,
                       2013          2012            2013          2012
                                                                       
Revenue                $ 168,191       $ 141,793       $ 473,188       $ 392,103
Cost of revenue         159,136       155,172       447,752       378,909 
Gross profit             9,055           (13,379 )       25,436          13,194
(loss)
General and
administrative          3,749         1,983         8,957         7,177   
expenses
Operating income         5,306           (15,362 )       16,479          6,017
(loss)
                                                                       
Other income
(expense):
Interest expense         (43     )       (19     )       (167    )       (138    )
Interest income          2               113             3               541
Other income            (15     )      54            (58     )      139     
(expense)
                        (56     )      148           (222    )      542     
                                                                       
Income (loss)
before income            5,250           (15,214 )       16,257          6,559
taxes
                                                                       
Income taxes            1,974         (4,842  )      5,915         2,560   
                                                                       
                                                                       
Net income             $ 3,276        $ (10,372 )     $ 10,342       $ 3,999   
(loss)
                                                                       
                                                                       
                                                                       
Per share data:
                                                                       
Basic earnings
(loss) per share       $ 0.23         $ (0.72   )     $ 0.72         $ 0.28    
- common
shareholders
                                                                       
Diluted earnings
(loss) per share       $ 0.23         $ (0.72   )     $ 0.72         $ 0.28    
- common
shareholders
                                                                       
                                                                       
Weighted-average         14,462          14,408          14,458          14,393
shares
Effect of
dilutive
securities:             6             -             5             24      
employee stock
options
Adjusted
weighted-average        14,468        14,408        14,463        14,417  
shares
                                                                       
Depreciation and
amortization           $ 6,370        $ 5,982        $ 18,746       $ 17,415  
included in
expense above
                                                                       
Cash dividend
declared per           $ 0.10         $ 0.10         $ 0.30         $ 0.30    
common share
                                                                                 

Contact:

Gulf Island Fabrication, Inc.
Kirk J. Meche, 713-714-6100
Chief Executive Officer
or
Jeffrey M. Favret, 713-714-6100
Chief Financial Officer
 
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