Gulf Island Fabrication, Inc. Reports First Quarter Earnings

  Gulf Island Fabrication, Inc. Reports First Quarter Earnings  Business Wire  HOUSTON -- April 24, 2014  Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $3.5 million ($0.24 earnings per share) on revenue of $134.7 million for its first quarter ended March 31, 2014, compared to net income of $2.8 million ($0.19 earnings per share) on revenue of $150.4 million for the first quarter ended March 31, 2013.  The company had a revenue backlog of $271.4 million and a labor backlog of approximately 2.5 million man-hours at March 31, 2014, including commitments received through April 14, 2014, compared to a revenue backlog of $358.7 million and a labor backlog of 3.3 million man-hours reported as of December 31, 2013.                                                           SELECTED BALANCE SHEET INFORMATION (in thousands)                                                March 31,     December 31,                                                2014          2013 Cash and cash equivalents                      $ 23,178      $   36,569 Total current assets                             173,126         201,996 Property, plant and equipment, at cost,net       234,660         223,555 Total assets                                     408,459         426,234 Total current liabilities                        93,364          112,275 Debt                                             -               - Shareholders' equity                             277,916         275,562                                                                The management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, April 25, 2014, 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, 2014. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.220.8450. A digital rebroadcast of the call is available two hours after the call and ending May 02, 2014 by dialing 1.888.203.1112, replay passcode: 1867876.  Gulf Island Fabrication, Inc., based in Houston, Texas, with fabrication facilities located in Houma, Louisiana, and San Patricio County, 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 INCOME (UNAUDITED) (in thousands, except per share data)                                                                                                                                                                                              Three Months Ended                                                      March 31,                                                      2014          2013                                                                     Revenue                                              $ 134,690     $ 150,422 Cost of revenue                                       125,917     143,718  Gross profit                                           8,773         6,704 General and administrative expenses                   3,373       2,355    Operating income                                       5,400         4,349                                                                     Other income (expense): Interest expense                                       (24     )     (64     ) Interest income                                        3             1 Other income (expense)                                (104    )    -                                                              (125    )    (63     )                                                                     Income before income taxes                             5,275         4,286                                                                     Income taxes                                          1,740       1,499                                                                                                                                            Net income                                           $ 3,535      $ 2,787                                                                                                                                                                                                                Per share data:                                                                     Basic earnings per share - common shareholders       $ 0.24       $ 0.19                                                                         Diluted earnings per share - common shareholders     $ 0.24       $ 0.19                                                                                                                                             Weighted-average shares                                14,496        14,455 Effect of dilutive securities: employee stock         -           6        options Adjusted weighted-average shares                      14,496      14,461                                                                       Depreciation and amortization included in expense    $ 6,379      $ 6,126    above                                                                     Cash dividend declared per common share              $ 0.10       $ 0.10      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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