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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