CORRECTING and REPLACING Gulf Island Fabrication, Inc. Reports Second Quarter Earnings

  CORRECTING and REPLACING Gulf Island Fabrication, Inc. Reports Second
  Quarter Earnings

CORRECTION...by Gulf Island Fabrication, Inc.

Business Wire

HOUSTON -- July 24, 2014

The phone number in the third paragraph, second sentence should read:
1.888.727.7630 (instead of: 1.888.220.8450). The passcode in the third
paragraph, third sentence should read: 1108351 (instead of: 1867876).

The corrected release reads:

        GULF ISLAND FABRICATION, INC. REPORTS SECOND QUARTER EARNINGS

Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $4.3
million ($0.30 earnings per share) on revenue of $129.2 million for its second
quarter ended June 30, 2014, compared to net income of $4.3 million ($0.30
earnings per share) on revenue of $154.6 million for the second quarter ended
June 30, 2013. Net income of $7.8 million ($0.54 earnings per share) on
revenue of $263.9 million for the six-months ended June 30, 2014, compared to
net income of $7.1 million ($0.49 earnings per share) on revenue of $305.0
million for the six-months ended June 30, 2013.

The company had a revenue backlog of $223.8 million and a labor backlog of
approximately 2.1 million man-hours at June 30, 2014, including commitments
received through July 24, 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)

                                               June 30,      December 31,
                                               2014          2013
Cash and cash equivalents                      $ 31,367      $   36,569
Total current assets                             147,208         201,996
Property, plant and equipment, at cost,net       231,930         223,555
Total assets                                     379,814         426,234
Total current liabilities                        65,572          112,275
Debt                                             -               -
Shareholders' equity                             281,031         275,562
                                                             

The management of Gulf Island Fabrication, Inc. will hold a conference call on
Friday, July 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 June 30, 2014.
The call is accessible by webcast (www.gulfisland.com) through CCBN and by
dialing 1.888.727.7630. A digital rebroadcast of the call is available two
hours after the call and ending August 02, 2014 by dialing 1.888.203.1112,
replay passcode: 1108351.

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              Six Months Ended
                     June 30,                        June 30,
                     2014            2013            2014            2013
                                                                     
Revenue              $ 129,169       $ 154,575       $ 263,859       $ 304,997
Cost of revenue       118,847       144,898       244,764       288,616 
Gross profit           10,322          9,677           19,095          16,381
General and
administrative        3,873         2,853         7,246         5,208   
expenses
Operating income       6,449           6,824           11,849          11,173
                                                                     
Other income
(expense):
Interest expense       (25     )       (60     )       (49     )       (124    )
Interest income        2               -               5               1
Other income          8             (43     )      (96     )      (43     )
(expense)
                      (15     )      (103    )      (140    )      (166    )
                                                                     
Income before          6,434           6,721           11,709          11,007
income taxes
                                                                     
Income taxes          2,124         2,442         3,864         3,941   
                                                                     
                                                                     
Net income           $ 4,310        $ 4,279        $ 7,845        $ 7,066   
                                                                     
                                                                     
                                                                     
Per share data:
                                                                     
Basic earnings
per share -          $ 0.30         $ 0.30         $ 0.54         $ 0.49    
common
shareholders
                                                                     
Diluted earnings
per share -          $ 0.30         $ 0.30         $ 0.54         $ 0.49    
common
shareholders
                                                                     
                                                                     
Weighted-average       14,500          14,457          14,498          14,456
shares
Effect of
dilutive
securities:           -             3             -             3       
employee stock
options
Adjusted
weighted-average      14,500        14,460        14,498        14,459  
shares
                                                                     
Depreciation and
amortization         $ 6,579        $ 6,250        $ 12,958       $ 12,376  
included in
expense above
                                                                     
Cash dividend
declared per         $ 0.10         $ 0.10         $ 0.20         $ 0.20    
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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