Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income
of $2.8 million ($.20 diluted EPS) on revenue of $92.7 million for its
third quarter ended September 30, 2008, compared to net income of $10.0
million ($.70 diluted EPS) on revenue of $124.9 million for the third
quarter ended September 30, 2007. Net income for the first nine months
of 2008 was $28.1 million ($1.97 diluted EPS) on revenue of $334.3
million, compared to net income of $22.3 million ($1.56 diluted EPS) on
revenue of $371.8 million for the first nine months of 2007.
The company had a revenue backlog of $422.4 million and a labor backlog
of approximately 4.6 million man-hours remaining to work, which consist
of work remaining at September 30, 2008 and commitments received since
September 30, 2008.
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SELECTED BALANCE SHEET INFORMATION
|
|
(in thousands)
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
2008
|
|
2007
|
|
Cash and short-term investments
|
|
$
|
5,559
|
|
$
|
24,640
|
|
Total current assets
|
|
|
126,733
|
|
|
135,747
|
|
Property, plant and equipment, at cost, net
|
|
|
204,246
|
|
|
188,766
|
|
Total assets
|
|
|
331,679
|
|
|
325,213
|
|
Total current liabilities
|
|
|
57,241
|
|
|
78,363
|
|
Debt
|
|
|
-
|
|
|
-
|
|
Shareholders' equity
|
|
|
254,769
|
|
|
228,913
|
|
Total liabilities and shareholders' equity
|
|
|
331,679
|
|
|
325,213
|
The management of Gulf Island Fabrication, Inc. will hold a conference
call tomorrow, Friday, October 24, 2008 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, 2008. The call is
accessible by webcast (www.gulfisland.com)
through CCBN and by dialing 1.888.778.8903. A digital rebroadcast of
the call is available two hours after the call and ending November 7,
2008 by dialing 1.888.203.1112, replay passcode: 9473494.
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, 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 jack-up
drilling rigs, semi-submersible drilling rigs, TLPs, SPARs or other
similar cargo onshore, and offshore scaffolding and 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
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2008
|
|
2007
|
|
2008
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
92,657
|
|
|
$
|
124,900
|
|
|
$
|
334,309
|
|
|
$
|
371,845
|
|
|
Cost of revenue
|
|
|
86,349
|
|
|
|
106,904
|
|
|
|
284,746
|
|
|
|
331,196
|
|
|
Gross profit
|
|
|
6,308
|
|
|
|
17,996
|
|
|
|
49,563
|
|
|
|
40,649
|
|
|
General and administrative expenses
|
|
|
2,070
|
|
|
|
2,771
|
|
|
|
7,339
|
|
|
|
7,888
|
|
|
Operating income
|
|
|
4,238
|
|
|
|
15,225
|
|
|
|
42,224
|
|
|
|
32,761
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(18
|
)
|
|
|
(14
|
)
|
|
|
(31
|
)
|
|
|
(33
|
)
|
|
Interest income
|
|
|
42
|
|
|
|
63
|
|
|
|
187
|
|
|
|
343
|
|
|
Other
|
|
|
(42
|
)
|
|
|
(5
|
)
|
|
|
(97
|
)
|
|
|
(10
|
)
|
|
|
|
|
(18
|
)
|
|
|
44
|
|
|
|
59
|
|
|
|
300
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
4,220
|
|
|
|
15,269
|
|
|
|
42,283
|
|
|
|
33,061
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
1,384
|
|
|
|
5,229
|
|
|
|
14,135
|
|
|
|
10,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
2,836
|
|
|
$
|
10,040
|
|
|
$
|
28,148
|
|
|
$
|
22,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share:
|
|
$
|
0.20
|
|
|
$
|
0.71
|
|
|
$
|
1.98
|
|
|
$
|
1.58
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per share:
|
|
$
|
0.20
|
|
|
$
|
0.70
|
|
|
$
|
1.97
|
|
|
$
|
1.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
|
|
|
14,278
|
|
|
|
14,170
|
|
|
|
14,249
|
|
|
|
14,150
|
|
|
Effect of dilutive securities: employee stock options
|
|
|
66
|
|
|
|
114
|
|
|
|
65
|
|
|
|
122
|
|
|
Adjusted weighted-average shares
|
|
|
14,344
|
|
|
|
14,284
|
|
|
|
14,314
|
|
|
|
14,272
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization included in expense above
|
|
$
|
4,615
|
|
|
$
|
3,537
|
|
|
$
|
13,045
|
|
|
$
|
10,456
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividend declared per common share
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
Gulf Island Fabrication, Inc.
Kerry J. Chauvin, Chief Executive
Officer, 985-872-2100
or
Robin A. Seibert, Chief Financial
Officer, 985-872-2100
