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Gulf Island Fabrication, Inc. Reports Second Quarter Earnings

Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported a net income of $1.8 million ($.13 diluted EPS) on revenue of $87.3 million for its second quarter ended June 30, 2011, compared to net income of $3.4 million ($.24 diluted EPS) on revenue of $75.3 million for the second quarter ended June 30, 2010. Net loss for the six months ended June 30, 2011 was $5.1 million ($.36 diluted loss per share) on revenue of $133.6 million, compared to the net income of $7.9 million ($.55 diluted EPS) on revenue of $144.5 million for the six months ended June 30, 2010.

The company had a revenue backlog of $712.3 million and a labor backlog of approximately 6.2 million man-hours, consisting of work remaining on commitments received through July 28, 2011.

     
SELECTED BALANCE SHEET INFORMATION
(in thousands)
June 30, December 31,
2011 2010
Cash, cash equivalents and short-term investments $ 32,073 $ 88,072
Total current assets 155,315 130,622
Property, plant and equipment, at cost,net 208,132 197,652
Total assets 368,338 334,856
Total current liabilities 57,147 18,511
Debt 0 0
Shareholders' equity 280,760 287,192
Total liabilities and shareholders' equity 368,338 334,856
 

The management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, July 29, 2011 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, 2011. The call is accessible by webcast ( www.gulfisland.com ) through CCBN and by dialing 1.888.791.4322. A digital rebroadcast of the call is available two hours after the call and ending August 5, 2011 by dialing 1.888.203.1112, replay passcode: 9714593.

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”, “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,
2011   2010 2011   2010
 
Revenue $ 87,251 $ 75,290 $ 133,599 $ 144,549
Cost of revenue:
Contract costs 82,405 68,555 130,631 130,376
Asset impairments   -     -     7,690     -  
Gross profit (loss) 4,846 6,735 (4,722 ) 14,173
General and administrative expenses   1,958     1,990     3,894     4,087  
Operating income (loss) 2,888 4,745 (8,616 ) 10,086
 
Other income (expense):
Interest expense (32 ) (21 ) (54 ) (38 )
Interest income 156 349 171 1,319
Other   228     285     228     1,031  
  352     613     345     2,312  
 
Income (loss) before income taxes 3,240 5,358 (8,271 ) 12,398
 
Income taxes   1,405     1,926     (3,142 )   4,461  
 
 
Net income (loss) $ 1,835   $ 3,432   $ (5,129 ) $ 7,937  
 
 
 
Per share data:
 
Basic earnings (loss) per share - common shareholders $ 0.13   $ 0.24   $ (0.36 ) $ 0.55  
 
Diluted earnings (loss) per share - common shareholders $ 0.13   $ 0.24   $ (0.36 ) $ 0.55  
 
 
Weighted-average shares 14,348 14,317 14,346 14,315
Effect of dilutive securities: employee stock options   31     11     -     11  
Adjusted weighted-average shares   14,379     14,328     14,346     14,326  
 
Depreciation and amortization included in expense above $ 5,033   $ 4,804   $ 10,056   $ 9,615  
 
Cash dividend declared per common share $ 0.06   $ 0.01   $ 0.12   $ 0.02  




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