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Gulf Island Fabrication, Inc. Reports Third Quarter Earnings

Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported a net income of $1.6 million ($.11 diluted EPS) on revenue of $85.8 million for its third quarter ended September 30, 2011, compared to net income of $3.5 million ($.24 diluted EPS) on revenue of $60.7 million for the third quarter ended September 30, 2010. Net loss for the nine months ended September 30, 2011 was $3.6 million ($.25 diluted loss per share) on revenue of $219.4 million, compared to the net income of $11.4 million ($.79 diluted EPS) on revenue of $205.3 million for the nine months ended September 30, 2010. Included in the reported loss was a $7.7 million pre-tax charge in the first quarter related to the total impairment of an insurance claim.

The company had a revenue backlog of $664.7 million and a labor backlog of approximately 5.2 million man-hours, consisting of work remaining on commitments received through October 27, 2011.
 
SELECTED BALANCE SHEET INFORMATION
(in thousands)
  September 30,   December 31,
2011 2010
Cash and cash equivalents $ 61,192 $ 88,072
Total current assets 157,959 130,622
Property, plant and equipment, at cost,net 214,063 197,652
Total assets 375,151 334,856
Total current liabilities 61,992 18,511
Debt 0 0
Shareholders' equity 281,749 287,192
Total liabilities and shareholders' equity 375,151 334,856

The management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, October 28, 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 September 30, 2011. The call is accessible by webcast ( www.gulfisland.com ) through CCBN and by dialing 1.888.811.5445. A digital rebroadcast of the call is available two hours after the call and ending November 4, 2011 by dialing 1.888.203.1112, replay passcode: 4512779.

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   Nine Months Ended
September 30, September 30,
2011   2010 2011   2010
 
Revenue $ 85,827 $ 60,733 $ 219,426 $ 205,282
Cost of revenue:
Contract costs 81,823 53,798 212,454 184,174
Asset impairments   -   -   7,690   -
Total cost of revenue   81,823   53,798   220,144   184,174
Gross profit (loss) 4,004 6,935 (718) 21,108
General and administrative expenses   1,910   1,997   5,804   6,084
Operating income (loss) 2,094 4,938 (6,522) 15,024
 
Other income (expense):
Interest expense (48) (19) (102) (57)
Interest income 378 1,044 549 2,363
Other   89   23   317   1,054
  419   1,048   764   3,360
 
Income (loss) before income taxes 2,513 5,986 (5,758) 18,384
 
Income taxes   954   2,524   (2,188)   6,985
 
 
Net income (loss) $ 1,559 $ 3,462 $ (3,570) $ 11,399
 
 
 
Per share data:
 
Basic earnings (loss) per share - common shareholders $ 0.11 $ 0.24 $ (0.25) $ 0.79
 
Diluted earnings (loss) per share - common shareholders $ 0.11 $ 0.24 $ (0.25) $ 0.79
 
 
Weighted-average shares 14,351 14,318 14,347 14,316
Effect of dilutive securities: employee stock options   25   2   -   9
Adjusted weighted-average shares   14,376   14,320   14,347   14,325
 
Depreciation and amortization included in expense above $ 5,159 $ 4,797 $ 15,215 $ 14,412
 
Cash dividend declared per common share $ 0.06 $ 0.01 $ 0.18 $ 0.03

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