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Gulf Island Fabrication, Inc. Reports Fourth Quarter Earnings

Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported a net income of $1.8 million ($.12 diluted EPS) on revenue of $88.4 million for its fourth quarter ended December 31, 2011, compared to net income of $1.7 million ($.12 diluted EPS) on revenue of $43.0 million for the fourth quarter ended December 31, 2010. Net loss for the twelve months ended December 31, 2011 was $1.8 million ($.13 diluted loss per share) on revenue of $307.8 million, compared to net income of $13.1 million ($.90 diluted EPS) on revenue of $248.3 million for the twelve months ended December 31, 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 $614.5 million and a labor backlog of approximately 4.6 million man-hours at December 31, 2011, including commitments received through February 27, 2012, compared to a revenue backlog of $486.1 million and a labor backlog of 3.8 million man-hours reported as of December 31, 2010.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
 
        December 31,         December 31,
2011 2010
Cash and cash equivalents $ 55,287 $ 88,072
Total current assets 177,913 130,622
Property, plant and equipment, at cost,net 216,722 197,652
Total assets 395,935 334,856
Total current liabilities 75,987 18,511
Debt 0 0
Shareholders' equity 282,799 287,192
Total liabilities and shareholders' equity 395,935 334,856
 

The management of Gulf Island Fabrication, Inc. will hold a conference call on Tuesday, February 28, 2012 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the Company’s financial results for the quarter ended December 31, 2011. The call is accessible by webcast ( www.gulfisland.com) through CCBN and by dialing 1.888.708.5699. A digital rebroadcast of the call is available two hours after the call and ending March 9, 2012 by dialing 1.888.203.1112, replay passcode: 7001974.

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 OPERATIONS (UNAUDITED)
(in thousands, except per share data)
 
    Three Months Ended     Twelve Months Ended
December 31, December 31,
2011     2010 2011     2010
 
Revenue $ 88,406 $ 43,004 $ 307,832 $ 248,286
Cost of revenue:
Contract costs 83,160 40,841 295,614 225,015
Asset impairments   -     -     7,690     -  
Total cost of revenue   83,160     40,841     303,304     225,015  
Gross profit 5,246 2,163 4,528 23,271
General and administrative expenses   2,383     1,863     8,187     7,947  
Operating income (loss) 2,863 300 (3,659 ) 15,324
 
Other income (expense):
Interest expense (71 ) (19 ) (173 ) (76 )
Interest income 526 2,734 1,075 5,097
Other   (8 )   (40 )   309     1,014  
  447     2,675     1,211     6,035  
 
Income (loss) before income taxes 3,310 2,975 (2,448 ) 21,359
 
Income taxes   1,544     1,281     (644 )   8,266  
 
 
Net income (loss) $ 1,766   $ 1,694   $ (1,804 ) $ 13,093  
 
 
 
Per share data:
 
Basic earnings (loss) per share - common shareholders $ 0.12   $ 0.12   $ (0.13 ) $ 0.90  
 
Diluted earnings (loss) per share - common shareholders $ 0.12   $ 0.12   $ (0.13 ) $ 0.90  
 
 
Weighted-average shares 14,360 14,325 14,351 14,318
Effect of dilutive securities: employee stock options   26     25     -     11  
Adjusted weighted-average shares   14,386     14,350     14,351     14,329  
 
Depreciation and amortization included in expense above $ 5,477   $ 4,870   $ 20,692   $ 19,282  
 
Cash dividend declared per common share $ 0.06   $ 0.01   $ 0.24   $ 0.04  

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