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Gulf Island Fabrication, Inc. Reports Third Quarter Loss

Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported a net loss of $10.4 million ($.72 diluted loss per share) on revenue of $141.8 million for its third quarter ended September 30, 2012, compared to net income of $1.6 million ($.11 diluted EPS) on revenue of $85.8 million for the third quarter ended September 30, 2011. Net income for the nine months ended September 30, 2012 was $4.0 million ($.28 diluted EPS) on revenue of $392.1 million, compared to the net loss of $3.6 million ($.25 diluted loss per share) on revenue of $219.4 million for the nine months ended September 30, 2011.

The Company had a revenue backlog of $376.1 million and a labor backlog of approximately 2.9 million man-hours at September 30, 2012, including commitments received through October 25, 2012 and excluding backlog of $30.0 million relating to a suspended project, compared to a revenue backlog of $614.5 million and a labor backlog of 4.6 million man-hours reported as of December 31, 2011. We exclude suspended projects from contract backlog because resumption of work and timing of backlog revenues are difficult to predict.
(in thousands)
    September 30,     December 31,
2012 2011
Cash, cash equivalents and short-term investments $ 26,366 $ 55,287
Total current assets 184,966 177,913
Property, plant and equipment,net 226,155 216,722
Total assets 412,458 395,935
Total current liabilities 93,624 75,987
Debt 0 0
Shareholders' equity 282,667 282,799
Total liabilities and shareholders' equity 412,458 395,935

The management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, October 26, 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 September 30, 2012. The call is accessible by webcast ( through CCBN and by dialing 1.888.204.4394. A digital rebroadcast of the call is available two hours after the call and ending November 2, 2012 by dialing 1.888.203.1112, replay passcode: 5158427.

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, 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.

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