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Gulf Island Fabrication, Inc. Reports Fourth Quarter Loss

Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported a net loss of $8.1 million ($.56 diluted loss per share) on revenue of $129.2 million for its fourth quarter ended December 31, 2012, compared to net income of $1.8 million ($.12 diluted EPS) on revenue of $88.4 million for the fourth quarter ended December 31, 2011. Net loss for the twelve months ended December 31, 2012 was $4.1 million ($.29 diluted loss per share) on revenue of $521.3 million, compared to the net loss of $1.8 million ($.13 diluted loss per share) on revenue of $307.8 million for the twelve months ended December 31, 2011.

The Company had a revenue backlog of $537.0 million and a labor backlog of approximately 4.4 million man-hours at December 31, 2012, including commitments received through March 11, 2013 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)
    December 31,     December 31,
2012 2011
Cash, cash equivalents and short-term investments $ 24,888 $ 55,287
Total current assets 173,604 177,913
Property, plant and equipment,net 229,216 216,722
Total assets 403,495 395,935
Total current liabilities 92,274 75,987
Debt 0 0
Shareholders' equity 273,500 282,799
Total liabilities and shareholders' equity 403,495 395,935

The management of Gulf Island Fabrication, Inc. will hold a conference call on Tuesday, March 12, 2013 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the Company’s financial results for the quarter and fiscal year ended December 31, 2012. The call is accessible by webcast ( ) through CCBN and by dialing 1.888.211.0193. A digital rebroadcast of the call is available two hours after the call and ending March 19, 2013 by dialing 1.888.203.1112, replay passcode: 2747027.

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, offshore supply vessels, dry docks, 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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