Gulf Island Fabrication, Inc. Reports First Quarter Earnings
HOUMA, La.--(BUSINESS WIRE)-- Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $4.5 million ($.31 diluted EPS) on revenue of $69.3 million for its first quarter ended March 31, 2010, compared to net income of $6.2 million ($.43 diluted EPS) on revenue of $85.0 million for the first quarter ended March 31, 2009.
The company had a revenue backlog of $144.6 million and a labor backlog of approximately 1.5 million man-hours remaining to work, which consist of work remaining at March 31, 2010 and commitments received through April 21, 2010.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
March 31, December 31,
2010 2009
Cash, cash equivalents and short-term investments $ 13,200 $ 8,751
Total current assets 136,962 114,129
Property, plant and equipment, at cost,net 198,459 200,459
Total assets 347,537 333,430
Total current liabilities 43,178 33,628
Debt 0 0
Shareholders' equity 278,332 273,801
Total liabilities and shareholders' equity 347,537 333,430
The management of Gulf Island Fabrication, Inc. will hold a conference call on Thursday, April 22, 2010 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the Company's financial results for the quarter ended March 31, 2010. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.211.4435. A digital rebroadcast of the call is available two hours after the call and ending May 6, 2010 by dialing 1.888.203.1112, replay passcode: 1200664.
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
March 31,
2010 2009
Revenue $ 69,259 $ 84,999
Cost of revenue 61,821 73,240
Gross profit 7,438 11,759
General and administrative expenses 2,097 2,224
Operating income 5,341 9,535
Other income (expense):
Interest expense (17 ) (17 )
Interest income 970 20
Other 746 -
1,699 3
Income before income taxes 7,040 9,538
Income taxes 2,535 3,338
Net income $ 4,505 $ 6,200
Per share data:
Basic earnings per share - common shareholders $ 0.31 $ 0.43
Diluted earnings per share - common shareholders $ 0.31 $ 0.43
Weighted-average shares 14,312 14,293
Effect of dilutive securities: employee stock options 11 8
Adjusted weighted-average shares 14,323 14,301
Depreciation and amortization included in expense above $ 4,811 $ 4,517
Cash dividend declared per common share $ 0.01 $ 0.10
Source: Gulf Island Fabrication, Inc.
Released April 21, 2010
