Gulf Island Fabrication, Inc. Reports Second Quarter Earnings
HOUMA, La.--(BUSINESS WIRE)--
Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $11.9 million ($.83 diluted EPS) on revenue of $117.9 million for its second quarter ended June 30, 2008, compared to net income of $7.9 million ($.55 diluted EPS) on revenue of $137.6 million for its second quarter ended June 30, 2007. Net income for the first six months of 2008 was $25.3 million ($1.77 diluted EPS) on revenue of $241.7 million, compared to net income of $12.3 million ($.86 diluted EPS) on revenue of $246.9 million for the first six months of 2007.
The company had a revenue backlog of $437.7 million and a labor backlog of approximately 4.6 million man-hours remaining to work, which consist of work remaining at June 30, 2008 and commitments received since June 30, 2008.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
June 30, December 31,
2008 2007
------------- ------------
Cash and short-term investments $ 19,754 $ 24,640
Total current assets 128,025 135,747
Property, plant and equipment, at cost, net 197,739 188,766
Total assets 326,465 325,213
Total current liabilities 53,979 78,363
Debt 0 0
Shareholders' equity 253,224 228,913
Total liabilities and shareholders' equity 326,465 325,213
The management of Gulf Island Fabrication, Inc. will hold a conference call tomorrow July 25, 2008 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the Company's financial results for the quarter ended June 30, 2008. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.661.5127. A digital rebroadcast of the call is available two hours after the call and ending August 8, 2008 by dialing 1.888.203.1112, replay passcode: 8124669.
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; various production, compressor and utility modules; offshore living quarters; brown water tow boats; 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 Six Months Ended
June 30, June 30,
2008 2007 2008 2007
--------- --------- --------- ---------
Revenue $117,924 $137,572 $241,652 $246,945
Cost of revenue 97,863 123,429 198,397 224,292
--------- --------- --------- ---------
Gross profit 20,061 14,143 43,255 22,653
General and administrative
expenses 2,551 2,810 5,269 5,117
--------- --------- --------- ---------
Operating income 17,510 11,333 37,986 17,536
Other income (expense):
Interest expense (7) (8) (13) (19)
Interest income 36 161 145 280
Other 5 (1) (55) (5)
--------- --------- --------- ---------
34 152 77 256
--------- --------- --------- ---------
Income before income taxes 17,544 11,485 38,063 17,792
Income taxes 5,672 3,624 12,751 5,516
--------- --------- --------- ---------
Net income $ 11,872 $ 7,861 $ 25,312 $ 12,276
========= ========= ========= =========
Per share data:
Basic earnings per share: $ 0.83 $ 0.56 $ 1.78 $ 0.87
========= ========= ========= =========
Diluted income per share: $ 0.83 $ 0.55 $ 1.77 $ 0.86
========= ========= ========= =========
Weighted-average
shares 14,251 14,152 14,235 14,140
Effect of dilutive
securities: employee
stock options 78 121 65 126
--------- --------- --------- ---------
Adjusted weighted-
average shares 14,329 14,273 14,300 14,266
========= ========= ========= =========
Depreciation and amortization
included in expense above $ 4,254 $ 3,492 $ 8,430 $ 6,918
========= ========= ========= =========
Cash dividend declared per
common share $ 0.100 $ 0.100 $ 0.200 $ 0.200
========= ========= ========= =========
Source: Gulf Island Fabrication, Inc.
Released July 24, 2008
