Gulf Island Fabrication, Inc. Reports First Quarter Earnings

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HOUMA, La.--(BUSINESS WIRE)-- Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $2.8 million ($.19 diluted EPS) on revenue of $150.4 million for its first quarter ended March 31, 2013, compared to net income of $6.8 million ($.47 diluted EPS) on revenue of $113.1 million for the first quarter ended March 31, 2012.

The company had a revenue backlog of $453.2 million and a labor backlog of approximately 3.5 million man-hours at March 31, 2013, compared to a revenue backlog of $537.0 million and a labor backlog of 4.4 million man-hours reported as of December 31, 2012, which included projects totaling $230 million and 2 million man-hours awarded in 2013 through March 13, 2013.

 
SELECTED BALANCE SHEET INFORMATION
(in thousands)
   

March 31,
2013

 

December 31,
2012

Cash and cash equivalents $ 12,254 $ 24,888
Total current assets 229,393 173,604
Property, plant and equipment, at cost,net 227,296 229,216
Total assets 457,364 403,495
Total current liabilities 134,482 92,274
Debt 10,000 0
Shareholders' equity 274,970 273,500
Total liabilities and shareholders' equity 457,364 403,495
 

The management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, April 26, 2013 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, 2013. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.596.2569. A digital rebroadcast of the call is available two hours after the call and ending May 2, 2013 by dialing 1.888.203.1112, replay passcode: 1457583.

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.

 
GULF ISLAND FABRICATION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share data)
 
 
   

Three Months Ended
March 31,

2013   2012
 
Revenue $ 150,422 $ 113,083

Cost of revenue

  143,718     100,415  
Gross profit 6,704 12,668
General and administrative expenses   2,355     2,612  
Operating income 4,349 10,056
 
Other income (expense):
Interest expense (64 ) (96 )
Interest income 1 248
Other   -     63  
  (63 )   215  
 
Income before income taxes 4,286 10,271
 
Income taxes   1,499     3,492  
 
 
Net income $ 2,787   $ 6,779  
 
 
 
Per share data:
Basic earnings per share - common shareholders $ 0.19   $ 0.47  
 
Diluted earnings per share - common shareholders $ 0.19   $ 0.47  
 
 
Weighted-average shares 14,455 14,381
Effect of dilutive securities: employee stock options   6     27  
Adjusted weighted-average shares   14,461     14,408  
 
Depreciation and amortization included in expense above $ 6,126   $ 5,650  
 
Cash dividend declared per common share $ 0.10   $ 0.10  
 

Gulf Island Fabrication, Inc.
Kirk J. Meche, 985-872-2100
President and Chief Executive Officer

Source: Gulf Island Fabrication, Inc.

Released April 25, 2013