Gulf Island Fabrication, Inc. Reports Third Quarter Earnings
HOUMA, La.--(BUSINESS WIRE)--
Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $10.0 million ($.70 diluted EPS) on revenue of $124.9 million for its third quarter ended September 30, 2007, compared to net income of $10.0 million ($.72 diluted EPS) on revenue of $89.7 million for the third quarter ended September 30, 2006. Net income for the first nine months of 2007 was $22.3 million ($1.56 diluted EPS) on revenue of $371.8 million, compared to net income of $17.6 million ($1.27 diluted EPS) on revenue of $236.2 million for the first nine months of 2006.
The company had a revenue backlog of $245.2 million and a labor backlog of approximately 2.7 million man-hours remaining to work, which consist of work remaining at September 30, 2007 and commitments received since September 30, 2007.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
September 30, December 31,
2007 2006
------------- ------------
Cash and short-term investments $ 4,178 $ 10,302
Total current assets 140,130 94,765
Property, plant and equipment, at cost, net 178,962 155,440
Total assets 319,793 251,448
Total current liabilities 77,112 40,214
Debt 10,990 0
Shareholders' equity 220,917 200,756
Total liabilities and shareholders' equity 319,793 251,448
The management of Gulf Island Fabrication, Inc. will hold a conference call tomorrow October 26, 2007 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, 2007. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.668.1642. A digital rebroadcast of the call is available two hours after the call and ending November 2, 2007 by dialing 1.888.203.1112, replay passcode: 6249930.
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", piles, wellhead protectors, subsea templates and various production, compressor and utility modules, offshore living quarters, 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, TLP's , 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 Nine Months Ended
September 30, September 30,
------------------- -------------------
2007 2006 2007 2006
---------- -------- --------- ---------
Revenue $ 124,900 $89,733 $371,845 $236,219
Cost of revenue 106,904 72,843 331,196 204,801
---------- -------- --------- ---------
Gross profit 17,996 16,890 40,649 31,418
General and administrative
expenses 2,771 2,585 7,888 6,787
---------- -------- --------- ---------
Operating income 15,225 14,305 32,761 24,631
Other income (expense):
Interest expense (14) (173) (33) (462)
Interest income 63 98 343 271
Other (5) 77 (10) 1,062
---------- -------- --------- ---------
44 2 300 871
---------- -------- --------- ---------
Income before income taxes 15,269 14,307 33,061 25,502
Income taxes 5,229 4,267 10,745 7,905
---------- -------- --------- ---------
Net income $ 10,040 $10,040 $ 22,316 $ 17,597
========== ======== ========= =========
Per share data:
Basic earnings per share: $ 0.71 $ 0.72 $ 1.58 $ 1.28
========== ======== ========= =========
Diluted income per share: $ 0.70 $ 0.72 $ 1.56 $ 1.27
========== ======== ========= =========
Weighted-average shares 14,170 13,948 14,150 13,743
Effect of dilutive
securities: employee
stock options 114 92 122 110
---------- -------- --------- ---------
Adjusted weighted-average
shares 14,284 14,040 14,272 13,853
========== ======== ========= =========
Depreciation and amortization
included in expense above $ 3,537 $ 3,331 $ 10,456 $ 9,267
========== ======== ========= =========
Cash dividend declared per
common share $ 0.10 $ 0.075 $ 0.30 $ 0.225
========== ======== ========= =========
Source: Gulf Island Fabrication, Inc.
Released October 25, 2007
