Gulf Island Fabrication, Inc. Reports Second Quarter Earnings
HOUMA, La.--(BUSINESS WIRE)-- Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $4.3 million ($.30 diluted EPS) on revenue of $154.6 million for its second quarter ended June 30, 2013, compared to net income of $7.6 million ($.52 diluted EPS) on revenue of $137.2 million for the second quarter ended June 30, 2012. Net income for the six months ended June 30, 2013 was $7.1 million ($.49 diluted earnings per share) on revenue of $305.0 million, compared to net income of $14.4 million ($.99 diluted earnings per share) on revenue of $250.3 million for the six months ended June 30, 2012.
The company had a revenue backlog of $433.8 million and a labor backlog of approximately 3.6 million man-hours at June 30, 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, including commitments received through March 13, 2013.
| SELECTED BALANCE SHEET INFORMATION | ||||||||
| (in thousands) | ||||||||
| June 30, | December 31, | |||||||
| 2013 | 2012 | |||||||
| Cash and cash equivalents | $ | 29,718 | $ | 24,888 | ||||
| Total current assets | 198,320 | 173,604 | ||||||
|
Property, plant and equipment, at cost, net |
224,251 | 229,216 | ||||||
| Total assets | 436,779 | 403,495 | ||||||
| Total current liabilities | 122,353 | 92,274 | ||||||
| Debt | - | - | ||||||
| Shareholders' equity | 277,933 | 273,500 | ||||||
| Total liabilities and shareholders' equity | 436,779 | 403,495 | ||||||
The management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, July 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 June 30, 2013. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.264.8931. A digital rebroadcast of the call is available two hours after the call and ending August 1, 2013 by dialing 1.888.203.1112, replay passcode: 4678466.
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.
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| 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, | |||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||||
| Revenue | $ | 154,575 | (a) | $ | 137,227 | $ | 304,997 | (a) | $ | 250,310 | ||||||||
| Cost of revenue | 144,898 | 123,322 | 288,616 | 223,737 | ||||||||||||||
| Gross profit | 9,677 | 13,905 | 16,381 | 26,573 | ||||||||||||||
| General and administrative expenses | 2,853 | 2,582 | 5,208 | 5,194 | ||||||||||||||
| Operating income | 6,824 | 11,323 | 11,173 | 21,379 | ||||||||||||||
| Other income (expense): | ||||||||||||||||||
| Interest expense | (60 | ) | (23 | ) | (124 | ) | (119 | ) | ||||||||||
| Interest income | - | 180 | 1 | 428 | ||||||||||||||
| Other income (expense) | (43 | ) | 22 | (43 | ) | 85 | ||||||||||||
| (103 | ) | 179 | (166 | ) | 394 | |||||||||||||
| Income before income taxes | 6,721 | 11,502 | 11,007 | 21,773 | ||||||||||||||
| Income taxes | 2,442 | 3,910 | 3,941 | 7,402 | ||||||||||||||
| Net income | $ | 4,279 | $ | 7,592 | $ | 7,066 | $ | 14,371 | ||||||||||
| Per share data: | ||||||||||||||||||
| Basic earnings per share - common shareholders | $ | 0.30 | $ | 0.52 | $ | 0.49 | $ | 0.99 | ||||||||||
| Diluted earnings per share - common shareholders | $ | 0.30 | $ | 0.52 | $ | 0.49 | $ | 0.99 | ||||||||||
| Weighted-average shares | 14,457 | 14,388 | 14,456 | 14,385 | ||||||||||||||
| Effect of dilutive securities: employee stock options | 3 | 21 | 3 | 24 | ||||||||||||||
| Adjusted weighted-average shares | 14,460 | 14,409 | 14,459 | 14,409 | ||||||||||||||
| Depreciation and amortization included in expense above | $ | 6,250 | $ | 5,783 | $ | 12,376 | $ | 11,433 | ||||||||||
| Cash dividend declared per common share | $ | 0.10 | $ | 0.10 | $ | 0.20 | $ | 0.20 | ||||||||||
| (a) - Included in revenue for the three- and six-month periods ending June 30, 2013, is $43.4 million and $88.8 million recognized from a large deepwater project, which negatively impacted gross profit for the respective periods. This project is scheduled for delivery in the first quarter of 2014. | ||||||||||||||||||
Gulf Island Fabrication, Inc.
Kirk J. Meche, 985-872-2100
Chief
Executive Officer
or
Jeffrey M. Favret, 985.872.2100
Chief
Financial Officer
Source: Gulf Island Fabrication, Inc.
Released July 25, 2013
