Gulf Island Fabrication, Inc. Reports Fourth Quarter Earnings
HOUMA, La.--(BUSINESS WIRE)--
Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $8.9 million ($.62 diluted EPS) on revenue of $100.9 million for its fourth quarter ended December 31, 2007, compared to net income of $3.7 million ($.26 diluted EPS) on revenue of $76.0 million for the fourth quarter ended December 31, 2006. Net income for the twelve months ended December 31, 2007 was $31.2 million ($2.18 diluted EPS) on revenue of $472.7 million, compared to net income of $21.3 million ($1.53 diluted EPS) on revenue of $312.2 million for the twelve months ended December 31, 2006.
The company had a revenue backlog of $330.4 million and a labor backlog of approximately 3.7 million man-hours remaining to work, which consist of work remaining at December 31, 2007 and commitments received through February 27, 2008.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
December 31, December 31,
2007 2006
------------ ------------
Cash, cash equivalents and short-term
investments $ 24,640 $ 10,302
Total current assets 135,747 96,097
Property, plant and equipment, at cost,net 188,766 155,440
Total assets 325,213 252,780
Total current liabilities 78,363 40,214
Debt 0 0
Shareholders' equity 228,913 200,756
Total liabilities and shareholders' equity 325,213 252,780
The management of Gulf Island Fabrication, Inc. will hold a conference call on Thursday, February 28, 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 and year ended December 31, 2007. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.211.9933. A digital rebroadcast of the call is available two hours after the call and ending March 12, 2008 by dialing 1.888.203.1112, replay passcode: 6367146.
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, TLPs , SPARs, or other similar cargo, onshore and offshore scaffolding, piping insulation services, and steel warehousing and sales.
EXHIBIT 99.1
GULF ISLAND FABRICATION, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------ -------------------
2007 2006 2007 2006
--------- -------- --------- ---------
Revenue $100,894 $75,965 $472,739 $312,181
Cost of revenue 84,705 68,970 415,901 273,768
--------- -------- --------- ---------
Gross profit 16,189 6,995 56,838 38,413
General and administrative
expenses 2,471 2,350 10,359 9,137
--------- -------- --------- ---------
Operating income 13,718 4,645 46,479 29,276
Other income (expense):
Interest expense (17) (11) (50) (473)
Interest income 91 88 434 359
Other - 199 (10) 1,261
--------- -------- --------- ---------
74 276 374 1,147
--------- -------- --------- ---------
Income before income taxes 13,792 4,921 46,853 30,423
Income taxes 4,941 1,193 15,686 9,098
--------- -------- --------- ---------
Net income $ 8,851 $ 3,728 $ 31,167 $ 21,325
========= ======== ========= =========
Per share data:
Basic earnings (loss) per
share $ 0.62 $ 0.27 $ 2.20 $ 1.54
========= ======== ========= =========
Diluted earnings (loss) per
share $ 0.62 $ 0.26 $ 2.18 $ 1.53
========= ======== ========= =========
Weighted-average shares 14,195 14,019 14,161 13,812
Effect of dilutive
securities: employee stock
options 70 159 109 122
--------- -------- --------- ---------
Adjusted weighted-average
shares (1) 14,265 14,178 14,270 13,934
========= ======== ========= =========
Depreciation and amortization
included in expense above $ 3,665 $ 3,242 $ 14,121 $ 12,509
========= ======== ========= =========
Cash dividend declared per
common share $ 0.100 $ 0.075 $ 0.400 $ 0.300
========= ======== ========= =========
(1) The calculation of diluted earnings per share assumes that all
stock options are exercised and that the assumed proceeds are used to
purchase shares at the average market price for the period.
Source: Gulf Island Fabrication, Inc.
Released February 27, 2008
