Gulf Island Fabrication, Inc. Reports Third Quarter Earnings
HOUMA, La.--(BUSINESS WIRE)--
Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $2.8 million ($.20 diluted EPS) on revenue of $92.7 million for its third quarter ended September 30, 2008, compared to net income of $10.0 million ($.70 diluted EPS) on revenue of $124.9 million for the third quarter ended September 30, 2007. Net income for the first nine months of 2008 was $28.1 million ($1.97 diluted EPS) on revenue of $334.3 million, compared to net income of $22.3 million ($1.56 diluted EPS) on revenue of $371.8 million for the first nine months of 2007.
The company had a revenue backlog of $422.4 million and a labor backlog of approximately 4.6 million man-hours remaining to work, which consist of work remaining at September 30, 2008 and commitments received since September 30, 2008.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
September 30, December 31,
2008 2007
------------- ------------
Cash and short-term investments $ 5,559 $ 24,640
Total current assets 126,733 135,747
Property, plant and equipment, at cost, net 204,246 188,766
Total assets 331,679 325,213
Total current liabilities 57,241 78,363
Debt - -
Shareholders' equity 254,769 228,913
Total liabilities and shareholders' equity 331,679 325,213
The management of Gulf Island Fabrication, Inc. will hold a conference call tomorrow, Friday, October 24, 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 September 30, 2008. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.778.8903. A digital rebroadcast of the call is available two hours after the call and ending November 7, 2008 by dialing 1.888.203.1112, replay passcode: 9473494.
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, 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 jack-up drilling rigs, semi-submersible drilling rigs, TLPs, SPARs or other similar cargo onshore, and offshore scaffolding and 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,
------------------ -------------------
2008 2007 2008 2007
-------- --------- --------- ---------
Revenue $92,657 $124,900 $334,309 $371,845
Cost of revenue 86,349 106,904 284,746 331,196
-------- --------- --------- ---------
Gross profit 6,308 17,996 49,563 40,649
General and administrative
expenses 2,070 2,771 7,339 7,888
-------- --------- --------- ---------
Operating income 4,238 15,225 42,224 32,761
Other income (expense):
Interest expense (18) (14) (31) (33)
Interest income 42 63 187 343
Other (42) (5) (97) (10)
-------- --------- --------- ---------
(18) 44 59 300
-------- --------- --------- ---------
Income before income taxes 4,220 15,269 42,283 33,061
Income taxes 1,384 5,229 14,135 10,745
-------- --------- --------- ---------
Net income $ 2,836 $ 10,040 $ 28,148 $ 22,316
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Per share data:
Basic earnings per share: $ 0.20 $ 0.71 $ 1.98 $ 1.58
======== ========= ========= =========
Diluted income per share: $ 0.20 $ 0.70 $ 1.97 $ 1.56
======== ========= ========= =========
Weighted-average shares 14,278 14,170 14,249 14,150
Effect of dilutive
securities: employee
stock options 66 114 65 122
-------- --------- --------- ---------
Adjusted weighted-
average shares 14,344 14,284 14,314 14,272
======== ========= ========= =========
Depreciation and amortization
included in expense above $ 4,615 $ 3,537 $ 13,045 $ 10,456
======== ========= ========= =========
Cash dividend declared per
common share $ 0.10 $ 0.10 $ 0.30 $ 0.30
======== ========= ========= =========
Source: Gulf Island Fabrication, Inc.
Released October 23, 2008
