Gulf Island Fabrication, Inc. Reports Fourth Quarter Earnings
HOUMA, La.--(BUSINESS WIRE)-- Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $4.6 million ($.32 diluted EPS) on revenue of $70.8 million for its fourth quarter ended December 31, 2009, compared to net income of $874,000 ($.06 diluted EPS) on revenue of $86.2 million for the fourth quarter ended December 31, 2008. Net income for the twelve months ended December 31 2009 was $20.8 million ($1.44 diluted EPS) on revenue of $311.5 million, compared to the net income of $29.0 million ($2.02 diluted EPS) on revenue of $420.5 million for the twelve months ended December 31, 2008.
The company had a revenue backlog of $136.8 million and a labor backlog of approximately 1.5 million man-hours remaining to work, which consist of work remaining at December 31, 2009 and commitments received through February 25, 2010.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
December 31, December 31,
2009 2008
Cash, cash equivalents and short-term investments $ 8,751 $ 13,839
Total current assets 114,129 136,380
Property, plant and equipment, at cost,net 200,459 204,695
Total assets 333,430 349,270
Total current liabilities 33,628 73,320
Debt 0 0
Shareholders' equity 273,801 254,207
Total liabilities and shareholders' equity 333,430 349,270
The management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, February 26, 2010, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the Company's financial results for the quarter ended December 31, 2009. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.811.5445. A digital rebroadcast of the call is available two hours after the call and ending March 5, 2010 by dialing 1.888.203.1112, replay passcode: 2174197.
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, MinDOCs," piles, wellhead protectors, subsea templates and various production, compressor and utility modules, offshore living quarters, brown water towboats, lift boats, tanks and barges. The Company also provides offshore interconnect pipe hook-up, inshore marine construction, manufacture and repair of pressure vessels, dry dock and marine repair services, 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 INCOME (UNAUDITED)
(in thousands, except per share data)
Three Months Ended Twelve Months
Ended
December 31, December 31,
2009 2008 2009 2008
Revenue $ 70,766 $ 86,198 $ $
311,529 420,507
Cost of revenue 62,616 83,465 272,064 368,211
Gross profit 8,150 2,733 39,465 52,296
General and administrative 2,010 2,112 8,257 9,451
expenses
Operating income 6,140 621 31,208 42,845
Other income (expense):
Interest expense (19) (10) (77) (41)
Interest income 962 26 1,063 213
Other (59) - (55) (97)
884 16 931 75
Income before income taxes 7,024 637 32,139 42,920
Income taxes 2,419 (237) 11,335 13,898
Net income $ 4,605 $ 874 $ 20,804 $ 29,022
Per share data (a):
Basic earnings (loss) per share - $ 0.32 $ 0.06 $ 1.44 $ 2.03
common shareholders
Diluted earnings (loss) per share - $ 0.32 $ 0.06 $ 1.44 $ 2.02
common shareholders
Weighted-average shares 14,297 14,282 14,294 14,258
Effect of dilutive securities: employee 12 2 1 34
stock options
Adjusted weighted-average 14,309 14,284 14,295 14,292
shares
Depreciation and amortization included $ 4,748 $ 4,444 $ 18,512 $ 17,489
in expense above
Cash dividend declared per common $ 0.01 $ 0.10 $ 0.13 $ 0.40
share
(a) - Basic earnings per share for the twelve-month periods ended December 31,
2009 and 2008 have been reduced by $0.02 and $0.01 per share, respectively, as
a result of adopting standards contained in ASC 260-10-45-61A effective
January 1, 2009.
Diluted earnings per share for the twelve-month periods ended December 31,
2009 and 2008 have both been reduced by $0.01 per share as the result of the
same standards.
Source: Gulf Island Fabrication, Inc.
Released February 25, 2010
