Gulf Island Fabrication, Inc. Reports Second Quarter Earnings
HOUMA, La.--(BUSINESS WIRE)--
Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $7.9 million ($.55 diluted EPS) on revenue of $137.6 million for its second quarter ended June 30, 2007, compared to net income of $5.7 million ($.41 diluted EPS) on revenue of $89.5 million for the second quarter ended June 30, 2006. Net income for the first six months of 2007 was $12.3 million ($.86 diluted EPS) on revenue of $246.9 million, compared to net income of $7.6 million ($.55 diluted EPS) on revenue of $146.5 million for the first six months of 2006.
The company had a revenue backlog of $308.4 million and a labor backlog of approximately 3.0 million man-hours remaining to work, which consist of work remaining at June 30, 2007 and commitments received since June 30, 2007.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
June 30, December 31,
2007 2006
----------- ------------
Cash and short-term investments $ 7,027 $ 10,302
Total current assets 130,499 94,765
Property, plant and equipment, at cost, net 166,024 155,440
Total assets 297,303 251,448
Total current liabilities 77,438 40,214
Debt 0 0
Shareholders' equity 211,379 200,756
Total liabilities and shareholders' equity 297,303 251,448
The management of Gulf Island Fabrication, Inc. will hold a conference call tomorrow July 27, 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 June 30, 2007. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.800.478.6251. A digital rebroadcast of the call is available two hours after the call and ending August 3, 2007 by dialing 1.888.203.1112, replay passcode: 8704691.
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 Six Months Ended
June 30, June 30,
------------------ -------------------
2007 2006 2007 2006
--------- -------- --------- ---------
Revenue $137,572 $89,508 $246,945 $146,486
Cost of revenue 123,429 78,994 224,292 131,958
--------- -------- --------- ---------
Gross profit 14,143 10,514 22,653 14,528
General and administrative
expenses 2,810 2,040 5,117 4,202
--------- -------- --------- ---------
Operating income 11,333 8,474 17,536 10,326
Other income (expense):
Interest expense (8) (112) (19) (289)
Interest income 161 48 280 173
Other (1) 2 (5) 985
--------- -------- --------- ---------
152 (62) 256 869
--------- -------- --------- ---------
Income before income taxes 11,485 8,412 17,792 11,195
Income taxes 3,624 2,734 5,516 3,638
--------- -------- --------- ---------
Net income $7,861 $5,678 $12,276 $7,557
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Per share data:
Basic earnings per share: $0.56 $0.41 $0.87 $0.55
========= ======== ========= =========
Diluted income per share: $0.55 $0.41 $0.86 $0.55
========= ======== ========= =========
Weighted-average shares 14,152 13,916 14,140 13,641
Effect of dilutive
securities: employee
stock options 121 85 126 119
--------- -------- --------- ---------
Adjusted weighted-average
shares 14,273 14,001 14,266 13,760
========= ======== ========= =========
Depreciation and amortization
included in expense above $3,492 $3,067 $6,918 $5,936
========= ======== ========= =========
Cash dividend declared per
common share $0.10 $0.075 $0.20 $0.15
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Source: Gulf Island Fabrication, Inc.
Released July 26, 2007
