NEWS RELEASE Exhibit 99.1 For further information contact: Kerry J. Chauvin Joseph "Duke" Gallagher Chief Executive Officer Chief Financial Officer (504) 872-2100 (504) 872-2100 - -------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE THURSDAY, APRIL 27, 2000 GULF ISLAND FABRICATION, INC. REPORTS FIRST QUARTER EARNINGS Houma, LA - Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $1.1 million ($.09 diluted EPS) on revenue of $31.7 million for its first quarter ended March 31, 2000, compared to net income of $1.9 million ($.17 diluted EPS) on revenue of $30.3 million for the first quarter ended March 31, 1999. At March 31, 2000, the company had a revenue backlog of $29.5 million and a labor backlog of approximately 526 thousand man-hours remaining to work. SELECTED BALANCE SHEET INFORMATION (in thousands) March 31, December 31, 2000 1999 __________ ____________ Cash and short-term investments $ 16,184 $ 15,750 Total current assets 48,900 47,154 Property, plant and equipment, at cost, net 42,681 43,664 Total assets 95,846 95,049 Total current liabilities 14,824 15,367 Debt -- -- Shareholders' equity 77,726 76,618 Total liabilities and shareholders' equity 95,846 95,049 Gulf Island Fabrication, Inc., based in Houma, Louisiana, is a leading fabricator of offshore drilling and production platforms, offshore living quarters and other specialized structures used in the development and production of offshore oil and gas reserves. The Company also offers offshore interconnect pipe hook-up, inshore marine construction, manufacture and repair of pressure vessels, 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 March 31, ------------------------------- 2000 1999 ----------- ----------- Revenue $ 31,741 $ 30,329 Cost of revenue 29,193 26,103 ----------- ----------- Gross profit 2,548 4,226 General and administrative expenses 1,124 1,282 ----------- ----------- Operating income 1,424 2,944 Other expense (income): Interest expense 18 21 Interest income (319) (101) Other - net 57 (49) ----------- ----------- (244) (129) ----------- ----------- Income before income taxes 1,668 3,073 Income taxes 561 1,148 ----------- ----------- Net income $ 1,107 $ 1,925 =========== =========== Per share data: Basic earnings per share $ 0.10 $ 0.17 =========== =========== Diluted earnings per share(1) $ 0.09 $ 0.17 =========== =========== Weighted-average shares 11,638 11,638 =========== =========== Adjusted weighted-average shares(1) 11,705 11,656 =========== =========== Depreciation and amortization included in expense above $ 1,224 $ 1,201 =========== =========== (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.
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