EXHIBIT 99.3 NEWS RELEASE 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 FRIDAY, FEBRUARY 2, 2001 GULF ISLAND FABRICATION, INC. REPORTS ORGANIZATION CHANGE Houma, LA - Mr. Kerry J. Chauvin, President and C.E.O. of Gulf Island Fabrication, Inc. (NASDAQ: GIFI), today announced that it's Board of Directors approved the appointment of Mr. Kirk J. Meche to Executive Vice President of Operations of Gulf Island Fabrication, Inc. effective February 1, 2001. He will be responsible for managing the operations of Gulf Island, L.L.C., Dolphin Services, Inc. and Southport, Inc. (wholly owned subsidiaries of Gulf Island Fabrication, Inc.). Mr. Meche was also appointed President of Gulf Island, L.L.C. to manage its day to day operations. He was previously President of Southport, Inc. Mr. Steve Becnel was promoted to President and C.E.O. of Southport, Inc. previously Vice President of Operations. 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. 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, ----------------------- ------------------------- 2000 1999 2000 1999 ------- ------- -------- -------- Revenue $24,425 $32,772 $112,090 $120,241 Cost of revenue 21,366 30,224 101,648 105,813 ------- ------- -------- -------- Gross profit 3,059 2,548 10,442 14,428 General and administrative expenses 1,294 984 4,489 4,210 ------- ------- -------- -------- Operating income 1,765 1,564 5,953 10,218 Other income (expense): Interest expense (9) (12) (34) (58) Interest income 347 269 1,332 739 Other - net (389) (87) (558) (116) ------- ------- -------- -------- (51) 170 740 565 ------- ------- -------- -------- Income before income taxes 1,714 1,734 6,693 10,783 Income taxes 683 662 2,507 4,097 ------- ------- -------- -------- Net income $ 1,031 $ 1,072 $ 4,186 $ 6,686 ======= ======= ======== ======== Per share data: Basic earnings per share $ 0.09 $ 0.09 $ 0.36 $ 0.57 ======= ======= ======== ======== Diluted earnings per share(1) $ 0.09 $ 0.09 $ 0.36 $ 0.57 ======= ======= ======== ======== Weighted-average shares 11,681 11,638 11,666 11,638 ======= ======= ======== ======== Adjusted weighted-average shares(1) 11,776 11,686 11,756 11,691 ======= ======= ======== ======== Depreciation and amortization included in expense above $ 1,207 $ 1,292 $ 4,771 $ 4,973 ======= ======= ======== ========
- -------------- (1) The calculation of diluted earnings per share assumes that all stock options are exercised and that the