Exhibit 99.1 Gulf Island Fabrication, Inc. Reports First Quarter Earnings HOUMA, La.--(BUSINESS WIRE)--April 28, 2004--Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $4.0 million ($.33 diluted EPS), on revenue of $50.8 million for its first quarter ended March 31, 2004, compared to net income of $3.2 million ($.27 diluted EPS), on revenue of $39.6 million for the first quarter ended March 31, 2003. The company had a revenue backlog of $66.4 million and a labor backlog of approximately 951,000 man-hours remaining to work, which consist of work remaining at March 31, 2004 and commitments received since March 31, 2004. SELECTED BALANCE SHEET INFORMATION (in thousands) March 31, Dec. 31, 2004 2003 -------- -------- Cash and short-term investments $25,854 $22,050 Total current assets 84,302 81,407 Property, plant and equipment, at cost,net 58,445 58,259 Total assets 143,396 140,316 Total current liabilities 17,604 20,696 Debt 0 0 Shareholders' equity 117,453 111,591 Total liabilities and shareholders' equity 143,396 140,316 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, and steel warehousing and sales. GULF ISLAND FABRICATION, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share data) Three Months Ended March 31, ----------------- 2004 2003 -------- -------- Revenue $50,794 $39,573 Cost of revenue 43,464 33,599 -------- -------- Gross profit 7,330 5,974 General and administrative expenses 1,310 1,178 -------- -------- Operating income 6,020 4,796 Other income (expense): Interest expense (7) (9) Interest income 49 82 Other 18 3 -------- -------- 60 76 -------- -------- Income before income taxes 6,080 4,872 Income taxes 2,128 1,652 -------- -------- Net income $3,952 $3,220 ======== ======== Per share data: Basic earnings per share: $0.33 $0.27 ======== ======== Diluted earnings per share: $0.33 $0.27 ======== ======== Weighted-average shares 11,867 11,757 Effect of dilutive securities: employee stock options 158 135 -------- -------- Adjusted weighted-average shares 12,025 11,892 ======== ======== Depreciation and amortization included in expense above $1,470 $1,235 ======== ======== CONTACT: Gulf Island Fabrication, Inc., Houma Kerry J. Chauvin, 985-872-2100 or Joseph "Duke" Gallagher, 985-872-2100