HOUMA, La.--(BUSINESS WIRE)--July 25, 2013--Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $4.3 million ($.30 diluted EPS) on revenue of $154.6 million for its second quarter ended June 30, 2013, compared to net income of $7.6 million ($.52 diluted EPS) on revenue of $137.2 million for the second quarter ended June 30, 2012. Net income for the six months ended June 30, 2013 was $7.1 million ($.49 diluted earnings per share) on revenue of $305.0 million, compared to net income of $14.4 million ($.99 diluted earnings per share) on revenue of $250.3 million for the six months ended June 30, 2012.

The company had a revenue backlog of $433.8 million and a labor backlog of approximately 3.6 million man-hours at June 30, 2013, compared to a revenue backlog of $537.0 million and a labor backlog of 4.4 million man-hours reported as of December 31, 2012, including commitments received through March 13, 2013.


SELECTED BALANCE SHEET INFORMATION
(in thousands)
	June 30,		December 31,
	2013		2012
Cash and cash equivalents	$	29,718	$	24,888
Total current assets		198,320		173,604
Property, plant and equipment, at cost, net		224,251		229,216
Total assets		436,779		403,495
Total current liabilities		122,353		92,274
Debt		-		-
Shareholders' equity		277,933		273,500
Total liabilities and shareholders' equity		436,779		403,495

The management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, July 26, 2013 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, 2013. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.264.8931. A digital rebroadcast of the call is available two hours after the call and ending August 1, 2013 by dialing 1.888.203.1112, replay passcode: 4678466.

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”, and “MinDOCs”), piles, wellhead protectors, subsea templates and various production, compressor and utility modules, offshore living quarters, towboats, liftboats, 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, 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							Six Months Ended
	June 30,							June 30,
	2013				2012			2013				2012

Revenue	$	154,575		(a)	$	137,227		$	304,997		(a)	$	250,310
Cost of revenue		144,898				123,322			288,616				223,737
Gross profit		9,677				13,905			16,381				26,573
General and administrative expenses		2,853				2,582			5,208				5,194
Operating income		6,824				11,323			11,173				21,379

Other income (expense):
Interest expense		(60	)			(23	)		(124	)			(119	)
Interest income		-				180			1				428
Other income (expense)		(43	)			22			(43	)			85
		(103	)			179			(166	)			394

Income before income taxes		6,721				11,502			11,007				21,773

Income taxes		2,442				3,910			3,941				7,402


Net income	$	4,279			$	7,592		$	7,066			$	14,371



Per share data:

Basic earnings per share - common shareholders	$	0.30			$	0.52		$	0.49			$	0.99

Diluted earnings per share - common shareholders	$	0.30			$	0.52		$	0.49			$	0.99


Weighted-average shares		14,457				14,388			14,456				14,385
Effect of dilutive securities: employee stock options		3				21			3				24
Adjusted weighted-average shares		14,460				14,409			14,459				14,409

Depreciation and amortization included in expense above	$	6,250			$	5,783		$	12,376			$	11,433

Cash dividend declared per common share	$	0.10			$	0.10		$	0.20			$	0.20


(a) - Included in revenue for the three- and six-month periods ending June 30, 2013, is $43.4 million and $88.8 million recognized from a large deepwater project, which negatively impacted gross profit for the respective periods. This project is scheduled for delivery in the first quarter of 2014.

CONTACT:
Gulf Island Fabrication, Inc.
Kirk J. Meche, 985-872-2100
Chief Executive Officer
or
Jeffrey M. Favret, 985.872.2100
Chief Financial Officer