Exhibit 99.1

NEWS RELEASE

For further information contact:

Kirk J. Meche

Chief Executive Officer

(985) 872-2100

FOR IMMEDIATE RELEASE

THURSDAY, JULY 25, 2013

GULF ISLAND FABRICATION, INC.

REPORTS SECOND QUARTER EARNINGS

Houma, LA – 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,
2013
     December 31,
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.