Gulf Island Fabrication, Inc. Annual report pursuant to Section 13 and 15(d)

COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

12 Months Ended

Dec. 31, 2013

4. COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

Information with respect to uncompleted contracts as of December 31 is as follows (in thousands):


	2013			2012
Costs incurred on uncompleted contracts	$	991,123		$	659,422
Estimated profit earned to date		40,045			21,883

		1,031,168			681,305
Less billings to date		1,041,447			683,486

	$	(10,279	)	$	(2,181	)

The above amounts are included in the accompanying consolidated balance sheets at December 31 under the following captions (in thousands):


	2013			2012
Costs and estimated earnings in excess of billings on uncompleted contracts	$	24,727		$	26,317
Billings in excess of costs and estimated earnings on uncompleted contracts		(35,006	)		(28,498	)

	$	(10,279	)	$	(2,181	)