Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income
of $3.5 million ($0.24 earnings per share) on revenue of $134.7 million
for its first quarter ended March 31, 2014, compared to net income of
$2.8 million ($0.19 earnings per share) on revenue of $150.4 million for
the first quarter ended March 31, 2013.
The company had a revenue backlog of $271.4 million and a labor backlog
of approximately 2.5 million man-hours at March 31, 2014, including
commitments received through April 14, 2014, compared to a revenue
backlog of $358.7 million and a labor backlog of 3.3 million man-hours
reported as of December 31, 2013.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
March 31,
December 31,
2014
2013
Cash and cash equivalents
$
23,178
$
36,569
Total current assets
173,126
201,996
Property, plant and equipment, at cost,net
234,660
223,555
Total assets
408,459
426,234
Total current liabilities
93,364
112,275
Debt
-
-
Shareholders' equity
277,916
275,562
The management of Gulf Island Fabrication, Inc. will hold a conference
call on Friday, April 25, 2014, at 9:00 a.m. Central Time (10:00 a.m.
Eastern Time) to discuss the Company’s financial results for the quarter
ended March 31, 2014. The call is accessible by webcast (www.gulfisland.com)
through CCBN and by dialing 1.888.220.8450. A digital rebroadcast of the
call is available two hours after the call and ending May 02, 2014 by
dialing 1.888.203.1112, replay passcode: 1867876.
Gulf Island Fabrication, Inc., based in Houston, Texas, with fabrication
facilities located in Houma, Louisiana, and San Patricio County, Texas,
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
March 31,
2014
2013
Revenue
$
134,690
$
150,422
Cost of revenue
125,917
143,718
Gross profit
8,773
6,704
General and administrative expenses
3,373
2,355
Operating income
5,400
4,349
Other income (expense):
Interest expense
(24
)
(64
)
Interest income
3
1
Other income (expense)
(104
)
-
(125
)
(63
)
Income before income taxes
5,275
4,286
Income taxes
1,740
1,499
Net income
$
3,535
$
2,787
Per share data:
Basic earnings per share - common shareholders
$
0.24
$
0.19
Diluted earnings per share - common shareholders
$
0.24
$
0.19
Weighted-average shares
14,496
14,455
Effect of dilutive securities: employee stock options
-
6
Adjusted weighted-average shares
14,496
14,461
Depreciation and amortization included in expense above
Gulf Island Fabrication, Inc. is a fabricator of complex steel structures and modules. The Company is also a provider of specialty services, including project management, hookup, commissioning, repair, maintenance, scaffolding, coatings, welding enclosures, civil construction and staffing services for the industrial and energy sectors. The Company operates through two divisions: the Services Division, and the Fabrication Division. Services Division provides maintenance, repair, construction, scaffolding, coatings, welding enclosures and other specialty services on offshore platforms and inland structures and at industrial facilities. It also provides services required to connect production equipment and service modules and equipment on offshore platforms. Fabrication Division fabricates modules, skids and piping systems for onshore refining, petrochemical, industrial facilities, and offshore facilities; fabricates foundations, secondary steel components and support structures.