Gulf Island Fabrication, Inc. : Reports First Quarter Earnings
04/26/2012| 05:05pm US/Eastern
Recommend:
0
Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported a net income
of $6.8 million ($.47 diluted EPS) on revenue of $113.1 million for its
first quarter ended March 31, 2012, compared to net loss of $7.0 million
($.49 diluted loss per share) on revenue of $46.3 million for the first
quarter ended March 31, 2011. Included in the loss reported in 2011 was
a $7.7 million pre-tax charge in the first quarter related to the total
impairment of an insurance claim.
The company had a revenue backlog of $548.4 million and a labor backlog
of approximately 3.9 million man-hours at March 31, 2012, including
commitments received through April 26, 2012, compared to a revenue
backlog of $614.5 million and a labor backlog of 4.6 million man-hours
reported as of December 31, 2011.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
March 31,
December 31,
2012
2011
Cash and cash equivalents
$
42,697
$
55,287
Total current assets
149,840
177,913
Property, plant and equipment, at cost,net
225,866
216,722
Total assets
376,379
395,935
Total current liabilities
50,886
75,987
Debt
0
0
Shareholders' equity
288,197
282,799
Total liabilities and shareholders' equity
376,379
395,935
The management of Gulf Island Fabrication, Inc. will hold a conference
call on Friday, April 27, 2012 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, 2012. The call is accessible by webcast (www.gulfisland.com)
through CCBN and by dialing 1.800.992.7415. A digital rebroadcast of
the call is available two hours after the call and ending May 4, 2012 by
dialing 1.888.203.1112, replay passcode: 7410159.
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, tanksand 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 OPERATIONS (UNAUDITED)
(in thousands, except per share data)
Three Months Ended
March 31,
2012
2011
Revenue
$
113,083
$
46,348
Cost of revenue:
Contract costs
100,415
48,226
Asset impairments
-
7,690
Total cost of revenue
100,415
55,916
Gross profit (loss)
12,668
(9,568
)
General and administrative expenses
2,612
1,936
Operating income (loss)
10,056
(11,504
)
Other income (expense):
Interest expense
(96
)
(22
)
Interest income
248
15
Other
63
-
215
(7
)
Income (loss) before income taxes
10,271
(11,511
)
Income taxes
3,492
(4,547
)
Net income (loss)
$
6,779
$
(6,964
)
Per share data:
Basic earnings (loss) per share - common shareholders
$
0.47
$
(0.49
)
Diluted earnings (loss) per share - common shareholders
$
0.47
$
(0.49
)
Weighted-average shares
14,381
14,344
Effect of dilutive securities: employee stock options
27
-
Adjusted weighted-average shares
14,408
14,344
Depreciation and amortization included in expense above
$
5,650
$
5,023
Cash dividend declared per common share
$
0.10
$
0.06
Gulf Island Fabrication, Inc. Kerry J. Chauvin, 985-872-2100 Chief
Executive Officer or Roy F. Breerwood, III, 985-872-2100 Interim
Chief Financial Officer
Recommend:
