NEWS RELEASE
Exhibit 99.1
For further information contact:
Kerry J. Chauvin Joseph "Duke" Gallagher
Chief Executive Officer Chief Financial Officer
(504) 872-2100 (504) 872-2100
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FOR IMMEDIATE RELEASE
THURSDAY, APRIL 27, 2000
GULF ISLAND FABRICATION, INC.
REPORTS FIRST QUARTER EARNINGS
Houma, LA - Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net
income of $1.1 million ($.09 diluted EPS) on revenue of $31.7 million for its
first quarter ended March 31, 2000, compared to net income of $1.9 million ($.17
diluted EPS) on revenue of $30.3 million for the first quarter ended March 31,
1999.
At March 31, 2000, the company had a revenue backlog of $29.5 million and a
labor backlog of approximately 526 thousand man-hours remaining to work.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
March 31, December 31,
2000 1999
__________ ____________
Cash and short-term investments $ 16,184 $ 15,750
Total current assets 48,900 47,154
Property, plant and equipment, at cost, net 42,681 43,664
Total assets 95,846 95,049
Total current liabilities 14,824 15,367
Debt -- --
Shareholders' equity 77,726 76,618
Total liabilities and shareholders' equity 95,846 95,049
Gulf Island Fabrication, Inc., based in Houma, Louisiana, is a leading
fabricator of offshore drilling and production platforms, offshore living
quarters and other specialized structures used in the development and production
of offshore oil and gas reserves. The Company also offers offshore interconnect
pipe hook-up, inshore marine construction, manufacture and repair of pressure
vessels, steel warehousing and sales.
Exhibit 99.1
GULF ISLAND FABRICATION, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
Three Months Ended
March 31,
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2000 1999
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Revenue $ 31,741 $ 30,329
Cost of revenue 29,193 26,103
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Gross profit 2,548 4,226
General and administrative expenses 1,124 1,282
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Operating income 1,424 2,944
Other expense (income):
Interest expense 18 21
Interest income (319) (101)
Other - net 57 (49)
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(244) (129)
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Income before income taxes 1,668 3,073
Income taxes 561 1,148
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Net income $ 1,107 $ 1,925
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Per share data:
Basic earnings per share $ 0.10 $ 0.17
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Diluted earnings per share(1) $ 0.09 $ 0.17
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Weighted-average shares 11,638 11,638
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Adjusted weighted-average shares(1) 11,705 11,656
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Depreciation and amortization
included in expense above $ 1,224 $ 1,201
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(1) The calculation of diluted earnings per share assumes that all stock options are exercised and that
the assumed proceeds are used to purchase shares at the average market price for the period.
2