EXHIBIT 99.1
NEWS RELEASE
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
WEDNESDAY, APRIL 25, 2001
GULF ISLAND FABRICATION, INC.
REPORTS FIRST QUARTER EARNINGS
Houma, LA - Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net
income of $918 thousand ($.08 diluted EPS) on revenue of $27.6 million for its
first quarter ended March 31, 2001, compared to net income of $1.1 million
($.09 diluted EPS) on revenue of $31.7 million for the first quarter ended March
31, 2000.
At March 31, 2001, the company had a revenue backlog of $40.7 million and a
labor backlog of approximately 735 thousand man-hours remaining to work.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
March 31, December 31,
2001 2000
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Cash and short-term investments $20,384 $26,103
Total current assets 49,795 47,546
Property, plant and equipment, at cost, net 43,087 42,662
Total assets 98,625 96,062
Total current liabilities 11,554 10,371
Debt 0 0
Shareholders' equity 82,547 81,266
Total liabilities and shareholders' equity 98,625 96,062
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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2001 2000
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Revenue $27,558 $31,741
Cost of revenue 25,275 29,193
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Gross profit 2,283 2,548
General and administrative expenses 1,141 1,124
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Operating income 1,142 1,424
Other income (expense):
Interest expense (9) (18)
Interest income 314 319
Other - net (7) (57)
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298 244
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Income before income taxes 1,440 1,668
Income taxes 522 561
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Net income $ 918 $ 1,107
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Per share data:
Basic earnings per share $0.08 $0.10
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Diluted earnings per share(1) $0.08 $0.09
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Weighted-average shares 11,696 11,638
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Adjusted weighted-average shares(1) 11,845 11,705
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Depreciation and amortization included in expense above $ 1,185 $ 1,224
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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.