NEWS RELEASE Exhibit 99.2
For further information contact:
Kerry J. Chauvin Joseph "Duke" Gallagher
Chief Executive Officer Chief Financial Officer
(985) 872-2100 (985) 872-2100
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FOR IMMEDIATE RELEASE
WEDNESDAY, JULY 25, 2001
GULF ISLAND FABRICATION, INC.
REPORTS SECOND QUARTER EARNINGS
Houma, LA - Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net
income of $2.9 million ($.25 diluted EPS) on revenue of $34.3 million for its
second quarter ended June 30, 2001, compared to net income of $1.0 million ($.09
diluted EPS) on revenue of $28.4 million for the second quarter ended June 30,
2000. Net income for the first six months of 2001 was $3.9 million ($.33
diluted EPS) on revenue of $61.8 million, compared to net income of $2.1 million
($.18 diluted EPS) on revenue of $60.1 million for the six months of 2000.
At June 30, 2001, the company had a revenue backlog of $39.8 million and a
labor backlog of approximately 720 thousand man-hours remaining to work.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
June 31, December 31,
2001 2000
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Cash and short-term investments $ 20,959 $ 26,103
Total current assets 58,683 47,546
Property, plant and equipment, at cost, net 40,932 42,662
Total assets 105,250 96,062
Total current liabilities 15,247 10,371
Debt 0 0
Shareholders' equity 85,495 81,266
Total liabilities and shareholders' equity 105,250 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 99.2
GULF ISLAND FABRICATION, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
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2001 2000 2001 2000
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Revenue $ 34,267 $ 28,380 $ 61,825 $ 60,121
Cost of revenue 28,630 25,930 53,905 55,123
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Gross profit 5,637 2,450 7,920 4,998
General and administrative expenses 1,202 1,036 2,343 2,160
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Operating income 4,435 1,414 5,577 2,838
Other income (expense):
Interest expense (9) 11 (18) (7)
Interest income 265 293 579 612
Other - net (102) (44) (109) (101)
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154 260 452 504
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Income before income taxes 4,589 1,674 6,029 3,342
Income taxes 1,649 646 2,171 1,207
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Net income $ 2,940 $ 1,028 $ 3,858 $ 2,135
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Per share data:
Basic earnings per share $ 0.25 $ 0.09 $ 0.33 $ 0.18
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Diluted earnings per share (1) $ 0.25 $ 0.09 $ 0.33 $ 0.18
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Weighted-average shares 11,705 11,664 11,701 11,651
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Adjusted weighted-average shares (1) 11,802 11,768 11,824 11,740
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Depreciation and amortization
included in expense above $ 1,220 $ 1,175 $ 2,405 $ 2,399
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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.