EXHBIT 99.3
NEWS RELEASE
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, JANUARY 30, 2002
GULF ISLAND FABRICATION, INC.
REPORTS FOURTH QUARTER EARNINGS
Houma, LA - Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net
income of $1.2 million ($.11 diluted EPS) on revenue of $21.4 million for its
fourth quarter ended December 31, 2001, compared to net income of $1.0 million
($.09 diluted EPS) on revenue of $24.4 million for the fourth quarter ended
December 31, 2000. Net income for the twelve months ended December 31, 2001 was
$7.3 million ($.62 diluted EPS) on revenue of $113.7 million, compared to net
income of $4.2 million ($.36 diluted EPS) on revenue of $112.1 million for the
twelve months ended December 31, 2000.
Currently, the company has a revenue backlog of $54.4 million and a labor
backlog of approximately 850 thousand man-hours remaining to work.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
December 31, December 31,
2001 2000
------------ ------------
Cash and short-term investments $ 35,032 $26,103
Total current assets 55,461 47,546
Property, plant and equipment, at cost, net 41,666 42,662
Total assets 102,538 96,062
Total current liabilities 8,860 10,371
Debt 0 0
Shareholders' equity 88,905 81,266
Total liabilities and shareholders' equity 102,538 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.
GULF ISLAND FABRICATION, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
---------------------- ------------------------
2001 2000 2001 2000
--------- --------- ---------- ---------
Revenue $21,376 $24,425 $113,697 $112,090
Cost of revenue 18,599 21,366 98,330 101,648
------- ------- -------- --------
Gross profit 2,777 3,059 15,367 10,442
General and administrative expenses 1,037 1,294 4,435 4,489
------- ------- -------- --------
Operating income 1,740 1,765 10,932 5,953
Other income (expense):
Interest expense (9) (9) (36) (34)
Interest income 229 347 1,103 1,332
Other - net (15) (389) (748) (558)
------- ------- -------- --------
205 (51) 319 740
------- ------- -------- --------
Income before income taxes 1,945 1,714 11,251 6,693
Income taxes 699 683 3,990 2,507
------- ------- -------- --------
Net income $ 1,246 $ 1,031 $ 7,261 $ 4,186
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Per share data:
Basic earnings per share $ 0.11 $ 0.09 $ 0.62 $ 0.36
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Diluted earnings per share/(1)/ $ 0.11 $ 0.09 $ 0.62 $ 0.36
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Weighted-average shares 11,707 11,681 11,704 11,666
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Adjusted weighted-average shares/(1)/ 11,750 11,776 11,789 11,756
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Depreciation and amortization
included in expense above $ 1,239 $ 1,207 $ 4,866 $ 4,771
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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.