Exhibit 99.1
Gulf Island Fabrication, Inc. Reports First Quarter Earnings
HOUMA, La.--(BUSINESS WIRE)--April 30, 2003--Gulf Island
Fabrication, Inc. (NASDAQ NMS: GIFI) today reported net income of $3.2
million ($.27 diluted EPS), on revenue of $39.6 million for its first
quarter ended March 31, 2003, compared to net income of $1.4 million
($.12 diluted EPS), before a cumulative effect of change in accounting
principle, on revenue of $27.2 million for the first quarter ended
March 31, 2002.
At March 31, 2003, the company had a revenue backlog of $83.7
million and a labor backlog of approximately 1.1 million man-hours
remaining to work.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
March 31, December 31,
2003 2002
--------- ------------
Cash and short-term investments $16,028 $24,450
Total current assets 64,682 65,032
Property, plant and equipment, at cost,net 55,768 47,471
Total assets 121,097 113,148
Total current liabilities 16,758 12,705
Debt 0 0
Shareholders' equity 98,549 94,976
Total liabilities and shareholders' equity 121,097 113,148
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, and steel
warehousing and sales.
GULF ISLAND FABRICATION, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
Three Months Ended
March 31,
-------------------
2003 2002
--------- ---------
Revenue $39,573 $27,246
Cost of revenue 33,599 24,448
--------- ---------
Gross profit 5,974 2,798
General and administrative expenses 1,178 908
--------- ---------
Operating income 4,796 1,890
Other income (expense):
Interest expense (9) (9)
Interest income 82 160
Other 3 57
--------- ---------
76 208
--------- ---------
Income before income taxes 4,872 2,098
Income taxes 1,652 713
--------- ---------
Net income before cumulative effect of
change in accounting principle 3,220 1,385
Cumulative effect of change in accounting
principle (1) - (4,765)
--------- ---------
Net income (loss) $3,220 $(3,380)
========= =========
Per share data:
Basic earnings (loss) per share:
Net income before cumulative effect of change
in accounting principle $0.27 $0.12
Cumulative effect of change in accounting
principle (1) - (0.41)
--------- ---------
Basic earnings (loss) per share $0.27 $(0.29)
========= =========
Diluted income (loss) per share: (2)
Net income before cumulative effect of change
in accounting principle $0.27 $0.12
Cumulative effect of change in accounting
principle (1) - (0.41)
--------- ---------
Diluted earnings (loss) per share $0.27 $(0.29)
========= =========
Weighted-average shares 11,757 11,708
Effect of dilutive securities: employee
stock options 135 66
--------- ---------
Adjusted weighted-average shares (2) 11,892 11,774
========= =========
Depreciation and amortization included in expense
above $1,235 $1,142
========= =========
(1) Included in the first quarter ended March 31, 2002, the
Company recorded a $4.8 million non-cash charge for the
impairment of goodwill resulting from the adoption of
Statement of Financial Accounting Standards Board No. 142,
"Goodwill and Other Intangible Assets".
(2) 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.
CONTACT: Gulf Island Fabrication, Inc., Houma
Kerry J. Chauvin or Joseph "Duke" Gallagher, 985/872-2100