Exhibit 99.1
Gulf Island Fabrication, Inc. Reports First Quarter Earnings
HOUMA, La.--(BUSINESS WIRE)--April 28, 2004--Gulf Island
Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $4.0
million ($.33 diluted EPS), on revenue of $50.8 million for its first
quarter ended March 31, 2004, compared to net income of $3.2 million
($.27 diluted EPS), on revenue of $39.6 million for the first quarter
ended March 31, 2003.
The company had a revenue backlog of $66.4 million and a labor
backlog of approximately 951,000 man-hours remaining to work, which
consist of work remaining at March 31, 2004 and commitments received
since March 31, 2004.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
March 31, Dec. 31,
2004 2003
-------- --------
Cash and short-term investments $25,854 $22,050
Total current assets 84,302 81,407
Property, plant and equipment, at cost,net 58,445 58,259
Total assets 143,396 140,316
Total current liabilities 17,604 20,696
Debt 0 0
Shareholders' equity 117,453 111,591
Total liabilities and shareholders' equity 143,396 140,316
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,
-----------------
2004 2003
-------- --------
Revenue $50,794 $39,573
Cost of revenue 43,464 33,599
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Gross profit 7,330 5,974
General and administrative expenses 1,310 1,178
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Operating income 6,020 4,796
Other income (expense):
Interest expense (7) (9)
Interest income 49 82
Other 18 3
-------- --------
60 76
-------- --------
Income before income taxes 6,080 4,872
Income taxes 2,128 1,652
-------- --------
Net income $3,952 $3,220
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Per share data:
Basic earnings per share: $0.33 $0.27
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Diluted earnings per share: $0.33 $0.27
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Weighted-average shares 11,867 11,757
Effect of dilutive securities: employee stock
options 158 135
-------- --------
Adjusted weighted-average shares 12,025 11,892
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Depreciation and amortization included in expense
above $1,470 $1,235
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CONTACT: Gulf Island Fabrication, Inc., Houma
Kerry J. Chauvin, 985-872-2100
or
Joseph "Duke" Gallagher, 985-872-2100