Exhibit 99.1
Gulf Island Fabrication, Inc. Reports Second Quarter Earnings
HOUMA, La.--(BUSINESS WIRE)--July 28, 2004--Gulf Island
Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $3.5
million ($.29 diluted EPS) on revenue of $41.4 million for its second
quarter ended June 30, 2004, compared to net income of $2.3 million
($.20 diluted EPS) on revenue of $44.6 million for the second quarter
ended June 30, 2003. Net income for the first six months of 2004 was
$7.5 million ($.62 diluted EPS) on revenue of $92.2 million, compared
to net income of $5.5 million ($.47 diluted EPS) on revenue of $84.2
million for the first six months of 2003.
The company had a revenue backlog of $60.1 million and a labor
backlog of approximately 850 thousand man-hours remaining to work,
which consist of work remaining at June 30, 2004 and commitments
received since June 30, 2004.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
June 30, Dec. 31,
2004 2003
---------- ---------
Cash and short-term investments $31,329 $22,050
Total current assets 84,333 81,407
Property, plant and equipment, at cost,net 62,222 58,259
Total assets 147,203 140,316
Total current liabilities 15,799 20,696
Debt 0 0
Shareholders' equity 122,773 111,591
Total liabilities and shareholders' equity 147,203 140,316
The management of Gulf Island Fabrication, Inc. will hold a
conference call on Thursday, July 29, 2004, at 9:00 a.m. Central Time
(10:00 a.m. Eastern Time) to discuss the Company's financial results
for the quarter ended June 30, 2004. The call is accessible by webcast
(www.gulfisland.com) through CCBN and by dialing 1.800.915.4836. A
digital rebroadcast of the call is available two hours after the call
and ending August 5, 2004 by dialing 1.800.428.6051, replay passcode:
363765.
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 Six Months Ended
June 30, June 30,
----------------- -----------------
2004 2003 2004 2003
-------- -------- -------- --------
Revenue $41,443 $44,603 $92,237 $84,176
Cost of revenue 34,941 39,959 78,405 73,558
-------- -------- -------- --------
Gross profit 6,502 4,644 13,832 10,618
General and administrative
expenses 1,256 1,156 2,566 2,334
-------- -------- -------- --------
Operating income 5,246 3,488 11,266 8,284
Other income (expense):
Interest expense (20) (14) (27) (23)
Interest income 138 49 187 131
Other 29 1 47 4
-------- -------- -------- --------
147 36 207 112
-------- -------- -------- --------
Income before income taxes 5,393 3,524 11,473 8,396
Income taxes 1,887 1,203 4,015 2,855
-------- -------- -------- --------
Net income $3,506 $2,321 $7,458 $5,541
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Per share data:
Basic earnings per share: $0.29 $0.20 $0.62 $0.47
======== ======== ======== ========
Diluted income per share: $0.29 $0.20 $0.62 $0.47
======== ======== ======== ========
Weighted-average shares 12,064 11,778 11,966 11,768
Effect of dilutive
securities: employee stock
options 131 122 144 128
-------- -------- -------- --------
Adjusted weighted-average shares 12,195 11,900 12,110 11,896
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Depreciation included in expense
above $1,501 $1,299 $2,971 $2,534
======== ======== ======== ========
Cash dividend declared per common
share $ 0.05 $ - $0.10 $ -
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CONTACT: Gulf Island Fabrication, Inc., Houma
Kerry J. Chauvin or Joseph "Duke" Gallagher, 985-872-2100
http://www.gulfisland.com