Exhibit 99.1
Gulf Island Fabrication, Inc. Reports Fourth Quarter Earnings
HOUMA, La.--(BUSINESS WIRE)--Feb. 2, 2005--Gulf Island
Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $2.9
million ($.23 diluted EPS) on revenue of $45.9 million for its fourth
quarter ended December 31, 2004, compared to net income of $6.2
million ($.52 diluted EPS) on revenue of $56.2 million for the fourth
quarter ended December 31, 2003. Net income for the twelve months
ended December 31, 2004 was $12.0 million ($.99 diluted EPS) on
revenue of $173.9 million, compared to net income of $15.8 million
($1.33 diluted EPS) on revenue of $203.7 million for the twelve months
ended December 31, 2003.
The company had a revenue backlog of $88.2 million and a labor
backlog of approximately 1.1 million man-hours remaining to work,
which consist of work remaining at December 31, 2004 and commitments
received since December 31, 2004.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
December 31, December 31,
2004 2003
------------ -------------
Cash, cash equivalents and short-term
investments $40,397 $22,050
Total current assets 91,290 81,407
Property, plant and equipment, at cost, net 60,346 58,259
Total assets 152,285 140,316
Total current liabilities 16,076 20,696
Debt 0 0
Shareholders' equity 126,584 111,591
Total liabilities and shareholders' equity 152,285 140,316
The management of Gulf Island Fabrication, Inc. will hold a
conference call on Wednesday, February 2, 2005, at 9:00 a.m. Central
Time (10:00 a.m. Eastern Time) to discuss the Company's financial
results for the quarter ended December 31, 2004. The call is
accessible by webcast (www.gulfisland.com) through CCBN and by dialing
1.800.946.0785. A digital rebroadcast of the call is available two
hours after the call and ending February 8, 2005 by dialing
1.888.203.1112, replay passcode: 216143.
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 Twelve Months Ended
December 31, December 31,
-------------------- -------------------
2004 2003 2004 2003
----------- -------- --------- ---------
Revenue $45,888 $56,162 $173,878 $203,667
Cost of revenue 40,740 45,135 151,205 174,765
----------- -------- --------- ---------
Gross profit 5,148 11,027 22,673 28,902
General and administrative
expenses 1,055 1,600 4,818 5,168
----------- -------- --------- ---------
Operating income 4,093 9,427 17,855 23,734
Other income (expense):
Interest expense (111) (10) (147) (40)
Interest income 270 44 625 214
Other (72) - (21) 19
----------- -------- --------- ---------
87 34 457 193
----------- -------- --------- ---------
Income before income taxes 4,180 9,461 18,312 23,927
Income taxes 1,324 3,243 6,270 8,135
----------- -------- --------- ---------
Net income $2,856 $6,218 $12,042 $15,792
=========== ======== ========= =========
Per share data:
Basic earnings (loss) per
share $0.24 $0.53 $1.00 $1.34
=========== ======== ========= =========
Diluted earnings (loss) per
share $0.23 $0.52 $0.99 $1.33
=========== ======== ========= =========
Weighted-average shares 12,150 11,793 12,054 11,779
Effect of dilutive securities:
employee stock options 126 108 134 116
----------- -------- --------- ---------
Adjusted weighted-average
shares (1) 12,276 11,901 12,188 11,895
=========== ======== ========= =========
Depreciation and amortization
included in expense above $1,545 $1,437 $6,041 $5,324
=========== ======== ========= =========
Cash dividend declared per
common share $0.05 $- $0.20 $-
=========== ======== ========= =========
(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.
CONTACT: Gulf Island Fabrication, Inc., Houma
Kerry J. Chauvin, 985-872-2100
or
Joseph "Duke" Gallagher, 985-872-2100