Exhibit 99.1
Gulf Island Fabrication, Inc. Reports First Quarter Earnings
HOUMA, La.--(BUSINESS WIRE)--April 27, 2005--Gulf Island
Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $3.5
million ($.28 diluted EPS) on revenue of $54.2 million for its first
quarter ended March 31, 2005, compared to net income of $4.0 million
($.33 diluted EPS) on revenue of $50.8 million for the first quarter
ended March 31, 2004.
The company had a revenue backlog of $70.2 million and a labor
backlog of approximately 885 thousand man-hours remaining to work,
which consist of work remaining at March 31, 2005 and commitments
received since March 31, 2005.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
March 31, December 31,
2005 2004
------------- ------------
Cash and short-term investments $ 48,486 $ 40,397
Total current assets 98,263 91,290
Property, plant and equipment, at cost,net 60,607 60,346
Total assets 159,519 152,285
Total current liabilities 18,988 16,076
Debt 0 0
Shareholders' equity 130,638 126,584
Total liabilities and shareholders' equity 159,519 152,285
The management of Gulf Island Fabrication, Inc. will hold a
conference call today April 27, 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 March 31, 2005. The call is accessible by webcast
(www.gulfisland.com) through CCBN and by dialing 1.800.310.1961. A
digital rebroadcast of the call is available two hours after the call
and ending May 6, 2005 by dialing 1.888.203.1112, replay passcode:
1384604.
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; onshore and offshore scaffolding and piping
insulation services.
GULF ISLAND FABRICATION, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
Three Months Ended
March 31,
2005 2004
-------- --------
Revenue $54,232 $50,794
Cost of revenue 47,725 43,464
-------- --------
Gross profit 6,507 7,330
General and administrative expenses 1,372 1,310
-------- --------
Operating income 5,135 6,020
Other income (expense):
Interest expense (27) (7)
Interest income 287 49
Other (3) 18
-------- --------
257 60
-------- --------
Income before income taxes 5,392 6,080
Income taxes 1,889 2,128
-------- --------
Net income $ 3,503 $ 3,952
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Per share data:
Basic earnings per share: $ 0.29 $ 0.33
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Diluted income per share: $ 0.28 $ 0.33
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Weighted-average shares 12,197 11,867
Effect of dilutive securities: employee
stock options 134 158
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Adjusted weighted-average shares 12,331 12,025
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Depreciation included in expense above $ 1,553 $ 1,470
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Cash dividend declared per common share $ 0.075 $ 0.050
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CONTACT: Gulf Island Fabrication, Inc., Houma
Kerry J. Chauvin, 985-872-2100
or
Joseph "Duke" Gallagher, 985-872-2100