Exhibit 99.1
Gulf Island Fabrication, Inc. Reports Second Quarter Earnings
HOUMA, La.--(BUSINESS WIRE)--July 27, 2005--Gulf Island
Fabrication, Inc. (NASDAQ:GIFI) today reported net income of $4.6
million ($.37 diluted EPS) on revenue of $55.4 million for its second
quarter ended June 30, 2005, compared to net income of $3.5 million
($.29 diluted EPS) on revenue of $41.4 million for the second quarter
ended June 30, 2004. Net income for the first six months of 2005 was
$8.1 million ($.65 diluted EPS) on revenue of $109.6 million, compared
to net income of $7.5 million ($.62 diluted EPS) on revenue of $92.2
million for the first six months of 2004.
The company had a revenue backlog of $86.6 million and a labor
backlog of approximately 1.1 million man-hours remaining to work,
which consist of work remaining at June 30, 2005 and commitments
received since June 30, 2005.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
June 30, December 31,
2005 2004
----------- -----------
Cash and short-term investments $ 45,552 $ 40,397
Total current assets 103,800 91,290
Property, plant and equipment, at cost, net 59,856 60,346
Total assets 164,305 152,285
Total current liabilities 20,580 16,076
Debt 0 0
Shareholders' equity 134,352 126,584
Total liabilities and shareholders' equity 164,305 152,285
The management of Gulf Island Fabrication, Inc. will hold a
conference call today, July 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 June 30, 2005. 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 August 5, 2005 by dialing 1.888.203.1112, replay passcode:
4872255.
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,
------------------ ------------------
2005 2004 2005 2004
-------- -------- -------- --------
Revenue $ 55,412 $ 41,443 $109,644 $ 92,237
Cost of revenue 46,978 34,941 94,703 78,405
-------- -------- -------- --------
Gross profit 8,434 6,502 14,941 13,832
General and administrative
expenses 1,514 1,256 2,886 2,566
-------- -------- -------- --------
Operating income 6,920 5,246 12,055 11,266
Other income (expense):
Interest expense (9) (20) (36) (27)
Interest income 310 138 597 187
Other 1 29 (2) 47
-------- -------- -------- --------
302 147 559 207
-------- -------- -------- --------
Income before income taxes 7,222 5,393 12,614 11,473
Income taxes 2,652 1,887 4,541 4,015
-------- -------- -------- --------
Net income $ 4,570 $ 3,506 $ 8,073 $ 7,458
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Per share data:
Basic earnings per share: $ 0.37 $ 0.29 $ 0.66 $ 0.62
======== ======== ======== ========
Diluted income per share: $ 0.37 $ 0.29 $ 0.65 $ 0.62
======== ======== ======== ========
Weighted-average shares 12,241 12,064 12,219 11,966
Effect of dilutive
securities: employee
stock options 103 131 118 144
-------- -------- -------- --------
Adjusted weighted-
average shares 12,344 12,195 12,337 12,110
======== ======== ======== ========
Depreciation included in
expense above $ 1,565 $ 1,501 $ 3,118 $ 2,971
======== ======== ======== ========
Cash dividend declared per
common share $ 0.075 $ 0.05 $ 0.15 $ 0.10
======== ======== ======== ========
CONTACT: Gulf Island Fabrication Inc., Houma
Kerry J. Chauvin or Joseph "Duke" Gallagher, 985-872-2100