Exhibit 99.1
Gulf Island Fabrication, Inc. Reports Third Quarter Earnings
HOUMA, La.--(BUSINESS WIRE)--Oct. 26, 2005--Gulf Island
Fabrication, Inc. (NASDAQ:GIFI) today reported net income of $2.2
million ($.18 diluted EPS) on revenue of $37.5 million for its third
quarter ended September 30, 2005, compared to net income of $1.7
million ($.14 diluted EPS) on revenue of $35.8 million for the third
quarter ended September 30, 2004. Net income for the first nine months
of 2005 was $10.3 million ($.83 diluted EPS) on revenue of $147.1
million, compared to net income of $9.2 million ($.76 diluted EPS) on
revenue of $128.0 million for the first nine months of 2004.
The company had a revenue backlog of $105.7 million and a labor
backlog of approximately 1.4 million man-hours remaining to work,
which consist of work remaining at September 30, 2005 and commitments
received since September 30, 2005.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
September 30, December 31,
2005 2004
---------------------------
Cash and short-term investments $41,878 $40,397
Total current assets 98,140 91,290
Property, plant and equipment, at cost, net 58,748 60,346
Total assets 157,538 152,285
Total current liabilities 12,172 16,076
Debt 0 0
Shareholders' equity 136,156 126,584
Total liabilities and shareholders' equity 157,538 152,285
The management of Gulf Island Fabrication, Inc. will hold a
conference call today, October 26, 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 September 30, 2005. The call is accessible by
webcast (www.gulfisland.com) through CCBN and by dialing
1.800.474.8920. A digital rebroadcast of the call is available two
hours after the call and ending November 4, 2005 by dialing
1.888.203.1112, replay passcode: 6724442.
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 Nine Months Ended
September 30, September 30,
-------------------- -------------------
2005 2004 2005 2004
--------- -------- -------- --------
Revenue $ 37,475 $ 35,753 $147,119 $127,990
Cost of revenue 32,872 32,060 127,575 110,465
--------- -------- -------- --------
Gross profit 4,603 3,693 19,544 17,525
General and administrative
expenses 1,492 1,197 4,378 3,763
--------- -------- -------- --------
Operating income 3,111 2,496 15,166 13,762
Other income (expense):
Interest expense (9) (9) (45) (36)
Interest income 358 168 955 355
Other (3) 4 (5) 51
--------- -------- -------- --------
346 163 905 370
--------- -------- -------- --------
Income before income taxes 3,457 2,659 16,071 14,132
Income taxes 1,245 931 5,786 4,946
--------- -------- -------- --------
Net income $ 2,212 $ 1,728 $ 10,285 $ 9,186
========= ======== ======== ========
Per share data:
Basic earnings per share: $ 0.18 $ 0.14 $ 0.84 $ 0.76
========= ======== ======== ========
Diluted income per share: $ 0.18 $ 0.14 $ 0.83 $ 0.76
========= ======== ======== ========
Weighted-average shares 12,255 12,136 12,231 12,022
Effect of dilutive
securities: employee
stock options 129 121 122 137
--------- -------- -------- --------
Adjusted weighted-
average shares 12,384 12,257 12,353 12,159
========= ======== ======== ========
Depreciation included in
expense above $ 1,587 $ 1,525 $ 4,705 $ 4,496
========= ======== ======== ========
Cash dividend declared per
common share $ 0.075 $ 0.05 $ 0.225 $ 0.15
========= ======== ======== ========
CONTACT: Gulf Island Fabrication Inc., Houma
Kerry J. Chauvin, 985-872-2100
or
Joseph "Duke" Gallagher, 985-872-2100