Exhibit 99.1
Gulf Island Fabrication, Inc. Reports First Quarter Earnings
HOUMA, La.--(BUSINESS WIRE)--April 26, 2006--Gulf Island
Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $2.2
million ($.16 diluted EPS) on revenue of $57.4 million for its first
quarter ended March 31, 2006, compared to net income of $3.5 million
($.28 diluted EPS) on revenue of $54.2 million for the first quarter
ended March 31, 2005.
The operations of Gulf Marine Fabricators, which was acquired on
January 31, 2006, contributed $9.6 million of revenue, $9.8 million of
cost-of-revenue, and $658,000 of general and administrative expenses,
to the Consolidated Statements of Income for the three months ended
March 31, 2006.
Included in the Consolidated Statements of Income for the three
months ended March 31, 2006, under other income (expense), is the
$983,000 gain resulting from the sale of the Company's interest in
MinDOC, L.L.C., effective January 23, 2006.
The company had a revenue backlog of $230.0 million and a labor
backlog of approximately 2.7 million man-hours remaining to work,
which consist of work remaining at March 31, 2006 and commitments
received since March 31, 2006.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
March 31, December 31,
2006 2005
------------ ------------
Cash and short-term investments $ 5,451 $ 35,901
Total current assets 91,290 103,412
Property, plant and equipment, at cost, net 138,002 59,744
Total assets 233,614 163,806
Total current liabilities 25,503 16,271
Debt 19,000 0
Shareholders' equity 180,325 138,265
Total liabilities and shareholders' equity 233,614 163,806
The management of Gulf Island Fabrication, Inc. will hold a
conference call today April 26, 2006 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, 2006. The call is accessible by webcast
(www.gulfisland.com) through CCBN and by dialing 1.800.310.7032. A
digital rebroadcast of the call is available two hours after the call
and ending May 5, 2006 by dialing 1.888.203.1112, replay passcode:
6455288.
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,
2006 2005
---------- ----------
Revenue $ 57,369 $ 54,232
Cost of revenue 52,974 47,725
---------- ----------
Gross profit 4,395 6,507
General and administrative expenses 2,169 1,372
---------- ----------
Operating income 2,226 5,135
Other income (expense):
Interest expense (177) (27)
Interest income 125 287
Other 983 (3)
---------- ----------
931 257
---------- ----------
Income before income taxes 3,157 5,392
Income taxes 1,003 1,889
---------- ----------
Net income $ 2,154 $ 3,503
========== ==========
Per share data:
Basic earnings per share: $ 0.16 $ 0.29
========== ==========
Diluted income per share: $ 0.16 $ 0.28
========== ==========
Weighted-average shares 13,365 12,197
Effect of dilutive securities:
employee stock options 153 134
---------- ----------
Adjusted weighted-average shares 13,518 12,331
========== ==========
Depreciation and amortization included in
expense above $ 2,869 $ 1,553
========== ==========
Cash dividend declared per common share $ 0.075 $ 0.075
========== ==========
CONTACT: Gulf Island Fabrication, Inc., Houma
Kerry J. Chauvin, 985-872-2100
or
Joseph "Duke" Gallagher, 985-872-2100
www.gulfisland.com