Louisiana | 001-34279 | 72-1147390 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
The following exhibit is filed herewith: | |
Exhibit No. | Description |
99.1 | Press Release dated October 27, 2016 |
GULF ISLAND FABRICATION, INC. | |||
By: | /s/ Kirk J. Meche | ||
Kirk J. Meche | |||
President, Chief Executive Officer, Director and Interim Chief Financial Officer, Treasurer and Secretary (Principal Executive Officer and Interim Principal Financial and Accounting Officer) | |||
Dated: | October 27, 2016 |
September 30, 2016 (1) | December 31, 2015 | ||||||||||
(in thousands) | |||||||||||
Cash and cash equivalents | $ | 55,642 | $ | 34,828 | |||||||
Total current assets | 123,255 | 115,869 | |||||||||
Property, plant and equipment, net | 211,215 | 200,384 | |||||||||
Total assets | 337,212 | 316,923 | |||||||||
Total current liabilities | 43,483 | 37,901 | |||||||||
Total shareholders’ equity | 266,115 | 257,197 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
2016 (1) | 2015 | 2016 | 2016 (1) | 2015 | ||||||||||||||||
Revenue (2) | $ | 65,384 | $ | 67,531 | $ | 81,502 | $ | 230,864 | $ | 251,102 | ||||||||||
Cost of revenue | 60,125 | 75,368 | 67,436 | 205,839 | 248,686 | |||||||||||||||
Gross profit | 5,259 | (7,837 | ) | 14,066 | 25,025 | 2,416 | ||||||||||||||
General and administrative expenses | 5,086 | 3,798 | 5,062 | 14,633 | 11,817 | |||||||||||||||
Asset impairment | — | 6,600 | — | — | 6,600 | |||||||||||||||
Operating income | 173 | (18,235 | ) | 9,004 | 10,392 | (16,001 | ) | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | (110 | ) | (39 | ) | (88 | ) | (248 | ) | (126 | ) | ||||||||||
Interest income | 12 | 8 | 2 | 20 | 21 | |||||||||||||||
Other income, net | 599 | — | 42 | 1,039 | 20 | |||||||||||||||
501 | (31 | ) | (44 | ) | 811 | (85 | ) | |||||||||||||
Income before income taxes | 674 | (18,266 | ) | 8,960 | 11,203 | (16,086 | ) | |||||||||||||
Income taxes | 133 | (6,129 | ) | 3,420 | 4,134 | (5,389 | ) | |||||||||||||
Net income | $ | 541 | $ | (12,137 | ) | $ | 5,540 | $ | 7,069 | $ | (10,697 | ) | ||||||||
Per share data: | ||||||||||||||||||||
Basic and diluted earnings per share - common shareholders | $ | 0.04 | $ | (0.84 | ) | $ | 0.37 | $ | 0.48 | $ | (0.74 | ) | ||||||||
Cash dividend declared per common share | $ | 0.01 | $ | 0.10 | $ | 0.01 | $ | 0.03 | $ | 0.30 |
(1) | Results of operations for the three and nine months ended September 30, 2016 include the operations acquired in the LEEVAC transaction effective January 1, 2016. Revenues and net income for the three months ended September 30, 2016 attributable to LEEVAC were $16.8 million and $(471,000), respectively. Revenue and net income for the nine months ended September 30, 2016 attributable to LEEVAC were $55.9 million and $280,000, respectively. |
(2) | Revenue for the three and nine months ended September 30, 2016 includes the recognition of $1.5 million and $4.1 million in non-cash amortization of deferred revenue related to the values assigned to contracts acquired in the LEEVAC transaction, respectively. |
September 30, 2016 | June 30, 2016 | March 31, 2016 | ||||||||||||||||||
Segment | $'s | Labor hours | $'s | Labor hours | $'s | Labor hours | ||||||||||||||
Fabrication (1) | $ | 84,940 | 841 | $ | 41,126 | 431 | $ | 48,828 | 524 | |||||||||||
Shipyards | 78,886 | 582 | 93,912 | 629 | 119,984 | 843 | ||||||||||||||
Services | 17,386 | 163 | 22,540 | 209 | 28,316 | 308 | ||||||||||||||
Intersegment Eliminations | — | — | (41 | ) | — | (60 | ) | — | ||||||||||||
Total Backlog | $ | 181,212 | 1,586 | $ | 157,537 | 1,269 | $ | 197,068 | 1,675 | |||||||||||
Fabrication | Three Months Ended September 30, | |||||||
2016 | 2015 | |||||||
Revenue | $ | 22,311 | $ | 32,133 | ||||
Gross profit (loss) | 532 | (14,009 | ) | |||||
Gross profit percentage | 2.4 | % | (43.6 | )% | ||||
General and administrative expenses | 1,481 | 2,138 | ||||||
Asset impairment | — | 6,600 | ||||||
Operating income (loss) | (949 | ) | (22,747 | ) | ||||
Shipyards (2) | Three Months Ended September 30, | |||||||
2016 | 2015 | |||||||
Revenue (3) | $ | 23,060 | $ | 12,936 | ||||
Gross profit (3) | 1,877 | 1,937 | ||||||
Gross profit percentage | 8.1 | % | 15.0 | % | ||||
General and administrative expenses | 2,065 | 392 | ||||||
Operating income (loss)(2) | (188 | ) | 1,545 | |||||
Services | Three Months Ended September 30, | |||||||
2016 | 2015 | |||||||
Revenue | $ | 20,928 | $ | 23,487 | ||||
Gross profit | 2,850 | 4,235 | ||||||
Gross profit percentage | 13.6 | % | 18.0 | % | ||||
General and administrative expenses | 1,540 | 994 | ||||||
Operating income | 1,310 | 3,241 | ||||||
(1) | Includes commitments received through October 27, 2016. |
(2) | Included in our results of operations for our Shipyards segment were revenue and net income (loss) of $16.8 million and $(471,000) attributable to the operations acquired in the LEEVAC transaction for the three months ended September 30, 2016. |
(3) | Revenue for the three months ended September 30, 2016 includes the recognition of $1.5 million in non-cash amortization of deferred revenue related to the values assigned to contracts acquired in the LEEVAC transaction. |
Nine Months Ended September 30, | |||||||
2016 | 2015 | ||||||
(in thousands) | |||||||
Cash flows from operating activities: | |||||||
Net income (loss) | $ | 7,069 | $ | (10,697 | ) | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Bad debt expense | 422 | 400 | |||||
Depreciation | 19,262 | 19,674 | |||||
Amortization of deferred revenue | (4,114 | ) | — | ||||
Asset impairment | — | 6,600 | |||||
Gain on sale of assets | (924 | ) | (10 | ) | |||
Deferred income taxes | 3,651 | (5,464 | ) | ||||
Compensation expense - restricted stock | 2,452 | 1,863 | |||||
Changes in operating assets and liabilities: | |||||||
Contracts receivable and retainage | 22,287 | 43,501 | |||||
Costs and estimated earnings in excess of billings on uncompleted contracts | (5,834 | ) | (237 | ) | |||
Prepaid expenses and other assets | 915 | 2,072 | |||||
Inventory | 135 | 508 | |||||
Accounts payable | (13,654 | ) | (25,402 | ) | |||
Billings in excess of costs and estimated earnings on uncompleted contracts | (20 | ) | (13,494 | ) | |||
Deferred revenue | (8,928 | ) | — | ||||
Accrued employee costs | 1,404 | 343 | |||||
Accrued expenses | 2,733 | (2,369 | ) | ||||
Accrued contract losses | (8,001 | ) | 1,367 | ||||
Current income taxes | 413 | — | |||||
Net cash provided by operating activities | 19,268 | 18,655 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (5,415 | ) | (5,052 | ) | |||
Net cash received in acquisition | 1,588 | — | |||||
Proceeds on the sale of equipment | 5,813 | 10 | |||||
Net cash provided by (used in) investing activities | 1,986 | (5,042 | ) | ||||
Cash flows from financing activities: | |||||||
Payments of dividends on common stock | (440 | ) | (4,397 | ) | |||
Net cash used in financing activities | (440 | ) | (4,397 | ) | |||
Net change in cash and cash equivalents | 20,814 | 9,216 | |||||
Cash and cash equivalents at beginning of period | 34,828 | 36,085 | |||||
Cash and cash equivalents at end of period | $ | 55,642 | $ | 45,301 |