-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LrsGgt618Dxa63Kkk9S6pp9868KnCiZLYQ7msv1LVspUy/01O/XrR9jAfS7bmeta +WHDIQJ/Xhkswfcrh6U2Ug== 0001157523-03-003270.txt : 20030724 0001157523-03-003270.hdr.sgml : 20030724 20030724095731 ACCESSION NUMBER: 0001157523-03-003270 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030724 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030724 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GULF ISLAND FABRICATION INC CENTRAL INDEX KEY: 0001031623 STANDARD INDUSTRIAL CLASSIFICATION: FABRICATED STRUCTURAL METAL PRODUCTS [3440] IRS NUMBER: 721147390 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22303 FILM NUMBER: 03799600 BUSINESS ADDRESS: STREET 1: GULF ISLAND FABRICATION INC STREET 2: 583 THOMPSON RD CITY: HOUMA STATE: LA ZIP: 70361 BUSINESS PHONE: 5048722100 MAIL ADDRESS: STREET 1: P O BOX 310 CITY: HOUMA STATE: LA ZIP: 70361 8-K 1 a4441042.txt GULF ISLAND FABRICATION 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): July 24, 2003 GULF ISLAND FABRICATION, INC. (Exact name of registrant as specified in its charter) Louisiana 0-22303 72-1147390 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 583 Thompson Road Houma, Louisiana 70363 (Address of principal executive offices)(Zip Code) (985) 872-2100 (Registrant's telephone number, including area code) Not applicable (Former name or former address, if changed since last report) Item 7. Financial Statements and Exhibits. The following exhibit is filed herewith: Exhibit No. Description 99.1 Press Release dated July 23, 2003 Item 12. Results of Operations and Financial Condition. On July 23, 2003, Gulf Island Fabrication, Inc. issued a press release announcing second quarter 2003 earnings. A copy of the press release is attached as Exhibit 99. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GULF ISLAND FABRICATION, INC. By: /s/ Joseph P. Gallagher, III ---------------------------- Joseph P. Gallagher, III Vice President - Finance, Chief Financial Officer and Treasurer (Principal Financial Officer and Duly Authorized Officer) Dated: July 24, 2003 EX-99 3 a4441042ex99.txt EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1 Gulf Island Fabrication, Inc. Reports Second Quarter Earnings HOUMA, La.--(BUSINESS WIRE)--July 23, 2003--Gulf Island Fabrication, Inc. (NASDAQ:GIFI) today reported net income of $2.3 million ($.20 diluted EPS) on revenue of $44.6 million for its second quarter ended June 30, 2003, compared to net income of $1.7 million ($.15 diluted EPS) on revenue of $33.1 million for the second quarter ended June 30, 2002. Net income for the first six months of 2003 was $5.5 million ($.47 diluted EPS) on revenue of $84.2 million, compared to net income of $3.1 million ($.26 diluted EPS), before a cumulative effect of change in accounting principle, on revenue of $60.3 million for the first six months of 2002. At June 30, 2003, the company had a revenue backlog of $98.6 million and a labor backlog of approximately 1.2 million man-hours remaining to work. SELECTED BALANCE SHEET INFORMATION (in thousands) June 30, December 31, 2003 2002 ---------- ------------ Cash and short-term investments $13,765 $24,450 Total current assets 67,259 65,032 Property, plant and equipment, at cost, net 58,921 47,471 Total assets 126,826 113,148 Total current liabilities 19,682 12,705 Debt 0 0 Shareholders' equity 101,063 94,976 Total liabilities and shareholders' equity 126,826 113,148 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, ------------------ ---------------- 2003 2002 2003 2002 -------- -------- -------- -------- Revenue $44,603 $33,053 $84,176 $60,299 Cost of revenue 39,959 29,573 73,558 54,021 -------- -------- -------- -------- Gross profit 4,644 3,480 10,618 6,278 General and administrative expenses 1,156 1,018 2,334 1,926 -------- -------- -------- -------- Operating income 3,488 2,462 8,284 4,352 Other income (expense): Interest expense (14) (9) (23) (18) Interest income 49 168 131 328 Other 1 - 4 57 -------- -------- -------- -------- 36 159 112 367 -------- -------- -------- -------- Income before income taxes 3,524 2,621 8,396 4,719 Income taxes 1,203 892 2,855 1,605 -------- -------- -------- -------- Net income before cumulative effect of change in accounting principle 2,321 1,729 5,541 3,114 Cumulative effect of change in accounting principle (1) - - - (4,765) -------- -------- -------- -------- Net income (loss) $2,321 $1,729 $5,541 $(1,651) ======== ======== ======== ======== Per share data: Basic earnings (loss) per share: Net income before cumulative effect of change in accounting principle $0.20 $0.15 $0.47 $0.27 Cumulative effect of change in accounting principle (1) - - - (0.41) -------- -------- -------- -------- Basic earnings (loss) per share $0.20 $0.15 $0.47 $(0.14) ======== ======== ======== ======== Diluted income (loss) per share:(2) Net income before cumulative effect of change in accounting principle $0.20 $0.15 $0.47 $0.26 Cumulative effect of change in accounting principle (1) - - - (0.40) -------- -------- -------- -------- Diluted earnings (loss) per share $0.20 $0.15 $0.47 $(0.14) ======== ======== ======== ======== Weighted-average shares 11,778 11,728 11,768 11,718 Effect of dilutive securities: employee stock options 122 126 128 96 -------- -------- -------- -------- Adjusted weighted-average shares (2) 11,900 11,854 11,896 11,814 ======== ======== ======== ======== Depreciation and amortization included in expense above $1,299 $1,147 $2,534 $2,289 ======== ======== ======== ======== (1) Included in the first quarter ended March 31, 2002, the Company recorded a $4.8 million non-cash charge for the impairment of goodwill resulting from the adoption of Statement of Financial Accounting Standards Board No.142, "Goodwill and Other Intangible Assets". (2) The calculation of diluted earnings per share assumes that all stock options are exercised and that the assumed proceeds are used to purchase shares at the average market price for the period. CONTACT: Gulf Island Fabrication, Inc., Houma Kerry J. Chauvin or Joseph "Duke" Gallagher, 985-872-2100 http://www.gulfisland.com -----END PRIVACY-ENHANCED MESSAGE-----