-----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, HyrfqJYanF1wNHislCsnrge0gigYqzuX1Bl8UY9KzOzKliJpuDxd30gB081aSQuy BI7bsBOUnpJkYS3pAAKvVA== 0001157523-04-000994.txt : 20040204 0001157523-04-000994.hdr.sgml : 20040204 20040204172512 ACCESSION NUMBER: 0001157523-04-000994 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040204 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040204 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: 04567764 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 a4565735.txt GULF ISLAND FABRICATION, INC. 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): February 4, 2004 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. (c) Exhibits The following exhibit is filed herewith: Exhibit No. Description ---------- ----------- 99.1 Press Release dated February 4, 2004 Item 12. Results of Operations and Financial Condition. On February 4, 2004, Gulf Island Fabrication, Inc. issued a press release announcing fourth quarter 2003 earnings. A copy of the press release is attached as Exhibit 99.1. 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. /s/ Joseph P. Gallagher, III By: ----------------------------- Joseph P. Gallagher, III Vice President - Finance, Chief Financial Officer and Treasurer (Principal Financial Officer and Duly Authorized Officer) Dated: February 4, 2004 EX-99 3 a4565735ex991.txt EXHIBIT 99.1 Exhibit 99.1 Gulf Island Fabrication, Inc. Reports Fourth Quarter Earnings HOUMA, La.--(BUSINESS WIRE)--Feb. 4, 2004--Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $6.2 million ($.52 diluted EPS) on revenue of $56.2 million for its fourth quarter ended December 31, 2003, compared to net income of $3.4 million ($.29 diluted EPS) on revenue of $42.4 million for the fourth quarter ended December 31, 2002. Net income for the twelve months ended December 31, 2003 was $15.8 million ($1.33 diluted EPS) on revenue of $203.7 million, compared to net income of $10.3 million ($.87 diluted EPS), before a cumulative effect of change in accounting principle, on revenue of $142.9 million for the twelve months ended December 31, 2002. At December 31, 2003, the Company had a revenue backlog of $99.2 million and a labor backlog of approximately 1.3 million man-hours remaining to work, which consist of work remaining at December 31, 2003 and commitments received since December 31, 2003. SELECTED BALANCE SHEET INFORMATION (in thousands) December December 31, 31, 2003 2002 -------- -------- Cash and short-term investments $22,050 $24,450 Total current assets 81,407 65,032 Property, plant and equipment, at cost,net 58,259 47,471 Total assets 140,316 113,148 Total current liabilities 20,696 12,705 Debt 0 0 Shareholders' equity 111,591 94,976 Total liabilities and shareholders' equity 140,316 113,148 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 Twelve Months Ended December 31, December 31, ----------------- ------------------- 2003 2002 2003 2002 -------- -------- --------- --------- Revenue $56,162 $42,365 $203,667 $142,919 Cost of revenue 45,135 36,139 174,765 123,643 -------- -------- --------- --------- Gross profit 11,027 6,226 28,902 19,276 General and administrative expenses 1,600 1,202 5,168 4,231 -------- -------- --------- --------- Operating income 9,427 5,024 23,734 15,045 Other income (expense): Interest expense (10) (7) (40) (39) Interest income 44 132 214 611 Other - (6) 19 52 -------- -------- --------- --------- 34 119 193 624 -------- -------- --------- --------- Income before income taxes 9,461 5,143 23,927 15,669 Income taxes 3,243 1,753 8,135 5,332 -------- -------- --------- --------- Net income before cumulative effect of change in accounting principle 6,218 3,390 15,792 10,337 Cumulative effect of change in accounting principle (1) - - - (4,765) -------- -------- --------- --------- Net income $6,218 $3,390 $15,792 $5,572 ======== ======== ========= ========= Per share data: Basic earnings (loss) per share: Net income before cumulative effect of change in accounting principle $0.53 $0.29 $1.34 $0.88 Cumulative effect of change in accounting principle (1) - - - (0.41) -------- -------- --------- --------- Basic earnings (loss) per share $0.53 $0.29 $1.34 $0.47 ======== ======== ========= ========= Diluted income (loss) per share: (2) Net income before cumulative effect of change in accounting principle $0.52 $0.29 $1.33 $0.87 Cumulative effect of change in accounting principle (1) - - - (0.40) -------- -------- --------- --------- Diluted earnings (loss) per share $0.52 $0.29 $1.33 $0.47 ======== ======== ========= ========= Weighted-average shares 11,793 11,745 11,779 11,731 Effect of dilutive securities: employee stock options 108 80 116 86 -------- -------- --------- --------- Adjusted weighted-average shares (2) 11,901 11,825 11,895 11,817 ======== ======== ========= ========= Depreciation and amortization included in expense above $1,437 $1,126 $5,324 $4,565 ======== ======== ========= ========= (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. Kerry J. Chauvin, 985-872-2100 or Joseph "Duke" Gallagher, 985-872-2100 -----END PRIVACY-ENHANCED MESSAGE-----