-----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, IEe3n5F0GbvpXEQ6nV39pSegFtKDqMacFkLIQ04MVNfuRuXdlzmIE8Ae9whzo1UU eYY6T9FO87Ub2R4nVi/Wbw== 0001157523-04-004159.txt : 20040429 0001157523-04-004159.hdr.sgml : 20040429 20040429171203 ACCESSION NUMBER: 0001157523-04-004159 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040428 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040429 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: 04766060 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 a4629190.txt GULF ISLAND FABRICATION INC. 8-K DOCUMENT 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): April 28, 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 April 28, 2004 Item 12. Results of Operations and Financial Condition. On April 28, 2004, Gulf Island Fabrication, Inc. issued a press release announcing first quarter 2004 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: April 29, 2004 EX-99.1 2 a4629190ex99.txt PRESS RELEASE Exhibit 99.1 Gulf Island Fabrication, Inc. Reports First Quarter Earnings HOUMA, La.--(BUSINESS WIRE)--April 28, 2004--Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $4.0 million ($.33 diluted EPS), on revenue of $50.8 million for its first quarter ended March 31, 2004, compared to net income of $3.2 million ($.27 diluted EPS), on revenue of $39.6 million for the first quarter ended March 31, 2003. The company had a revenue backlog of $66.4 million and a labor backlog of approximately 951,000 man-hours remaining to work, which consist of work remaining at March 31, 2004 and commitments received since March 31, 2004. SELECTED BALANCE SHEET INFORMATION (in thousands) March 31, Dec. 31, 2004 2003 -------- -------- Cash and short-term investments $25,854 $22,050 Total current assets 84,302 81,407 Property, plant and equipment, at cost,net 58,445 58,259 Total assets 143,396 140,316 Total current liabilities 17,604 20,696 Debt 0 0 Shareholders' equity 117,453 111,591 Total liabilities and shareholders' equity 143,396 140,316 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 March 31, ----------------- 2004 2003 -------- -------- Revenue $50,794 $39,573 Cost of revenue 43,464 33,599 -------- -------- Gross profit 7,330 5,974 General and administrative expenses 1,310 1,178 -------- -------- Operating income 6,020 4,796 Other income (expense): Interest expense (7) (9) Interest income 49 82 Other 18 3 -------- -------- 60 76 -------- -------- Income before income taxes 6,080 4,872 Income taxes 2,128 1,652 -------- -------- Net income $3,952 $3,220 ======== ======== Per share data: Basic earnings per share: $0.33 $0.27 ======== ======== Diluted earnings per share: $0.33 $0.27 ======== ======== Weighted-average shares 11,867 11,757 Effect of dilutive securities: employee stock options 158 135 -------- -------- Adjusted weighted-average shares 12,025 11,892 ======== ======== Depreciation and amortization included in expense above $1,470 $1,235 ======== ======== CONTACT: Gulf Island Fabrication, Inc., Houma Kerry J. Chauvin, 985-872-2100 or Joseph "Duke" Gallagher, 985-872-2100 -----END PRIVACY-ENHANCED MESSAGE-----