-----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, Ix4bTxiAIx+cSUabP1YLOQJHD7YTcesYWo/6mflvxfdLLNoy4XQqLX2qxE49zukv klV8mlw/MRLDV24X315yOw== 0001157523-05-000949.txt : 20050202 0001157523-05-000949.hdr.sgml : 20050202 20050202150150 ACCESSION NUMBER: 0001157523-05-000949 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050202 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050202 DATE AS OF CHANGE: 20050202 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: 05569026 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 a4813153.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 2, 2005 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition. On February 2, 2005, Gulf Island Fabrication, Inc. issued a press release announcing fourth quarter 2004 earnings. A copy of the press release is attached as Exhibit 99.1. Item 9.01 Financial Statements and Exhibits. (c) Exhibits The following exhibit is filed herewith: Exhibit No. Description 99.1 Press Release dated February 2, 2005 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 2, 2005 EX-99.1 2 a4813153ex991.txt EXHIBIT 99.1 Exhibit 99.1 Gulf Island Fabrication, Inc. Reports Fourth Quarter Earnings HOUMA, La.--(BUSINESS WIRE)--Feb. 2, 2005--Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $2.9 million ($.23 diluted EPS) on revenue of $45.9 million for its fourth quarter ended December 31, 2004, compared to net income of $6.2 million ($.52 diluted EPS) on revenue of $56.2 million for the fourth quarter ended December 31, 2003. Net income for the twelve months ended December 31, 2004 was $12.0 million ($.99 diluted EPS) on revenue of $173.9 million, compared to net income of $15.8 million ($1.33 diluted EPS) on revenue of $203.7 million for the twelve months ended December 31, 2003. The company had a revenue backlog of $88.2 million and a labor backlog of approximately 1.1 million man-hours remaining to work, which consist of work remaining at December 31, 2004 and commitments received since December 31, 2004. SELECTED BALANCE SHEET INFORMATION (in thousands) December 31, December 31, 2004 2003 ------------ ------------- Cash, cash equivalents and short-term investments $40,397 $22,050 Total current assets 91,290 81,407 Property, plant and equipment, at cost, net 60,346 58,259 Total assets 152,285 140,316 Total current liabilities 16,076 20,696 Debt 0 0 Shareholders' equity 126,584 111,591 Total liabilities and shareholders' equity 152,285 140,316 The management of Gulf Island Fabrication, Inc. will hold a conference call on Wednesday, February 2, 2005, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the Company's financial results for the quarter ended December 31, 2004. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.800.946.0785. A digital rebroadcast of the call is available two hours after the call and ending February 8, 2005 by dialing 1.888.203.1112, replay passcode: 216143. 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, -------------------- ------------------- 2004 2003 2004 2003 ----------- -------- --------- --------- Revenue $45,888 $56,162 $173,878 $203,667 Cost of revenue 40,740 45,135 151,205 174,765 ----------- -------- --------- --------- Gross profit 5,148 11,027 22,673 28,902 General and administrative expenses 1,055 1,600 4,818 5,168 ----------- -------- --------- --------- Operating income 4,093 9,427 17,855 23,734 Other income (expense): Interest expense (111) (10) (147) (40) Interest income 270 44 625 214 Other (72) - (21) 19 ----------- -------- --------- --------- 87 34 457 193 ----------- -------- --------- --------- Income before income taxes 4,180 9,461 18,312 23,927 Income taxes 1,324 3,243 6,270 8,135 ----------- -------- --------- --------- Net income $2,856 $6,218 $12,042 $15,792 =========== ======== ========= ========= Per share data: Basic earnings (loss) per share $0.24 $0.53 $1.00 $1.34 =========== ======== ========= ========= Diluted earnings (loss) per share $0.23 $0.52 $0.99 $1.33 =========== ======== ========= ========= Weighted-average shares 12,150 11,793 12,054 11,779 Effect of dilutive securities: employee stock options 126 108 134 116 ----------- -------- --------- --------- Adjusted weighted-average shares (1) 12,276 11,901 12,188 11,895 =========== ======== ========= ========= Depreciation and amortization included in expense above $1,545 $1,437 $6,041 $5,324 =========== ======== ========= ========= Cash dividend declared per common share $0.05 $- $0.20 $- =========== ======== ========= ========= (1) 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, 985-872-2100 or Joseph "Duke" Gallagher, 985-872-2100 -----END PRIVACY-ENHANCED MESSAGE-----