-----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, KszT+wqlR2J6W7ONfnv+En9UnktWqUNBMMLh/I6/ioICyQFlwUkbRV/ksCqKTgCX yv14BOKukgBKUoAfW2UinA== 0001157523-05-006579.txt : 20050727 0001157523-05-006579.hdr.sgml : 20050727 20050727112519 ACCESSION NUMBER: 0001157523-05-006579 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050727 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050727 DATE AS OF CHANGE: 20050727 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: 05976071 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 a4939057.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): July 27, 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 July 27, 2005, Gulf Island Fabrication, Inc. issued a press release announcing second quarter 2005 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 July 27, 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. 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 27, 2005 EX-99.1 2 a4939057ex99_1.txt EXHIBIT 99.1 Exhibit 99.1 Gulf Island Fabrication, Inc. Reports Second Quarter Earnings HOUMA, La.--(BUSINESS WIRE)--July 27, 2005--Gulf Island Fabrication, Inc. (NASDAQ:GIFI) today reported net income of $4.6 million ($.37 diluted EPS) on revenue of $55.4 million for its second quarter ended June 30, 2005, compared to net income of $3.5 million ($.29 diluted EPS) on revenue of $41.4 million for the second quarter ended June 30, 2004. Net income for the first six months of 2005 was $8.1 million ($.65 diluted EPS) on revenue of $109.6 million, compared to net income of $7.5 million ($.62 diluted EPS) on revenue of $92.2 million for the first six months of 2004. The company had a revenue backlog of $86.6 million and a labor backlog of approximately 1.1 million man-hours remaining to work, which consist of work remaining at June 30, 2005 and commitments received since June 30, 2005. SELECTED BALANCE SHEET INFORMATION (in thousands) June 30, December 31, 2005 2004 ----------- ----------- Cash and short-term investments $ 45,552 $ 40,397 Total current assets 103,800 91,290 Property, plant and equipment, at cost, net 59,856 60,346 Total assets 164,305 152,285 Total current liabilities 20,580 16,076 Debt 0 0 Shareholders' equity 134,352 126,584 Total liabilities and shareholders' equity 164,305 152,285 The management of Gulf Island Fabrication, Inc. will hold a conference call today, July 27, 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 June 30, 2005. 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 August 5, 2005 by dialing 1.888.203.1112, replay passcode: 4872255. 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, ------------------ ------------------ 2005 2004 2005 2004 -------- -------- -------- -------- Revenue $ 55,412 $ 41,443 $109,644 $ 92,237 Cost of revenue 46,978 34,941 94,703 78,405 -------- -------- -------- -------- Gross profit 8,434 6,502 14,941 13,832 General and administrative expenses 1,514 1,256 2,886 2,566 -------- -------- -------- -------- Operating income 6,920 5,246 12,055 11,266 Other income (expense): Interest expense (9) (20) (36) (27) Interest income 310 138 597 187 Other 1 29 (2) 47 -------- -------- -------- -------- 302 147 559 207 -------- -------- -------- -------- Income before income taxes 7,222 5,393 12,614 11,473 Income taxes 2,652 1,887 4,541 4,015 -------- -------- -------- -------- Net income $ 4,570 $ 3,506 $ 8,073 $ 7,458 ======== ======== ======== ======== Per share data: Basic earnings per share: $ 0.37 $ 0.29 $ 0.66 $ 0.62 ======== ======== ======== ======== Diluted income per share: $ 0.37 $ 0.29 $ 0.65 $ 0.62 ======== ======== ======== ======== Weighted-average shares 12,241 12,064 12,219 11,966 Effect of dilutive securities: employee stock options 103 131 118 144 -------- -------- -------- -------- Adjusted weighted- average shares 12,344 12,195 12,337 12,110 ======== ======== ======== ======== Depreciation included in expense above $ 1,565 $ 1,501 $ 3,118 $ 2,971 ======== ======== ======== ======== Cash dividend declared per common share $ 0.075 $ 0.05 $ 0.15 $ 0.10 ======== ======== ======== ======== CONTACT: Gulf Island Fabrication Inc., Houma Kerry J. Chauvin or Joseph "Duke" Gallagher, 985-872-2100 -----END PRIVACY-ENHANCED MESSAGE-----