-----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, Nc+rdaUIwyI7wgxO3+62MaLJX4A1w0m2iEqU0nmXjhBSg3pfK9OqNA3u3TNfGu1Q v7uDa0hz3qYK3l5wyNZ/vg== 0001157523-07-007359.txt : 20070727 0001157523-07-007359.hdr.sgml : 20070727 20070726175932 ACCESSION NUMBER: 0001157523-07-007359 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070726 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070727 DATE AS OF CHANGE: 20070726 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: 071004271 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 a5457552.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 26, 2007 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 26, 2007, Gulf Island Fabrication, Inc. issued a press release announcing second quarter 2007 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 26, 2007 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 26, 2007 EX-99.1 2 a5457552ex99_1.txt EXHIBIT 99.1 Exhibit 99.1 Gulf Island Fabrication, Inc. Reports Second Quarter Earnings HOUMA, La.--(BUSINESS WIRE)--July 26, 2007--Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $7.9 million ($.55 diluted EPS) on revenue of $137.6 million for its second quarter ended June 30, 2007, compared to net income of $5.7 million ($.41 diluted EPS) on revenue of $89.5 million for the second quarter ended June 30, 2006. Net income for the first six months of 2007 was $12.3 million ($.86 diluted EPS) on revenue of $246.9 million, compared to net income of $7.6 million ($.55 diluted EPS) on revenue of $146.5 million for the first six months of 2006. The company had a revenue backlog of $308.4 million and a labor backlog of approximately 3.0 million man-hours remaining to work, which consist of work remaining at June 30, 2007 and commitments received since June 30, 2007. SELECTED BALANCE SHEET INFORMATION (in thousands) June 30, December 31, 2007 2006 ----------- ------------ Cash and short-term investments $ 7,027 $ 10,302 Total current assets 130,499 94,765 Property, plant and equipment, at cost, net 166,024 155,440 Total assets 297,303 251,448 Total current liabilities 77,438 40,214 Debt 0 0 Shareholders' equity 211,379 200,756 Total liabilities and shareholders' equity 297,303 251,448 The management of Gulf Island Fabrication, Inc. will hold a conference call tomorrow July 27, 2007 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, 2007. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.800.478.6251. A digital rebroadcast of the call is available two hours after the call and ending August 3, 2007 by dialing 1.888.203.1112, replay passcode: 8704691. Gulf Island Fabrication, Inc., based in Houma, Louisiana, is a leading fabricator of offshore drilling and production platforms, hull and/or deck sections of floating production platforms and other specialized structures used in the development and production of offshore oil and gas reserves. These structures include jackets and deck sections of fixed production platforms; hull and/or deck sections of floating production platforms (such as tension leg platforms ("TLPs")), "SPARs, FPSOs", piles, wellhead protectors, subsea templates and various production, compressor and utility modules, offshore living quarters, tanks and barges. The Company also provides offshore interconnect pipe hook-up, inshore marine construction, manufacture and repair of pressure vessels, heavy lifts such as ship integration and TLP module integration, loading and offloading of jack-up drilling rigs, semi-submersible drilling rigs, TLP's , SPARs, or other similar cargo, onshore and offshore scaffolding, piping insulation services, 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, ------------------ ------------------- 2007 2006 2007 2006 --------- -------- --------- --------- Revenue $137,572 $89,508 $246,945 $146,486 Cost of revenue 123,429 78,994 224,292 131,958 --------- -------- --------- --------- Gross profit 14,143 10,514 22,653 14,528 General and administrative expenses 2,810 2,040 5,117 4,202 --------- -------- --------- --------- Operating income 11,333 8,474 17,536 10,326 Other income (expense): Interest expense (8) (112) (19) (289) Interest income 161 48 280 173 Other (1) 2 (5) 985 --------- -------- --------- --------- 152 (62) 256 869 --------- -------- --------- --------- Income before income taxes 11,485 8,412 17,792 11,195 Income taxes 3,624 2,734 5,516 3,638 --------- -------- --------- --------- Net income $7,861 $5,678 $12,276 $7,557 ========= ======== ========= ========= Per share data: Basic earnings per share: $0.56 $0.41 $0.87 $0.55 ========= ======== ========= ========= Diluted income per share: $0.55 $0.41 $0.86 $0.55 ========= ======== ========= ========= Weighted-average shares 14,152 13,916 14,140 13,641 Effect of dilutive securities: employee stock options 121 85 126 119 --------- -------- --------- --------- Adjusted weighted-average shares 14,273 14,001 14,266 13,760 ========= ======== ========= ========= Depreciation and amortization included in expense above $3,492 $3,067 $6,918 $5,936 ========= ======== ========= ========= Cash dividend declared per common share $0.10 $0.075 $0.20 $0.15 ========= ======== ========= ========= CONTACT: Kerry J. Chauvin, 985-872-2100 Chief Executive Officer or Joseph "Duke" Gallagher, 985-872-2100 Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----