-----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, H0OiIbfKSlwQsjmQREEq20r/mvKHuy1iqGXV0GBA1n2QdxpzDuloGSghhJyp/0KI w9fdediQ9drpc9yOTttIxA== 0001157523-07-010334.txt : 20071029 0001157523-07-010334.hdr.sgml : 20071029 20071029095839 ACCESSION NUMBER: 0001157523-07-010334 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071025 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071029 DATE AS OF CHANGE: 20071029 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: 071195150 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 a5528695.txt GULF ISLAND FABRICATION 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): October 25, 2007 GULF ISLAND FABRICATION, INC. (Exact name of registrant as specified in its charter) Louisiana 0-22303 72-1147390 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) 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 October 25, 2007, Gulf Island Fabrication, Inc. issued a press release announcing third 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 October 25, 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/ Robin A. Seibert ------------------------------------ Robin A. Seibert Vice President - Finance, Chief Financial Officer and Treasurer (Principal Financial Officer and Duly Authorized Officer) Dated: October 25, 2007 EX-99.1 2 a5528695ex991.txt EXHIBIT 99.1 Exhibit 99.1 Gulf Island Fabrication, Inc. Reports Third Quarter Earnings HOUMA, La.--(BUSINESS WIRE)--Oct. 25, 2007--Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $10.0 million ($.70 diluted EPS) on revenue of $124.9 million for its third quarter ended September 30, 2007, compared to net income of $10.0 million ($.72 diluted EPS) on revenue of $89.7 million for the third quarter ended September 30, 2006. Net income for the first nine months of 2007 was $22.3 million ($1.56 diluted EPS) on revenue of $371.8 million, compared to net income of $17.6 million ($1.27 diluted EPS) on revenue of $236.2 million for the first nine months of 2006. The company had a revenue backlog of $245.2 million and a labor backlog of approximately 2.7 million man-hours remaining to work, which consist of work remaining at September 30, 2007 and commitments received since September 30, 2007. SELECTED BALANCE SHEET INFORMATION (in thousands) September 30, December 31, 2007 2006 ------------- ------------ Cash and short-term investments $ 4,178 $ 10,302 Total current assets 140,130 94,765 Property, plant and equipment, at cost, net 178,962 155,440 Total assets 319,793 251,448 Total current liabilities 77,112 40,214 Debt 10,990 0 Shareholders' equity 220,917 200,756 Total liabilities and shareholders' equity 319,793 251,448 The management of Gulf Island Fabrication, Inc. will hold a conference call tomorrow October 26, 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 September 30, 2007. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.668.1642. A digital rebroadcast of the call is available two hours after the call and ending November 2, 2007 by dialing 1.888.203.1112, replay passcode: 6249930. 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 Nine Months Ended September 30, September 30, ------------------- ------------------- 2007 2006 2007 2006 ---------- -------- --------- --------- Revenue $ 124,900 $89,733 $371,845 $236,219 Cost of revenue 106,904 72,843 331,196 204,801 ---------- -------- --------- --------- Gross profit 17,996 16,890 40,649 31,418 General and administrative expenses 2,771 2,585 7,888 6,787 ---------- -------- --------- --------- Operating income 15,225 14,305 32,761 24,631 Other income (expense): Interest expense (14) (173) (33) (462) Interest income 63 98 343 271 Other (5) 77 (10) 1,062 ---------- -------- --------- --------- 44 2 300 871 ---------- -------- --------- --------- Income before income taxes 15,269 14,307 33,061 25,502 Income taxes 5,229 4,267 10,745 7,905 ---------- -------- --------- --------- Net income $ 10,040 $10,040 $ 22,316 $ 17,597 ========== ======== ========= ========= Per share data: Basic earnings per share: $ 0.71 $ 0.72 $ 1.58 $ 1.28 ========== ======== ========= ========= Diluted income per share: $ 0.70 $ 0.72 $ 1.56 $ 1.27 ========== ======== ========= ========= Weighted-average shares 14,170 13,948 14,150 13,743 Effect of dilutive securities: employee stock options 114 92 122 110 ---------- -------- --------- --------- Adjusted weighted-average shares 14,284 14,040 14,272 13,853 ========== ======== ========= ========= Depreciation and amortization included in expense above $ 3,537 $ 3,331 $ 10,456 $ 9,267 ========== ======== ========= ========= Cash dividend declared per common share $ 0.10 $ 0.075 $ 0.30 $ 0.225 ========== ======== ========= ========= CONTACT: Gulf Island Fabrication, Inc. Kerry J. Chauvin, 985-872-2100 Chief Executive Officer or Robin A. Seibert, 985-872-2100 Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----