-----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, V+NdvhwOldY7UdMltBmpKmN8QTED9JlzI0ySriqjLCZA2CvvqdRPPi+bf9aAYQLa yRsLSTonItf50TLLl/DUzg== 0001157523-08-008347.txt : 20081024 0001157523-08-008347.hdr.sgml : 20081024 20081023181524 ACCESSION NUMBER: 0001157523-08-008347 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20081023 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20081024 DATE AS OF CHANGE: 20081023 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: 081138117 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 a5812148.htm 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):   October 23, 2008


GULF ISLAND FABRICATION, INC.
(Exact name of registrant as specified in its charter)

Louisiana

0-22303

72-1147390

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(IRS Employer
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 (17 CFR 240.13e-4(c))

Item 2.02     Results of Operations and Financial Condition.

On October 23, 2008, Gulf Island Fabrication, Inc. issued a press release announcing third quarter 2008 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 23, 2008





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 23, 2008

EX-99.1 2 a5812148ex991.htm EXHIBIT 99.1

Exhibit 99.1

Gulf Island Fabrication, Inc. Reports Third Quarter Earnings

HOUMA, La.--(BUSINESS WIRE)--October 23, 2008--Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $2.8 million ($.20 diluted EPS) on revenue of $92.7 million for its third quarter ended September 30, 2008, compared to net income of $10.0 million ($.70 diluted EPS) on revenue of $124.9 million for the third quarter ended September 30, 2007. Net income for the first nine months of 2008 was $28.1 million ($1.97 diluted EPS) on revenue of $334.3 million, compared to net income of $22.3 million ($1.56 diluted EPS) on revenue of $371.8 million for the first nine months of 2007.

The company had a revenue backlog of $422.4 million and a labor backlog of approximately 4.6 million man-hours remaining to work, which consist of work remaining at September 30, 2008 and commitments received since September 30, 2008.

SELECTED BALANCE SHEET INFORMATION
(in thousands)
  September 30,   December 31,
2008 2007
Cash and short-term investments $ 5,559 $ 24,640
Total current assets 126,733 135,747
Property, plant and equipment, at cost, net 204,246 188,766
Total assets 331,679 325,213
Total current liabilities 57,241 78,363
Debt - -
Shareholders' equity 254,769 228,913
Total liabilities and shareholders' equity 331,679 325,213

The management of Gulf Island Fabrication, Inc. will hold a conference call tomorrow, Friday, October 24, 2008 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, 2008. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.778.8903. A digital rebroadcast of the call is available two hours after the call and ending November 7, 2008 by dialing 1.888.203.1112, replay passcode: 9473494.

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 and MinDOCs, 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 jack-up drilling rigs, semi-submersible drilling rigs, TLPs, SPARs or other similar cargo onshore, and offshore scaffolding and 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,
2008 2007 2008 2007
 
Revenue $ 92,657 $ 124,900 $ 334,309 $ 371,845
Cost of revenue   86,349     106,904     284,746     331,196  
Gross profit 6,308 17,996 49,563 40,649
General and administrative expenses   2,070     2,771     7,339     7,888  
Operating income 4,238 15,225 42,224 32,761
 
Other income (expense):
Interest expense (18 ) (14 ) (31 ) (33 )
Interest income 42 63 187 343
Other   (42 )   (5 )   (97 )   (10 )
  (18 )   44     59     300  
 
Income before income taxes 4,220 15,269 42,283 33,061
 
Income taxes   1,384     5,229     14,135     10,745  
 
 
Net income $ 2,836   $ 10,040   $ 28,148   $ 22,316  
 
 
 
Per share data:
 
Basic earnings per share: $ 0.20   $ 0.71   $ 1.98   $ 1.58  
 
Diluted income per share: $ 0.20   $ 0.70   $ 1.97   $ 1.56  
 
 
Weighted-average shares 14,278 14,170 14,249 14,150
Effect of dilutive securities: employee stock options   66     114     65     122  
Adjusted weighted-average shares   14,344     14,284     14,314     14,272  
 
Depreciation and amortization included in expense above $ 4,615   $ 3,537   $ 13,045   $ 10,456  
 
Cash dividend declared per common share $ 0.10   $ 0.10   $ 0.30   $ 0.30  

CONTACT:
Gulf Island Fabrication, Inc.
Kerry J. Chauvin, Chief Executive Officer, 985-872-2100
or
Robin A. Seibert, Chief Financial Officer, 985-872-2100

-----END PRIVACY-ENHANCED MESSAGE-----