-----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, Q+oEtehqEFTVUQ3V4r6eLcaLwINylmZ2rrfuZhOLa0+Muo87//y43det1KSW5gSs i1h1Cf3Ncvbmx9LGGYlxHQ== 0001157523-09-007138.txt : 20091023 0001157523-09-007138.hdr.sgml : 20091023 20091022175703 ACCESSION NUMBER: 0001157523-09-007138 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091022 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091023 DATE AS OF CHANGE: 20091022 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: 001-34279 FILM NUMBER: 091133213 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 a6081130.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 22, 2009


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 22, 2009, Gulf Island Fabrication, Inc. issued a press release announcing third quarter 2009 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 22, 2009




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 22, 2009

EX-99.1 2 a6081130ex99_1.htm EXHIBIT 99.1

Exhibit 99.1

Gulf Island Fabrication, Inc. Reports Third Quarter Earnings

HOUMA, La.--(BUSINESS WIRE)--October 22, 2009--Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $6.0 million ($.41 diluted EPS) on revenue of $76.6 million for its third quarter ended September 30, 2009, compared to net income of $2.8 million ($.20 diluted EPS) on revenue of $92.7 million for the third quarter ended September 30, 2008. Net income for the nine months ended September 30, 2009 was $16.2 million ($1.12 diluted EPS) on revenue of $240.8 million, compared to the net income of $28.1 million ($1.96 diluted EPS) on revenue of $334.3 million for the nine months ended September 30, 2008.

The company had a revenue backlog of $136.1 million and a labor backlog of approximately 1.5 million man-hours remaining to work, which consists of work remaining at September 30, 2009 and commitments received through October 22, 2009. In past quarters the Company included $147.7 million and 1.6 million man-hours in the backlog related to the MinDOC II project. Although not formally cancelled, due to current economic conditions, it is not likely the MinDOC II project will return to active status in the near future.

SELECTED BALANCE SHEET INFORMATION
(in thousands)
        September 30,   December 31,
  2009   2008
Cash, cash equivalents and short-term investments $ 8,227 $ 13,839
Total current assets 122,551 136,380
Property, plant and equipment, at cost,net 202,492 204,695
Total assets 338,497 350,890
Total current liabilities 46,216 74,940
Debt 0 0
Shareholders' equity 269,162 254,207
Total liabilities and shareholders' equity 338,497 350,890

The management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, October 23, 2009, 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, 2009. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.215.6825. A digital rebroadcast of the call is available two hours after the call and ending October 31, 2009 by dialing 1.888.203.1112, replay passcode: 7247356.

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, MinDOCs); piles; wellhead protectors; subsea templates; various production, compressor and utility modules; offshore living quarters; brown water tow boats; 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, TLPs, 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,
2009 2008 2009 2008
 
Revenue $ 76,631 $ 92,657 $ 240,763 $ 334,309
Cost of revenue 65,413 86,349 209,448 284,746
Gross profit 11,218 6,308 31,315 49,563
General and administrative expenses 2,051 2,070 6,247 7,339
Operating income 9,167 4,238 25,068 42,224
 
Other income (expense):
Interest expense (23) (18) (58) (31)
Interest income 81 42 101 187
Other 2 (42) 4 (97)
60 (18) 47 59
 
Income before income taxes 9,227 4,220 25,115 42,283
 
Income taxes 3,241 1,384 8,916 14,135
 
 
Net income $ 5,986 $ 2,836 $ 16,199 $ 28,148
 
Per share data (a):
Basic earnings (loss) per share - common shareholders $ 0.41 $ 0.20 $ 1.12 $ 1.97
Diluted earnings (loss) per share - common shareholders $ 0.41 $ 0.20 $ 1.12 $ 1.96
 
Weighted-average shares 14,293 14,278 14,293 14,249
Effect of dilutive securities: employee stock options 2 40 2 40
Adjusted weighted-average shares 14,295 14,318 14,295 14,289
 
Depreciation and amortization included in expense above $ 4,667 $ 4,615 $ 13,764 $ 13,045
 
Cash dividend declared per common share $ 0.01 $ 0.10 $ 0.12 $ 0.30
 
(a) - Basic and diluted earnings per share for the three-month period ended September 30, 2009 and nine-month periods ended September 30, 2009 and 2008 have been reduced by $0.01 per share as the result of adopting standards contained in ASC 260-10-45-61A effective January 1, 2009.

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

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