-----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, TWLMcphMKg8DHEuk7IQxpUT587YnPP7HbFlCVfH4UXrRrhtVOw4p+BBdo8ecdBCp Rt1htiFkdGeeKg2rnKnlUg== 0001157523-10-001248.txt : 20100226 0001157523-10-001248.hdr.sgml : 20100226 20100225183044 ACCESSION NUMBER: 0001157523-10-001248 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100225 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100226 DATE AS OF CHANGE: 20100225 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: 10635356 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 a6194680.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):  February 25, 2010


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 February 25, 2010, Gulf Island Fabrication, Inc. issued a press release announcing fourth 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 February 25, 2010




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:

February 25, 2010

EX-99.1 2 a6194680_ex991.htm EXHIBIT 99.1

Exhibit 99.1

Gulf Island Fabrication, Inc. Reports Fourth Quarter Earnings

HOUMA, La.--(BUSINESS WIRE)--February 25, 2010--Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $4.6 million ($.32 diluted EPS) on revenue of $70.8 million for its fourth quarter ended December 31, 2009, compared to net income of $874,000 ($.06 diluted EPS) on revenue of $86.2 million for the fourth quarter ended December 31, 2008. Net income for the twelve months ended December 31 2009 was $20.8 million ($1.44 diluted EPS) on revenue of $311.5 million, compared to the net income of $29.0 million ($2.02 diluted EPS) on revenue of $420.5 million for the twelve months ended December 31, 2008.

The company had a revenue backlog of $136.8 million and a labor backlog of approximately 1.5 million man-hours remaining to work, which consist of work remaining at December 31, 2009 and commitments received through February 25, 2010.

SELECTED BALANCE SHEET INFORMATION
(in thousands)
              December 31,   December 31,
2009 2008
Cash, cash equivalents and short-term investments $ 8,751 $ 13,839
Total current assets 114,129 136,380
Property, plant and equipment, at cost,net 200,459 204,695
Total assets 333,430 349,270
Total current liabilities 33,628 73,320
Debt 0 0
Shareholders' equity 273,801 254,207
Total liabilities and shareholders' equity 333,430 349,270

The management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, February 26, 2010, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the Company’s financial results for the quarter ended December 31, 2009. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.811.5445. A digital rebroadcast of the call is available two hours after the call and ending March 5, 2010 by dialing 1.888.203.1112, replay passcode: 2174197.

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 and various production, compressor and utility modules, offshore living quarters, brown water towboats, lift boats, tanks and barges. The Company also provides offshore interconnect pipe hook-up, inshore marine construction, manufacture and repair of pressure vessels, dry dock and marine repair services, 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 Twelve Months Ended
December 31, December 31,
2009 2008 2009 2008
 
Revenue $ 70,766 $ 86,198 $ 311,529 $ 420,507
Cost of revenue 62,616 83,465 272,064 368,211
Gross profit 8,150 2,733 39,465 52,296
General and administrative expenses 2,010 2,112 8,257 9,451
Operating income 6,140 621 31,208 42,845
 
Other income (expense):
Interest expense (19) (10) (77) (41)
Interest income 962 26 1,063 213
Other (59) - (55) (97)
884 16 931 75
 
Income before income taxes 7,024 637 32,139 42,920
 
Income taxes 2,419 (237) 11,335 13,898
 
 
Net income $ 4,605 $ 874 $ 20,804 $ 29,022
 
Per share data (a):
Basic earnings (loss) per share - common shareholders $ 0.32 $ 0.06 $ 1.44 $ 2.03
Diluted earnings (loss) per share - common shareholders $ 0.32 $ 0.06 $ 1.44 $ 2.02
 
Weighted-average shares 14,297 14,282 14,294 14,258
Effect of dilutive securities: employee stock options 12 2 1 34
Adjusted weighted-average shares 14,309 14,284 14,295 14,292
 
Depreciation and amortization included in expense above $ 4,748 $ 4,444 $ 18,512 $ 17,489
 
Cash dividend declared per common share $ 0.01 $ 0.10 $ 0.13 $ 0.40
 

(a) - Basic earnings per share for the twelve-month periods ended December 31, 2009 and 2008 have been reduced by $0.02 and $0.01 per share, respectively, as a result of adopting standards contained in ASC 260-10-45-61A effective January 1, 2009.

Diluted earnings per share for the twelve-month periods ended December 31, 2009 and 2008 have both been reduced by $0.01 per share as the result of the same standards.

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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