-----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, A22SQl8zCYssHyyXCMeUtdkrAbDS1pb2wcxe0Tc+3fZi5JGZ/PTZgOZSZhzfkZVX VU7KZQ9tP998bxXK2BX7pw== 0001157523-10-006288.txt : 20101029 0001157523-10-006288.hdr.sgml : 20101029 20101028184035 ACCESSION NUMBER: 0001157523-10-006288 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20101028 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20101029 DATE AS OF CHANGE: 20101028 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: 101149327 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 a6486764.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 28, 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 October 28, 2010, Gulf Island Fabrication, Inc. issued a press release announcing third quarter 2010 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 28, 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:

October 28, 2010

EX-99.1 2 a6486764_ex991.htm EXHIBIT 99.1

Exhibit 99.1

Gulf Island Fabrication, Inc. Reports Third Quarter Earnings

HOUMA, La.--(BUSINESS WIRE)--October 28, 2010--Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $3.5 million ($.24 diluted EPS) on revenue of $60.7 million for its third quarter ended September 30, 2010, compared to net income of $6.0 million ($.41 diluted EPS) on revenue of $76.6 million for the third quarter ended September 30, 2009. Net income for the nine months ended September 30, 2010 was $11.4 million ($.79 diluted EPS) on revenue of $205.3 million, compared to the net income of $16.2 million ($1.12 diluted EPS) on revenue of $240.8 million for the nine months ended September 30, 2009.

The company had a revenue backlog of $140.3 million and a labor backlog of approximately 1.4 million man-hours remaining to work, which consists of work remaining at September 30, 2010 and commitments received through October 28, 2010. Our backlog as of September 30, 2010 does not include any amounts associated with a Letter of Authorization on a deepwater Gulf of Mexico project we received and announced on September 20, 2010.

     
SELECTED BALANCE SHEET INFORMATION
(in thousands)
September 30, December 31,
2010 2009
Cash, cash equivalents and short-term investments $ 35,696 $ 8,751
Total current assets 118,200 112,874

Property, plant and equipment, at cost, net

197,429 200,459
Total assets 343,661 332,175
Total current liabilities 31,602 32,373
Debt 0 0
Shareholders' equity 285,404 273,801
Total liabilities and shareholders' equity 343,661 332,175
 

The management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, October 29, 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 September 30, 2010. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.239.5289. A digital rebroadcast of the call is available two hours after the call and ending November 5, 2010 by dialing 1.888.203.1112, replay passcode: 1142194.

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, towboats, liftboats, 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,
2010   2009   2010   2009  
 
Revenue $ 60,733 $ 76,631 $ 205,282 $ 240,763
Cost of revenue   53,798     65,413     184,174     209,448  
Gross profit 6,935 11,218 21,108 31,315
General and administrative expenses   1,997     2,051     6,084     6,247  
Operating income 4,938 9,167 15,024 25,068
 
Other income (expense):
Interest expense (19 ) (23 ) (57 ) (58 )
Interest income 1,044 81 2,363 101
Other   23     2     1,054     4  
  1,048     60     3,360     47  
 
Income before income taxes 5,986 9,227 18,384 25,115
 
Income taxes   2,524     3,241     6,985     8,916  
 
 
Net income $ 3,462   $ 5,986   $ 11,399   $ 16,199  
 
Per share data:
Basic earnings per share - common shareholders $ 0.24   $ 0.41   $ 0.79   $ 1.12  
Diluted earnings per share - common shareholders $ 0.24   $ 0.41   $ 0.79   $ 1.12  
 
Weighted-average shares 14,318 14,293 14,316 14,293
Effect of dilutive securities: employee stock options   2     2     9     2  
Adjusted weighted-average shares   14,320     14,295     14,325     14,295  
 
Depreciation and amortization included in expense above $ 4,797   $ 4,667   $ 14,412   $ 13,764  
 
Cash dividend declared per common share $ 0.01   $ 0.01   $ 0.03   $ 0.12  
 

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-----