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): July 28, 2011
GULF
ISLAND FABRICATION, INC.
(Exact
name of registrant as specified in its charter)
Louisiana |
0-22303 | 72-1147390 |
(State or other jurisdiction | (Commission | (IRS Employer |
of incorporation) | File Number) | Identification No.) |
567 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 July 28, 2011, Gulf Island Fabrication, Inc. issued a press release announcing second quarter 2011 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: |
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Exhibit No. |
Description |
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99.1 |
Press Release dated July 28, 2011 |
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. |
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By: |
/s/ Robin A. Seibert |
Robin A. Seibert |
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Vice President – Finance, |
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Chief Financial Officer |
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and Treasurer |
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(Principal Financial Officer and Duly Authorized Officer) |
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Dated: |
July 28, 2011 |
Exhibit 99.1
Gulf Island Fabrication, Inc. Reports Second Quarter Earnings
HOUMA, La.--(BUSINESS WIRE)--July 28, 2011--Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported a net income of $1.8 million ($.13 diluted EPS) on revenue of $87.3 million for its second quarter ended June 30, 2011, compared to net income of $3.4 million ($.24 diluted EPS) on revenue of $75.3 million for the second quarter ended June 30, 2010. Net loss for the six months ended June 30, 2011 was $5.1 million ($.36 diluted loss per share) on revenue of $133.6 million, compared to the net income of $7.9 million ($.55 diluted EPS) on revenue of $144.5 million for the six months ended June 30, 2010.
The company had a revenue backlog of $712.3 million and a labor backlog of approximately 6.2 million man-hours, consisting of work remaining on commitments received through July 28, 2011.
SELECTED BALANCE SHEET INFORMATION | |||||||
(in thousands) | |||||||
June 30, | December 31, | ||||||
2011 | 2010 | ||||||
Cash, cash equivalents and short-term investments | $ | 32,073 | $ | 88,072 | |||
Total current assets | 155,315 | 130,622 | |||||
Property, plant and equipment, at cost,net | 208,132 | 197,652 | |||||
Total assets | 368,338 | 334,856 | |||||
Total current liabilities | 57,147 | 18,511 | |||||
Debt | 0 | 0 | |||||
Shareholders' equity | 280,760 | 287,192 | |||||
Total liabilities and shareholders' equity | 368,338 | 334,856 | |||||
The management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, July 29, 2011 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the Company’s financial results for the quarter ended June 30, 2011. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.791.4322. A digital rebroadcast of the call is available two hours after the call and ending August 5, 2011 by dialing 1.888.203.1112, replay passcode: 9714593.
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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenue | $ | 87,251 | $ | 75,290 | $ | 133,599 | $ | 144,549 | ||||||||
Cost of revenue: | ||||||||||||||||
Contract costs | 82,405 | 68,555 | 130,631 | 130,376 | ||||||||||||
Asset impairments | - | - | 7,690 | - | ||||||||||||
Gross profit (loss) | 4,846 | 6,735 | (4,722 | ) | 14,173 | |||||||||||
General and administrative expenses | 1,958 | 1,990 | 3,894 | 4,087 | ||||||||||||
Operating income (loss) | 2,888 | 4,745 | (8,616 | ) | 10,086 | |||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (32 | ) | (21 | ) | (54 | ) | (38 | ) | ||||||||
Interest income | 156 | 349 | 171 | 1,319 | ||||||||||||
Other | 228 | 285 | 228 | 1,031 | ||||||||||||
352 | 613 | 345 | 2,312 | |||||||||||||
Income (loss) before income taxes | 3,240 | 5,358 | (8,271 | ) | 12,398 | |||||||||||
Income taxes | 1,405 | 1,926 | (3,142 | ) | 4,461 | |||||||||||
Net income (loss) | $ | 1,835 | $ | 3,432 | $ | (5,129 | ) | $ | 7,937 | |||||||
Per share data: | ||||||||||||||||
Basic earnings (loss) per share - common shareholders | $ | 0.13 | $ | 0.24 | $ | (0.36 | ) | $ | 0.55 | |||||||
Diluted earnings (loss) per share - common shareholders | $ | 0.13 | $ | 0.24 | $ | (0.36 | ) | $ | 0.55 | |||||||
Weighted-average shares | 14,348 | 14,317 | 14,346 | 14,315 | ||||||||||||
Effect of dilutive securities: employee stock options | 31 | 11 | - | 11 | ||||||||||||
Adjusted weighted-average shares | 14,379 | 14,328 | 14,346 | 14,326 | ||||||||||||
Depreciation and amortization included in expense above | $ | 5,033 | $ | 4,804 | $ | 10,056 | $ | 9,615 | ||||||||
Cash dividend declared per common share | $ | 0.06 | $ | 0.01 | $ | 0.12 | $ | 0.02 |
CONTACT:
Gulf Island Fabrication, Inc.
Kerry J. Chauvin,
985-872-2100
Chief Executive Officer
or
Robin A. Seibert,
985-872-2100
Chief Financial Officer