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 27, 2012
GULF ISLAND FABRICATION, INC.
(Exact
name of registrant as specified in its charter)
|
Louisiana |
0-22303 |
72-1147390 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer 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 February 27, 2012, Gulf Island Fabrication, Inc. issued a press release announcing fourth 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: | ||
| Exhibit No. | Description | |
| 99.1 | Press Release dated February 27, 2012 | |
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.
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GULF ISLAND FABRICATION, INC. |
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By: |
/s/ Roy F. Breerwood, III |
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Roy F. Breerwood, III |
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Interim |
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Chief Financial Officer |
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and Treasurer |
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(Principal Financial Officer |
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and Duly Authorized Officer) |
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Dated: |
February 27, 2012 |
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Exhibit 99.1
Gulf Island Fabrication, Inc. Reports Fourth Quarter Earnings
HOUMA, La.--(BUSINESS WIRE)--February 27, 2012--Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported a net income of $1.8 million ($.12 diluted EPS) on revenue of $88.4 million for its fourth quarter ended December 31, 2011, compared to net income of $1.7 million ($.12 diluted EPS) on revenue of $43.0 million for the fourth quarter ended December 31, 2010. Net loss for the twelve months ended December 31, 2011 was $1.8 million ($.13 diluted loss per share) on revenue of $307.8 million, compared to net income of $13.1 million ($.90 diluted EPS) on revenue of $248.3 million for the twelve months ended December 31, 2010. Included in the reported loss was a $7.7 million pre-tax charge in the first quarter related to the total impairment of an insurance claim.
The company had a revenue backlog of $614.5 million and a labor backlog of approximately 4.6 million man-hours at December 31, 2011, including commitments received through February 27, 2012, compared to a revenue backlog of $486.1 million and a labor backlog of 3.8 million man-hours reported as of December 31, 2010.
| SELECTED BALANCE SHEET INFORMATION | ||||||||||||
| (in thousands) | ||||||||||||
| December 31, | December 31, | |||||||||||
| 2011 | 2010 | |||||||||||
| Cash and cash equivalents | $ | 55,287 | $ | 88,072 | ||||||||
| Total current assets | 177,913 | 130,622 | ||||||||||
| Property, plant and equipment, at cost,net | 216,722 | 197,652 | ||||||||||
| Total assets | 395,935 | 334,856 | ||||||||||
| Total current liabilities | 75,987 | 18,511 | ||||||||||
| Debt | 0 | 0 | ||||||||||
| Shareholders' equity | 282,799 | 287,192 | ||||||||||
| Total liabilities and shareholders' equity | 395,935 | 334,856 | ||||||||||
The management of Gulf Island Fabrication, Inc. will hold a conference call on Tuesday, February 28, 2012 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, 2011. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.708.5699. A digital rebroadcast of the call is available two hours after the call and ending March 9, 2012 by dialing 1.888.203.1112, replay passcode: 7001974.
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 OPERATIONS (UNAUDITED) | ||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||||||
| Revenue | $ | 88,406 | $ | 43,004 | $ | 307,832 | $ | 248,286 | ||||||||||||
| Cost of revenue: | ||||||||||||||||||||
| Contract costs | 83,160 | 40,841 | 295,614 | 225,015 | ||||||||||||||||
| Asset impairments | - | - | 7,690 | - | ||||||||||||||||
| Total cost of revenue | 83,160 | 40,841 | 303,304 | 225,015 | ||||||||||||||||
| Gross profit | 5,246 | 2,163 | 4,528 | 23,271 | ||||||||||||||||
| General and administrative expenses | 2,383 | 1,863 | 8,187 | 7,947 | ||||||||||||||||
| Operating income (loss) | 2,863 | 300 | (3,659 | ) | 15,324 | |||||||||||||||
| Other income (expense): | ||||||||||||||||||||
| Interest expense | (71 | ) | (19 | ) | (173 | ) | (76 | ) | ||||||||||||
| Interest income | 526 | 2,734 | 1,075 | 5,097 | ||||||||||||||||
| Other | (8 | ) | (40 | ) | 309 | 1,014 | ||||||||||||||
| 447 | 2,675 | 1,211 | 6,035 | |||||||||||||||||
| Income (loss) before income taxes | 3,310 | 2,975 | (2,448 | ) | 21,359 | |||||||||||||||
| Income taxes | 1,544 | 1,281 | (644 | ) | 8,266 | |||||||||||||||
| Net income (loss) | $ | 1,766 | $ | 1,694 | $ | (1,804 | ) | $ | 13,093 | |||||||||||
| Per share data: | ||||||||||||||||||||
| Basic earnings (loss) per share - common shareholders | $ | 0.12 | $ | 0.12 | $ | (0.13 | ) | $ | 0.90 | |||||||||||
| Diluted earnings (loss) per share - common shareholders | $ | 0.12 | $ | 0.12 | $ | (0.13 | ) | $ | 0.90 | |||||||||||
| Weighted-average shares | 14,360 | 14,325 | 14,351 | 14,318 | ||||||||||||||||
| Effect of dilutive securities: employee stock options | 26 | 25 | - | 11 | ||||||||||||||||
| Adjusted weighted-average shares | 14,386 | 14,350 | 14,351 | 14,329 | ||||||||||||||||
| Depreciation and amortization included in expense above | $ | 5,477 | $ | 4,870 | $ | 20,692 | $ | 19,282 | ||||||||||||
| Cash dividend declared per common share | $ | 0.06 | $ | 0.01 | $ | 0.24 | $ | 0.04 | ||||||||||||
CONTACT:
Gulf Island Fabrication, Inc.
Kerry J. Chauvin,
985-872-2100
Chief Executive Officer
or
Roy F. Breerwood, III,
985-872-2100
Interim Chief Financial Officer