0001157523-14-004060.txt : 20141024 0001157523-14-004060.hdr.sgml : 20141024 20141023202755 ACCESSION NUMBER: 0001157523-14-004060 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20141023 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141024 DATE AS OF CHANGE: 20141023 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: 141170966 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 a50969029.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 23, 2014


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.)


16225 Park Ten Place, Suite 280
Houston, TX 77084
 (Address of principal executive offices)(Zip Code)


(713) 714-6100
(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 23, 2014, Gulf Island Fabrication, Inc. issued a press release announcing third quarter 2014 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 23, 2014




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/ Kirk J. Meche

Kirk J. Meche

President and Chief Executive Officer

 

 
 

Dated:

October 23, 2014

EX-99.1 2 a50969029ex99_1.htm EXHIBIT 99.1

Exhibit 99.1

Gulf Island Fabrication, Inc. Reports Third Quarter Earnings

HOUSTON--(BUSINESS WIRE)--October 23, 2014--Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $7.6 million ($0.52 earnings per share) on revenue of $118.0 million for its third quarter ended September 30, 2014, compared to net income of $4.3 million ($0.30 earnings per share) on revenue of $129.2 million for the second quarter ended June 30, 2014.

The company had a revenue backlog of $252.9 million and a labor backlog of approximately 2.0 million man-hours at September 30, 2014, including commitments received through October 23, 2014, compared to a revenue backlog of $223.8 million and a labor backlog of 2.1 million man-hours reported as of June 30, 2014.

             
SELECTED BALANCE SHEET INFORMATION
(in thousands)
September 30,
2014 		December 31,
2013
Cash and cash equivalents $ 26,707 $ 36,569
Total current assets 159,967 201,996

Property, plant and equipment, at cost, net

230,574 223,555
Total assets 391,207 426,234
Total current liabilities 66,905 112,275
Debt

-

-

Shareholders' equity 287,415 275,562
 

The management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, October 24, 2014, 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, 2014. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.213.3754. A digital rebroadcast of the call is available two hours after the call and ending October 31, 2014 by dialing 1.888.203.1112, replay passcode: 1782080.

Gulf Island Fabrication, Inc., based in Houston, Texas, with fabrication facilities located in Houma, Louisiana, and San Patricio County, Texas, 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”, and “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
September 30, 		Three Months Ended
June 30, 		Nine Months Ended
September 30,
2014 2013 2014 2014 2013
 

Revenue

$ 118,020 $ 168,191 $ 129,169 $ 381,879 $ 473,188
Cost of revenue   103,367     159,136     118,847     348,131     447,752  
Gross profit 14,653 9,055 10,322 33,748 25,436
General and administrative expenses   3,307     3,749     3,873     10,553     8,957  
Operating income 11,346 5,306 6,449 23,195 16,479
 
Other income (expense):
Interest expense (23 ) (43 ) (25 ) (72 ) (167 )
Interest income 1 2 2 6 3
Other income (expense)   (2 )   (15 )   8     (98 )   (58 )
  (24 )   (56 )   (15 )   (164 )   (222 )
 
Income before income taxes 11,322 5,250 6,434 23,031 16,257
 
Income taxes   3,736     1,974     2,124     7,600     5,915  
 
 
Net income $ 7,586   $ 3,276   $ 4,310   $ 15,431   $ 10,342  
 
 
 
Per share data:
 
Basic earnings per share - common shareholders $ 0.52   $ 0.23   $ 0.30   $ 1.05   $ 0.72  
 
Diluted earnings per share - common shareholders $ 0.52   $ 0.23   $ 0.30   $ 1.05   $ 0.72  
 
 
Weighted-average shares 14,506 14,462 14,500 14,501 14,458
Effect of dilutive securities: employee stock options   -     6     -     -     5  
Adjusted weighted-average shares   14,506     14,468     14,500     14,501     14,463  
 
Depreciation and amortization included in expense above $ 6,735   $ 6,370   $ 6,579   $ 19,693   $ 18,746  
 
Cash dividend declared per common share $ 0.10   $ 0.10   $ 0.10   $ 0.30   $ 0.30  
 

CONTACT:
Gulf Island Fabrication, Inc.
Kirk J. Meche, 713-714-6100
Chief Executive Officer
or
Jeffrey M. Favret, 713-714-6100
Chief Financial Officer