HOUMA, La.--(BUSINESS WIRE)--Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $1.7 million ($.12 diluted EPS) on revenue of $43.0 million for its fourth quarter ended December 31, 2010, compared to net income of $4.6 million ($.32 diluted EPS) on revenue of $70.8 million for the fourth quarter ended December 31, 2009. Net income for the twelve months ended December 31, 2010 was $13.1 million ($.90 diluted EPS) on revenue of $248.3 million, compared to the net income of $20.8 million ($1.44 diluted EPS) on revenue of $311.5 million for the twelve months ended December 31, 2009.
The company had a revenue backlog of $486.1 million and a labor backlog of approximately 3.8 million man-hours remaining to work, which consists of work remaining at December 31, 2010 and commitments received through February 24, 2011. Our backlog as of December 31, 2010 includes amounts associated with a contract for the fabrication and integration of the topsides on a deepwater Gulf of Mexico project we received and announced on November 23, 2010.
| SELECTED BALANCE SHEET INFORMATION | |||||||||
| (in thousands) | |||||||||
| December 31, | December 31, | ||||||||
| 2010 | 2009 | ||||||||
| Cash, cash equivalents and short-term investments | $ | 88,072 | $ | 8,751 | |||||
| Total current assets | 130,622 | 112,874 | |||||||
| Property, plant and equipment, at cost,net | 197,652 | 200,459 | |||||||
| Total assets | 334,856 | 332,175 | |||||||
| Total current liabilities | 18,511 | 32,373 | |||||||
| Debt | 0 | 0 | |||||||
| Shareholders' equity | 287,192 | 273,801 | |||||||
| Total liabilities and shareholders' equity | 334,856 | 332,175 | |||||||
The management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, February 25, 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 December 31, 2010. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.215.7027. A digital rebroadcast of the call is available two hours after the call and ending March 4, 2011 by dialing 1.888.203.1112, replay passcode: 6749349.
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 | Twelve Months Ended | |||||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||||||||
| Revenue | $ | 43,004 | $ | 70,766 | $ | 248,286 | $ | 311,529 | ||||||||||||||
| Cost of revenue | 40,841 | 62,616 | 225,015 | 272,064 | ||||||||||||||||||
| Gross profit | 2,163 | 8,150 | 23,271 | 39,465 | ||||||||||||||||||
| General and administrative expenses | 1,863 | 2,010 | 7,947 | 8,257 | ||||||||||||||||||
| Operating income | 300 | 6,140 | 15,324 | 31,208 | ||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||
| Interest expense | (19 | ) | (19 | ) | (76 | ) | (77 | ) | ||||||||||||||
| Interest income | 2,734 | 962 | 5,097 | 1,063 | ||||||||||||||||||
| Other | (40 | ) | (59 | ) | 1,014 | (55 | ) | |||||||||||||||
| 2,675 | 884 | 6,035 | 931 | |||||||||||||||||||
| Income before income taxes | 2,975 | 7,024 | 21,359 | 32,139 | ||||||||||||||||||
| Income taxes | 1,281 | 2,419 | 8,266 | 11,335 | ||||||||||||||||||
| Net income | $ | 1,694 | $ | 4,605 | $ | 13,093 | $ | 20,804 | ||||||||||||||
| Per share data: | ||||||||||||||||||||||
| Basic earnings per share - common shareholders | $ | 0.12 | $ | 0.32 | $ | 0.90 | $ | 1.44 | ||||||||||||||
| Diluted earnings per share - common shareholders | $ | 0.12 | $ | 0.32 | $ | 0.90 | $ | 1.44 | ||||||||||||||
| Weighted-average shares | 14,325 | 14,297 | 14,318 | 14,294 | ||||||||||||||||||
| Effect of dilutive securities: employee stock options | 25 | 12 | 11 | 1 | ||||||||||||||||||
| Adjusted weighted-average shares | 14,350 | 14,309 | 14,329 | 14,295 | ||||||||||||||||||
| Depreciation and amortization included in expense above | $ | 4,870 | $ | 4,748 | $ | 19,282 | $ | 18,512 | ||||||||||||||
| Cash dividend declared per common share | $ | 0.01 | $ | 0.01 | $ | 0.04 | $ | 0.13 | ||||||||||||||