Gulf Island Fabrication Reports Third Quarter Earnings

Gulf Island Fabrication reports net income of $2.2 million ($.18 diluted EPS) on revenue of $37.5 million for its third quarter ended September 30, 2005, compared to net income of $1.7 million ($.14 diluted EPS) on revenue of $35.8 million for the third quarter ended September 30, 2004. Net income for the first nine months of 2005 was $10.3 million ($.83 diluted EPS) on revenue of $147.1 million, compared to net income of $9.2 million ($.76 diluted EPS) on revenue of $128.0 million for the first nine months of 2004.

The company had a revenue backlog of $105.7 million and a labor backlog of approximately 1.4 million man-hours remaining to work, which consist of work remaining at September 30, 2005 and commitments received since September 30, 2005.

                  SELECTED BALANCE SHEET INFORMATION
                            (in thousands)

                                           September 30, December 31,
                                               2005          2004
                                           ---------------------------
Cash and short-term investments                  $41,878      $40,397
Total current assets                              98,140       91,290
Property, plant and equipment, at cost, net       58,748       60,346
Total assets                                     157,538      152,285
Total current liabilities                         12,172       16,076
Debt                                                   0            0
Shareholders' equity                             136,156      126,584
Total liabilities and shareholders' equity       157,538      152,285

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