Gulf Island Profits Slide for 3Q 2008, Backlog Encouraging

Gulf Island Fabrication has reported net income of $2.8 million ($.20 diluted EPS) on revenue of $92.7 million for its third quarter ended September 30, 2008, compared to net income of $10.0 million ($.70 diluted EPS) on revenue of $124.9 million for the third quarter ended September 30, 2007. Net income for the first nine months of 2008 was $28.1 million ($1.97 diluted EPS) on revenue of $334.3 million, compared to net income of $22.3 million ($1.56 diluted EPS) on revenue of $371.8 million for the first nine months of 2007.
The company had a revenue backlog of $422.4 million and a labor backlog of approximately 4.6 million man-hours remaining to work, which consist of work remaining at September 30, 2008 and commitments received since September 30, 2008.
 

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