Gulf Island Fabrication Reports Second Quarter Earnings

Gulf Island Fabrication has reported net income of $4.0 million ($.28 diluted EPS) on revenue of $79.1 million for its second quarter ended June 30, 2009, compared to net income of $11.9 million ($.83 diluted EPS) on revenue of $117.9 million for the second quarter ended June 30, 2008. Net income for the six months ended June 30, 2009 was $10.2 million ($.71 diluted EPS) on revenue of $164.1 million, compared to the net income of $25.3 million ($1.77 diluted EPS) on revenue of $241.7 million for the six months ended June 30, 2008.

The company had a revenue backlog of $159.2 million and a labor backlog of approximately 1.8 million man-hours remaining to work, which consist of work remaining at June 30, 2009 and commitments received through July 24, 2009. In past quarters the Company included $147.7 million and 1.6 million man-hours in the backlog related to the MinDOC II project. Although not formally cancelled, due to current economic conditions, it is not likely the MinDOC II project will return to active status in the near future.
 

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