Gulf Island Fabrication Reports First Quarter Earnings
Gulf Island Fabrication, Inc. (NASDAQ: GIFI) reported net income of $2.2 million ($.16 diluted EPS) on revenue of $57.4 million for its first quarter ended March 31, 2006, compared to net income of $3.5 million ($.28 diluted EPS) on revenue of $54.2 million for the first quarter ended March 31, 2005.
The operations of Gulf Marine Fabricators, which was acquired on January 31, 2006, contributed $9.6 million of revenue, $9.8 million of cost-of-revenue, and $658,000 of general and administrative expenses, to the Consolidated Statements of Income for the three months ended March 31, 2006.
Included in the Consolidated Statements of Income for the three months ended March 31, 2006, under other income (expense), is the $983,000 gain resulting from the sale of the Company's interest in MinDOC, L.L.C., effective January 23, 2006.
The company had a revenue backlog of $230.0 million and a labor backlog of approximately 2.7 million man-hours remaining to work, which consist of work remaining at March 31, 2006 and commitments received since March 31, 2006.
SELECTED BALANCE SHEET INFORMATION (in thousands) March 31, December 31, 2006 2005 ------------ ------------ Cash and short-term investments $ 5,451 $ 35,901 Total current assets 91,290 103,412 Property, plant and equipment, at cost, net 138,002 59,744 Total assets 233,614 163,806 Total current liabilities 25,503 16,271 Debt 19,000 0 Shareholders' equity 180,325 138,265 Total liabilities and shareholders' equity 233,614 163,806
Gulf Island Fabrication, Inc., based in Houma, Louisiana, is a
leading fabricator of offshore drilling and production platforms,
offshore living quarters and other specialized structures used in the
development and production of offshore oil and gas reserves. The
Company also offers offshore interconnect pipe hook-up; inshore marine
construction; manufacture and repair of pressure vessels; steel
warehousing and sales; onshore and offshore scaffolding and piping
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