-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, J5Qa95voMQJvw8lfyg2wBSM1tae3x4Fu0620h7/RCQtGZ8go/OMyUwTNs+JiJQrQ tdt8GV2z7RgowNRYCYK3Iw== 0001157523-03-005823.txt : 20031024 0001157523-03-005823.hdr.sgml : 20031024 20031024105535 ACCESSION NUMBER: 0001157523-03-005823 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031022 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031024 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GULF ISLAND FABRICATION INC CENTRAL INDEX KEY: 0001031623 STANDARD INDUSTRIAL CLASSIFICATION: FABRICATED STRUCTURAL METAL PRODUCTS [3440] IRS NUMBER: 721147390 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22303 FILM NUMBER: 03955533 BUSINESS ADDRESS: STREET 1: GULF ISLAND FABRICATION INC STREET 2: 583 THOMPSON RD CITY: HOUMA STATE: LA ZIP: 70361 BUSINESS PHONE: 5048722100 MAIL ADDRESS: STREET 1: P O BOX 310 CITY: HOUMA STATE: LA ZIP: 70361 8-K 1 a4499213.txt GULF ISLAND FABRICATION 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): October 22, 2003 GULF ISLAND FABRICATION, INC. (Exact name of registrant as specified in its charter) Louisiana 0-22303 72-1147390 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 583 Thompson Road Houma, Louisiana 70363 (Address of principal executive offices)(Zip Code) (985) 872-2100 (Registrant's telephone number, including area code) Not applicable (Former name or former address, if changed since last report) Item 7. Financial Statements and Exhibits. (c) Exhibits The following exhibit is filed herewith: Exhibit No. Description 99.1 Press Release dated October 22, 2003 Item 12. Results of Operations and Financial Condition. On October 22, 2003, Gulf Island Fabrication, Inc. issued a press release announcing third quarter 2003 earnings. A copy of the press release is attached as Exhibit 99.1. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GULF ISLAND FABRICATION, INC. /s/ Joseph P. Gallagher, III By: --------------------------------------- Joseph P. Gallagher, III Vice President - Finance, Chief Financial Officer and Treasurer (Principal Financial Officer and Duly Authorized Officer) Dated: October 22, 2003 EX-99 3 a4499213ex991.txt EXHIBIT 99.1 Exhibit 99.1 Gulf Island Fabrication, Inc. Reports Third Quarter Earnings HOUMA, La.--(BUSINESS WIRE)--Oct. 22, 2003--Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $4.0 million ($.34 diluted EPS) on revenue of $63.3 million for its third quarter ended September 30, 2003, compared to net income of $3.8 million ($.32 diluted EPS) on revenue of $40.3 million for the third quarter ended September 30, 2002. Net income for the first nine months of 2003 was $9.6 million ($.81 diluted EPS) on revenue of $147.5 million, compared to net income of $6.9 million ($.59 diluted EPS), before a cumulative effect of change in accounting principle, on revenue of $100.6 million for the first nine months of 2002. At September 30, 2003, the company had a revenue backlog of $75.5 million and a labor backlog of approximately 900 thousand man-hours remaining to work. SELECTED BALANCE SHEET INFORMATION (in thousands) September 30, December 31, 2003 2002 ------------ ------------ Cash and short-term investments $ 19,574 $ 24,450 Total current assets 80,925 65,032 Property, plant and equipment, at cost, net 58,855 47,471 Total assets 140,427 113,148 Total current liabilities 29,214 12,705 Debt 0 0 Shareholders' equity 105,181 94,976 Total liabilities and shareholders' equity 140,427 113,148 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, and steel warehousing and sales. GULF ISLAND FABRICATION, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, ------------------- ------------------- 2003 2002 2003 2002 -------- -------- -------- -------- Revenue $ 63,329 $ 40,255 $147,505 $100,554 Cost of revenue 56,072 33,483 129,630 87,504 -------- -------- -------- -------- Gross profit 7,257 6,772 17,875 13,050 General and administrative expenses 1,234 1,103 3,568 3,029 -------- -------- -------- -------- Operating income 6,023 5,669 14,307 10,021 Other income (expense): Interest expense (7) (15) (30) (32) Interest income 39 152 170 479 Other 15 1 19 58 -------- -------- -------- -------- 47 138 159 505 -------- -------- -------- -------- Income before income taxes 6,070 5,807 14,466 10,526 Income taxes 2,037 1,974 4,892 3,579 -------- -------- -------- -------- Net income before cumulative effect of change in accounting principle 4,033 3,833 9,574 6,947 Cumulative effect of change in accounting principle (1) - - - (4,765) -------- -------- -------- -------- Net income $ 4,033 $ 3,833 $ 9,574 $ 2,182 ======== ======== ======== ======== Per share data: Basic earnings (loss) per share: Net income before cumulative effect of change in accounting principle $ 0.34 $ 0.33 $ 0.81 $ 0.59 Cumulative effect of change in accounting principle (1) - - - (0.41) -------- -------- -------- -------- Basic earnings (loss) per share $ 0.34 $ 0.33 $ 0.81 $ 0.19 ======== ======== ======== ======== Diluted income (loss) per share: (2) Net income before cumulative effect of change in accounting principle $ 0.34 $ 0.32 $ 0.81 $ 0.59 Cumulative effect of change in accounting principle (1) - - - (0.40) -------- -------- -------- -------- Diluted earnings (loss) per share $ 0.34 $ 0.32 $ 0.81 $ 0.18 ======== ======== ======== ======== Weighted-average shares 11,787 11,744 11,774 11,727 Effect of dilutive securities: employee stock options 100 71 119 87 -------- -------- -------- -------- Adjusted weighted-average shares (2) 11,887 11,815 11,893 11,814 ======== ======== ======== ======== Depreciation and amortization included in expense above $ 1,353 $ 1,150 $ 3,887 $ 3,439 ======== ======== ======== ======== (1) Included in the first quarter ended March 31, 2002, the Company recorded a $4.8 million non-cash charge for the impairment of goodwill resulting from the adoption of Statement of Financial Accounting Standards Board No.142, "Goodwill and Other Intangible Assets". (2) The calculation of diluted earnings per share assumes that all stock options are exercised and that the assumed proceeds are used to purchase shares at the average market price for the period. CONTACT: Gulf Island Fabrication Inc., Houma Kerry J. Chauvin, 985-872-2100 or Joseph "Duke" Gallagher, 985-872-2100 -----END PRIVACY-ENHANCED MESSAGE-----