-----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, RE04Sw20EebbCJDL90uO48Xj4MCOScQF2+4UWHcl4BGtyr0ufT9O6dj9iJ/Med5g 8DveG55ETBxt9NOBiHxTpQ== 0001157523-05-004163.txt : 20050503 0001157523-05-004163.hdr.sgml : 20050503 20050503100323 ACCESSION NUMBER: 0001157523-05-004163 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050503 DATE AS OF CHANGE: 20050503 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: 05793099 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 a4873969.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): April 27, 2005 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition. On April 27, 2005, Gulf Island Fabrication, Inc. issued a press release announcing first quarter 2005 earnings. A copy of the press release is attached as Exhibit 99.1. Item 9.01 Financial Statements and Exhibits. (c) Exhibits The following exhibit is filed herewith: Exhibit No. Description 99.1 Press Release dated April 27, 2005 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. By: /s/ Joseph P. Gallagher, III ------------------------------- Joseph P. Gallagher, III Vice President - Finance, Chief Financial Officer and Treasurer (Principal Financial Officer and Duly Authorized Officer) Dated: April 27, 2005 EX-99.1 2 a4873969ex991.txt EXHIBIT 99.1 - PRESS RELEASE Exhibit 99.1 Gulf Island Fabrication, Inc. Reports First Quarter Earnings HOUMA, La.--(BUSINESS WIRE)--April 27, 2005--Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $3.5 million ($.28 diluted EPS) on revenue of $54.2 million for its first quarter ended March 31, 2005, compared to net income of $4.0 million ($.33 diluted EPS) on revenue of $50.8 million for the first quarter ended March 31, 2004. The company had a revenue backlog of $70.2 million and a labor backlog of approximately 885 thousand man-hours remaining to work, which consist of work remaining at March 31, 2005 and commitments received since March 31, 2005. SELECTED BALANCE SHEET INFORMATION (in thousands) March 31, December 31, 2005 2004 ------------- ------------ Cash and short-term investments $ 48,486 $ 40,397 Total current assets 98,263 91,290 Property, plant and equipment, at cost,net 60,607 60,346 Total assets 159,519 152,285 Total current liabilities 18,988 16,076 Debt 0 0 Shareholders' equity 130,638 126,584 Total liabilities and shareholders' equity 159,519 152,285 The management of Gulf Island Fabrication, Inc. will hold a conference call today April 27, 2005 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the Company's financial results for the quarter ended March 31, 2005. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.800.310.1961. A digital rebroadcast of the call is available two hours after the call and ending May 6, 2005 by dialing 1.888.203.1112, replay passcode: 1384604. 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 insulation services. GULF ISLAND FABRICATION, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share data) Three Months Ended March 31, 2005 2004 -------- -------- Revenue $54,232 $50,794 Cost of revenue 47,725 43,464 -------- -------- Gross profit 6,507 7,330 General and administrative expenses 1,372 1,310 -------- -------- Operating income 5,135 6,020 Other income (expense): Interest expense (27) (7) Interest income 287 49 Other (3) 18 -------- -------- 257 60 -------- -------- Income before income taxes 5,392 6,080 Income taxes 1,889 2,128 -------- -------- Net income $ 3,503 $ 3,952 ======== ======== Per share data: Basic earnings per share: $ 0.29 $ 0.33 ======== ======== Diluted income per share: $ 0.28 $ 0.33 ======== ======== Weighted-average shares 12,197 11,867 Effect of dilutive securities: employee stock options 134 158 ------- ------- Adjusted weighted-average shares 12,331 12,025 ======== ======== Depreciation included in expense above $ 1,553 $ 1,470 ======== ======== Cash dividend declared per common share $ 0.075 $ 0.050 ======== ======== CONTACT: Gulf Island Fabrication, Inc., Houma Kerry J. Chauvin, 985-872-2100 or Joseph "Duke" Gallagher, 985-872-2100 -----END PRIVACY-ENHANCED MESSAGE-----