The phone number in the third paragraph, second sentence should
read: 1.888.727.7630 (instead of: 1.888.220.8450). The passcode in
the third paragraph, third sentence should read: 1108351 (instead
of: 1867876).
The corrected release reads:
GULF ISLAND FABRICATION, INC. REPORTS SECOND
QUARTER EARNINGS
Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net
income of $4.3 million ($0.30 earnings per share) on revenue of
$129.2 million for its second quarter ended June 30, 2014, compared
to net income of $4.3 million ($0.30 earnings per share) on revenue
of $154.6 million for the second quarter ended June 30, 2013. Net
income of $7.8 million ($0.54 earnings per share) on revenue of
$263.9 million for the six-months ended June 30, 2014, compared to
net income of $7.1 million ($0.49 earnings per share) on revenue of
$305.0 million for the six-months ended June 30, 2013.
The company had a revenue backlog of $223.8 million and a labor
backlog of approximately 2.1 million man-hours at June 30, 2014,
including commitments received through July 24, 2014, compared to a
revenue backlog of $358.7 million and a labor backlog of 3.3
million man-hours reported as of December 31, 2013.
SELECTED BALANCE SHEET
INFORMATION (in thousands) June 30, December 31, 2014
2013 Cash and cash equivalents $ 31,367 $ 36,569 Total current
assets 147,208 201,996 Property, plant and equipment, at cost,net
231,930 223,555 Total assets 379,814 426,234 Total current
liabilities 65,572 112,275 Debt - - Shareholders' equity 281,031
275,562
The management of Gulf Island Fabrication, Inc. will hold a
conference call on Friday, July 25, 2014, at 9:00 a.m. Central Time
(10:00 a.m. Eastern Time) to discuss the Company’s financial
results for the quarter ended June 30, 2014. The call is accessible
by webcast (www.gulfisland.com) through CCBN and by dialing
1.888.727.7630. A digital rebroadcast of the call is available two
hours after the call and ending August 02, 2014 by dialing
1.888.203.1112, replay passcode: 1108351.
Gulf Island Fabrication, Inc., based in Houston, Texas, with
fabrication facilities located in Houma, Louisiana, and San
Patricio County, Texas, is a leading fabricator of offshore
drilling and production platforms, hull and/or deck sections of
floating production platforms and other specialized structures used
in the development and production of offshore oil and gas reserves.
These structures include jackets and deck sections of fixed
production platforms; hull and/or deck sections of floating
production platforms (such as tension leg platforms “TLPs”,
“SPARs”, “FPSOs”, and “MinDOCs”), piles, wellhead protectors,
subsea templates and various production, compressor and utility
modules, offshore living quarters, towboats, liftboats, tanks and
barges. The Company also provides offshore interconnect pipe
hook-up, inshore marine construction, manufacture and repair of
pressure vessels, heavy lifts such as ship integration and TLP
module integration, loading and offloading of jack-up drilling
rigs, semi-submersible drilling rigs, TLPs, SPARs, or other similar
cargo, onshore and offshore scaffolding, piping insulation
services, and steel warehousing and sales.
GULF
ISLAND FABRICATION, INC. CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED) (in thousands, except per share data)
Three Months Ended Six Months Ended June 30, June 30, 2014 2013
2014 2013
Revenue
$ 129,169 $ 154,575 $ 263,859 $ 304,997 Cost of revenue
118,847 144,898 244,764
288,616 Gross profit 10,322 9,677 19,095 16,381 General and
administrative expenses 3,873 2,853
7,246 5,208 Operating income 6,449
6,824 11,849 11,173 Other income (expense): Interest expense
(25 ) (60 ) (49 ) (124 ) Interest income 2 - 5 1 Other income
(expense) 8 (43 ) (96 ) (43 )
(15 ) (103 ) (140 ) (166 )
Income before income taxes 6,434 6,721 11,709 11,007 Income
taxes 2,124 2,442 3,864
3,941 Net income $ 4,310 $ 4,279
$ 7,845 $ 7,066 Per share
data: Basic earnings per share - common shareholders $ 0.30
$ 0.30 $ 0.54 $ 0.49 Diluted
earnings per share - common shareholders $ 0.30 $ 0.30
$ 0.54 $ 0.49 Weighted-average
shares 14,500 14,457 14,498 14,456 Effect of dilutive securities:
employee stock options - 3 -
3 Adjusted weighted-average shares
14,500 14,460 14,498
14,459 Depreciation and amortization included in
expense above $ 6,579 $ 6,250 $ 12,958 $
12,376 Cash dividend declared per common share $ 0.10
$ 0.10 $ 0.20 $ 0.20
Gulf Island Fabrication, Inc.Kirk J. Meche, 713-714-6100Chief
Executive OfficerorJeffrey M. Favret, 713-714-6100Chief Financial
Officer
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