Gulf Island Fabrication, Inc. (NASDAQ:GIFI) today reported a net
loss of $0.1 million (($0.01) diluted loss per share) on revenue of
$124.8 million for its fourth quarter ended December 31, 2014,
compared to a net loss of $3.1 million (($0.22) diluted loss per
share) on revenue of $135.1 million for the fourth quarter ended
December 31, 2013. Net income for the twelve months ended December
31, 2014 was $15.3 million ($1.05 diluted earnings per share) on
revenue of $506.6 million, compared to net income of $7.2 million
($0.50 diluted earnings per share) on revenue of $608.3
million.
The company had a revenue backlog of $184.7 million and a labor
backlog of approximately 1.7 million man-hours at December 31,
2014, including commitments received through February 25, 2015,
compared to a revenue backlog of $252.9 million and a labor backlog
of 2.0 million man-hours reported as of September 30, 2014.
SELECTED BALANCE SHEET
INFORMATION (in thousands) December 31, December 31, 2014 2013
Cash and cash equivalents $ 36,085 $ 36,569 Total current assets
177,110 201,996 Property, plant and equipment, at cost,net 224,777
223,555 Total assets 402,558 426,234 Total current liabilities
77,380 112,275 Debt - - Shareholders' equity 285,798 275,562
“Our margins remain positive both in terms of year over year and
fourth quarter 2014 over the comparable quarter 2013 results, as a
reflection of the changes we have implemented within our company as
we continue to search for ways to improve our project execution,”
said Kirk Meche, President and Chief Executive Offer of Gulf Island
Fabrication, Inc.
Our fourth quarter 2014 results were negatively impacted by a
charge of $3.6 million for an allowance related to a receivable for
a large Deepwater hull that was completed in the first quarter of
2014, an impairment charge of $3.2 million related to assets held
for sale and a higher effective tax rate for 2014.
The management of Gulf Island Fabrication, Inc. will hold a
conference call on Friday, February 27, 2015, at 9:00 a.m. Central
Time (10:00 a.m. Eastern Time) to discuss the Company’s financial
results for the quarter ended December 31, 2014. The call is
accessible by webcast (www.gulfisland.com) through CCBN and by
dialing 1.888.256.0990. A digital rebroadcast of the call is
available two hours after the call and ending March 6, 2015 by
dialing 1.888.203.1112, replay passcode: 8835519.
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 Three Months
Ended Twelve Months Ended December 31,
September 30, December 31, 2014 2013
2014 2014 2013 Revenue $ 124,760 $
135,138 $ 118,020 $ 506,639 $ 608,326 Cost of revenue
113,952 136,913 103,367
462,083 584,665 Gross profit 10,808 (1,775 )
14,653 44,556 23,661 General and administrative expenses
10,056 2,598 3,307 20,609
11,555 Operating income (loss) 752 (4,373 )
11,346 23,947 12,106 Other income (expense): Interest
expense 35 (70 ) (23 ) (37 ) (237 ) Interest income 7 - 1 13 3
Other income (expense) (1 ) (279 ) (2 )
(99 ) (337 ) 41 (349 ) (24 )
(123 ) (571 ) Income (loss) before income
taxes 793 (4,722 ) 11,322 23,824 11,535 Income taxes
904 (1,612 ) 3,736 8,504
4,303 Net income (loss) $ (111 ) $
(3,110 ) $ 7,586 $ 15,320 $ 7,232
Per share data: Basic earnings per share -
common shareholders $ (0.01 ) $ (0.22 ) $ 0.52 $ 1.05
$ 0.50 Diluted earnings per share - common
shareholders $ (0.01 ) $ (0.22 ) $ 0.52 $ 1.05 $ 0.50
Weighted-average shares 14,518 14,477 14,506
14,505 14,462 Effect of dilutive securities: employee stock options
- 7 - -
6 Adjusted weighted-average shares 14,518
14,484 14,506 14,505
14,468 Depreciation and amortization
included in expense above $ 6,743 $ 6,362 $ 6,735
$ 26,436 $ 25,108 Cash dividend
declared per common share $ 0.10 $ 0.10 $ 0.10
$ 0.40 $ 0.40
GULF ISLAND FABRICATION, INC. CONSOLIDATED
STATEMENT OF CASH FLOWS (UNAUDITED) (in thousands, except per
share data)
Twelve Months Ended December
31, 2014 2013 Operating activities: Net
income $ 15,320 $ 7,232
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 26,436 25,087 Allowance for Doubtful Accounts, net of
recoveries 3,168 887 Asset impairment 3,200 - Anticipated loss on
contracts 818 (3,790 ) Loss on the sale of assets 85 353 Deferred
income taxes 8,264 3,788 Compensation expense - stock comp plans
1,140 672 Excess tax benefits from share-based payment arrangements
- (116 ) Changes in operating assets and liabilities: Contracts
receivable, net
14,963
(55,353 ) Contract retainage 111 1,187
Costs and estimated earnings in excess of
billings on uncompleted contracts
(6,877
) 1,590 Prepaid subcontractor costs - 33,145 Prepaid expenses and
other assets 352 (385 ) Inventory 1,189 (6,325 ) Accounts payable
(25,782 ) 16,569
Billings in excess of costs and estimated
earnings on uncompleted contracts
(11,625 ) 9,418 Accrued employee costs (154 ) 1,854 Accrued
expenses 1,487 (1,462 ) Current income taxes 15
3,652 Net cash provided by operating activities
32,110 38,003 Cash flows from investing activities: Capital
expenditures, net (27,658 ) (21,353 ) Proceeds on the sale of
equipment 929 551 Net cash used in
investing activities (26,729 ) (20,802 ) Cash flows from
financing activities: Borrowings against notes payable 22,000
45,000 Payments on notes payable (22,000 ) (45,000 ) Proceeds from
exercise of stock options - 203 Excess tax benefit from share-based
payment arrangements - 116 Payments of dividends on common stock
(5,865 ) (5,839 ) Net cash used in financing
activities (5,865 ) (5,520 ) Net (decrease) increase
in cash and cash equivalents (484 ) 11,681 Cash and cash
equivalents at beginning of period 36,569
24,888 Cash and cash equivalents at end of period $ 36,085
$ 36,569 Supplemental cash flow information:
Interest paid $ 169 $ 843 Income taxes paid
(received), net of payments (refunds) $ 225 $ 3,138
Gulf Island Fabrication, Inc.Kirk J. Meche, 713-714-6100Chief
Executive OfficerJeffrey M. Favret, 713-714-6100Chief Financial
Officer
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