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EXHIBIT 99.1
UNIFAB INTERNATIONAL, INC.
SECOND QUARTER RESULTS
New Iberia, LA - (Business Wire) - November 14, 2000 - UNIFAB International,
Inc. (NASDAQ: UFAB) today reported net loss of $1.9 million ($0.27 per share,
basic and diluted) on revenue of $22.7 million for the three months ended
September 30, 2000 compared to net income of $74,000 ($0.01 per share, basic
and diluted) on revenue of $21.5 million for the three months ended September
30, 1999. Depreciation and amortization for the quarter was $733,000 compared
to $695,000 in the September quarter last year. Net loss for the six months
ended September 30, 2000 was $2.1 million ($0.31 per share, basic and diluted)
on revenue of $42.9 million compared to net income of $190,000 ($0.03 per share,
basic and diluted) on revenue of $37.8 million for the six months ended
September 30, 1999. Depreciation and amortization for the six month period
ended September 30, 2000 was $1,461,000 compared to $1,318,000 in the same
period last year. The Company reported backlog of approximately $16.3 million
at September 30, 2000.
"While our September quarter revenues increased over the September quarter last
year, our operating margins continue to be low. The delay in awarding of large
construction projects and the resulting competition for the smaller
construction projects being awarded has resulted in lower profit margins than
even one year ago," said Dailey J. Berard, UNIFAB International, Inc.
President, Chairman and CEO. "The severe reduction of fabrication work in the
first half of 2000 resulted in competitive bidding below costs for some
fabricators. Holding the line on bidding below costs resulted in a loss of
market share. However, based on the work that is currently developing we are
clearly in a turn-around mode. The growth needs of the offshore drilling and
production business are now improving rapidly. UNIFAB is strategically
developed and positioned with its broad-based services to respond to the
industry's turn-around needs. It is now essential for the oil companies to
develop a strong business alliance wrapped around trust to address the growing
shortages of skilled workmen and facilities. UNIFAB is well positioned with its
New Iberia Port facilities and deep water facility in Lake Charles to respond
to the growing needs of both the domestic and international offshore markets."
UNIFAB International, Inc. is an industry leader in the custom fabrication of
topsides facilities, equipment modules and other structures used in the
development and production of oil and gas reserves. In addition, the Company
designs and manufactures specialized process systems, refurbishes and retrofits
existing jackets and decks, provides design, repair, refurbishment and
conversion services for oil and gas drilling rigs and performs offshore piping
hook-up and platform maintenance services. Daily Berard serves as a
commissioner on a number of committees and task forces that are working to
improve training and education of the workforce in Louisiana.
Statements made in this news release regarding UNIFAB's expectations as to
future operations of UNIFAB and other statements included herein that are not
statements of historical fact are forward-looking statements that depend upon
the following factors, among others: continued demand for the services provided
by UNIFAB, availability of skilled employees, and UNIFAB's ability to integrate
and manage acquired businesses. Should any of these factors not continue as
anticipated, actual results and plans could differ materially from those
expressed in the forward-looking statements.
