<PAGE> 1
Dailey J. Berard Pete Roman
Chief Executive Officer Chief Financial Officer
(337) 367-8291 (337) 373-5506
FOR IMMEDIATE RELEASE
Friday, August 4, 2000
UNIFAB INTERNATIONAL, INC.
FIRST QUARTER RESULTS
New Iberia, LA - (Business Wire) - August 4, 2000-- UNIFAB International, Inc.
(NASDAQ: UFAB) today reported net loss of $236,000 ($0.03 per share, basic and
diluted) on revenue of $20.2 million for the three months ended June 30, 2000
compared to net income of $115,000 ($0.02 per share, basic and diluted) on
revenue of $16.3 million for the three months ended June 30, 1999. Depreciation
and amortization for the quarter was $728,000 compared to $657,000 in the June
quarter last year. The Company reported backlog of approximately $16.2 million
at June 30, 2000.
"Our June quarter revenues increased over the June quarter last year which
reflects an increase in the activity level over a year ago. However, profit
margins are low as competition for projects remains high," said Dailey J.
Berard, UNIFAB International, Inc. President, Chairman and CEO. "The long-term
fundamentals of the offshore drilling and production business are positively
improving. Rig utilization rates are increasing rapidly, which will increase
demand for UNIFAB's broad-based services. Our focus remains continuing growth
through acquisition, alliance, and broadened internal investment and
development."
UNIFAB International, Inc. is an industry leader in the custom fabrication of
topside 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. Dailey 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 the Company 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.
