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Previous: GULF ISLAND FABRICATION INC, 10-Q, EX-27.1, 2000-08-09 |
Next: USA EDUCATION INC, SC 13G, 2000-08-09 |
<PAGE>
NEWS RELEASE Exhibit 99.1
For further information contact:
Kerry J. Chauvin Joseph "Duke" Gallagher
Chief Executive Officer Chief Financial Officer
(504) 872-2100 (504) 872-2100
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
WEDNESDAY, JULY 26, 2000
GULF ISLAND FABRICATION, INC.
REPORTS SECOND QUARTER EARNINGS
Houma, LA - Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net
income of $1.0 million ($.09 diluted EPS) on revenue of $28.4 million for its
second quarter ended June 30, 2000, compared to net income of $2.0 million ($.17
diluted EPS) on revenue of $28.1 million for the second quarter ended June 30,
1999. Net income for the first six months of 2000 was $2.1 million ($.18
diluted EPS) on revenue of $60.1 million, compared to net income of $3.9 million
($.33 diluted EPS) on revenue of $58.4 million for the first six months of 1999.
At June 30, 2000, the company had a revenue backlog of $30.0 million and a
labor backlog of approximately 506 thousand man-hours remaining to work.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
June 30, December 31,
2000 1999
---------- -------------
Cash and short-term investments $ 21,139 $ 15,750
Total current assets 50,553 47,154
Property, plant and equipment, at cost, net 42,073 43,664
Total assets 96,776 95,049
Total current liabilities 13,746 15,367
Debt - -
Shareholders' equity 79,180 76,618
Total liabilities and shareholders' equity 96,776 95,049
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.
1
<PAGE>
GULF ISLAND FABRICATION, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
--------------------------- ---------------------------
2000 1999 2000 1999
--------- ----------- ---------- ------------
<S> <C> <C> <C> <C>
Revenue $28,380 $28,106 $60,121 $58,435
Cost of revenue 25,930 24,093 55,123 50,196
------- ------- ------- -------
Gross profit 2,450 4,013 4,998 8,239
General and administrative expenses 1,036 989 2,160 2,271
------- ------- ------- -------
Operating income 1,414 3,024 2,838 5,968
Other income (expense):
Interest expense 11 (14) (7) (35)
Interest income 293 166 612 267
Other - net (44) (39) (101) 10
------- ------- ------- -------
260 113 504 242
------- ------- ------- -------
Income before income taxes 1,674 3,137 3,342 6,210
Income taxes 646 1,182 1,207 2,330
------- ------- ------- -------
Net income $ 1,028 $ 1,955 $ 2,135 $ 3,880
======= ======= ======= =======
Per share data:
Basic earnings per share $ 0.09 $ 0.17 $ 0.18 $ 0.33
======= ======= ======= =======
Diluted earnings per share (1) $ 0.09 $ 0.17 $ 0.18 $ 0.33
======= ======= ======= =======
Weighted-average shares 11,664 11,638 11,651 11,638
======= ======= ======= =======
Adjusted weighted-average shares (1) 11,768 11,707 11,740 11,681
======= ======= ======= =======
Depreciation and amortization
included in expense above $ 1,175 $ 1,251 $ 2,399 $ 2,452
======= ======= ======= =======
(1) The calculation of diluted earnings per share assumes that all stock options are exercised and that the
assumed proceeds are used to purchase shares at the average market price for the period.
</TABLE>
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