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Gulf Island Fabrication, Inc. Reports First Quarter Results - CORRECTED
HOUSTON, April 26, 2018 (GLOBE NEWSWIRE) -- Explanatory Note: The Company has revised its original press release solely for the purpose of correcting an understatement of revenues with an equal and offsetting amount for cost of revenue with no change to its gross profit or net income for the three months ended March 31, 2018. No other reported amounts were affected.Gulf Island Fabrication, Inc. ("Gulf Island" or the "Company") (NASDAQ:GIFI) today reported a net loss of $5.3 million ($0.35 loss per share) on revenue of $57.3 million for the three months ended March 31, 2018, compared to net loss of $6.5 million ($0.44 loss per share) on revenue of $38.0 million for the three months ended March 31, 2017, and a net loss of $24.3 million ($1.63 loss per share) on revenue of $37.3 million for the three months ended December 31, 2017.Kirk Meche, the Company's CEO and President, commented, "Results for the first quarter of 2018 include holding costs and impairment charges relating to our South Texas Properties held for sale, costs related to disputes of the newbuild construction of two MSPV vessels in our Shipyard Division, and costs of our new EPC Division. During and subsequent to the quarter, our Fabrication Division successfully completed and delivered modules for an ethylene plant in Lake Charles. Additionally, our Services Division delivered stronger than budgeted performance due to improving offshore demand. We also continued our efforts to reduce our costs across the Company including headcount reductions at our Fabrication and Shipyard Divisions, reductions in the annual cash retainer of our board members and salaries of our executive officers and reductions in other corporate expenses.""As stated in prior earnings calls, we are focused on managing our balance sheet and building contract backlog in new markets. I am pleased to report that on April 20, 2018, we completed the sale of our Texas South Yard for net proceeds of $53 million. We expect to recognize a gain on sale during the second quarter of 2018 of approximately $4 million related to this transaction. Completing the sale of the Texas South Yard provides liquidity and is an important step in the Company's continued strategic repositioning. In connection with the sale of this yard and our effort to reduce costs, we entered into an agreement to sell our corporate aircraft which is expected to close in the second quarter of this year subject to final inspections. This transaction is expected to result in proceeds of approximately $2 million."The Company's revenue backlog is $262 million as of April 25, 2018, including deliveries through 2020, and has increased since December 31, 2017, due to new awards within our Shipyard Division. Our revenue backlog includes approximately $94 million related to two projects for which work has been temporarily suspended. One of these projects relates to two MPSV vessel contracts under dispute with our customer and the other project is a recently awarded defense contract under a bid protest. The revenue backlog excludes options on contracts of approximately $600 million which include deliveries through 2025 should all options be exercised. During the quarter, the Company was successful in adding backlog from not only existing customers but also new government customers from across the country. The Company remains focused on adding profitable backlog for our Fabrication, Services and EPC Divisions to balance our portfolio of projects, executing existing projects well and managing our costs in the meantime. Condensed Balance Sheet Information March 31, 2018 December 31, 2017 (in thousands) Cash and cash equivalents $6,492 $8,983 Total current assets 178,110 179,164 Property, plant and equipment, net 86,006 88,899 Total assets 269,122 270,840 Total current liabilities 41,040 48,665 Total shareholders' equity 214,086 219,493 Three Months Ending March 31,Condensed Cash Flow Information 2018 2017 Net cash used in operating activities $(14,096) $(15,084)Net cash (used in) provided by investing activities 2,403 (391)Net cash (used in) provided by financing activities 9,202 (1,029) Our balance sheet position at March 31, 2018, was $6.5 million in cash, debt of $10.0 million, and working capital of $137.1 million which includes $98.4 million in assets held for sale, primarily related to our South Texas Properties.After the sale of our Texas South Yard and as of April 25, 2018, our cash balance was $55 million, and debt was $10.0 million with remaining availability under our $40 million revolving credit agreement of approximately $25 million for total liquidity of approximately $80 million.Quarterly Earnings Conference CallThe management of Gulf Island Fabrication, Inc. will hold a conference call on Friday April 27, 2018, at ...Full story available on Benzinga.com