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Gulf Island Fabrication, Inc. Reports Second Quarter Results
HOUSTON, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. ("Gulf Island" or the "Company") (NASDAQ:GIFI) today reported net income of $0.5 million ($0.04 per share) on revenue of $54.0 million for the three months ended June 30, 2018, compared to a net loss of $10.9 million ($0.73 loss per share) on revenue of $45.9 million for the three months ended June 30, 2017, and a net loss of $5.3 million ($0.35 loss per share) on revenue of $57.3 million for the quarter ended March 31, 2018.Kirk Meche, the Company's CEO and President, commented, "The improved results for the second quarter of 2018 include another strong performance from our Services Division which contributed $3.6 million in gross profit for the quarter as well as other income of $7.1 million from the sale of our Texas South Yard and settlement of our Hurricane Harvey claim.As stated in prior earnings calls, we are focused on managing our balance sheet and building contract backlog in new markets. During the second quarter, we achieved three significant milestones with the final completion and delivery of four petrochemical modules, the sale of our Texas South Yard for net cash proceeds of $53.5 million and successful additions to our Shipyard backlog. On June 6, 2018, one of our customers exercised their option for newbuild construction for a second marine offshore research vessel in the amount of $67.6 million. As of today, our backlog is the largest it has been in four years.We continue to market for sale our Texas North Yard, and we are in negotiations with one potential buyer and continue discussions with a number of other interested parties. We hope to have a contract for the sale of this property in the near future."The Company's revenue backlog is $347.6 million as of August 8, 2018, including project deliveries through 2022, and has increased since March 31, 2018, due to the new awards within our Shipyard Division discussed above. Our revenue backlog includes approximately $30.2 million subject to a contract termination dispute with a customer for contracts to build two MPSVs. Pending resolution of the dispute, all work has been stopped and the vessels and associated equipment and material are in our care and custody at our shipyard in Houma, Louisiana. Revenue backlog excludes options on contracts of $562.7 million which include deliveries through 2025 should all options be exercised. The Company remains focused on adding profitable backlog to balance our portfolio of projects, executing our existing projects and managing our costs.Condensed Balance Sheet Information June 30, 2018 December 31, 2017 (in thousands) Cash and cash equivalents $32,004 $8,983 Held-to-maturity, short-term investments 7,481 — Insurance receivable 7,197 — Total current assets 168,792 179,164 Property, plant and equipment, net 81,819 88,899 Total assets 256,689 270,840 Total current liabilities 36,119 48,665 Total shareholders' equity 215,390 219,493 Three Months EndedCondensed Cash Flow Information June 30, 2018 March 31, 2018 Net cash used in operating activities $(12,331) $(14,096)Net cash provided by investing activities 47,843 2,403 Net cash (used in) provided by financing activities (10,000) 9,202 Our balance sheet position at June 30, 2018, was $32.0 million in cash and cash equivalents on hand, no debt, and working capital of $132.7 million which also includes $7.5 million of held-to-maturity, short-term investments and $43.8 million in assets held for sale, primarily related to our remaining Texas North Yard. Our total available liquidity at August 8, 2018, was as follows:Available Liquidity $ (in thousands)Cash and cash equivalents on hand $42,308 Held-to-maturity, short-term investments (1) 8,496 Revolving credit agreement 40,000 Less: Borrowings under our Credit Agreement — Outstanding letters of credit (2,475)Total available liquidity $88,329 ___________(1) Our held-to-maturity, short-term investments include U.S. Treasuries and other investment-grade commercial paper with original maturity dates of six months or less that are traded on active markets with quoted prices.Quarterly Earnings Conference CallThe management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, August 10, 2018, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the Company's financial results for the quarter ended June 30, 2018. The call will be available by webcast which can be accessed on Gulf Island's website at www.gulfisland.com. Participants may also join the conference call by dialing 1.800.289.0517 and requesting the "Gulf Island" conference call. A digital replay of the call will be available from a link on our website two hours after the call and ending August 17, 2018.Gulf Island Fabrication, Inc. is a leading fabricator of complex steel structures and marine vessels used in energy extraction and production, petrochemical and industrial facilities, power generation, alternative energy projects and shipping and marine transportation operations. The Company also provides related installation, hookup, commissioning, repair and maintenance services with specialized crews and integrated project management capabilities. We recently completed the fabrication of complex modules for the construction of a new petrochemical plant, and we completed the newbuild construction of a technologically-advanced offshore service vessel that we delivered on July 31, 2018. Current projects include the construction of ten harbor tug vessels and two offshore marine research vessels. We were recently awarded a contract for the construction of a towing, salvage and rescue ship for the U.S. Navy. In 2015, the Company fabricated wind turbine pedestals for the first offshore wind power project in the United States. The Company also constructed one of the largest liftboats servicing the GOM, one of the deepest production jackets in the GOM and the first SPAR hull fabricated in the United States. The Company's customers include U.S. and, to a lesser extent, international energy producers, petrochemical, ...Full story available on Benzinga.com