Gulf Island Fabrication, Inc on Second Quarter Earnings reportadmin
Gulf Island Fabrication, Inc. has reported that the company’s net income of $11.9 million ($.83 diluted EPS) on revenue of $117.9 million for its second quarter ended June 30, 2008, compared to net income of $7.9 million ($.55 diluted EPS) on revenue of $137.6 million for its second quarter ended June 30, 2007. Net income for the first six months of 2008 was $25.3 million ($1.77 diluted EPS) on revenue of $241.7 million, compared to net income of $12.3 million ($.86 diluted EPS) on revenue of $246.9 million for the first six months of 2007.
The company had a revenue backlog of $437.7 million and a labor backlog of approximately 4.6 million man-hours remaining to work, which consist of work remaining at June 30, 2008 and commitments received since June 30, 2008.
Gulf Island Fabrication, Inc., based in Houma, Louisiana, is a leading fabricator of offshore drilling and production platforms, hull and/or deck sections of floating production platforms and other specialized structures used in the development and production of offshore oil and gas reserves. These structures include jackets and deck sections of fixed production platforms; hull and/or deck sections of floating production platforms (such as tension leg platforms TLPs, SPARs, FPSOs, MinDOCs); piles; wellhead protectors; subsea templates; various production, compressor and utility modules; offshore living quarters; brown water tow boats; tanks and barges. The Company also provides offshore interconnect pipe hook-up; inshore marine construction; manufacture and repair of pressure vessels; heavy lifts such as ship integration and TLP module integration; loading and offloading of jack-up drilling rigs, semi-submersible drilling rigs, TLPs, SPARs, or other similar cargo; onshore and offshore scaffolding; piping insulation services and steel warehousing and sales.
Gulf Island Fabrication, Inc. Kerry J. Chauvin, Chief Executive Officer, 985-872-2100 or
Robin A. Seibert, Chief Financial Officer, 985-872-2100
Source: Gulf Island Fabrication, Inc.