THE WOODLANDS, Texas, July 30, 2024 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. ("Gulf Island" or the "Company") (NASDAQ:GIFI), a leading steel fabricator and service provider to the industrial and energy sectors, today announced that it will report financial results for the second quarter 2024 after the market close on Tuesday, August 6, 2024. Richard W. Heo Westley S. Stockton Chief Executive Officer Chief Financial Officer 713.714.6100 713.714.6100 Gulf Island management will hold a conference call ...

THE WOODLANDS, Texas, June 18, 2024 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. (NASDAQ: GIFI) ("Gulf Island" or the "Company"), a leading steel fabricator and service provider to the industrial and energy sectors, today announced that members of its executive management team will participate in the Northland Growth Conference, taking place virtually on Tuesday, June 25, 2024. ABOUT GULF ISLAND COMPANY INFORMATION In conjunction with the event, Gulf Island's Chief Executive Officer, Richard Heo, and C ...

In conjunction with the event, Gulf Island's Chief Executive Officer, Richard Heo, and Chief Financial Officer, Westley Stockton, will be available to participate in one-on-one meetings with investors registered to attend the conference. For more information, please contact your Northland salesperson. Gulf Island is a leading fabricator of complex steel structures and modules and provider of specialty services, including project management, hookup, commissioning, repair, maintenance, scaffolding, coatings, ...

MicroStockHub/iStock via Getty Images I have covered the turnaround at Gulf Island Fabrication (NASDAQ:GIFI) for the last four years (you can find my first article on the subject from May 2020 here) and I am finally ready to say that the turnaround is complete. The company has fully divested their shipyard division, returned to profitability, and has a clear runway for future growth. The market is finally giving the company some credit (the stock is up over 100% since my 2020 article), but I think GIFI rema ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-34279 GULF ISLAND FABRICATION, INC. (Exact name of registrant as specified in its charter) LOUISIANA 72-1147390 (State or other jurisdiction of incorporation or organization) For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 193 ...

Revenue Performance - Consolidated revenue for Q1 2024 was $42.9 million, down from $62.2 million in Q1 2023, representing a decrease of 30.5%[4] - Revenue for Q1 2024 was $42.9 million, down from $44.6 million in Q4 2023 and significantly lower than $62.2 million in Q1 2023, indicating a year-over-year decline of approximately 30.9%[29] - Adjusted revenue for Q1 2024 was $42.5 million, down from $44.0 million in Q4 2023 and $60.8 million in Q1 2023[30] - The Fabrication Division's revenue for Q1 2024 was $17.1 million, down from $19.7 million in Q4 2023 and significantly lower than $39.7 million in Q1 2023[34] - Revenue for the Shipyard Division was $409 million in Q1 2024, down from $556 million in Q4 2023, a decrease of 26.5%[35] Net Income and Earnings - Consolidated net income for Q1 2024 was $6.2 million, compared to $0.6 million in Q1 2023, indicating a significant increase[4] - Net income for Q1 2024 was $6.2 million, a decrease from $7.1 million in Q4 2023 and an increase from $0.6 million in Q1 2023[29] - Basic income per share for Q1 2024 was $0.38, down from $0.44 in Q4 2023 but up from $0.04 in Q1 2023[29] - The company reported a net income of $6,240 thousand for Q1 2024, compared to $7,090 thousand in Q4 2023, a decrease of 12.0%[41] Segment Performance - Services Segment revenue increased by $3.9 million, or 18.3%, to $25.5 million in Q1 2024, driven by higher offshore services activity[8] - Fabrication Segment revenue decreased by $22.5 million, or 56.8%, to $17.1 million in Q1 2024, primarily due to the cancellation of a large project[11] - Services operating margins expanded by 40 basis points to 11.2% in Q1 2024[6] - Corporate Segment EBITDA is expected to be a loss of approximately $8.0 million for 2024, consistent with historical performance[18] Project Awards and Backlog - New project awards for Q1 2024 totaled $25.5 million, an 18.6% year-over-year increase, with backlog at $0.4 million[9] - New project awards for Q1 2024 totaled $43.8 million, a slight decrease from $44.4 million in Q4 2023 but an increase from $37.6 million in Q1 2023[29] - The Services Division reported new project awards of $25.5 million in Q1 2024, up from $24.5 million in Q4 2023 and $21.6 million in Q1 2023[34] - New project awards for the Shipyard Division decreased to $278 million in Q1 2024 from $539 million in Q4 2023, representing a decline of 48.7%[35] Cash and Investments - Cash and short-term investments balance was $61.3 million at March 31, 2024, including $1.5 million of restricted cash[17] - Cash and cash equivalents decreased to $32,469 thousand in Q1 2024 from $38,176 thousand in Q4 2023, a decrease of 15.5%[40] - Net cash provided by operating activities was $7,019 thousand in Q1 2024, compared to $7,369 thousand in Q4 2023, a decrease of 4.8%[41] Other Financial Metrics - Gross profit for Q1 2024 was $6.1 million, compared to $8.5 million in Q4 2023 and $5.0 million in Q1 2023, reflecting a decrease of 27.7% from the previous quarter[29] - Adjusted EBITDA for Q1 2024 was $3.7 million, a decrease from $6.6 million in Q4 2023 and comparable to $3.7 million in Q1 2023[32] - Operating income for Q1 2024 was $5.7 million, compared to $6.7 million in Q4 2023 and $0.3 million in Q1 2023[29] - Total current assets decreased to $99,731 thousand as of March 31, 2024, from $101,627 thousand at December 31, 2023, a decline of 1.8%[40] - Total liabilities decreased to $42,314 thousand as of March 31, 2024, from $49,457 thousand at December 31, 2023, a decline of 14.5%[40]

THE WOODLANDS, Texas, April 30, 2024 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. ("Gulf Island" or the "Company") (NASDAQ:GIFI), a leading steel fabricator and service provider to the industrial and energy sectors, today announced that it will report financial results for the first quarter 2024 after the market close on Tuesday, May 7, 2024. Gulf Island management will hold a conference call on Tuesday, May 7, 2024, at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss the Company's financial ...

THE WOODLANDS, Texas, March 07, 2024 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. (NASDAQ:GIFI) ("Gulf Island" or the "Company"), a leading steel fabricator and service provider to the industrial and energy sectors, today announced results for the fourth quarter and full year 2023. FOURTH QUARTER 2023 SUMMARY Consolidated revenue of $44.6 millionConsolidated net income of $7.1 million; Adjusted EBITDA of $6.6 millionServices Division operating income of $2.7 million; EBITDA of $3.2 millionFabrication ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-34279 (Mark One) GULF ISLAND FABRICATION, INC. ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of Registrant as specified in its Charter) For the fiscal year ended December 31, 2023 Large accelerated filer ☐ Accelerated file ...

Exhibit 99.1 GULF ISLAND REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS THE WOODLANDS, TX - Gulf Island Fabrication, Inc. (NASDAQ: GIFI) ("Gulf Island" or the "Company"), a leading steel fabricator and service provider to the industrial and energy sectors, today announced results for the fourth quarter and full year 2023. FOURTH QUARTER 2023 SUMMARY Consolidated revenue for the fourth quarter 2023 was $44.6 million, compared to consolidated revenue of $38.1 million for the prior year period. Consolidated ...