THE WOODLANDS, Texas, Feb. 29, 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 fourth quarter and full year 2023 after the market close on Thursday, March 7, 2024. Gulf Island management will hold a conference call on Thursday, March 7, 2024, at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss the ...

THE WOODLANDS, Texas, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. (NASDAQ:GIFI) (the "Company"), a leading steel fabricator and service provider to the industrial and energy sectors, announced today that it has completed the sale of certain excess property that was part of the Company's facilities located in Houma, Louisiana for net cash proceeds of approximately $8.5 million. "A key aspect of our strategic transformation has been to improve our resource and facility utilization and the ...

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2023 was $5 million, reflecting charges related to the MPSV litigation resolution. Adjusted revenue for the quarter was $37.7 million, comparable to the same period last year [26] - Consolidated net loss for Q3 was $33.2 million, while consolidated adjusted EBITDA was $2.6 million [42] - Services EBITDA for Q3 was $3.1 million, up approximately 11% from $2.8 million in the prior year, with an EBITDA margin of 13.4%, up 110 basis points year-over-year [43] Business Line Data and Key Metrics Changes - Services division revenue for Q3 2023 was $23 million, a 2% increase year-over-year, driven by the Spark Safety business line [27] - Fabrication division revenue for Q3 was $15 million, a decrease of $500,000 compared to the prior year, primarily due to a canceled large fabrication project [28] - The Shipyard division reported negative revenue of $32.7 million due to revenue reversals from the MPSV litigation resolution [29] Market Data and Key Metrics Changes - The company is encouraged by activity in key end markets in the Gulf Coast region, including LNG, petrochemicals, and green energy [9] - The demand trends for the services business remain attractive, driven by favorable spending from key oil and gas customers [15] Company Strategy and Development Direction - The company is focused on securing larger contracts to increase facility utilization and drive profitable growth [9] - The resolution of the MPSV litigation allows the company to fully pursue strategic initiatives, including mergers and acquisitions [8] - The company aims to transition into a pure-play services and fabrication business focused on sustainable and profitable growth [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about finishing the year strongly and anticipates that 2024 will be an even stronger year for the company [39] - The company expects a strong fourth quarter for its services business, with EBITDA projected to grow sequentially over Q3 [16] Other Important Information - The company ended Q3 with a cash and investment balance of approximately $42 million, up roughly $2 million from June 30 [30] - The company has ongoing discussions regarding the responsibility for the cost of propeller blades related to a customer project [24] Q&A Session Summary Question: Status of receivable from the party with the large fabrication contract - The company collected $6 million this quarter, with a remaining balance of around $5 million expected to be collected in Q4 [50] Question: Resolution of hull issue for the second ferry project - The hull issue has been resolved, and change orders have been acknowledged by the customer [51] Question: Capital expenditure plans for Q4 - The company expects capital expenditures to be around $2 million to $3 million [56]

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 For the quarterly period ended September 30, 2023 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 GULF ISLAND FABRICATION, INC. (Exact name of registrant as specified in its charter) LOUISIANA 72-1147390 (State or other jurisdi ...

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 For the quarterly period ended June 30, 2023 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 GULF ISLAND FABRICATION, INC. (Exact name of registrant as specified in its charter) LOUISIANA 72-1147390 (State or other jurisdiction ...

Financial Performance - Revenue for Q1 2023 was $62.2 million, a significant increase of $33.5 million compared to $28.7 million in Q1 2022, marking a growth of 116.5%[134]. - Operating income for Q1 2023 was $328,000, a turnaround from a loss of $4.98 million in Q1 2022, reflecting improved operational performance[134]. - Gross profit for Q1 2023 was $5.0 million, with a gross profit margin of 8.1%, compared to a loss of $420,000 in Q1 2022[134]. - Revenue for 2023 was $62.2 million, a significant increase of 116.7% compared to $28.7 million in 2022[135]. - Gross profit for 2023 was $5.0 million (8.1% of revenue), compared to a gross loss of $0.4 million (1.5% of revenue) in 2022[135]. - General and administrative expenses increased by 23.3% to $5.1 million in 2023 from $4.1 million in 2022, primarily due to higher legal and advisory fees[137]. - Other income for 2023 was $0.4 million, compared to an expense of $0.5 million in 2022, mainly due to insurance recoveries related to Hurricane Ida[139]. - Interest income for 2023 was $0.3 million, compared to less than $0.1 million in 2022, driven by higher interest earned on cash and short-term investments[140]. Project and Market Developments - New project awards increased to $37.6 million in Q1 2023, up from $27.6 million in Q1 2022, representing a growth of 36.3%[131]. - New project awards for 2023 were $37.6 million, up from $27.6 million in 2022, representing a 36.3% increase[135]. - New project awards in the Services Division for 2023 were $21.5 million, up from $19.4 million in 2022, primarily due to offshore services work[143]. - Revenue in the Fabrication Division for 2023 was $39.7 million, a dramatic increase of 606.1% from $5.6 million in 2022[147]. - The Shipyard Division reported a revenue decrease of 46.1% to $1.3 million in 2023 from $2.5 million in 2022, attributed to nearing completion of projects[152]. - The company is diversifying its offshore services and expanding into onshore facilities along the Gulf Coast to stabilize revenue streams[123]. - The company is pursuing opportunities in the offshore wind market, having fabricated foundations for the first offshore wind project in the U.S.[127]. Operational Efficiency and Strategy - The company aims to reduce reliance on offshore oil and gas construction and pursue new growth markets, including onshore refining and offshore wind developments[118]. - The strategic transformation initiatives aim to generate stable, profitable growth by diversifying service offerings and expanding into new markets[115]. - The company is focused on improving competitiveness and project execution through enhanced proposal and estimating processes, and a disciplined approach to bidding[121]. - The company has centralized key project resources and improved resource utilization through the integration of facilities and operations[120]. - Fabrication activities have been consolidated to improve operational efficiency, with a focus on onshore modules and structures for refining and petrochemical facilities[127]. Financial Position and Liquidity - Total cash, cash equivalents, and short-term investments as of March 31, 2023, amounted to $44.7 million[156]. - As of March 31, 2023, the company's working capital was $57.4 million, including $44.7 million in cash and cash equivalents[158]. - The net cash provided by operating activities for the three months ended March 31, 2023, was $1.3 million, a significant improvement from a cash used of $11.4 million in the same period of 2022[162]. - Cash used in investing activities for the three months ended March 31, 2023, was $5.2 million, primarily due to net purchases of short-term investments of $5.1 million[165]. - The company anticipates capital expenditures of $3.5 million to $4.0 million for the remainder of 2023[169]. - The cash position at March 31, 2023, is expected to be sufficient to fund operating expenses and meet working capital requirements for at least twelve months[170]. - The company has a shelf registration statement effective with the SEC that allows for the issuance of up to $200 million in debt or equity securities[168]. - Contract receivables and retainage increased by $14.5 million as of March 31, 2023, primarily due to increased receivable positions on suspended projects[162]. - The company reported a decrease in contract liabilities of $3.8 million, mainly due to reduced advance billings on suspended projects[162]. - Accounts payable and accrued expenses increased by $18.2 million, primarily due to the timing of payments related to suspended projects[162]. - The company is not a party to any off-balance sheet arrangements that could affect its financial condition[171]. Market Conditions - Oil prices reached an eight-year high and gas prices reached a fourteen-year high due to geopolitical conflicts and economic factors, impacting certain end markets positively[110]. - The company continues to monitor the impacts of oil and gas price volatility and macroeconomic conditions on operations, which may lead to reduced bidding activity and project delays[112]. - Efforts to preserve liquidity include cost reduction initiatives and monetization of under-utilized assets, significantly reducing bonding and working capital requirements[119]. - The completion of the Shipyard Transaction improved the company's risk profile by removing potential future risks associated with construction contracts that represented approximately 90% of the backlog[117].

Gulf Island Fabrication, Inc. (NASDAQ:GIFI) Q4 2022 Earnings Conference Call March 28, 2023 5:00 PM ET Company Participants Cindi Cook – Investor Relations Richard Heo – President and Chief Executive Officer Wes Stockton – Executive Vice President and Chief Financial Officer Conference Call Participants Martin Malloy – Johnson Rice Tom Spiro – Spiro Capital Richard Greulich – REG Capital Advisors David Wright – Henry Investment Trust Operator Good afternoon, ladies and gentlemen, and welcome to Gulf Island' ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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 GULF ISLAND FABRICATION, INC. (Exact name of Registrant as specified in its Charter) | Louisiana | | --- | | 72-1147390 | (Stat ...

Gulf Island Fabrication, Inc. (NASDAQ:GIFI) Q3 2022 Results Conference Call November 8, 2022 5:00 PM ET Company Participants Cindi Cook - Investor Relations Richard Heo - President and Chief Executive Officer Wes Stockton - Executive Vice President and Chief Financial Officer Conference Call Participants Tony Christ - Odyssey Investors David Wright - Henry Investment Operator Good afternoon, ladies and gentlemen, and welcome to Gulf Island's Conference Call to Discuss the Third Quarter 2022 Results. All par ...

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 For the quarterly period ended September 30, 2022 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 GULF ISLAND FABRICATION, INC. (Exact name of registrant as specified in its charter) LOUISIANA 72-1147390 (State or other jurisdi ...