Gulf Island Fabrication(GIFI) - 2024 Q4 - Annual Results

Financial Performance - Consolidated revenue for Q4 2024 was $37.4 million, a decrease of 16.1% from $44.6 million in Q4 2023; adjusted consolidated revenue was $37.3 million, down from $44.0 million[6]. - Consolidated net income for Q4 2024 was $4.3 million, compared to $7.1 million in Q4 2023; adjusted consolidated EBITDA was $3.7 million, down from $6.6 million[7]. - Full year 2024 consolidated revenue was $159.2 million, an increase of 5.4% from $151.1 million in 2023; adjusted consolidated revenue was $158.1 million, down from $181.5 million[8]. - Full year 2024 consolidated net income was $14.7 million, compared to a net loss of $24.4 million in 2023; adjusted consolidated EBITDA was $12.8 million, down from $17.0 million[9]. - Revenue for the three months ended December 31, 2024, was $37,416 thousand, a decrease of 16% from $44,550 thousand in the same period last year[30]. - Net income for the three months ended December 31, 2024, was $4,295 thousand, compared to a net loss of $24,402 thousand for the same period last year, marking a turnaround in profitability[30]. - Basic income per share for the three months ended December 31, 2024, was $0.26, compared to a loss of $1.51 per share in the same period last year[30]. - Adjusted revenue for the twelve months ended December 31, 2024, was $158,138 thousand, down from $181,484 thousand in the previous year, representing a decline of 12.8%[31]. - Adjusted gross profit for the twelve months ended December 31, 2024, was $20,663 thousand, compared to $23,961 thousand for the previous year, reflecting a decrease of 13.3%[32]. - EBITDA for the three months ended December 31, 2024, was $4,840 thousand, compared to a loss of $20,417 thousand for the same period last year, showing a recovery in operational performance[34]. - Adjusted EBITDA for the twelve months ended December 31, 2024, was $12,759 thousand, down from $16,969 thousand in the previous year, indicating a decline of 24.5%[34]. Division Performance - Services division revenue for Q4 2024 was $18.8 million, a decrease of 23.2% from Q4 2023, primarily due to lower new project awards[11]. - Fabrication division revenue for Q4 2024 was $18.7 million, a decrease of 4.9% from Q4 2023, attributed to the prior year including favorable customer change orders[14]. - Services Division revenue for the three months ended December 31, 2024, was $18,824, a decrease of 7.8% from $20,245 in the previous quarter[37]. - Fabrication Division new project awards increased to $22,649 for the three months ended December 31, 2024, up 33.0% from $16,902 in the previous quarter[37]. - EBITDA for the Fabrication Division for the twelve months ended December 31, 2024, was $14,464, an increase of 4.7% compared to $13,807 in the previous year[38]. - Shipyard Division operating income for the three months ended December 31, 2024, was $1,132, compared to a loss of $106 in the previous quarter[37]. Cash and Investments - Cash and short-term investments balance at December 31, 2024, was $67.3 million, providing capacity for investments in growth initiatives and potential shareholder returns[18]. - Cash and cash equivalents decreased to $27,284 as of December 31, 2024, from $38,176 as of December 31, 2023, a decline of 28.5%[44]. - Total cash provided by operating activities for the twelve months ended December 31, 2024, was $18,248,000, up from $7,197,000 in the previous year[45]. - The company reported a net cash increase of $5,678,000 for the three months ended December 31, 2024, compared to an increase of $11,819,000 in the previous quarter[45]. - Cash, cash equivalents, and restricted cash at the end of the period totaled $28,481,000, up from $22,803,000 at the end of the previous quarter[45]. Shareholder Actions - The company repurchased 59,170 shares for $0.3 million at an average price of $5.49 per share during Q4 2024[19]. Future Outlook - The company expects full year 2025 consolidated EBITDA to be less than the adjusted consolidated EBITDA of 2024 due to lower overall capital spending levels indicated by customers[4]. - The wind down of the Shipyard division's operations is expected to be completed in March 2025[16]. Expenses and Liabilities - The company reported a significant reduction in general and administrative expenses, which were $3,698 thousand for the three months ended December 31, 2024, compared to $16,278 thousand for the same period last year[30]. - General and administrative expenses for the Corporate Division for the twelve months ended December 31, 2024, were $8,754, an increase from $8,286 in the previous year[38]. - The Company reported a total operating loss of $2,399 for the Corporate Division for the three months ended December 31, 2024, compared to a loss of $1,780 in the previous quarter[38]. - Total liabilities decreased to $40,114 as of December 31, 2024, from $49,457 as of December 31, 2023, a reduction of 18.5%[44].