Gulf Island Fabrication Q2 2013 Profit Slip

Gulf Island Fabrication, Inc., based in Houma, Louisiana, reported net income of $4.3 million ($.30 diluted EPS) on revenue of $154.6 million for its second quarter ended June 30, 2013, compared to net income of $7.6 million ($.52 diluted EPS) on revenue of $137.2 million for the second quarter ended June 30, 2012.

 Net income for the six months ended June 30, 2013 was $7.1 million ($.49 diluted earnings per share) on revenue of $305.0 million, compared to net income of $14.4 million ($.99 diluted earnings per share) on revenue of $250.3 million for the six months ended June 30, 2012.

The company had a revenue backlog of $433.8 million and a labor backlog of approximately 3.6 million man-hours at June 30, 2013, compared to a revenue backlog of $537.0 million and a labor backlog of 4.4 million man-hours reported as of December 31, 2012, including commitments received through March 13, 2013.

In related news Gulf Island Fabrication declared a dividend of $0.10 per share on its  approximately 14.5 million shares of common stock outstanding. The dividend was declared during a regular meeting of the board held on July 25, 2013 and is payable August 28, 2013, to shareholders of record on August 10, 2013.

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.