Gulf Island Fabrication, Inc. (NASDAQ:GIFI) today reported a net income of $1.6 million ($.11 diluted EPS) on revenue of $85.8 million for its third quarter ended September 30, 2011, compared to net income of $3.5 million ($.24 diluted EPS) on revenue of $60.7 million for the third quarter ended September 30, 2010. Net loss for the nine months ended September 30, 2011 was $3.6 million ($.25 diluted loss per share) on revenue of $219.4 million, compared to the net income of $11.4 million ($.79 diluted EPS) on revenue of $205.3 million for the nine months ended September 30, 2010. Included in the reported loss was a $7.7 million pre-tax charge in the first quarter related to the total impairment of an insurance claim.
The company had a revenue backlog of $664.7 million and a labor backlog of approximately 5.2 million man-hours, consisting of work remaining on commitments received through October 27, 2011.
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.
October 27, 2011
Gulf Island Fabrication reports third quarter results
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