Gulf Island Fabrication reports third quarter results

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