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GULF ISLAND FABRICATION INC - Quarter Report: 2005 March (Form 10-Q)

For the quarterly period ended March 31, 2005
Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 


 

FORM 10-Q

 


 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2005

 

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 0-22303

 


 

GULF ISLAND FABRICATION, INC.

(Exact name of registrant as specified in its charter)

 


 

LOUISIANA   72-1147390

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

583 THOMPSON ROAD,

HOUMA, LOUISIANA

  70363
(Address of principal executive offices)   (Zip Code)

 

(985) 872-2100

(Registrant’s telephone number, including area code)

 


 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

 

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).    Yes  x    No  ¨

 

The number of shares of the Registrant’s common stock, no par value per share, outstanding at April 26, 2005 was 12,240,741.

 



Table of Contents

GULF ISLAND FABRICATION, INC.

 

I N D E X

 

               Page

PART I

  

FINANCIAL INFORMATION

    
    

Item 1.

  

Financial Statements

    
         

Consolidated Balance Sheets at March 31, 2005 (unaudited) and December 31, 2004

   3
         

Consolidated Statements of Income for the Three Months Ended March 31, 2005 and 2004 (unaudited)

   4
         

Consolidated Statement of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2005 (unaudited)

   5
         

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2005 and 2004 (unaudited)

   6
         

Notes to Consolidated Financial Statements

   7-9
         

Report of Independent Registered Public Accounting Firm

   10
    

Item 2.

  

Management’s Discussion and Analysis of Financial Condition and Results of Operations

   11-13
    

Item 3.

  

Quantitative and Qualitative Disclosures About Market Risk

   13
    

Item 4.

  

Controls and Procedures

   13

PART II

  

OTHER INFORMATION

    
    

Item 1.

  

Legal Proceedings

   14
    

Item 6.

  

Exhibits

   14

SIGNATURES

   15

EXHIBIT INDEX

   E-1

 

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PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

GULF ISLAND FABRICATION, INC.

CONSOLIDATED BALANCE SHEETS

 

     (Unaudited)
March 31,
2005


    (Note 1)
December 31,
2004


 
     (in thousands)  

ASSETS

                

Current assets:

                

Cash and cash equivalents

   $ 19,054     $ 11,696  

Short-term investments

     29,432       28,701  

Contracts receivable, net

     32,073       37,077  

Contract retainage

     2,148       2,434  

Costs and estimated earnings in excess of billings on uncompleted contracts

     9,197       6,152  

Prepaid expenses

     1,159       1,284  

Inventory

     5,200       3,560  

Recoverable income taxes

     —         386  
    


 


Total current assets

     98,263       91,290  

Property, plant and equipment, net

     60,607       60,346  

Other assets

     649       649  
    


 


Total assets

   $ 159,519     $ 152,285  
    


 


LIABILITIES AND SHAREHOLDERS’ EQUITY

                

Current liabilities:

                

Accounts payable

   $ 11,483     $ 5,788  

Billings in excess of costs and estimated earnings on uncompleted contracts

     3,003       6,865  

Accrued employee costs

     2,688       2,619  

Accrued expenses

     922       804  

Income taxes payable

     892       —    
    


 


Total current liabilities

     18,988       16,076  

Deferred income taxes

     9,893       9,625  
    


 


Total liabilities

     28,881       25,701  

Shareholders’ equity:

                

Preferred stock, no par value, 5,000,000 shares authorized, no shares issued and outstanding

     —         —    

Common stock, no par value, 20,000,000 shares authorized, 12,239,941 and 12,151,041 shares issued and outstanding at March 31, 2005 and December 31, 2004, respectively

     4,907       4,780  

Additional paid-in capital

     43,758       42,326  

Retained earnings

     82,160       79,571  

Accumulated other comprehensive loss

     (187 )     (93 )
    


 


Total shareholders’ equity

     130,638       126,584  
    


 


Total liabilities and shareholders’ equity

   $ 159,519     $ 152,285  
    


 


 

The accompanying notes are an integral part of these statements.

 

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GULF ISLAND FABRICATION, INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

( in thousands, except per share data)

 

     Three Months Ended
March 31,


 
     2005

    2004

 

Revenue

   $ 54,232     $ 50,794  

Cost of revenue

     47,725       43,464  
    


 


Gross profit

     6,507       7,330  

General and administrative expenses

     1,372       1,310  
    


 


Operating income

     5,135       6,020  

Other income (expense):

                

Interest expense

     (27 )     (7 )

Interest income

     287       49  

Other

     (3 )     18  
    


 


       257       60  
    


 


Income before income taxes

     5,392       6,080  

Income taxes

     1,889       2,128  
    


 


Net income

   $ 3,503     $ 3,952  
    


 


Per share data:

                

Basic earnings per share

   $ 0.29     $ 0.33  
    


 


Diluted earnings per share

   $ 0.28     $ 0.33  
    


 


Weighted-average shares

     12,197       11,867  

Effect of dilutive securities: employee stock options

     134       158  
    


 


Adjusted weighted-average shares

     12,331       12,025  
    


 


Cash dividend declared per common share

   $ 0.075     $ 0.050  
    


 


 

The accompanying notes are an integral part of these statements.

 

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GULF ISLAND FABRICATION, INC.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)

 

          

Accumulated

Other

Comprehensive

Income (Loss)


   

Total

Shareholders’

Equity


 
              

Additional

Paid-In

Capital


  

Retained

Earnings


     
     Common Stock

         
     Shares

   Amount

         
     (in thousands, except share data)  

Balance at January 1, 2005

   12,151,041    $ 4,780    $ 42,326    $ 79,571     $ (93 )   $ 126,584  

Exercise of stock options

   88,900      127      1,151      —         —         1,278  

Income tax benefit from exercise of stock options

   —        —        281      —         —         281  

Net income

   —        —        —        3,503       —         3,503  

Unrealized (loss) on available-for-sale securities, (net of tax)

   —        —        —        —         (94 )     (94 )
                                       


Comprehensive income

                                        3,409  
                                       


Dividends on common stock

   —        —        —        (914 )     —         (914 )
    
  

  

  


 


 


Balance at March 31, 2005

   12,239,941    $ 4,907    $ 43,758    $ 82,160     $ (187 )   $ 130,638  
    
  

  

  


 


 


 

The accompanying notes are an integral part of these statements.

 

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GULF ISLAND FABRICATION, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

     Three Months Ended
March 31,


 
     2005

    2004

 
     (in thousands)  

Cash flows from operating activities:

                

Net income

   $ 3,503     $ 3,952  

Adjustments to reconcile net income to net cash provided by operating activities:

                

Depreciation

     1,553       1,470  

Deferred income taxes

     268       310  

Changes in operating assets and liabilities:

                

Contracts receivable

     5,007       5,107  

Contract retainage

     286       (1,891 )

Costs and estimated earnings in excess of billings on uncompleted contracts

     (3,045 )     (2,006 )

Prepaid expenses, inventory and other assets

     (1,515 )     (301 )

Accounts payable

     5,695       (784 )

Billings in excess of costs and estimated earnings on uncompleted contracts

     (3,862 )     (2,403 )

Accrued employee costs

     69       (1,081 )

Accrued expenses

     118       18  

Income taxes payable/recoverable

     1,275       1,158  
    


 


Net cash provided by operating activities

     9,352       3,549  
Cash flows from investing activities:                 

Capital expenditures, net

     (1,814 )     (1,655 )

Purchase of short-term investments

     (825 )     (2 )
    


 


Net cash used in investing activities

     (2,639 )     (1,657 )

Cash flows from financing activities:

                

Proceeds from exercise of stock options

     1,278       2,207  

Tax benefit from exercise of stock options

     281       296  

Payments of dividends on common stock

     (914 )     (593 )
    


 


Net cash provided by financing activities

     645       1,910  
    


 


Net change in cash and cash equivalents

     7,358       3,802  

Cash and cash equivalents at beginning of period

     11,696       8,012  
    


 


Cash and cash equivalents at end of period

   $ 19,054     $ 11,814  
    


 


Supplemental cash flow information:

                

Interest paid

   $ 129     $ 16  
    


 


Income taxes paid

   $ —       $ 362  
    


 


 

The accompanying notes are an integral part of these statements.

 

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GULF ISLAND FABRICATION, INC.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

FOR THE THREE MONTH

PERIODS ENDED MARCH 31, 2005 AND 2004

 

NOTE 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING PRINCIPLES

 

Gulf Island Fabrication, Inc., together with its subsidiaries, (the “Company”) is a leading fabricator of offshore drilling and production platforms and other specialized structures used in the development and production of offshore oil and gas reserves. Structures and equipment fabricated by the Company include jackets and deck sections of fixed production platforms; hull and/or deck sections of floating production platforms (such as TLP’s, SPAR’s and FPSO’s); piles; wellhead protectors; subsea templates; various production, compressor and utility modules; and offshore living quarters. The Company, located in Houma, Louisiana, also provides services such as offshore interconnect pipe hook-up; inshore marine construction; manufacture and repair of pressure vessels; steel warehousing and sales; onshore and offshore scaffolding and piping insulation services. The Company’s principal markets are concentrated in the offshore regions of the Gulf of Mexico. The consolidated financial statements include the accounts of Gulf Island Fabrication, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31, 2005 are not necessarily indicative of the results that may be expected for the year ended December 31, 2005.

 

The balance sheet at December 31, 2004 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Certain items in 2004 have been reclassified to conform to the 2005 financial statement presentation.

 

For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2004.

 

NOTE 2 – ACCOUNTING FOR STOCK BASED COMPENSATION

 

On December 16, 2004, the Financial Accounting Standards Board (FASB) issued FASB Statement No. 123 (revised 2004), (“Statement 123 R”) Share-Based Payment, which is a revision of FASB Statement No. 123, Accounting for Stock-Based Compensation. Statement No. 123(R) supersedes APB Opinion No. 25, Accounting for Stock Issued to Employees, and

 

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amends FASB Statement No. 95, Statement of Cash Flows. Generally, the approach in Statement 123(R) is similar to the approach described in Statement 123. However, Statement 123(R) requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. Pro forma disclosure is no longer an alternative.

 

On April 14, 2005, the U.S. Securities and Exchange Commission announced a deferral of the effective date of Statement 123(R) for calendar year companies until the beginning of 2006. Early adoption will be permitted in periods in which financial statements have not yet been issued. We expect to adopt Statement 123(R) on January 1, 2006.

 

Statement 123(R) permits public companies to adopt its requirements using one of two methods:

 

  1. A “modified prospective” method in which compensation cost is recognized beginning with the effective date (a) based on the requirements of Statement 123(R) for all share-based payments granted after the effective date and (b) based on the requirements of Statement 123(R) for all awards granted to employees prior to the effective date of Statement 123(R) that remain unvested on the effective date.

 

  2. A “modified retrospective” method which includes the requirements of the modified prospective method described above, but also permits entities to restate based on the amounts previously recognized under Statement 123 for purposes of pro forma disclosures either (a) all prior periods presented or (b) prior interim periods of the year of adoption.

 

The company plans to adopt Statement 123(R) using the modified prospective method.

 

The Company has elected to continue to apply APB Opinion No. 25 and related interpretations in accounting for its stock option plans until the adoption of Statement 123(R) on January 1, 2006 as previously mentioned. Accordingly, no compensation cost has been recognized for its stock option plans as the exercise price of all stock options granted thereunder is equal to the fair value at the date of grant.

 

The future impact of the adoption of Statement 123(R) will depend on levels of share based payments granted in the future.

 

Had compensation costs for the Company’s stock-based compensation plans been determined based on the fair value at the grant dates for awards under those plans consistent with the method of SFAS No. 123, the Company’s net income and net income per share for the

 

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three-month periods ended March 31, would have been reduced to the pro forma amounts indicated below (in thousands, except per share data):

 

     Three Months Ended
March 31,


     2005

   2004

Reported net income

   $ 3,503    $ 3,952

Add back: Stock compensation costs, net of tax included in the determination of net income reported

     —        —  

Less: Stock compensation costs, net of tax, had option expense been measured at fair value applied to all awards

     181      180
    

  

Pro forma net income

   $ 3,322    $ 3,772
    

  

Weighted-average shares (basic) as reported

     12,197      11,867

Adjusted weighted-average shares (diluted) as reported

     12,331      12,025

Basic earnings-per-share

             

Reported net income

   $ 0.29    $ 0.33

Pro forma net income

   $ 0.27    $ 0.32

Diluted earnings-per-share

             

Reported net income

   $ 0.28    $ 0.33

Pro forma net income

   $ 0.27    $ 0.31

 

NOTE 3 – CONTINGENCIES

 

In November 2004, Gulf Island, L.L.C., a wholly-owned subsidiary of Gulf Island Fabrication, Inc., filed a breach of contract suit against J. Ray McDermott for non-payment of a portion of a contract completed by Gulf Island, L.L.C. earlier in 2004. The amount of the unpaid portion of the contract in Contracts receivable, net is approximately $5 million. J. Ray McDermott has deposited certified funds with the Terrebonne Parish Clerk of Court in the amount of 125% of the unpaid portion. After consultation with legal counsel, the Company does not expect that the ultimate resolution of this matter will have a material adverse effect on the financial position or results of operations of the Company.

 

In December 2004, the Company received notice from the Louisiana Department of Environmental Quality (“LDEQ”) that its Corrective Action Plan submitted in October 2004 was not acceptable. The Corrective Action Plan was developed to provide remediation to several isolated areas located on property the Company sold in 2001. Cost of remediation based on revising the Corrective Action Plan according to the LDEQ’s recommendations in not expected to exceed $230,000.

 

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Report of Independent Registered

Public Accounting Firm

 

The Board of Directors and Shareholders

Gulf Island Fabrication, Inc.

 

We have reviewed the condensed consolidated balance sheet of Gulf Island Fabrication, Inc. as of March 31, 2005, and the related condensed consolidated statements of income and cash flows for the three-month periods ended March 31, 2005 and 2004, and the condensed consolidated statement of changes in shareholders’ equity for the three-month period ended March 31, 2005. These financial statements are the responsibility of the Company’s management.

 

We conducted our reviews in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures, and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board, the objective of which is the expression an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

 

Based on our review, we are not aware of any material modifications that should be made to the condensed consolidated interim financial statements referred to above for them to be in conformity with U.S. generally accepted accounting principles.

 

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of Gulf Island Fabrication, Inc. as of December 31, 2004, and the related consolidated statements of income, changes in shareholders’ equity and cash flows for the year then ended (not presented herein) and in our report dated February 23, 2005, we expressed an unqualified opinion on those consolidated financial statements. In our opinion the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2004, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

 

/s/ Ernst & Young LLP

 

New Orleans, Louisiana

April 26, 2005

 

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Item 2. Management’s Discussion and Analysis of Financial Condition And Results of Operations.

 

Critical Accounting Policies and Estimates

 

The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require the Company to make estimates and assumptions (see Note 1 to the consolidated financial statements included in the annual report on Form 10-K for the year ended December 31, 2004). The Company believes that of its significant accounting policies, the following involve a higher degree of judgement and complexity: revenue recognition and estimating the recoverability of accounts receivable. Critical accounting policies are discussed more fully in the Company’s Annual Report on Form 10-K for the year ended December 31, 2004. There have been no changes in the Company’s evaluation of its critical accounting policies since that date.

 

Results of Operations

 

The Company’s revenue for the three-month period ended March 31, 2005 was $54.2 million, an increase of 6.7% compared to $50.8 million in revenue for the three-month period ended March 31, 2004. The increase in revenue for the three-month period ended March 31, 2005 was directly associated with an increase in direct material pass-through sales and an increase in direct labor hours (3.2%) applied to contracts in progress during the three-month period ended March 31, 2005, compared to the three-month period ended March 31, 2004.

 

For the three-month period ended March 31, 2005, gross profit was $6.5 million (12.0% of revenue) compared to gross profit of $7.3 million (14.4% of revenue) for the three-month period ended March 31, 2004. The decrease in gross profit primarily related to higher amounts of pass-through material cost, which generate little or no margin, during the period ended March 31, 2005 as compared to the same period in 2004.

 

The Company’s general and administrative expenses were $1.4 million for the three-month period ended March 31, 2005. This compares to $1.3 million for the three-month period ended March 31, 2004. As a percentage of revenue, general and administrative expenses were flat at 2.6% of revenue for both three-month periods ended March 31, 2005 and 2004. The increase in absolute dollar costs for general and administrative expenses primarily resulted from increased costs related to legal proceedings in progress. For a description of legal proceedings, see Item 3 of Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2004.

 

The Company had net interest income of $260,000 for the three-month period ended March 31, 2005 compared to $42,000 for the three-month period ended March 31, 2004. The increase in interest income resulted from the Company’s increased levels of cash and cash equivalents, which was made available due to the increase in cash provided by operating activities, and an increase in investment yield for the three-month period ended March 31, 2005, compared to the three-month period ended March 31, 2004.

 

The Company’s effective income tax rate was 35% for the three-month periods ended March 31, 2005 and 2004.

 

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Liquidity and Capital Resources

 

Historically the Company has funded its business activities primarily through funds generated from operations. The Company also maintains a revolving line of credit with commercial banks, but has not drawn on it since December 1998. At March 31, 2005, the Company’s cash and cash equivalents plus short-term investments totaled $48.5 million and working capital was $79.3 million, resulting in a current ratio of 5.2 to 1. Net cash provided by operating activities was $9.4 million for the three-months ended March 31, 2005. Net cash used in investing activities for the three-months ended March 31, 2005, was $2.6 million, of which $1.8 related to capital expenditures for equipment and improvements to its production facilities and $825,000 related to the purchase of short-term investments. Net cash provided by financing activities for the three-month period ended March 31, 2005 was $645,000, which consisted of proceeds in the amount of $1.3 million from the exercise of stock options, $281,000 related to the tax benefit of stock options exercised and $914,000 used to pay dividends on common stock.

 

The Company’s bank credit facility provides for a revolving line of credit of up to $20.0 million (“the Revolver”), which bears interest equal to, at the Company’s option, the prime lending rate established by J. P. Morgan Chase or LIBOR plus 1.5%. The Revolver matures December 31, 2006, and is secured by a mortgage on the Company’s real estate, machinery and equipment, and fixtures. The Company pays a fee on a quarterly basis of three-sixteenths of one percent per annum on the weighted-average unused portion of the Revolver. At March 31, 2005, there were no borrowings outstanding under the Revolver, but the Company did have letters of credit outstanding totaling $1.9 million, which reduces the unused portion of the Revolver. The Company is required to maintain certain covenants, including balance sheet and cash flow ratios. At March 31, 2005 the Company was in compliance with these covenants.

 

Capital expenditures for the remaining nine months of 2005 are estimated to be approximately $3.6 million, which includes the purchase of machinery and equipment and additional yard and facility expansion improvements. Management believes that its available funds, cash generated by operating activities and funds available under the bank credit facility will be sufficient to fund its capital expenditures and working capital needs.

 

Contractual Obligations

 

There have been no material changes from the information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2004.

 

Off-Balance Sheet Arrangements

 

There have been no material changes from the information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2004.

 

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Forward-Looking Statements

 

Statements under “Results of Operations” and “Liquidity and Capital Resources” and other statements in this report and the exhibits hereto that are not statements of historical fact are forward-looking statements. These statements involve risks and uncertainties that include, among others, the timing and extent of changes in the prices of crude oil and natural gas; the timing of new projects and the Company’s ability to obtain them; competitive factors in the heavy marine fabrication industry; the Company’s ability to successfully complete the testing, production and marketing of the MinDOC (a deepwater floating, drilling, and production concept) and other deep water production systems and to develop and provide financing for them; and the Company’s ability to attract and retain qualified production employees at acceptable compensation rates. Changes in these factors could result in changes in the Company’s performance and could cause the actual results to differ materially from those expressed in the forward-looking statements.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

There have been no material changes from the information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2004.

 

Item 4. Controls and Procedures.

 

The Company evaluated the effectiveness of the design and operation of its disclosure controls and procedures as of March 31, 2005. The evaluation was carried out under the supervision of and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer. Based on the evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective in timely alerting them to material information relating to the Company, including its consolidated subsidiaries, required to be included in reports the Company files with or submits to the Securities and Exchange Commission under the Securities Exchange Act of 1934. There have been no changes during the fiscal quarter ended March 31, 2005, in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

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PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

The Company is subject to various routine legal proceedings in the normal conduct of its business primarily involving commercial claims, workers’ compensation claims, and claims for personal injury under general maritime laws of the United States and the Jones Act. While the outcome of these lawsuits, legal proceedings and claims cannot be predicted with certainty, management believes that the outcome of any such proceedings, even if determined adversely, would not have a material adverse effect on the financial position, results of operations or cash flows of the Company.

 

For a description of legal proceedings, see Item 3 of Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2004.

 

Item 6. Exhibits

 

15.1    Letter regarding unaudited interim financial information.
31.1    CEO Certifications pursuant to Rule 13a-14 under the Securities Exchange Act of 1934.
31.2    CFO Certifications pursuant to Rule 13a-14 under the Securities Exchange Act of 1934.
32    Section 906 Certification furnished pursuant to 18 U.S.C. Section 1350.
99.1    Press release issued by the Company on April 19, 2005, announcing the scheduled time for the release of its 2005 first quarter earnings and its quarterly conference call.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

GULF ISLAND FABRICATION, INC.

By:

 

/s/ Joseph P. Gallagher, III


   

Joseph P. Gallagher, III

   

Vice President – Finance,

   

Chief Financial Officer

   

and Treasurer

   

(Principal Financial Officer

   

and Duly Authorized Officer)

 

Date: April 26, 2005

 

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Table of Contents

GULF ISLAND FABRICATION, INC.

 

EXHIBIT INDEX

 

Exhibit
Number


 

Description of Exhibit


15.1   Letter regarding unaudited interim financial information.
31.1   CEO Certifications pursuant to Rule 13a-14 under the Securities Exchange Act of 1934.
31.2   CFO Certifications pursuant to Rule 13a-14 under the Securities Exchange Act of 1934.
32   Section 906 Certification furnished pursuant to 18 U.S.C. Section 1350.
99.1   Press release issued by the Company on April 19, 2005, announcing the scheduled time for the release of its 2005 first quarter earnings and its quarterly conference call.

 

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