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Highlights of Business Strategy and Fourth Analysis Results



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HOUSTON, March 04, 2020 (GLOBE NEWSWIRE) — Gulf Island Fabrication, Inc. (“Gulf Island” or the “Company”) (NASDAQ: GIFI) today appear after-effects for the fourth analysis and abounding year 2019. The Company additionally appear initiatives advised to position the Company for approaching advantage and growth.



Consolidated Overview



Consolidated acquirement for the fourth analysis 2019 was $79.4 million, compared to $60.2 actor in the fourth analysis 2018 with the access primarily due to advance on the Company’s three analysis barge projects and three towing, deliver and accomplishment address projects. Consolidated net accident of $34.3 actor for the fourth analysis 2019 includes activity accuse of $14.0 million, primarily attributable to the Company’s Artifact Analysis and Shipyard Division. Fourth analysis 2019 after-effects additionally accommodate non-cash asset impairments and assertive nonrecurring costs of $17.3 million. The impairments were primarily associated with assets captivated for auction and charter assets and anchored assets associated with the Company’s Jennings adeptness (which is accepted to be bankrupt in the third analysis 2020) and Lake Charles facility. Adjusted EBITDA accident of $14.9 actor for the fourth analysis 2019 excludes the non-cash impairments and nonrecurring costs. In February 2020, the Company accomplished a $10.0 actor adjustment accompanying to a chump change adjustment altercation for a completed project. The adjustment bulk was accustomed by the Company in February 2020 and is not included in operating after-effects for the fourth analysis 2019.

“Fourth analysis after-effects reflect the appulse of activity accuse accompanying to operational challenges and non-cash asset impairments as we added rationalize and monetize under-utilized assets and facilities. These after-effects are not apocalyptic of Gulf Island’s capabilities and I am committed to demography accomplishments all-important to acknowledgment the Company to profitability. Since abutting the Company in November, I accept spent cogent time with our barter and employees, reviewing accepted projects, and anecdotic opportunities to enhance our people, processes and procedures. These efforts, accumulated with the adeptness acquired from the Company’s contempo challenges, accept provided key insights into the initiatives all-important to advance activity beheading and strengthen Gulf Island’s position in our end markets,” said Richard Heo, Gulf Island’s President and Chief Executive Officer. “Underpinning our success will be a added acclimatized access to advancing activity opportunities, added accuracy about bid estimates, changes in assertive administration and anatomic leadership, adequate processes and procedures and greater accountability for activity execution.”

“We are additionally focused on convalescent adeptness appliance and centralizing key activity resources. Our appear cease of the Jennings adeptness aural our Shipyard Analysis will consolidate the segment’s new body abyssal barge architecture activities in Houma and amalgamate administration and administration aptitude in a distinct location. In addition, in the aboriginal analysis of 2020, we accumulated our Artifact Analysis and Casework Analysis to anatomy a new and absolutely chip segment. The Artifact & Casework Articulation will accredit us to added advantage the best practices and acquaintance of the accumulated new division. These adeptness and analysis consolidations will additionally aerate the appliance of our resources, including abbreviation costs, and accord to bigger activity execution.”

“From an end bazaar perspective, we will abide to accommodate artifact and associated casework to our acceptable adopted market, while accretion our business development efforts and focus on the artifact of modules, brim systems and added structures for onshore refining, petrochemical, LNG and automated facilities. We will additionally advance our focus on opportunities for newbuild abyssal argosy for government and added barter different to the adopted oil and gas sector, as able-bodied as artifact opportunities for adopted wind developments.”

“Supporting these initiatives is about $100 actor of absolute clamminess and advancing efforts to monetize under-utilized assets. Going advanced we are architecture a able foundation that will accredit us to assassinate our absolute excess to completion, absolutely advantage our workforce and cardinal area in Houma and defended new activity awards to drive assisting growth,” assured Mr. Heo.

Segment Overview

Fabrication Articulation – Acquirement for the fourth analysis 2019 was $15.5 million, an access of $5.3 actor compared to the fourth analysis 2018, primarily due to advance on the Company’s anorak and accouter activity and two forty-vehicle bear projects. Operating accident was $18.5 actor for the fourth analysis 2019, compared to operating assets of $1.8 actor for the fourth analysis 2018. 

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Fourth analysis 2019 after-effects accommodate activity accuse of $8.7 million, primarily attributable to the Company’s two forty-vehicle bear projects, paddle caster river baiter activity and anorak and accouter project. The accepted analysis after-effects additionally accommodate non-cash impairments of $8.7 million, primarily attributable to assets captivated for sale. Adjusted EBITDA for the accepted analysis was a accident of $8.9 million, compared to Adjusted EBITDA of $0.6 actor for the fourth analysis 2018. 

Shipyard Articulation – Acquirement for the fourth analysis 2019 was $45.6 million, an access of $15.9 actor compared to the fourth analysis 2018, primarily due to advance on the Company’s three analysis barge projects and three towing, deliver and accomplishment address projects, account partially by lower acquirement for the Company’s anchorage tug projects. Operating accident was $13.5 actor for the fourth analysis 2019, compared to $6.6 actor for the fourth analysis 2018.

Fourth analysis 2019 after-effects accommodate activity accuse of $5.1 million, primarily attributable to the Company’s three analysis barge projects, anchorage tug projects, and to a bottom extent, its three towing, deliver and accomplishment address projects and ice-breaker tug project.  The accepted analysis after-effects additionally accommodate non-cash impairments of $7.6 million, primarily attributable to charter assets and anchored assets associated with the Company’s Jennings adeptness (which is accepted to be bankrupt in the third analysis 2020) and Lake Charles facility. Adjusted EBITDA for the accepted analysis was a accident of $4.9 million, compared to an Adjusted EBITDA accident of $4.6 actor for the fourth analysis 2018.

Services Articulation – Acquirement for the fourth analysis 2019 was $20.5 million, a abatement of $1.0 actor compared to the fourth analysis 2018, primarily due to lower adopted casework revenue, account partially by college onshore aliment revenue.  Operating assets was $0.7 actor for the fourth analysis 2019, compared to $2.1 actor for the fourth analysis 2018.  Fourth analysis 2019 after-effects accommodate a activity allegation of $0.2 actor and were impacted by a lower allowance mix about to 2018. The accepted analysis after-effects additionally accommodate non-cash impairments of $0.3 million, primarily attributable to inventory. Adjusted EBITDA for the accepted analysis was $1.4 million, compared to Adjusted EBITDA of $2.6 actor in the fourth analysis 2018.

Corporate Articulation – Operating accident was $3.1 actor for the fourth analysis 2019, compared to an operating accident of $1.9 actor for the fourth analysis 2018.  After-effects for 2019 were impacted by college acknowledged and advising fees, account partially by lower allurement plan costs.  The accepted analysis after-effects additionally accommodate assertive nonrecurring costs of $0.7 actor and acknowledged fees and added costs of $0.8 actor associated with two chump disputes. Adjusted EBITDA for the accepted analysis was a accident of $2.3 million, compared to an EBITDA accident of $1.8 actor for the fourth analysis 2018.

Cash and Liquidity

The Company’s banknote and concise investments at December 31, 2019 was $69.6 million, apery a abatement of $1.7 actor from September 30, 2019, and a abatement of $9.6 actor from December 31, 2018. The Company concluded the analysis with no debt and absolute alive basic of $65.6 million, which includes $9.0 actor of assets captivated for sale. On February 28, 2020, the Company adapted its $40.0 actor acclaim adeptness (“Credit Agreement”) and at December 31, 2019, was in acquiescence with all its banking covenants. At December 31, 2019, the Company’s absolute accessible clamminess was as follows (in thousands):

Backlog

The Company’s excess at December 31, 2019 was $437.3 million, apery a abatement of $24.5 actor from September 30, 2019, and an access of $80.9 actor from December 31, 2018. Excess by operating articulation was $374.0 actor for the Shipyard Division, $50.1 actor for the Artifact Division, and $13.2 actor for the Casework Division. Excess for the Shipyard Analysis excludes chump options on affairs of about $333.0 million, which would accommodate deliveries through 2025 if all options are exercised. See “Non-GAAP Measures” beneath for the Company’s analogue of Backlog.

Quarterly Appointment Call

Gulf Island will authority a appointment alarm on Wednesday, March 4, 2020 at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to altercate the Company’s banking results. The alarm will be accessible by webcast and can be accessed on Gulf Island’s website at www.gulfisland.com. Participants may additionally accompany the alarm by dialing 1.800.367.2403 and requesting the “Gulf Island” appointment call. A epitomize of the webcast will be accessible on the Company’s website for seven canicule afterwards the call.

About Gulf Island

Gulf Island is a arch architect of circuitous animate structures, modules and abyssal vessels, and a provider of activity management, hookup, commissioning, repair, aliment and civilian architecture services.  The Company’s barter accommodate U.S. and all-embracing activity producers; refining, petrochemical, LNG, industrial, adeptness and abyssal operators; EPC companies; and assertive agencies of the U.S. government. As of December 31, 2019, the Company operated and managed its business through three operating divisions: Fabrication, Shipyard and Services, with its accumulated address amid in Houston, Texas and operating accessories amid in Houma, Jennings and Lake Charles, Louisiana. During the aboriginal analysis 2020, the Company’s Artifact Analysis and Casework Analysis were combined, consistent in two operating divisions: Artifact & Casework and Shipyard.

Non-GAAP Measures

This Release includes assertive non-GAAP measures, including balance afore interest, taxes, abrasion and acquittal (“EBITDA”), Adjusted EBITDA and Backlog. The Company believes EBITDA is a advantageous added admeasurement as it reflects the Company’s operating after-effects excluding the non-cash impacts of abrasion and amortization. The Company believes Adjusted EBITDA is a advantageous added admeasurement as it reflects the Company’s EBITDA excluding non-cash impacts of impairments and added impacts which the Company believes are non-recurring. Reconciliations of EBITDA and Adjusted EBITDA to the best commensurable GAAP admeasurement are presented beneath “EBITDA & Adjusted EBITDA” aloft and “Results of Operations by Segment” below. The Company believes Excess is a advantageous added admeasurement as it represents assignment that the Company is contractually answerable to accomplish beneath its accepted contracts. Excess represents the unearned amount of new activity awards and may alter from the amount of absolute achievement obligations for affairs as bent beneath GAAP. Excess at December 31, 2019 of $437.3 actor includes the Company’s achievement obligations of $415.4 million, added $21.9 actor of excess accountable to a arrangement abortion altercation with a chump to body two multi-purpose account argosy that does not accommodated the belief to be appear as absolute achievement obligations beneath GAAP.

Non-GAAP measures are not advised to be replacements or alternatives to GAAP measures, and investors are apprenticed to accede these non-GAAP measures in accession to, and not in barter for, measures able in accordance with GAAP. The Company may present or account non-GAAP measures abnormally from added companies.

Cautionary Statements

This Release contains advanced statements in which we altercate our abeyant approaching performance. Advanced statements, aural the acceptation of the safe anchorage accoutrement of the U.S. Private Securities Litigation Reform Act of 1995, are all statements added than statements of absolute facts, such as projections or expectations apropos to oil and gas prices, operating banknote flows, basic expenditures, clamminess and tax rates. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be,” “potential” and any agnate expressions are advised to analyze those assertions as advanced statements.

We attention readers that advanced statements are not guarantees of approaching achievement and absolute after-effects may alter materially from those anticipated, projected or affected in the advanced statements. Important factors that can account our absolute after-effects to alter materially from those advancing in the advanced statements accommodate adeptness to defended new activity awards, including artifact projects for refining, petrochemical, LNG and automated accessories and adopted wind developments, adeptness to advance activity execution, the alternate attributes of the oil and gas industry, competition, alliance of our customers, timing and accolade of new contracts, assurance on cogent customers, banking adeptness and acclaim adeptness of our customers, attributes of our arrangement terms, aggressive appraisement and amount overruns on our projects, adjustments to ahead appear profits or losses beneath the percentage-of-completion method, acclimate conditions, changes in excess estimates, abeyance or abortion of projects, adeptness to accession added capital, adeptness to alter or access new debt costs or acclaim accessories on favorable terms, adeptness to abide in acquiescence with our covenants independent in our Acclaim Agreement, adeptness to accomplish acceptable banknote flow, adeptness to advertise assertive assets, any approaching asset impairments, appliance of accessories or cease or alliance of facilities, chump or subcontractor disputes, adeptness to boldness the altercation with a chump apropos to the declared terminations of affairs to body two MPSVs, operating dangers and banned on allowance coverage, barriers to access into new curve of business, adeptness to apply accomplished workers, accident of key personnel, achievement of subcontractors and assurance on suppliers, changes in barter behavior of the U.S. and added countries, acquiescence with authoritative and ecology laws, abridgement of navigability of canals and rivers, shutdowns of the U.S. government, systems and advice technology abeyance or abortion and abstracts aegis breaches, achievement of ally in any approaching collective ventures and added cardinal alliances, actor activism, focus on environmental, amusing and babyminding factors by institutional investors and added factors declared in Item 1A of our Annual Report on Anatomy 10-K for the year concluded December 31, 2018, as adapted by consecutive filings with the U.S. Securities and Exchange Commission.

Investors are cautioned that abounding of the assumptions aloft which our advanced statements are based are acceptable to change afterwards the advanced statements are made, which we cannot control. Further, we may accomplish changes to our business affairs that could affect our results. We attention investors that we do not intend to amend advanced statements added frequently than annual admitting any changes in our assumptions, changes in business plans, absolute acquaintance or added changes, and we undertake no obligation to amend any advanced statements.

Company Information

Consolidated After-effects of Operations(1) (in thousands, except per allotment data)

EBITDA & Adjusted EBITDA(1) (in thousands)

Condensed Banknote Breeze Advice (in thousands)

Condensed Balance Sheet Advice (in thousands)

Results of Operations by Articulation (in thousands, except for percentages)

 

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Last Updated: March 13th, 2020 by admin
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