For further information contact:
Kerry J. Chauvin Joseph P. Gallagher,III Chief Executive Officer Chief Financial Officer
(504) 872-2100 (504) 872-2100
FOR IMMEDIATE RELEASE
WEDNESDAY, APRIL 30, 1997
GULF ISLAND FABRICATION, INC
REPORTS FIRST QUARTER 1997 EARNINGS
Houma, LA - Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported pro forma net income after taxes of
$2.2 million ($5.57 per share) on revenue of $30.2 million for its first quarter ended March 31, 1997, compared
to pro forma net income after taxes of $485,000 ($.12 per share) on revenues of $19.5 million for the first
quarter of 1996.
Pro forma net income gives effect to federal and state income taxes as if the company had been a C Corporation
for tax purposes during the entire quarter. The company converted from S Corporation status on April 4, 1997.
The company completed its initial public offering on April 9, 1997, in which 2.3 million shares were issued. The
shares outstanding for the remaining quarters of 1997 will approximate 5.9 million.
Excluding the results of its subsidiary, Dolphin Services, Inc., which was purchased on Jan. 2, 1997, the parent
company had net income of $1.8 million ($.46 per share) on revenues of $22.6 million for the quarter. At March
31, the consolidated companies had a revenue backlog of $87 million and a labor backlog of 1.3 million
manhours left to work.
Kerry Chauvin, Gulf Island Fabrication, Inc.'s president and chief executive officer noted, "The increase in our
first quarter earnings this year over last year's first quarter results primarily from strong improvement in direct
labor pricing and the greater volume of direct labor hours worked. The steady improvement of our performance
over the past several quarters, however, has been not only because of higher pricing and volume but also because
of our on-going internal focus on productivity increases established through capital improvements, equipment
purchases and labor-saving procedures which contribute to hi