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<SEC-DOCUMENT>0001157523-07-002292.txt : 20070302
<SEC-HEADER>0001157523-07-002292.hdr.sgml : 20070302
<ACCEPTANCE-DATETIME>20070302154758
ACCESSION NUMBER:		0001157523-07-002292
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070301
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070302
DATE AS OF CHANGE:		20070302

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GULF ISLAND FABRICATION INC
		CENTRAL INDEX KEY:			0001031623
		STANDARD INDUSTRIAL CLASSIFICATION:	FABRICATED STRUCTURAL METAL PRODUCTS [3440]
		IRS NUMBER:				721147390
		STATE OF INCORPORATION:			LA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22303
		FILM NUMBER:		07667634

	BUSINESS ADDRESS:	
		STREET 1:		GULF ISLAND FABRICATION INC
		STREET 2:		583 THOMPSON RD
		CITY:			HOUMA
		STATE:			LA
		ZIP:			70361
		BUSINESS PHONE:		5048722100

	MAIL ADDRESS:	
		STREET 1:		P O BOX 310
		CITY:			HOUMA
		STATE:			LA
		ZIP:			70361
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5346355.txt
<DESCRIPTION>GULF ISLAND FABRICATION, INC. 8-K
<TEXT>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

         Date of Report (Date of Earliest Event Reported): March 1, 2007


                          GULF ISLAND FABRICATION, INC.
             (Exact name of registrant as specified in its charter)


            Louisiana                 0-22303                72-1147390
   (State or other jurisdiction     (Commission            (IRS Employer
        of incorporation)           File Number)         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)


                                 Not applicable
          (Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ]  Written communications pursuant to Rule 425 under the Securities Act (17
     CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17CFR 240.13e-4(c))


<PAGE>

Item 2.02  Results of Operations and Financial Condition.

     On March 1, 2007, Gulf Island Fabrication, Inc. issued a press release
announcing fourth quarter 2006 earnings. A copy of the press release is attached
as Exhibit 99.1.


Item 9.01  Financial Statements and Exhibits.

     (c) Exhibits

             The following exhibit is filed herewith:

             Exhibit No.           Description
             99.1                  Press Release dated March 1, 2007




                                   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 hereunto 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)

Dated: March 1, 2007

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5346355ex99-1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                                                                    Exhibit 99.1

    Gulf Island Fabrication, Inc. Reports Fourth Quarter Earnings


    HOUMA, La.--(BUSINESS WIRE)--March 1, 2007--Gulf Island
Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $3.7
million ($.26 diluted EPS) on revenue of $76.0 million for its fourth
quarter ended December 31, 2006, compared to net income of $2.7
million ($.22 diluted EPS) on revenue of $41.4 million for the fourth
quarter ended December 31, 2005. Net income for the twelve months
ended December 31, 2006 was $21.3 million ($1.53 diluted EPS) on
revenue of $312.2 million, compared to net income of $13.0 million
($1.05 diluted EPS) on revenue of $188.5 million for the twelve months
ended December 31, 2005. Included in the Consolidated Statements of
Income for the year ended December 31, 2006, under the "Other Income
(Expense)" section, is the $983,000 gain resulting from the sale of
the Company's interest in MinDOC, L.L.C., effective January 23, 2006.

    The company had a revenue backlog of $429.1 million and a labor
backlog of approximately 4.0 million man-hours remaining to work,
which consist of work remaining at December 31, 2006 and commitments
received through February 13, 2007, the original earnings release
date.

    During the year-end close process, the Company discovered an error
regarding the estimated revenue on the Tahiti contract, which the
Company assumed when it acquired Gulf Marine Fabricators, effective
January 31, 2006. The Company determined that the amount of revenue it
had recognized on this contract during the first three quarters of
2006 was overstated. The table below indicates the previously reported
and restated quarterly financial results that will be included in the
quarterly results footnote in its Form 10-K for the year ended
December 31, 2006. The Company expects to file its Form 10-K on or
before its March 16, 2007 due date and will not amend its previous
filings.


                                  For the Quarters
                                        Ended
                 March 31, 2006     June 30, 2006   September 30, 2006
                Reported Restated Reported Restated Reported  Restated
                -------- -------- -------- -------- --------- --------
                        (in thousands, except per share data)

Revenue         $57,369  $56,978  $89,955  $89,508   $90,494  $89,733

Gross profit      4,395    4,014   10,950   10,514    17,635   16,890

Net Income        2,154    1,879    5,953    5,678    10,476   10,040

Basic EPS         $0.16    $0.14    $0.43    $0.41     $0.75    $0.72

Diluted EPS       $0.16    $0.14    $0.43    $0.41     $0.75    $0.72


                  SELECTED BALANCE SHEET INFORMATION
                            (in thousands)
                                             December 31, December 31,
                                                2006         2005
                                             -----------  ------------
Cash, cash equivalents and short-term
 investments                                    $10,302       $35,901
Total current assets                             94,765       103,412
Property, plant and equipment, at cost,net      155,440        59,744
Total assets                                    251,448       163,806
Total current liabilities                        40,214        16,271
Debt                                                  0             0
Shareholders' equity                            200,756       138,265
Total liabilities and shareholders' equity      251,448       163,806

    The management of Gulf Island Fabrication, Inc. will hold a
conference call on Friday, March 2, 2007, at 9:00 a.m. Central Time
(10:00 a.m. Eastern Time) to discuss the Company's financial results
for the quarter ended and year ended December 31, 2006. The call is
accessible by webcast (www.gulfisland.com) through CCBN and by dialing
1.800.478.6251. A digital rebroadcast of the call is available two
hours after the call and ending March 16, 2007 by dialing
1.888.203.1112, replay passcode: 3493118.

    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. These structures include jackets and
deck sections of fixed production platforms; hull and/or deck sections
of floating production platforms (such as tension leg platforms
("TLPs")), "SPARs, FPSOs", piles, wellhead protectors, subsea
templates and various production, compressor and utility modules,
offshore living quarters, tanks and barges. The Company also provides
offshore interconnect pipe hook-up, inshore marine construction,
manufacture and repair of pressure vessels, heavy lifts such as ship
integration and TLP module integration, loading and offloading of
jack-up drilling rigs, semi-submersible drilling rigs, TLP's , SPARs,
or other similar cargo, onshore and offshore scaffolding, piping
insulation services, and steel warehousing and sales.


                    GULF ISLAND FABRICATION, INC.
            CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
                (in thousands, except per share data)

                                Three Months Ended Twelve Months Ended
                                   December 31,       December 31,
                                ------------------ -------------------
                                  2006     2005      2006      2005
                                --------- -------- --------- ---------

Revenue                          $75,962  $41,426  $312,181  $188,545
Cost of revenue                   68,967   36,973   273,768   164,548
                                --------- -------- --------- ---------
Gross profit                       6,995    4,453    38,413    23,997
General and administrative
 expenses                          2,350    1,303     9,137     5,681
                                --------- -------- --------- ---------
Operating income                   4,645    3,150    29,276    18,316

Other income (expense):
Interest expense                     (11)     (10)     (473)      (55)
Interest income                       88      440       359     1,395
Other                                199     (455)    1,261      (460)
                                --------- -------- --------- ---------
                                     276      (25)    1,147       880
                                --------- -------- --------- ---------

Income before income taxes         4,921    3,125    30,423    19,196

Income taxes                       1,193      423     9,098     6,209
                                --------- -------- --------- ---------


Net income                        $3,728   $2,702   $21,325   $12,987
                                ========= ======== ========= =========

Per share data:
Basic earnings (loss) per
 share                             $0.27    $0.22     $1.54     $1.06
                                ========= ======== ========= =========
Diluted earnings (loss) per
 share                             $0.26    $0.22     $1.53     $1.05
                                ========= ======== ========= =========

Weighted-average shares           14,019   12,275    13,812    12,242
Effect of dilutive securities:
 employee stock options              159      172       122       134
                                --------- -------- --------- ---------
Adjusted weighted-average
 shares (1)                       14,178   12,447    13,934    12,376
                                ========= ======== ========= =========

Depreciation and amortization
 included in expense above        $3,242   $1,574   $12,509    $6,279
                                ========= ======== ========= =========

Cash dividend declared per
 common share                     $0.075   $0.075    $0.300    $0.300
                                ========= ======== ========= =========

(1) The calculation of diluted earnings per share assumes that all
 stock options are exercised and that the assumed proceeds are used to
 purchase shares at the average market price for the period.

    CONTACT: Gulf Island Fabrication, Inc.
             Kerry J. Chauvin, 985-872-2100
             Chief Executive Officer
             or
             Joseph "Duke" Gallagher, 985-872-2100
             Chief Financial Officer
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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