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<SEC-DOCUMENT>0001157523-07-004175.txt : 20070427
<SEC-HEADER>0001157523-07-004175.hdr.sgml : 20070427
<ACCEPTANCE-DATETIME>20070426202805
ACCESSION NUMBER:		0001157523-07-004175
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070426
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070427
DATE AS OF CHANGE:		20070426

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:		07792993

	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>a5388201.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): April 26, 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 April 26, 2007, Gulf Island Fabrication, Inc. issued a press release
announcing first quarter 2007 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 April 26, 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: April 26, 2007
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5388201ex991.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                                                                    Exhibit 99.1


     Gulf Island Fabrication, Inc. Reports First Quarter Earnings


    HOUMA, La.--(BUSINESS WIRE)--April 26, 2007--Gulf Island
Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $4.4
million ($.31 diluted EPS) on revenue of $109.4 million for its first
quarter ended March 31, 2007, compared to net income of $1.9 million
($.14 diluted EPS) on revenue of $57.0 million for the first quarter
ended March 31, 2006.

    The company had a revenue backlog of $393.7 million and a labor
backlog of approximately 3.7 million man-hours remaining to work,
which consist of work remaining at March 31, 2007 and commitments
received since March 31, 2007.

                  SELECTED BALANCE SHEET INFORMATION
                            (in thousands)
                                              March 31,  December 31,
                                                2007        2006
                                             ----------- ------------
Cash and short-term investments                 $15,214      $10,302
Total current assets                            109,737       94,765
Property, plant and equipment, at cost, net     155,883      155,440
Total assets                                    266,633      251,448
Total current liabilities                        52,372       40,214
Debt                                                  0            0
Shareholders' equity                            204,489      200,756
Total liabilities and shareholders' equity      266,633      251,448


    The management of Gulf Island Fabrication, Inc. will hold a
conference call tomorrow April 27, 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 March 31, 2007. The call is accessible by
webcast (www.gulfisland.com) through CCBN and by dialing
1.800.811.8830. A digital rebroadcast of the call is available two
hours after the call and ending May 4, 2007 by dialing 1.888.203.1112,
replay passcode: 9410246.

    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
                                                       March 31,
                                                     2007     2006
                                                   --------- --------

Revenue                                            $109,373  $56,978
Cost of revenue                                     100,863   52,964
                                                   --------- --------
Gross profit                                          8,510    4,014
General and administrative expenses                   2,307    2,162
                                                   --------- --------
Operating income                                      6,203    1,852

Other income (expense):
  Interest expense                                      (11)    (177)
  Interest income                                       119      125
  Other                                                  (4)     983
                                                   --------- --------
                                                        104      931
                                                   --------- --------

Income before income taxes                            6,307    2,783

Income taxes                                          1,892      904
                                                   --------- --------


Net income                                           $4,415   $1,879
                                                   ========= ========



Per share data:

  Basic earnings per share:                           $0.31    $0.14
                                                   ========= ========

  Diluted income per share:                           $0.31    $0.14
                                                   ========= ========


      Weighted-average shares                        14,127   13,365
      Effect of dilutive securities: employee
       stock options                                    131      153
                                                   --------- --------
      Adjusted weighted-average shares               14,258   13,518
                                                   ========= ========

Depreciation and amortization included in expense
 above                                               $3,426   $2,869
                                                   ========= ========

Cash dividend declared per common share              $0.100   $0.075
                                                   ========= ========


    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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