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<SEC-DOCUMENT>0001157523-07-007359.txt : 20070727
<SEC-HEADER>0001157523-07-007359.hdr.sgml : 20070727
<ACCEPTANCE-DATETIME>20070726175932
ACCESSION NUMBER:		0001157523-07-007359
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070726
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070727
DATE AS OF CHANGE:		20070726

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:		071004271

	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>a5457552.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): July 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 July 26, 2007, Gulf Island Fabrication, Inc. issued a press release
announcing second 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 July 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:  July 26, 2007

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5457552ex99_1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                                                                    Exhibit 99.1

    Gulf Island Fabrication, Inc. Reports Second Quarter Earnings

    HOUMA, La.--(BUSINESS WIRE)--July 26, 2007--Gulf Island
Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $7.9
million ($.55 diluted EPS) on revenue of $137.6 million for its second
quarter ended June 30, 2007, compared to net income of $5.7 million
($.41 diluted EPS) on revenue of $89.5 million for the second quarter
ended June 30, 2006. Net income for the first six months of 2007 was
$12.3 million ($.86 diluted EPS) on revenue of $246.9 million,
compared to net income of $7.6 million ($.55 diluted EPS) on revenue
of $146.5 million for the first six months of 2006.

    The company had a revenue backlog of $308.4 million and a labor
backlog of approximately 3.0 million man-hours remaining to work,
which consist of work remaining at June 30, 2007 and commitments
received since June 30, 2007.



                  SELECTED BALANCE SHEET INFORMATION
                            (in thousands)
                                               June 30,   December 31,
                                                 2007         2006
                                              ----------- ------------
Cash and short-term investments                 $   7,027    $  10,302
Total current assets                              130,499       94,765
Property, plant and equipment, at cost, net       166,024      155,440
Total assets                                      297,303      251,448
Total current liabilities                          77,438       40,214
Debt                                                    0            0
Shareholders' equity                              211,379      200,756
Total liabilities and shareholders' equity        297,303      251,448


    The management of Gulf Island Fabrication, Inc. will hold a
conference call tomorrow July 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 June 30, 2007. 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 August 3, 2007 by dialing 1.888.203.1112, replay passcode:
8704691.

    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  Six Months Ended
                                     June 30,           June 30,
                                ------------------ -------------------
                                  2007     2006      2007      2006
                                --------- -------- --------- ---------

Revenue                         $137,572  $89,508  $246,945  $146,486
Cost of revenue                  123,429   78,994   224,292   131,958
                                --------- -------- --------- ---------
Gross profit                      14,143   10,514    22,653    14,528
General and administrative
 expenses                          2,810    2,040     5,117     4,202
                                --------- -------- --------- ---------
Operating income                  11,333    8,474    17,536    10,326

Other income (expense):
  Interest expense                    (8)    (112)      (19)     (289)
  Interest income                    161       48       280       173
  Other                               (1)       2        (5)      985
                                --------- -------- --------- ---------
                                     152      (62)      256       869
                                --------- -------- --------- ---------

Income before income taxes        11,485    8,412    17,792    11,195

Income taxes                       3,624    2,734     5,516     3,638
                                --------- -------- --------- ---------


Net income                        $7,861   $5,678   $12,276    $7,557
                                ========= ======== ========= =========




Per share data:
   Basic earnings per share:       $0.56    $0.41     $0.87     $0.55
                                ========= ======== ========= =========

   Diluted income per share:       $0.55    $0.41     $0.86     $0.55
                                ========= ======== ========= =========


      Weighted-average shares     14,152   13,916    14,140    13,641
      Effect of dilutive
       securities: employee
       stock options                 121       85       126       119
                                --------- -------- --------- ---------
      Adjusted weighted-average
       shares                     14,273   14,001    14,266    13,760
                                ========= ======== ========= =========

Depreciation and amortization
 included in expense above        $3,492   $3,067    $6,918    $5,936
                                ========= ======== ========= =========

Cash dividend declared per
 common share                      $0.10   $0.075     $0.20     $0.15
                                ========= ======== ========= =========

    CONTACT: 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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