<SEC-DOCUMENT>0001157523-15-001322.txt : 20150427
<SEC-HEADER>0001157523-15-001322.hdr.sgml : 20150427
<ACCEPTANCE-DATETIME>20150427102037
ACCESSION NUMBER:		0001157523-15-001322
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150423
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150427
DATE AS OF CHANGE:		20150427

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:	001-34279
		FILM NUMBER:		15793962

	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>a51087440.htm
<DESCRIPTION>GULF ISLAND FABRICATION, INC. 8-K
<TEXT>
<html>
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    <p style="text-align: center">
      <br>
      <font style="font-size: 12pt">UNITED STATES</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">SECURITIES
      AND EXCHANGE COMMISSION</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">Washington,
      D.C. 20549</font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>FORM 8-K</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>Pursuant to Section 13 or 15(d) of the</b></font><br><font style="font-size: 12pt"><b>Securities
      Exchange Act of 1934</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Date of
      Report (Date of Earliest Event Reported): April 23, 2015</b></font>
    </p>
    <p style="text-align: center">
      <br>
      <font style="font-size: 12pt"><b>GULF ISLAND FABRICATION, INC.</b></font><br><font style="font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font><br><br>
    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Louisiana</b>
          </p>
        </td>
        <td valign="top" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>0-22303</b>
          </p>
        </td>
        <td valign="top" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>72-1147390</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            of incorporation)
          </p>
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            File Number)
          </p>
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <b>16225 Park Ten Place, Suite 280</b><br><b>Houston, Texas 77084</b><br>&#160;(Address
      of principal executive offices)(Zip Code)
    </p>
    <p style="text-align: center">
      <br>
      <b>(713) 714-6100</b><br>(Registrant's telephone number, including area
      code)<br><br><b>Not applicable</b><br>(Former name or former address, if
      changed since last report)
    </p>
    <p style="text-align: center">
      <br>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">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 </font>(see General Instruction A.2. below):
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: justify">
      <br>
      <b>Item 2.02&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</b>
    </p>
    <p style="text-align: justify">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On April 23, 2015, Gulf Island Fabrication, Inc. issued a
      press release announcing first quarter 2015 earnings. A copy of the
      press release is attached as Exhibit 99.1.
    </p>
    <p style="white-space: nowrap; text-align: justify">
      <b>Item 9.01&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
    <p style="text-align: justify; text-indent: 60.0px">
      (c) Exhibits
    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 12%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px" colspan="2">
          The following exhibit is filed herewith
        </td>
      </tr>
      <tr>
        <td style="width: 12%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 12%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Exhibit No.
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 78%">
          Description
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 12%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 78%">
          Press Release dated April 23, 2015
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>

    </p>
    <p style="text-align: center">
      <b>SIGNATURES</b><br>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">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.</font>
    </p>
    <p style="text-indent: 30.0px">
      <br>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>GULF ISLAND FABRICATION, INC.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 51%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px; width: 6%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px; width: 39%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px; width: 4%">
          By:
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; width: 51%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Kirk J. Meche
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 51%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Kirk J. Meche
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 51%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Executive Officer
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 51%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 51%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 51%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 6%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated:
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 39%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            April 23, 2015
          </p>
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 51%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51087440ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2015 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Gulf
      Island Fabrication, Inc. Reports First Quarter Earnings</b></font>
    </p>
    <p>
      HOUSTON--(BUSINESS WIRE)--April 23, 2015--Gulf Island Fabrication, Inc.
      (NASDAQ: GIFI) today reported a net income of $0.1 million ($0.00
      diluted income per share) on revenue of $99.2 million for its first
      quarter ended March 31, 2015, compared to net income of $3.5 million
      ($0.24 diluted income per share) on revenue of $134.7 million for the
      first quarter ended March 31, 2014.
    </p>
    <p>
      The company had a revenue backlog of $135.1 million and a labor backlog
      of approximately 1.2 million man-hours at March 31, 2015, including
      commitments received through April 22, 2015, compared to a revenue
      backlog of $252.9 million and a labor backlog of 2.0 million man-hours
      reported as of December 31, 2014.
    </p>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td colspan="2">
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="12">
          (in thousands)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="2">
          March 31,
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="2">
          December 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="2">
          2015
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="2">
          2014
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px" colspan="5">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          50,115
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          36,085
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px" colspan="5">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          153,289
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          172,495
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px" colspan="5">
          Property, plant and equipment, at cost,net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          220,379
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          224,777
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px" colspan="5">
          Total assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          374,339
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          397,943
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px" colspan="5">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          51,481
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          72,765
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px" colspan="5">
          Debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          -
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px" colspan="5">
          Shareholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          284,851
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          285,798
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      &#8220;Our first quarter results reflect the current condition in the energy
      sector due to low oil prices and our customers&#8217; reduced capital
      expenditures for 2015. Our cash position has improved and we remain debt
      free. Our strong balance sheet and access to capital will enable us to
      weather the current downturn,&#8221; said Kirk Meche, President and Chief
      Executive Officer of Gulf Island Fabrication, Inc.
    </p>
    <p>
      The management of Gulf Island Fabrication, Inc. will hold a conference
      call on Friday, April 24, 2015, at 9:00 a.m. Central Time (10:00 a.m.
      Eastern Time) to discuss the Company&#8217;s financial results for the quarter
      ended March 31, 2015. The call is accessible by webcast (<u>www.gulfisland.com)</u>
      through CCBN and by dialing 1.888.271.8594. A digital rebroadcast of the
      call is available two hours after the call and ending May 1, 2015 by
      dialing 1.888.203.1112, replay passcode: 1588088.
    </p>
    <p>
      Gulf Island Fabrication, Inc., based in Houston, Texas, with fabrication
      facilities located in Houma, Louisiana, and San Patricio County, Texas,
      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 &#8220;TLPs&#8221;,
      &#8220;SPARs&#8221;, &#8220;FPSOs&#8221;, and &#8220;MinDOCs&#8221;), piles, wellhead protectors, subsea
      templates and various production, compressor and utility modules,
      offshore living quarters, towboats, liftboats, tanks<b> </b>and barges.<b>
      </b>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,
      TLPs, SPARs, or other similar cargo, onshore and offshore scaffolding,
      piping insulation services, and steel warehousing and sales.
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="14">
          <b>GULF ISLAND FABRICATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="14">
          <b>CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="14">
          (in thousands, except per share data)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="11">
          <b>Three Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          <b>March 31,</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          <b>March 31,</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3">
          <b>2014</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          99,233
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          134,690
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          124,760
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Cost of revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          94,785
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          125,917
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          113,952
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          4,448
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          8,773
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          10,808
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          General and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          4,293
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          3,373
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          10,056
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          155
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          5,400
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          752
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Other income (expense):
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (37
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (24
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          35
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Interest income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          7
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Other income (expense)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          (104
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          (1
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          (28
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          (125
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          41
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          127
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          5,275
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          793
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          44
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          1,740
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          904
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          Net income (loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          83
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          3,535
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          (111
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Per share data:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 4.0px">
          Basic earnings (loss) per share - common shareholders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          -
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          0.24
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          (0.01
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 4.0px">
          Diluted earnings (loss) per share - common shareholders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          -
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          0.24
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          (0.01
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 4.0px">
          Basic and Dilutive Weighted-average shares
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          14,540
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          14,496
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          14,518
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          Depreciation and amortization included in expense above
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          6,599
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          6,379
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          6,743
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          Cash dividend declared per common share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          0.10
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          0.10
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          0.10
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="10">
          <b>GULF ISLAND FABRICATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="10">
          <b>CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="10">
          (In thousands)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="8">
          <b>Three Months Ended March 31</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          <b>2015</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          <b>2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Cash flows from operating activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Net income
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          83
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          3,535
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Adjustments to reconcile net income to net cash provided by (used
            in) operating activities:
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Bad debt expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          400
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Depreciation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          6,599
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          6,379
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Loss on sale of asset
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          85
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (149
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          1,824
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Compensation expense - restricted stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          435
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          316
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Changes in operating assets and liabilities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Contracts receivable and retainage
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          28,536
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          6,075
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Costs and estimated earnings in excess of billings on uncompleted
            contracts
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          795
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          4,035
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Prepaid expenses and other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          897
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          1,276
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Inventory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (5
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          134
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (14,469
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (18,363
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Billings in excess of costs and estimated earnings on uncompleted
            contracts
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (5,558
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (6,389
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Accrued employee costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (932
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (974
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          325
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (111
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Accrued contract losses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Accrued contract losses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (650
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Current income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          189
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          (83
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px">
          Net cash provided by (used in) operating activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          16,496
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (2,261
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Cash flows from investing activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Capital expenditures
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (1,001
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (10,589
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Proceeds on the sale of equipment
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          925
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px">
          Net cash used in investing activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (1,001
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (9,664
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Cash flows from financing activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Borrowings against line of credit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          15,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Payments on line of credit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (15,000
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Payments of dividends on common stock
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          (1,465
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          (1,466
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px">
          Net cash used in financing activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          (1,465
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          (1,466
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Net change in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          14,030
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (13,391
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Cash and cash equivalents at beginning of period
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          36,085
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          36,569
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          Cash and cash equivalents at end of period
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          50,115
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          23,178
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Gulf Island Fabrication, Inc.<br>Kirk J. Meche, 713-714-6100<br>Chief
      Executive Officer<br>or<br>Jeffrey M. Favret, 713-714-6100<br>Chief
      Financial Officer<br>
    </p>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
