HOUSTON--(BUSINESS WIRE)--

Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported a net loss of $3.6 million ($0.24 diluted loss per share) on revenue of $55.5 million for its fourth quarter ended December 31, 2016, compared to a net loss of $14.7 million ($1.01 diluted loss per share) on revenue of $55.0 million for the fourth quarter ended December 31, 2015. For the years ended December 31, 2016 and 2015, the Company reported net income of $3.5 million ($0.24 diluted earnings per share) on revenue of $286.3 million compared to a net loss of $25.4 million ($1.75 diluted loss per share) on revenue of $306.1 million, respectively.

The Company had a revenue backlog of $133.0 million and a labor backlog of approximately 1.3 million hours at December 31, 2016, including commitments received through February 22, 2017, compared to a revenue backlog of $181.2 million and a labor backlog of 1.6 million hours reported as of September 30, 2016. We expect to recognize revenue from our backlog of approximately $130.4 million and $2.6 million during the years 2017 and 2018, respectively.

As of December 31, 2016, our balance sheet position remained stable with $51.2 million in cash, no debt, and working capital of $78.0 million. We will continue to monitor and maintain a conservative capital structure as we navigate through the current oil and gas downturn.

On February 23, 2017, our Board of Directors approved a recommendation of management to consolidate all of our fabrication operations in South Texas with our fabrication operations in Houma, Louisiana, and place our properties located in Aransas Pass and Ingleside, Texas, up for sale. These properties are currently underutilized and represent excess capacity within our fabrication division. We are working to wind down all fabrication activities at these locations and re-allocate remaining backlog and workforce to our Houma Fabrication Yard as necessary. We do not expect the sale of these properties to impact our ability to service our deepwater customers or operate our fabrication division.

The management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, February 24, 2017, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the Company’s financial results for the quarter and year ended December 31, 2016. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.264.8952. A digital rebroadcast of the call is available two hours after the call and ending March 3, 2017 by dialing 1.888.203.1112.

Gulf Island Fabrication, Inc. is a leading fabricator of complex steel structures and marine vessels used in energy extraction and production, petrochemical and industrial facilities, power generation and alternative energy projects and shipping and marine transportation operations. The Company also provides related installation, hookup, commissioning, repair and maintenance services with specialized crews and integrated project management capabilities. The Company is currently fabricating complex modules for the construction of a new petrochemical plant, completing newbuild construction of two technologically advanced offshore support and two multi-purpose service vessels and recently fabricated wind turbine pedestals for the first offshore wind power project in the United States. The Company also constructed one of the largest lift boats servicing the Gulf of Mexico ("GOM"), one of the deepest production jackets in the GOM and the first SPAR fabricated in the United States. The Company’s customers include U.S. and, to a lesser extent, international energy producers, petrochemical, industrial, power and marine operators. Our corporate headquarters is located in Houston, Texas, with fabrication facilities located in Houma, Jennings and Lake Charles, Louisiana, and Aransas Pass and Ingleside, Texas.

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