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Gulf Island Fabrication (GIFI)

Gulf Island is a leading fabricator of complex steel structures, modules and marine vessels, and a provider of project management, hookup, commissioning, repair, maintenance and civil construction services. The Company's customers include U.S. and international energy producers; refining, petrochemical, LNG, industrial, power and marine operators; EPC companies; and certain agencies of the U.S. government. The Company operates and manages its business through two operating divisions: Fabrication & Services and Shipyard, with its corporate headquarters located in Houston, Texas and operating facilities located in Houma, Jennings and Lake Charles, Louisiana.

GIFI stock data

Calendar

10 May 22
17 May 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 42.76M 42.76M 42.76M 42.76M 42.76M 42.76M
Cash burn (monthly) 3.94M 19.33K 1.67M 617.92K 3.78M 3.04M
Cash used (since last report) 6.13M 30.06K 2.6M 960.77K 5.88M 4.73M
Cash remaining 36.64M 42.73M 40.16M 41.8M 36.88M 38.03M
Runway (months of cash) 9.3 2210.4 24.0 67.7 9.7 12.5

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
8 May 22 Stockton Westley S. Common Stock Payment of exercise Dispose F No No 3.66 4,186 15.32K 382,128
1 Apr 22 Heo Richard W. Common Stock Grant Acquire A No No 0 100,000 0 709,998
1 Apr 22 Matthew R Oubre Common Stock Grant Acquire A No No 0 10,000 0 10,000
1 Apr 22 James L. Morvant Common Stock Grant Acquire A No No 0 10,000 0 85,941
1 Apr 22 Stockton Westley S. Common Stock Grant Acquire A No No 0 50,000 0 386,314
73.6% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 37 36 +2.8%
Opened positions 6 3 +100.0%
Closed positions 5 2 +150.0%
Increased positions 3 8 -62.5%
Reduced positions 12 9 +33.3%
13F shares Current Prev Q Change
Total value 46.39M 39.43M +17.7%
Total shares 11.62M 9.94M +16.9%
Total puts 0 11K EXIT
Total calls 0 0
Total put/call ratio Infinity
Largest owners Shares Value Change
Kokino 1.81M $7.27M NEW
Piton Capital Partners 1.81M $8.64M 0.0%
Wax Asset Management 1.4M $4.28M 0.0%
22NW 1.07M $4.29M 0.0%
Solas Capital Management 881.72K $3.54M 0.0%
First Wilshire Securities Management 870.62K $3.49M -1.2%
Renaissance Technologies 695.92K $2.79M -4.6%
Dimensional Fund Advisors 693.36K $2.78M -4.3%
PVAM Perlus Microcap Fund 659.61K $2.41M 0.0%
Vanguard 614.84K $2.47M -0.1%
Largest transactions Shares Bought/sold Change
Kokino 1.81M +1.81M NEW
BMO Bank of Montreal 0 -63.61K EXIT
Advisor Resource Council 57.31K +57.31K NEW
Millennium Management 46.25K -52.79K -53.3%
Renaissance Technologies 695.92K -33.73K -4.6%
Dimensional Fund Advisors 693.36K -31.16K -4.3%
Values First Advisors 19.38K +19.38K NEW
Susquehanna International 10.85K -12.09K -52.7%
First Wilshire Securities Management 870.62K -10.76K -1.2%
Perritt Capital Management 29K +9K +45.0%

Financial report summary

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Competition
Eastern
Risks
  • Our revenue and profitability may be impacted by the cyclical nature of the oil and gas industry and other energy-related industries.
  • We operate in an industry that is highly competitive.
  • A small number of customers may represent a significant portion of our revenue.
  • Competitive pricing common in the fabrication industry could negatively impact our operating results.
  • Our traditional customer base is facing significant challenges and a period of consolidation within their industry.
  • We depend on the award of new contracts and the timing of those awards.
  • The nature of our contracting terms for our contracts could adversely affect our operating results.
  • Our backlog is subject to change as a result of delay, suspension, termination or an increase or decrease in scope for projects currently in backlog.
  • We may be unable to successfully defend against claims made against us by customers or subcontractors, or recover claims made by us against customers or subcontractors.
  • The limits on our insurance coverage could expose us to potentially significant liability and costs.
  • Systems and information technology interruption or failure and data security breaches could adversely impact our ability to operate or expose us to significant financial losses and reputational harm.
  • We may conduct a portion of our operations through joint ventures and strategic alliances over which we may have limited control, and our partners in such arrangements may not perform.
  • We are exposed to the credit risks of our customers, including nonpayment and nonperformance by our customers.
  • Our method of accounting for revenue using the percentage-of-completion method could have a negative impact on our results of operations.
  • We may need to obtain debt financing or credit facilities or raise equity capital in the future for working capital, capital expenditures, contract commitments and/or acquisitions, and we may not be able to do so or do so on favorable terms, which would impair our ability to operate our business or execute our strategy.
  • We may not be able to generate sufficient cash flow to meet our obligations.
  • Our employees and subcontractors work on projects that are inherently dangerous. If we fail to maintain safe work sites, we can be exposed to significant financial losses and reputational harm.
  • Workplace vaccination or weekly testing requirements could impact our workforce, increase our costs and have a material adverse effect on our business and operating results.
  • Our success is dependent on key personnel.
  • We depend on third parties to provide services to perform our contractual obligations and supply raw materials.
  • Our efforts to strategically reposition the Company to diversify our service offerings and customer base may not result in increased shareholder value.
  • The financial benefits we expect to receive as a result of the Shipyard Transaction may not be realized.
  • We may be unable to successfully integrate the DSS Business and realize the anticipated benefits of the DSS Acquisition.
  • Any changes in U.S. trade policies and retaliatory responses from other countries may significantly increase the costs or limit supplies of materials and products used in our fabrication projects.
  • We are susceptible to adverse weather conditions in our market areas.
  • The nature of our industry subjects us to compliance with regulatory and environmental laws.
  • Actions of activist shareholders could create uncertainty about our future strategic direction, be costly and divert the attention of our management and board. In addition, some institutional investors may be discouraged from investing in the industries that we service.
  • Our business is highly dependent on our ability to utilize the navigation canals adjacent to our facilities.
Management Discussion
  • We determined the Shipyard Division operations associated with the Shipyard Transaction, and associated with certain previously closed Shipyard Division facilities, to be discontinued operations in the second quarter 2021, and accordingly, we have recast financial information for the three months ended March 31, 2021. Further, we have made adjustments to our previously issued financial statements for the three months ended March 31, 2021 to correct prior period immaterial errors, and in connection therewith, we have made adjustments to our previously reported segment results. See “Overview” above and Note 3 for further discussion of the Shipyard Transaction and our discontinued operations and Note 1 and Note 9 for further discussion of the error corrections.

Content analysis

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Positive
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Uncertain
Constraining
Legalese
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Readability
H.S. freshman Avg
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