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GIFI Gulf Island Fabrication

Gulf Island Fabrication, Inc. engages in the manufacture of steel structures, modules, and marine vessels. It also provides project management, hookup, commissioning, repair, maintenance, and civil construction services. It operates through the following segments: Fabrication, Shipyard, Services, and Corporate. The Fabrication segment fabricates modules for petrochemical and industrial facilities, foundations for alternative energy developments, and other complex steel structures. The Shipyard segment offers new build vessels and performs marine repair activities. The Services segment includes welding, interconnect piping, and other services required to connect production equipment and service modules and equipment on a platform. The Corporate segment represents expenses that do not directly relate to the operating segments. The company was founded by Alden J. Laborde in 1985 and is headquartered in Houston, TX.

Company profile

Ticker
GIFI
Exchange
CEO
Richard W. Heo
Employees
Incorporated
Location
Fiscal year end
SEC CIK
IRS number
721147390

GIFI stock data

(
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Calendar

29 Mar 21
17 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 43.16M 43.16M 43.16M 43.16M 43.16M 43.16M
Cash burn (monthly) 206.33K 545.33K 5.14M 2.26M 3.91M 1.58M
Cash used (since last report) 735.73K 1.94M 18.34M 8.07M 13.94M 5.65M
Cash remaining 42.42M 41.21M 24.82M 35.09M 29.22M 37.51M
Runway (months of cash) 205.6 75.6 4.8 15.5 7.5 23.7

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
9 Mar 21 Thomas M. Smouse Common Stock Payment of exercise Dispose F No No 4.12 2,377 9.79K 17,624
9 Mar 21 James L. Morvant Commom Stock Payment of exercise Dispose F No No 4.12 6,442 26.54K 44,883
9 Mar 21 Vaccari Christian G Common Stock Payment of exercise Dispose F No No 4.12 1,276 5.26K 91,397
9 Mar 21 Wallis Robert Allen Common Stock Payment of exercise Dispose F No No 4.12 2,377 9.79K 26,871
21 Feb 21 Vaccari Christian G Common Stock Payment of exercise Dispose F No No 4.35 552 2.4K 92,673

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

51.6% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 34 33 +3.0%
Opened positions 4 0 NEW
Closed positions 3 6 -50.0%
Increased positions 7 5 +40.0%
Reduced positions 10 14 -28.6%
13F shares
Current Prev Q Change
Total value 185.28M 186.84M -0.8%
Total shares 7.9M 7.05M +12.2%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Wax Asset Management 1.4M $4.28M NEW
First Wilshire Securities Management 898.49K $2.75M -7.6%
Dimensional Fund Advisors 863.31K $2.64M -9.1%
22NW 839.97K $2.57M 0.0%
Vanguard 819.62K $2.51M +1.8%
Renaissance Technologies 781.78K $2.39M +22.4%
Solas Capital Management 750K $2.3M 0.0%
BLK Blackrock 308.93K $946K +1.2%
RILY B. Riley Financial 187.94K $575K -56.6%
Millennium Management 168.25K $515K -49.5%
Largest transactions
Shares Bought/sold Change
Wax Asset Management 1.4M +1.4M NEW
RILY B. Riley Financial 187.94K -245.08K -56.6%
Millennium Management 168.25K -164.67K -49.5%
Prescott Group Capital Management, L.L.C. 0 -152.8K EXIT
Renaissance Technologies 781.78K +142.95K +22.4%
Dimensional Fund Advisors 863.31K -86.51K -9.1%
First Wilshire Securities Management 898.49K -74.09K -7.6%
Marquette Asset Management 46.42K +46.42K NEW
STT State Street 0 -18.77K EXIT
Perritt Capital Management 20K -15K -42.9%

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.
  • Certain of our customers are 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.
  • We depend on significant customers for our revenue.
  • We are exposed to the credit risks of our customers, including nonpayment and nonperformance by our customers.
  • The nature of our contracting terms for our contracts could adversely affect our operating results.
  • Competitive pricing common in the fabrication and marine construction industry could negatively impact our operating results.
  • Our method of accounting for revenue using the percentage-of-completion method could have a negative impact on our results of operations.
  • 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 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.
  • If we continue to be unable to maintain satisfactory utilization of our facilities or personnel, our results of operations and financial condition would be adversely affected.
  • 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.
  • 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.
  • Our efforts to strategically reposition the Company to diversify our service offerings and customer base may not result in increased shareholder value.
  • We may be unable to employ a sufficient number of skilled personnel to execute our projects.
  • Our success is dependent on key personnel.
  • We depend on third parties to provide services to perform our contractual obligations and supply raw materials.
  • 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.
  • 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.
  • 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.
  • The nature of our industry subjects us to compliance with regulatory and environmental laws.
  • Our business is highly dependent on our ability to utilize the navigation canals adjacent to our facilities.
Management Discussion
  • In the comparative tables below, percentage changes that are not considered meaningful are shown below as “nm” (generally when the prior period amount is immaterial or when the percentage change is significantly greater than 100%).
  • New Project Awards – New project awards for 2020 and 2019 were $207.1 million and $384.1 million, respectively.  Significant new project awards for 2020 include:
  • Revenue – Revenue for 2020 and 2019 was $251.0 million and $303.3 million, respectively, representing a decrease of $52.3 million. The decrease was primarily due to:
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Good
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