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.

Company profile
Ticker
GIFI
Exchange
Website
CEO
Richard W. Heo
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
SEC CIK
Corporate docs
IRS number
721147390
GIFI stock data
News
Press releases
Gulf Island Reports First Quarter 2022 Results
10 May 22
Gulf Island Announces First Quarter 2022 Results Conference Call Date
26 Apr 22
Gulf Island Reports Fourth Quarter And Full-Year 2021 Results
22 Mar 22
Gulf Island Announces Fourth Quarter 2021 Results Conference Call Date
8 Mar 22
Gulf Island Announces Planned Retirement of Chairman and Further Reduction in Board Size
7 Mar 22
Calendar
10 May 22
17 May 22
31 Dec 22
Financial summary
Quarter (USD) | Mar 22 | Dec 21 | Sep 21 | Jun 21 | |
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Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Revenue | |||||
Cost of revenue | |||||
Operating income | |||||
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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 |
Recent insider trades
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 |
Institutional ownership, Q4 2021
73.6% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 37 |
Opened positions | 6 |
Closed positions | 5 |
Increased positions | 3 |
Reduced positions | 12 |
13F shares | Current |
---|---|
Total value | 46.39M |
Total shares | 11.62M |
Total puts | 0 |
Total calls | 0 |
Total put/call ratio | – |
Largest owners | Shares | Value |
---|---|---|
Kokino | 1.81M | $7.27M |
Piton Capital Partners | 1.81M | $8.64M |
Wax Asset Management | 1.4M | $4.28M |
22NW | 1.07M | $4.29M |
Solas Capital Management | 881.72K | $3.54M |
First Wilshire Securities Management | 870.62K | $3.49M |
Renaissance Technologies | 695.92K | $2.79M |
Dimensional Fund Advisors | 693.36K | $2.78M |
PVAM Perlus Microcap Fund | 659.61K | $2.41M |
Vanguard | 614.84K | $2.47M |
Financial report summary
?Competition
EasternRisks
- 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
?Positive | ||
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Constraining | ||
Legalese | ||
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Readability |
H.S. freshman Avg
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New words:
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Removed:
accelerating, acceptable, Adjustment, anchor, approved, approximated, boat, capitalize, centralizing, challenged, combining, comparable, coordination, deepest, enabling, engineered, entering, expansion, external, forwarded, franchise, frequently, hand, iii, implemented, installed, interconnect, largest, leadership, manufactured, maximize, monitoring, monthly, national, Notable, organization, paddle, paddlewheel, payroll, population, prefabricated, proactively, recommended, reconciliation, reconstruction, referred, regular, remotely, rent, repayment, requesting, reservoir, river, riverboat, sanitize, sanitizing, September, servicing, single, team, tolerance, transported, vehicle, visitor, welding, wheel, yard
Financial reports
Current reports
8-K
Reports First Quarter 2022 Results
10 May 22
8-K
Reports Fourth Quarter and Full-year 2021 Results
22 Mar 22
8-K
Gulf Island Announces Planned Retirement of Chairman and Further Reduction in Board Size
7 Mar 22
8-K
Gulf Island Announces Acquisition
1 Dec 21
8-K
Gulf Island Reports Third Quarter 2021 Results
8 Nov 21
8-K
Other Events
28 Sep 21
8-K
Provides Operational Update
3 Sep 21
8-K
Departure of Directors or Certain Officers
24 Aug 21
8-K/A
Gulf Island Reports Second Quarter 2021 Results
11 Aug 21
8-K
Gulf Island Reports Second Quarter 2021 Results
10 Aug 21
Registration and prospectus
8-A12B/A
Registration of securities on exchange (amended)
19 Oct 20
S-8
Registration of securities for employees
7 Aug 20
S-8
Registration of securities for employees
13 May 15
S-8
Registration of securities for employees
8 Aug 11
8-A12B
Registration of securities on exchange
7 Apr 09
424B3
Prospectus supplement
12 Sep 07
S-3
Shelf registration
17 Jul 07
S-8
Registration of securities for employees
15 May 02
Other
EFFECT
Notice of effectiveness
30 Oct 20
CORRESP
Correspondence with SEC
26 Oct 20
UPLOAD
Letter from SEC
22 Oct 20
UPLOAD
Letter from SEC
13 Feb 19
CORRESP
Correspondence with SEC
6 Feb 19
UPLOAD
Letter from SEC
18 Dec 18
EFFECT
Notice of effectiveness
26 Nov 17
CORRESP
Correspondence with SEC
21 Nov 17
UPLOAD
Letter from SEC
21 Nov 17
UPLOAD
Letter from SEC
13 Nov 13
Ownership
4
GULF ISLAND FABRICATION / Westley S. Stockton ownership change
10 May 22
4
GULF ISLAND FABRICATION / Thomas M. Smouse ownership change
5 Apr 22
4
GULF ISLAND FABRICATION / Matthew R Oubre ownership change
5 Apr 22
4
GULF ISLAND FABRICATION / James L. Morvant ownership change
5 Apr 22
4
GULF ISLAND FABRICATION / Westley S. Stockton ownership change
5 Apr 22
4
GULF ISLAND FABRICATION / RICHARD W. HEO ownership change
5 Apr 22
4
GULF ISLAND FABRICATION / Thomas M. Smouse ownership change
23 Mar 22
4
GULF ISLAND FABRICATION / James L. Morvant ownership change
23 Mar 22
4
GULF ISLAND FABRICATION / Westley S. Stockton ownership change
23 Mar 22
4
GULF ISLAND FABRICATION / RICHARD W. HEO ownership change
23 Mar 22
Transcripts
2022 Q1
Earnings call transcript
13 May 22
2021 Q3
Earnings call transcript
10 Nov 21
2021 Q3
Earnings call transcript
10 Nov 21
2021 Q2
Earnings call transcript
11 Aug 21
2021 Q2
Earnings call transcript
11 Aug 21
2021 Q1
Earnings call transcript
12 May 21
2021 Q1
Earnings call transcript
12 May 21
2020 Q4
Earnings call transcript
30 Mar 21
2020 Q4
Earnings call transcript
30 Mar 21
2020 Q3
Earnings call transcript
3 Nov 20
Reddit threads
Daily Discussion Thread - May 10th, 2022
10 May 22
Daily Discussion Thread - May 9th, 2022
9 May 22
Daily Discussion Thread - March 22nd, 2022
22 Mar 22
Daily Discussion Thread - March 21st, 2022
21 Mar 22
Daily Discussion Thread - November 9th, 2021
9 Nov 21
Daily Discussion Thread - November 8th, 2021
8 Nov 21
Daily Discussion Thread - August 10th, 2021
10 Aug 21
Daily Discussion Thread - August 9th, 2021
9 Aug 21
Fed Meeting Recap (Sound On 🔊)
16 Jun 21
Please join us in prayer before the Fed announcement tomorrow
15 Jun 21