Gulf Island Fabrication Inc. (GIFI) Financial Statements (2024 and earlier)

Company Profile

Business Address 2170 BUCKTHORNE PL
THE WOODLANDS, TX 77380
State of Incorp. LA
Fiscal Year End December 31
Industry (SIC) 344 - Fabricated Structural Metal Products (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments, including:46,40943,12652,88651,15769,60079,177
Cash and cash equivalents38,17633,22152,88643,15949,70370,457
Short-term investments8,2339,905 7,99819,9188,720
Other undisclosed cash, cash equivalents, and short-term investments     (21) 
Restricted cash and investments1,4751,6031,297   
Receivables36,29829,42715,98615,39326,09522,505
Inventory, net of allowances, customer advances and progress billings2,0721,5991,7792,2622,6766,088
Inventory2,0721,5991,7792,2622,6766,088
Prepaid expense6,9946,4756,9712,8153,9483,268
Contract with customer, asset, after allowance for credit loss2,7394,8394,75967,52152,12829,982
Disposal group, including discontinued operation 5,640  8,2149,006 
Asset, held-for-sale, not part of disposal group   1,800  18,935
Other undisclosed current assets     21 
Total current assets:101,62787,06985,478147,362163,474159,955
Noncurrent Assets
Property, plant and equipment23,14531,15432,86667,45870,48479,930
Intangible assets, net (including goodwill)2,9173,0593,201   
Goodwill2,2172,2172,217   
Intangible assets, net (excluding goodwill)700842984   
Restricted cash and investments   406   
Other noncurrent assets73913,58413,32216,52318,81918,405
Total noncurrent assets:26,80147,79749,79583,98189,30398,335
TOTAL ASSETS:128,428134,866135,273231,343252,777258,290
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities23,30222,59323,30677,78471,57339,256
Accounts payable8,4668,3109,28070,11461,54228,969
Accrued liabilities14,83614,28314,0267,67010,03110,287
Deferred revenue5,4708,1966,64815,12926,271
Debt1,075  5,499  
Contract with customer, liability16,845
Total current liabilities:29,84730,78929,95498,41297,84456,101
Noncurrent Liabilities
Long-term debt and lease obligation18,925  4,501  
Long-term debt, excluding current maturities18,925  4,501  
Liabilities, other than long-term debt6851,4531,4112,0682,2481,089
Other liabilities6851,4531,4112,0682,2481,089
Total noncurrent liabilities:19,6101,4531,4116,5692,2481,089
Total liabilities:49,45732,24231,365104,981100,09257,190
Equity
Equity, attributable to parent78,971102,624103,908126,362152,685201,100
Common stock11,72911,59111,38411,22311,11911,021
Additional paid in capital108,615107,372105,511104,072103,124102,243
Retained earnings (accumulated deficit)(41,373)(16,339)(12,987)11,06738,44287,836
Total equity:78,971102,624103,908126,362152,685201,100
TOTAL LIABILITIES AND EQUITY:128,428134,866135,273231,343252,777258,290

Income Statement (P&L) ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues151,067142,32093,452250,959303,308221,247
Cost of revenue
(Cost of Goods and Services Sold)
(162,968)(134,425)(91,788)(268,710)(320,307)(228,443)
Gross profit:(11,901)7,8951,664(17,751)(16,999)(7,196)
Operating expenses(16,278)(18,214)(11,848)(13,858)(15,628)(19,319)
Other operating income (expense), net2,2966,904(3,300)8,580134 
Other undisclosed operating income (loss)    (4,130)(17,528)6,850
Operating loss:(25,883)(3,415)(13,484)(27,159)(50,021)(19,665)
Interest and debt expense   9,061  (142)
Other undisclosed income (loss) from continuing operations before equity method investments, income taxes    (268)531 
Loss from continuing operations before equity method investments, income taxes:(25,883)(3,415)(4,423)(27,427)(49,490)(19,807)
Other undisclosed income (loss) from continuing operations before income taxes1,44086(397)   
Loss from continuing operations before income taxes:(24,443)(3,329)(4,820)(27,427)(49,490)(19,807)
Income tax expense (benefit)41(23)245296(571)
Loss from continuing operations:(24,402)(3,352)(4,796)(27,375)(49,394)(20,378)
Loss before gain (loss) on sale of properties:(22,168)(27,375)(49,394)(20,378)
Loss from discontinued operations   (17,372)   
Net loss available to common stockholders, diluted:(24,402)(3,352)(22,168)(27,375)(49,394)(20,378)

Comprehensive Income ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net loss:(24,402)(3,352)(22,168)(27,375)(49,394)(20,378)
Comprehensive loss, net of tax, attributable to parent:(24,402)(3,352)(22,168)(27,375)(49,394)(20,378)

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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