Gulf Island Fabrication, Inc. (GIFI) financial statements (2022 and earlier)

Company profile

Business Address 16225 PARK TEN PLACE, SUITE 280
HOUSTON, TX 77084
State of Incorp. LA
Fiscal Year End December 31
SIC 344 - Fabricated Structural Metal Products (benchmarking)
More info Complete financial analysis Financial benchmarking

Balance sheet (Statement of financial position) ($ in thousands)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments, including:52,88651,15769,60079,1778,98351,16734,828
Cash and cash equivalents52,88643,15949,70370,4578,98351,16734,828
Short-term investments 7,99819,9188,720   
Other undisclosed cash, cash equivalents, and short-term investments  (21)    
Restricted cash and investments1,297      
Receivables15,98615,39326,09522,50528,46620,16947,008
Inventory, net of allowances, customer advances and progress billings1,7792,2622,6766,0884,93311,97312,936
Inventory1,7792,2622,6766,0884,93311,97312,936
Prepaid expense6,9712,8153,9483,2683,8333,2223,418
Contract with customer, asset4,75967,52152,12829,982
Disposal group, including discontinued operation 8,2149,006    
Assets held-for-sale, not part of disposal group1,800  18,935104,576 4,805
Costs in excess of billings28,37326,82912,822
Other undisclosed current assets  21   52
Total current assets:85,478147,362163,474159,955179,164113,360115,869
Noncurrent Assets
Property, plant and equipment32,86667,45870,48479,93088,899206,222200,384
Intangible assets, net (including goodwill)3,201      
Goodwill2,217      
Intangible assets, net (excluding goodwill)984      
Restricted cash and investments406      
Other noncurrent assets13,32216,52318,81918,4052,7772,826670
Total noncurrent assets:49,79583,98189,30398,33591,676209,048201,054
TOTAL ASSETS:135,273231,343252,777258,290270,840322,408316,923
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities23,30677,78471,57339,25631,23519,10321,325
Accounts payable9,28070,11461,54228,96918,3759,02113,604
Accrued liabilities14,0267,67010,03110,28712,74110,032777
Employee-related liabilities      6,831
Taxes payable    11950113
Deferred revenue6,64815,12926,271
Debt 5,499     
Provision for loss on contracts    7,6183879,495
Deferred revenue and credits4,67611,881 
Billings in excess of cost5,1363,9777,081
Contract with customer, liability16,845
Total current liabilities:29,95498,41297,84456,10148,66535,34837,901
Noncurrent Liabilities
Long-term debt and lease obligation 4,501     
Long-term debt, excluding current maturities 4,501     
Liabilities, other than long-term debt1,4112,0682,2481,0892,68279421,825
Deferred revenue and credits769489 
Deferred tax liabilities, net   21,825
Other liabilities1,4112,0682,2481,0891,913305 
Other undisclosed noncurrent liabilities     23,234 
Total noncurrent liabilities:1,4116,5692,2481,0892,68224,02821,825
Total liabilities:31,365104,981100,09257,19051,34759,37659,726
Stockholders' equity
Stockholders' equity attributable to parent103,908126,362152,685201,100219,493263,032257,197
Common stock11,38411,22311,11911,02110,82310,64110,352
Additional paid in capital105,511104,072103,124102,243100,45698,81396,194
Retained earnings (accumulated deficit)(12,987)11,06738,44287,836108,214153,578150,651
Total stockholders' equity:103,908126,362152,685201,100219,493263,032257,197
TOTAL LIABILITIES AND EQUITY:135,273231,343252,777258,290270,840322,408316,923

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

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Revenues93,452250,959303,308221,247171,022286,326306,120
Cost of revenue
(Cost of Goods and Services Sold)
(91,788)(268,710)(320,307)(228,443)(213,947)(261,473)(321,276)
Gross profit:1,664(17,751)(16,999)(7,196)(42,925)24,853(15,156)
Operating expenses(11,848)(13,858)(15,628)(19,319)(17,800)(19,670)(16,256)
Other operating income (expense), net(3,300)8,580134    
Other undisclosed operating income (loss) (4,130)(17,528)6,850(7,672) (7,202)
Operating income (loss):(13,484)(27,159)(50,021)(19,665)(68,397)5,183(38,614)
Nonoperating income (expense)    (562)373(119)
Investment income, nonoperating     2426
Other nonoperating income (expense)    (213)68120
Interest and debt expense9,061  (142)(349)(332)(165)
Other undisclosed income (loss) from continuing operations before equity method investments, income taxes (268)531 349332165
Income (loss) from continuing operations before equity method investments, income taxes:(4,423)(27,427)(49,490)(19,807)(68,959)5,556(38,733)
Other undisclosed loss from continuing operations before income taxes(397)      
Income (loss) from continuing operations before income taxes:(4,820)(27,427)(49,490)(19,807)(68,959)5,556(38,733)
Income tax expense (benefit)245296(571)24,193(2,041)13,369
Income (loss) from continuing operations:(4,796)(27,375)(49,394)(20,378)(44,766)3,515(25,364)
Loss from discontinued operations(17,372)      
Net income (loss) attributable to parent:(22,168)(27,375)(49,394)(20,378)(44,766)3,515(25,364)
Other undisclosed net loss available to common stockholders, basic    (3)(30)(84)
Net income (loss) available to common stockholders, diluted:(22,168)(27,375)(49,394)(20,378)(44,769)3,485(25,448)

Comprehensive Income ($ in thousands)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Net income (loss):(22,168)(27,375)(49,394)(20,378)(44,766)3,515(25,364)
Comprehensive income (loss), net of tax, attributable to parent:(22,168)(27,375)(49,394)(20,378)(44,766)3,515(25,364)

Statements sources

The financial statements are based on the company's filings with the 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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