Earnings News out today Friday night......
Friday January 23, 8:32 pm Eastern Time
Company Press Release
UNIFAB International Inc. Reports Third Quarter and Year-To-Date
Earnings
NEW IBERIA, La.--(BUSINESS WIRE)--Jan. 23, 1998--UNIFAB International Inc. (NASDAQ:UFAB - news) today
reported net income of $1.2 million ($.25 per share) on revenue of $13.5 million for its third quarter ended Dec. 31, 1997,
compared to net income of $0.8 million ($.24 per share) on revenues of $14.5 million for the third quarter ended Dec. 31,
1996. The company completed its initial public offering on Sept. 24, 1997 in which 3.2 million shares were sold causing the
weighted average shares outstanding to increase from 3.5 million prior to completion of the offering to 5.0 million for the
quarter ended Dec. 31, 1997.
Net income for the nine months ended Dec. 31, 1997 was $3.7 million ($.91 per share) on revenue of $46.9 million,
compared to net income of $3.0 million ($.87 per share) on revenues of $51.2 million for the nine months ended Dec. 31,
1996. Backlog at Dec. 31, 1997 was $31.5 million.
''Our revenue, profit and profit margins for the third quarter have met the goals we anticipated,'' said Dailey J. Berard,
UNIFAB International Inc.'s President, CEO and Chairman of the Board. ''We are proud of this because we think it shows
strong demand for the high quality fabrication services that UNIFAB offers. Net income grew nearly 48% over the third
quarter last year, in spite of the terrible weather experienced in the area. Our backlog has exceeded our expectations and we
do not believe that the ratcheting down of oil and natural gas prices has negatively affected our growth.''
Berard also noted that the company is on schedule with the $7 million of capital improvement anticipated to be made with the
proceeds of its initial public offering. ''We anticipate that these capital improvements will only increase the productivity of our
work force,'' said Berard. ''We also anticipate that the company will expand into a deeper water facility on the ship channel in
Lake Charles, La. We are in the final stages of negotiating the acquisition of those facilities and we believe it should be
finalized in the near future. We remain very optimistic about UNIFAB's continued growth well into the next decade.''
The company has scheduled a conference call to discuss earnings, operations and the business outlook for Wednesday, Jan.
28, 1998 at 9 a.m. (CST). To participate in the conference call, please call 973/628-9554. A question and answer session
will follow the company's presentation.
UNIFAB International Inc. is an industry leader in the custom fabrication of decks and modules of drilling and production
equipment and other structures used in the development and production of oil and gas reserves. In addition, the company
refurbishes and retrofits existing jackets and decks and performs offshore piping hook-up and platform maintenance services.
Dailey Berard serves on a number of committees and task forces that are working to improve training and education of the
workforce in Louisiana.
UNIFAB INTERNATIONAL INC.
Condensed Consolidated Statements of Income
Three Months Ended Nine Months Ended
Dec. 31 Dec. 31
1997 1996 1997 1996
------------- ------------ ------------ ------------
Revenue $ 13,469,749 $ 14,514,962 $ 46,920,823 $ 51,171,947
Cost of
revenue 11,056,730 12,808,009 39,932,246 45,165,928
------------- ------------ ------------ ------------
Gross profit 2,413,019 1,706,953 6,988,577 6,006,019
General and
administrative
expense 716,169 399,145 1,572,085 1,125,923
------------- ------------ ------------ ------------
Income from
operations 1,696,850 1,307,808 5,416,492 4,880,096
Other income (expense):
Interest expense (11,942) (1,720) (20,837) (60,353)
Interest income 225,731 38,732 313,862 124,829
------------- ------------- ------------ -----------
Income before
income taxes 1,910,639 1,344,820 5,709,517 4,944,572
Income tax
provisions 673,500 506,998 2,030,789 1,901,349
------------ ------------- ------------ -----------
Net income $ 1,237,139 $ 837,822 $ 3,678,728 $ 3,043,223
============ ============= ============ ===========
Basic earnings
per share $ 0.25 $ 0.24 $ 0.91 $ 0.87
============ ============= ============ ===========
Basic earnings
per share
weighted average
shares 5,022,250 3,500,000 4,046,024 3,500,000
============ ============= =========== ===========
Diluted earnings
per share $ 0.24 $ 0.24 $ 0.90 $ 0.87
============ ============= =========== ===========
Diluted earnings
per share
adjusted
weighted average
shares 5,155,750 3,500,000 4,093,910 3,500,000
============ ============= =========== ===========
Contact:
UNIFAB International, New Iberia
Dailey J. Berard or Pete Roman, 318/367-8291
More Quotes and News:
UNIFAB International Inc (Nasdaq:UFAB - news)
Related News Categories: construction |
