Gulf Island Reports Fourth Quarter and Full Year 2024 Results

THE WOODLANDS, Texas, March 04, 2025 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. (NASDAQ: GIFI) (“Gulf Island” or the “Company”), a leading steel fabricator and service provider to the industrial and energy sectors, today announced its results for the fourth quarter and full year 2024. FOURTH QUARTER 2024 SUMMARY Consolidated revenue of $37.4 million; Adjusted consolidated revenue of $37.3 millionConsolidated net income of $4.3 million; Adjusted consolidated EBITDA of $3.7 millionServices division operating income of $0.9 million; EBITDA of $1.4 millionFabrication division operating income of $4.0 million; EBITDA of $4.6 millionCash and short-term investments balance of $67.3 million at December 31, 2024 FULL YEAR 2024 SUMMARY Consolidated revenue of $159.2 million; Adjusted consolidated revenue of $158.1 millionConsolidated net income of $14.7 million; Adjusted consolidated EBITDA of $12.8 millionServices division operating income of $7.3 million; EBITDA of $9.3 millionFabrication division operating income of $11.9 million; Adjusted EBITDA of $11.6 million See “Non-GAAP Measures” below for the Company’s definition of adjusted revenue, EBITDA and adjusted EBITDA and reconciliations of the relevant amounts to the most directly comparable GAAP measures. MANAGEMENT COMMENTARY “During 2024, we continued to enhance the durability and predictability of our business, driven largely by increasing our focus on small-scale fabrication, extending our fabrication focus beyond oil and gas, and expanding the capabilities of our services offerings,” said Richard Heo, Gulf Island’s President and Chief Executive Officer. “We have developed a strong foundation from which to grow our business, and we are well situated to continue investing in our growth initiatives and executing on our disciplined capital allocation strategy.” “Our fourth quarter results benefited from our small-scale fabrication business, offset by project delays impacting our Services division and investments in growth initiatives, including our recently launched cleaning and environmental services (“CES”) offering,” said Heo. “As we look to 2025, we continue to be encouraged by the bidding activity for our fabrication offerings and remain focused on expanding our presence in markets outside of oil and gas, such as infrastructure, government and high-tech manufacturing. Further, the project delays impacting our Services division appear to be subsiding and the CES business line is beginning to see increased volume as de-commissioning activity gains momentum,” continued Heo. “While these trends are encouraging, the timing of any large project award continues to be uncertain and our customers have indicated lower overall capital spending levels in the Gulf of America in 2025. Accordingly, we are currently expecting full year 2025 consolidated EBITDA to be less than our 2024 adjusted consolidated EBITDA.” “We remain committed to our disciplined capital allocation strategy, with an emphasis on maintaining our financial flexibility,” stated Westley Stockton, Gulf Island’s Chief Financial Officer. “We ended the year with a cash and short-term investments balance of just over $67 million, providing us the capacity to continue making investments in our organic growth initiatives and pursue strategic acquisitions, while also providing opportunities for potential capital returns to our shareholders.” “While we faced some headwinds during 2024, I am extremely proud of our continued execution against our strategic goals during the year, which combined with our strong financial position, has placed us in an attractive strategic position with meaningful options as we enter 2025. We are confident we have the right strategy in place and remain committed to our plan, with a continued focus on driving shareholder value,” concluded Heo. CONSOLIDATED RESULTS FOR FOURTH QUARTER AND FULL YEAR 2024 Fourth Quarter – Consolidated revenue for the fourth quarter 2024 was $37.4 million, compared to $44.6 million for the prior year period. Adjusted consolidated revenue for the fourth quarter 2024 was $37.3 million, compared to $44.0 million for the prior year period. Adjusted consolidated revenue for the fourth quarter 2024 and 2023 excludes revenue of $0.1 million and $0.6 million, respectively, for the Shipyard division. Consolidated net income for the fourth quarter 2024 was $4.3 million, compared to $7.1 million for the prior year period. Adjusted consolidated EBITDA for the fourth quarter 2024 was $3.7 million, compared to $6.6 million for the prior year period. Adjusted consolidated EBITDA for the fourth quarter 2024 and 2023 excludes income of $1.1 million and a loss of $0.1 million, respectively, for the Shipyard division. Full Year – Consolidated revenue for the full year 2024 was $159.2 million, compared to $151.1 million for the prior year period. Consolidated adjusted revenue for the full year 2024 was $158.1 million, compared to $181.5 million for the prior year period. Adjusted consolidated revenue for the full year 2024 and 2023 excludes revenue of $1.1 million and negative revenue of $30.4 million, respectively, for the Shipyard division. Consolidated net income for the full year 2024 was $14.7 million, compared to a net loss of $24.4 million for the prior year period. Adjusted consolidated EBITDA for the full year 2024 was $12.8 million, compared to $17.0 million for the prior year period. Adjusted consolidated EBITDA for the full year 2024 excludes income of $1.5 million for the Shipyard division and a gain of $2.9 million for the Fabrication division related to the sale of property that was held for sale. Adjusted consolidated EBITDA for the full year 2023 excludes a loss of $39.4 million for the Shipyard division and gains of $2.0 million for the Fabrication division from the net impact of insurance recoveries and costs associated with damage previously caused by Hurricane Ida. See “Non-GAAP Measures” below for the Company’s definition of adjusted revenue, EBITDA and adjusted EBITDA and reconciliations of the relevant amounts to the most directly comparable GAAP measures. DIVISION RESULTS FOR FOURTH QUARTER 2024 Services Division – Revenue for the fourth quarter 2024 was $18.8 million, a decrease of $5.7 million, or 23.2%, compared to the fourth quarter 2023. The decrease was primarily due to lower new project awards driven by lower offshore maintenance activity and delayed timing of certain project opportunities. Operating income was $0.9 million for the fourth quarter 2024, compared to $2.7 million for the fourth quarter 2023. EBITDA for the fourth quarter 2024 was $1.4 million (or 7.4% of revenue), down from $3.2 million (or 13.2% of revenue) for the prior year period, primarily due to lower revenue, a less favorable project margin mix and ongoing investments associated with the start-up of the division’s CES business line for the current period. See “Non-GAAP Measures” below for the Company’s definition of EBITDA and a reconciliation of the Services division’s operating income to EBITDA. Fabrication Division – Revenue for the fourth quarter 2024 was $18.7 million, a decrease of $1.0 million, or 4.9%, compared to the fourth quarter 2023. The decrease was primarily due to the prior year period including the benefit of the favorable resolution of customer change orders, offset partially by higher small-scale fabrication activity for the current period. Operating income was $4.0 million for the fourth quarter 2024, compared to $6.1 million for the fourth quarter 2023. Adjusted EBITDA for the fourth quarter 2024 was $4.6 million, down from $5.4 million for the prior year period. Adjusted EBITDA for the fourth quarter 2023 excludes gains of $1.5 million from the net impact of insurance recoveries and costs associated with damage previously caused by Hurricane Ida. The decrease in operating results for 2024 compared to 2023 (excluding the hurricane impacts) was primarily due to the prior year period including project improvements from the favorable resolution of customer change orders, offset partially by lower overhead costs, a more favorable project margin mix and improved utilization of facilities and resources for the current period associated with increased small-scale fabrication activity. See “Non-GAAP Measures” below for the Company’s definition of adjusted EBITDA and a reconciliation of the Fabrication division’s operating income to adjusted EBITDA. Shipyard Division – Revenue for the fourth quarter 2024 was $0.1 million, a decrease of $0.4 million, compared to the fourth quarter 2023. Operating income was $1.1 million for the fourth quarter 2024, compared to an operating loss of $0.1 million for the fourth quarter 2023. The wind down of the Shipyard division’s operations was substantially completed in the fourth quarter 2023 and final completion is anticipated to occur in March 2025 upon expiration of the final warranty period for the division’s ferry projects. Corporate Division – Operating loss was $2.4 million for the fourth quarter 2024, compared to an operating loss of $2.1 million for the fourth quarter 2023. EBITDA for the fourth quarter 2024 was a loss of $2.3 million, versus a loss of $2.0 million for the prior year period. See “Non-GAAP Measures” below for the Company’s definition of EBITDA and a reconciliation of the Corporate division’s operating loss to EBITDA. BALANCE SHEET AND LIQUIDITY The Company’s cash and short-term investments balance at December 31, 2024 was $67.3 million, including $1.2 million of restricted cash associated with outstanding letters of credit. At December 31, 2024, the Company had total debt of $19.0 million, bearing interest at a fixed rate of 3.0% per annum, with annual principal and interest payments of approximately $1.7 million. The first payment was made in December 2024 and the final payment is due in December 2038. The estimated fair value of the debt is $12.3 million based on an estimated market rate of interest. During the fourth quarter and full year 2024, the Company repurchased 59,170 and 230,938 shares of its common stock for $0.3 million (average price per share of $5.49) and $1.2 million (average price per share of $5.21), respectively, under its share repurchase program. FOURTH QUARTER 2024 CONFERENCE CALL Gulf Island will hold a conference call on Tuesday, March 4, 2025 at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss the Company’s financial results. The call will be available by webcast and can be accessed on Gulf Island’s website at www.gulfisland.com. Participants may also join the call by dialing 1.877.704.4453 and requesting the “Gulf Island” conference call. A replay of the webcast will be available on the Company’s website for seven days after the call. ABOUT GULF ISLAND Gulf Island is a leading fabricator of complex steel structures and modules and provider of specialty services, including project management, hookup, commissioning, repair, maintenance, scaffolding, coatings, welding enclosures, civil construction and cleaning and environmental services to the industrial and energy sectors. The Company’s customers include U.S. and, to a lesser extent, international energy producers; refining, petrochemical, LNG, industrial and power operators; and EPC companies. The Company is headquartered in The Woodlands, Texas and its primary operating facilities are located in Houma, Louisiana. NON-GAAP MEASURES This release includes certain measures, which are not recognized under U.S. generally accepted accounting principles (“GAAP”), including earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, adjusted revenue, adjusted gross profit, new project awards and backlog. The Company believes EBITDA is a useful supplemental measure as it reflects the Company’s operating results and expectations of future performance excluding the non-cash impacts of depreciation and amortization. The Company believes adjusted EBITDA is a useful supplemental measure as it reflects the Company’s EBITDA adjusted to remove certain nonrecurring items (including a gain from the sale of assets held for sale and gains from the net impact of insurance recoveries and costs associated with damage previously caused by Hurricane Ida) and the operating results for the Company’s Shipyard division (the wind down of which is expected to be completed in March 2025). The Company believes adjusted revenue and adjusted gross profit are useful supplemental measures as they reflect the Company’s revenue and gross profit or loss, adjusted to remove revenue and gross profit or loss, for the Company’s Shipyard division (the wind down of which is expected to be completed in March 2025). Reconciliations of these non-GAAP measures, including EBITDA, adjusted EBITDA, adjusted revenue and adjusted gross profit to the most directly comparable GAAP measures are presented under “Consolidated Results of Operations” and “Results of Operations by Division” below. The Company believes new project awards and backlog are useful supplemental measures as they represent work that the Company is obligated to perform under its current contracts. New project awards represent the expected revenue value of new contract commitments received during a given period, including scope growth on existing contract commitments. Backlog represents the unrecognized revenue value of new project awards, and at December 31, 2024, was consistent with the value of remaining performance obligations for contracts as determined under GAAP. Non-GAAP measures are not intended to be replacements or alternatives to GAAP measures, and investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared in accordance with GAAP. The Company may present or calculate non-GAAP measures differently from other companies. CAUTIONARY STATEMENT This release contains forward-looking statements in which the Company discusses its potential future performance, operations and projects. Forward-looking statements, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, are all statements other than statements of historical facts, such as projections or expectations relating to operating results, including 2025 full-year guidance; diversification and entry into new end markets; industry outlook; timing of investment decisions and new project awards; cash flows and cash balance; capital expenditures; implementation of the Company’s share repurchase program and any other return of capital to shareholders; liquidity; and execution of strategic initiatives. The words “anticipates,” “appear,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “to be,” “potential” and any similar expressions are intended to identify those assertions as forward-looking statements. The timing and amount of any share repurchases under the share repurchase program will be at the discretion of management and will depend on a variety of factors including, but not limited to, the Company’s operating performance, cash flow and financial position, the market price of its common stock and general economic and market conditions. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion. Any other return of capital to shareholders will be at the discretion of the Board. The Company cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that can cause its actual results to differ materially from those anticipated in the forward-looking statements include: cyclical nature of the oil and gas industry; competitive pricing and cost overruns on its projects; competition; reliance on significant customers; timing and its ability to secure and commence execution of new project awards, including fabrication projects for refining, petrochemical, LNG, industrial and sustainable energy end markets; supply chain disruptions, inflationary pressures, economic slowdowns and recessions, natural disasters, public health crises, labor costs and geopolitical conflicts, and the related volatility in oil and gas prices and other factors impacting the global economy; changes in contract estimates; operating dangers, weather events and availability and limits on insurance coverage; utilization of facilities; operability and adequacy of its major equipment; changes in trade policies of the U.S. and other countries; adjustments to previously reported profits or losses under the percentage-of-completion method; its ability to employ a skilled workforce; loss of key personnel; failure of its safety assurance program; weather impacts to operations; performance of subcontractors and dependence on suppliers; its ability to maintain and further improve project execution; nature of its contract terms and customer adherence to such terms; suspension or termination of projects; customer or subcontractor disputes; systems and information technology interruption or failure and data security breaches; its ability to raise additional capital; its ability to amend or obtain new debt financing or credit facilities on favorable terms; its ability to generate sufficient cash flow; its ability to resolve any material legal proceedings; its ability to obtain letters of credit or surety bonds and ability to meet any indemnification obligations thereunder; consolidation of its customers; financial ability and credit worthiness of its customers; barriers to entry into new lines of business; its ability to execute its share repurchase program and enhance shareholder value; any future asset impairments; compliance with regulatory and environmental laws; lack of navigability of canals and rivers; performance of partners in any future joint ventures and other strategic alliances; shareholder activism; and other factors described under “Risk Factors” in Part I, Item 1A of the Company’s annual report on Form 10-K for the year ended December 31, 2023, as updated by subsequent filings with the SEC. Additional factors or risks that the Company currently deems immaterial, that are not presently known to the Company or that arise in the future could also cause the Company’s actual results to differ materially from its expected results. Given these uncertainties, investors are cautioned that many of the assumptions upon which the Company’s forward-looking statements are based are likely to change after the date the forward-looking statements are made, which it cannot control. Further, the Company may make changes to its business plans that could affect its results. The Company cautions investors that it undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as of the date made, for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise, and notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes. COMPANY INFORMATION Richard W. HeoWestley S. StocktonChief Executive OfficerChief Financial Officer713.714.6100713.714.6100 Consolidated Results of Operations(1) (in thousands, except per share data) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023New project awards(2) $41,272 $36,902 $44,400 $161,802 $157,719 Revenue $37,416 $37,640 $44,550 $159,199 $151,067 Cost of revenue 30,101 32,984 36,087 136,946 162,968 Gross profit (loss)(3) 7,315 4,656 8,463 22,253 (11,901)General and administrative expense(4) 3,698 2,985 3,395 13,521 16,278 Other (income) expense, net(5) 1 (1) (1,607) (3,547) (2,296)Operating income (loss) 3,616 1,672 6,675 12,279 (25,883)Interest (expense) income, net 619 647 383 2,411 1,440 Income (loss) before income taxes 4,235 2,319 7,058 14,690 (24,443)Income tax (expense) benefit 60 (2) 32 51 41 Net income (loss) $4,295 $2,317 $7,090 $14,741 $(24,402)Per share data: Basic income (loss) per share $0.26 $0.14 $0.44 $0.90 $(1.51)Diluted income (loss) per share $0.26 $0.14 $0.43 $0.88 $(1.51)Weighted average shares: Basic 16,359 16,489 16,285 16,370 16,193 Diluted 16,670 16,728 16,584 16,755 16,193 Consolidated Adjusted Revenue(2) Reconciliation (in thousands) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023Revenue $37,416 $37,640 $44,550 $159,199 $151,067 Shipyard revenue (126) (490) (556) (1,061) 30,417 Adjusted revenue $37,290 $37,150 $43,994 $158,138 $181,484 Consolidated Adjusted Gross Profit(2) Reconciliation (in thousands) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023Gross profit (loss) $7,315 $4,656 $8,463 $22,253 $(11,901)Shipyard gross loss (profit) (1,165) (75) (93) (1,590) 35,862 Adjusted gross profit $6,150 $4,581 $8,370 $20,663 $23,961 Consolidated EBITDA and Adjusted EBITDA(2) Reconciliations (in thousands) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023Net income (loss) $4,295 $2,317 $7,090 $14,741 $(24,402)Income tax expense (benefit) (60) 2 (32) (51) (41)Interest expense (income), net (619) (647) (383) (2,411) (1,440)Operating income (loss) 3,616 1,672 6,675 12,279 (25,883)Depreciation and amortization 1,224 1,208 1,351 4,865 5,466 EBITDA 4,840 2,880 8,026 17,144 (20,417)Gain on property sale(5) - - - (2,880) - Hurricane insurance gains(5) - - (1,526) - (1,988)Shipyard operating loss (income) (1,132) (22) 106 (1,505) 39,374 Adjusted EBITDA $3,708 $2,858 $6,606 $12,759 $16,969 _________________ (1) See “Results of Operations by Division” below for results by division. (2) New projects awards, adjusted revenue, adjusted gross profit, EBITDA and adjusted EBITDA are non-GAAP measures. See “Non-GAAP Measures” above for the Company’s definition of new project awards, adjusted revenue, adjusted gross profit, EBITDA and adjusted EBITDA. (3) Gross profit for the Fabrication division for the three months ended December 31, 2023, includes project improvements of $3.8 million. Gross profit (loss) for the Shipyard division for the three and twelve months ended December 31, 2024, includes project improvements of $1.0 million and $1.1 million, respectively, and for the twelve months ended December 31, 2023, includes project charges of $2.7 million and a charge of $32.5 million associated with the resolution of the Company’s previous MPSV Litigation. (4) General and administrative expense for the Shipyard division for the three and twelve months ended December 31, 2023, includes legal and advisory fees of $0.1 million and $3.2 million, respectively, associated with the Company’s previous MPSV Litigation. (5) Other (income) expense for the Fabrication division for the twelve months ended December 31, 2024, includes a gain of $2.9 million from the sale of assets held for sale, and for the three and twelve months ended December 31, 2023, includes gains of $1.5 million and $2.0 million, respectively, from the net impact of insurance recoveries and costs associated with damage previously caused by Hurricane Ida. Such amounts have been removed from EBITDA to derive adjusted EBITDA. Results of Operations by Division (including Reconciliations of EBITDA and Adjusted EBITDA) (in thousands) Three Months Ended Twelve Months EndedServices Division December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023New project awards(1) $18,855 $20,205 $24,150 $86,920 $92,728 Revenue $18,824 $20,245 $24,515 $87,370 $93,548 Cost of revenue 17,164 18,205 21,080 77,169 79,765 Gross profit 1,660 2,040 3,435 10,201 13,783 General and administrative expense 695 634 699 2,759 2,902 Other (income) expense, net 81 10 (6) 106 (48)Operating income $884 $1,396 $2,742 $7,336 $10,929 EBITDA(1) Operating income $884 $1,396 $2,742 $7,336 $10,929 Depreciation and amortization 513 495 486 1,974 1,926 EBITDA $1,397 $1,891 $3,228 $9,310 $12,855 Three Months Ended Twelve Months EndedFabrication Division December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023New project awards(1) $22,649 $16,902 $19,896 $75,433 $66,629 Revenue $18,698 $17,110 $19,664 $71,673 $89,046 Cost of revenue 14,208 14,569 14,729 61,211 78,868 Gross profit(2) 4,490 2,541 4,935 10,462 10,178 General and administrative expense 533 489 447 2,008 1,885 Other (income) expense, net(3) (42) 18 (1,627) (3,429) (2,265)Operating income $3,999 $2,034 $6,115 $11,883 $10,558 EBITDA and Adjusted EBITDA(1) Operating income $3,999 $2,034 $6,115 $11,883 $10,558 Depreciation and amortization 639 633 789 2,581 3,249 EBITDA 4,638 2,667 6,904 14,464 13,807 Gain on property sale(3) - - - (2,880) - Hurricane insurance gains(3) - - (1,526) - (1,988)Adjusted EBITDA $4,638 $2,667 $5,378 $11,584 $11,819 Three Months Ended Twelve Months EndedShipyard Division December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023New project awards(1) $- $- $539 $354 $(528) Revenue $126 $490 $556 $1,061 $(30,417)Cost of revenue (1,039) 415 463 (529) 5,445 Gross profit (loss)(4) 1,165 75 93 1,590 (35,862)General and administrative expense(5) - - 98 - 3,205 Other (income) expense, net 33 53 101 85 307 Operating income (loss) $1,132 $22 $(106) $1,505 $(39,374) EBITDA(1) Operating income (loss) $1,132 $22 $(106) $1,505 $(39,374)Depreciation and amortization - - - - - EBITDA $1,132 $22 $(106) $1,505 $(39,374) Three Months Ended Twelve Months EndedCorporate Division December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023New project awards (eliminations)(1) $(232) $(205) $(185) $(905) $(1,110) Revenue (eliminations) $(232) $(205) $(185) $(905) $(1,110)Cost of revenue (eliminations) (232) (205) (185) (905) (1,110)Gross profit - - - - - General and administrative expense 2,470 1,862 2,151 8,754 8,286 Other (income) expense, net (71) (82) (75) (309) (290)Operating loss $(2,399) $(1,780) $(2,076) $(8,445) $(7,996) EBITDA(1) Operating loss $(2,399) $(1,780) $(2,076) $(8,445) $(7,996)Depreciation and amortization 72 80 76 310 291 EBITDA $(2,327) $(1,700) $(2,000) $(8,135) $(7,705) _________________ (1) New projects awards, EBITDA and adjusted EBITDA are non-GAAP measures. See “Non-GAAP Measures” above for the Company’s definition of new project awards, EBITDA and adjusted EBITDA. (2) Gross profit for the Fabrication division for the three months ended December 31, 2023, includes project improvements of $3.8 million. (3) Other (income) expense for the Fabrication division for the twelve months ended December 31, 2024, includes a gain of $2.9 million from the sale of assets held for sale, and for the three and twelve months ended December 31, 2023, includes gains of $1.5 million and $2.0 million, respectively, from the net impact of insurance recoveries and costs associated with damage previously caused by Hurricane Ida. Such amounts have been removed from EBITDA to derive adjusted EBITDA. (4) Gross profit (loss) for the Shipyard division for the three and twelve months ended December 31, 2024, includes project improvements of $1.0 million and $1.1 million, respectively, (including the favorable resolution of a vendor claim that resulted in negative cost of revenue), and for the twelve months ended December 31, 2023, includes project charges of $2.7 million and a charge of $32.5 million associated with the resolution of the Company’s previous MPSV Litigation. (5) General and administrative expense for the Shipyard division for the three and twelve months ended December 31, 2023, includes legal and advisory fees of $0.1 million and $3.2 million, respectively, associated with the Company’s previous MPSV Litigation. Consolidated Balance Sheets (in thousands) December 31, 2024 2023ASSETS Current assets: Cash and cash equivalents $27,284 $38,176 Restricted cash 1,197 1,475 Short-term investments 38,784 8,233 Contract receivables and retainage, net 22,487 36,298 Contract assets 8,611 2,739 Prepaid expenses and other assets 5,139 6,994 Inventory 1,907 2,072 Assets held for sale — 5,640 Total current assets 105,409 101,627 Property, plant and equipment, net 24,051 23,145 Goodwill 2,217 2,217 Other intangibles, net 557 700 Other noncurrent assets 982 739 Total assets $133,216 $128,428 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $5,801 $8,466 Contract liabilities 1,278 5,470 Accrued expenses and other liabilities 13,180 14,836 Long-term debt, current 1,117 1,075 Total current liabilities 21,376 29,847 Long-term debt, noncurrent 17,888 18,925 Other noncurrent liabilities 850 685 Total liabilities 40,114 49,457 Shareholders’ equity: Preferred stock, no par value, 5,000 shares authorized, no shares issued and outstanding — — Common stock, no par value, 30,000 shares authorized, 16,346 issued and outstanding at December 31, 2024 and 16,258 at December 31, 2023 11,669 11,729 Additional paid-in capital 108,065 108,615 Accumulated deficit (26,632) (41,373)Total shareholders’ equity 93,102 78,971 Total liabilities and shareholders’ equity $133,216 $128,428 Consolidated Cash Flows (in thousands) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023Cash flows from operating activities: Net income (loss)$4,295 $2,317 $7,090 $14,741 $(24,402)Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 1,224 1,208 1,351 4,865 5,466 Change in allowance for doubtful accounts and credit losses — — — (28) (410)(Gain) loss on sale or disposal of assets held for sale and fixed assets, net 35 — 276 (3,907) 27 Gain on insurance recoveries — — (326) — (571)Stock-based compensation expense 333 406 525 1,777 1,991 Changes in operating assets and liabilities: Contract receivables and retainage, net 1,017 9,929 (614) 13,839 (7,093)Contract assets (2,796) (3,594) 1,566 (5,872) 2,100 Prepaid expenses, inventory and other current assets (707) 249 (2,962) 1,694 (133)Accounts payable 235 (3,382) (2,923) (2,608) (9)Contract liabilities (201) (2,650) 1,936 (4,192) (2,726)Accrued expenses and other current liabilities (891) 1,347 1,579 (1,385) 1,206 Noncurrent assets and liabilities, net (239) (184) (129) (676) 31,751 Net cash provided by operating activities 2,305 5,646 7,369 18,248 7,197 Cash flows from investing activities: Capital expenditures (464) (1,314) (1,175) (5,344) (2,876)Proceeds from sale of property and equipment — — 60 9,614 456 Recoveries from insurance claims — — — 326 245 Purchases of short-term investments (29,238) (14,407) (8,297) (100,982) (39,028)Maturities of short-term investments 34,475 22,500 15,500 70,430 40,700 Net cash provided by (used in) investing activities 4,773 6,779 6,088 (25,956) (503)Cash flows from financing activities: Principal payments on long-term debt (1,075) — — (1,075) — Payments on insurance finance arrangements — — — — (1,257)Tax payments for vested stock withholdings — — — (1,183) (482)Repurchases of common stock (325) (606) (128) (1,204) (128)Net cash used in financing activities (1,400) (606) (128) (3,462) (1,867)Net increase (decrease) in cash, cash equivalents and restricted cash 5,678 11,819 13,329 (11,170) 4,827 Cash, cash equivalents and restricted cash, beginning of period 22,803 10,984 26,322 39,651 34,824 Cash, cash equivalents and restricted cash, end of period$28,481 $22,803 $39,651 $28,481 $39,651

Gulf Island Reports Fourth Quarter and Full Year 2024 Results

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