UNIFAB International, Inc. First Quarter Results.Business Editors NEW IBERIA New Iberia, city (1990 pop. 31,828), seat of Iberia parish, S La., on Bayou Teche, which is connected to the Intracoastal Waterway by a canal; inc. 1836. It has printing and publishing, and its manufactures include oil- and gas-drilling equipment, fabricated steel, , La.--(BUSINESS WIRE)--Aug. 4, 2000 UNIFAB International, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : UFAB) today reported net loss of $236,000 ($0.03 per share, basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) on revenue of $20.2 million for the three months ended June 30, 2000 compared to net income of $115,000 ($0.02 per share, basic and diluted) on revenue of $16.3 million for the three months ended June 30, 1999. Depreciation and amortization for the quarter was $728,000 compared to $657,000 in the June quarter last year. The Company reported backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of approximately $16.2 million at June 30, 2000. "Our June quarter revenues increased over the June quarter last year which reflects an increase in the activity level over a year ago. However, profit margins are low as competition for projects remains high," said Dailey J. Berard, UNIFAB International, Inc. President, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. fundamentals of the offshore drilling Offshore drilling typically refers to the act of extracting resources, primarily oil, in an ocean or lake. Controversy As with all oil drilling, there has been a certain level of controversy surrounding the issue. and production business are positively improving. Rig rig see cryptorchid. utilization rates are increasing rapidly, which will increase demand for UNIFAB's broad-based services. Our focus remains continuing growth through acquisition, alliance, and broadened internal investment and development." UNIFAB International, Inc. is an industry leader in the custom fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. of topside facilities, equipment modules and other structures used in the development and production of oil and gas reserves. In addition, the Company designs and manufactures specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. process systems, refurbishes and retrofits existing jackets and decks, provides design, repair, refurbishment re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur and conversion services for oil and gas drilling rigs and performs offshore piping hook-up and platform maintenance services. Dailey Berard serves as a commissioner on a number of committees and task forces that are working to improve training and education of the workforce in Louisiana. Statements made in this news release regarding UNIFAB's expectations as to future operations of the Company and other statements included herein that are not statements of historical fact are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that depend upon the following factors, among others: continued demand for the services provided by UNIFAB, availability of skilled employees, and UNIFAB's ability to integrate and manage acquired businesses. Should any of these factors not continue as anticipated, actual results and plans could differ materially from those expressed in the forward-looking statements.
UNIFAB
Condensed Consolidated Statements of Income
Amounts in thousands, except per share data
Three months ended
June 30
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2000 1999
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Revenue $ 20,232 $ 16,255
Cost of Revenue 18,220 13,874
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Gross Profit 2,012 2,381
Selling, General and
Administrative expense 1,956 1,990
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Income from operations 56 391
Other income (expense):
Interest expense (524) (247)
Interest income 88 42
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Income (loss) before
income taxes (380) 186
Income tax (benefit) provision (144) 71
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Net income (loss) (236) 115
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Basic and diluted
earnings (loss) per share $ (0.03) $ 0.02
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Basic earnings per share
weighted average shares 6,824 6,542
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Diluted earnings per share
weighted average shares 6,824 6,599
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Depreciation and
amortization included in -----------------------
expense above $ 728 $ 657
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