UNIFAB International, Inc. Reports First Quarter Results.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)--July 30, 1999-- 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 income of $0.1 million ($0.02 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 $16.3 million for the first fiscal quarter ended June 30, 1999, compared to net income of $3.2 million ($0.54 per share) on revenue of $31.4 million for the first fiscal quarter last year. 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. at June 30, 1999 is $24.0 million. "Our first quarter operating results reflect the current state of the industry," said Dailey J. Berard, UNIFAB International, Inc. President, 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. , and Chairman of the Board. "Bidding activity remains strong and we have been able to maintain backlog, however, our results have been impacted by the delay in contract awards. 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. business remain positive. We are beginning to see rig utilization increase, which should result in increased demand for our services. Our focus remains growth through acquisition, alliance and internal investment and development." Prior year amounts have been restated for the pooling with Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. Tank, Inc. completed on July 24, 1998. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income for the June quarter of last year was $2.5 million ($0.42 per share). Pro forma net income consists of the Company's historical net income, adjusted to reflect income taxes as if Allen Tank, Inc., formerly an S Corporation, had operated as a C Corporation during all periods. 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 topsides 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 UNIFAB 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. -0-
UNIFAB
Condensed Consolidated Statements of Income
Amounts in thousands, except per share data
Three Months Ended
June 30
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1999 1998
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Revenue $ 16,255 $ 31,419
Cost of Revenue 13,874 25,132
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Gross Profit 2,381 6,287
Selling, General and Administrative expense 1,990 2,447
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Income from operations 391 3,840
Other income (expense):
Interest expense (247) (120)
Interest income 42 118
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Income before income taxes 186 3,838
Income tax provision 71 626
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Net income 115 3,212
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Basic and diluted earnings per share $ 0.02 $ 0.54
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Basic earnings per share weighted average
shares 6,542 5,953
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Pro forma data:
Income before income taxes, as reported above, $ 186 $ 3,838
Current tax provision 71 626
Pro forma provision for income taxes related
to S Corporation operations -- 683
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Pro forma net income $ 115 $ 2,529
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Pro forma basic and diluted earnings per share $ 0.02 $ 0.42
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Depreciation and amortization included in
expense above $ 657 $ 434
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