M&A - GULF ISLAND FABRICATION INC

Form Type: 10-Q

Filing Date: 2025-05-07

Corporate Action: Acquisition

Type: New

Accession Number: 000095017025064675

Filing Summary: Gulf Island Fabrication, Inc. filed a quarterly report for the period ending March 31, 2025. The report highlights financial results including a revenue of $40.3 million, down from $42.9 million in the previous year, with a net income of $3.8 million reflecting a reduction in costs. The company noted an acquisition of ENGlobal Business under an asset purchase agreement, which involves the assumption of a $2.4 million loan. Additionally, the company disclosed progress on a DIP credit agreement for liquidity support amidst ENGlobal's Chapter 11 bankruptcy. Financial statements exhibited a total assets increase to $138.2 million, primarily due to cash and investment adjustments, despite challenges in operating income and market conditions affecting revenue streams.