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Visit One News Page for Marine news from around the world, aggregated from leading sources including newswires, newspapers and broadcast media. Search millions of archived news headlines. This feed provides the Marine news headlines.

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    A big quarter for the marine theme park company was due to several factors, including new rides. Reported by bizjournals 4 hours ago.

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  • 11/07/18--14:36: Ship traffic, November 8
  • Ship traffic Due to arrive today SHIP FROM PORT Ever Ethic Los Angeles OAK Grand Princess Ensenada, Mexico SFO Indigo Lake Ensenada, Mexico SCK NYK Daedalus Vancouver, British Columbia OAK Due to depart today SHIP TO PORT Grand Princess Puerto Vallarta, Mexico SFO Hong Kong Bridge Tokyo SFO Mahimahi Long Beach OAK Oakland Express Long Beach OAK Source: S.F. Marine Exchange Reported by SFGate 2 hours ago.

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    HOUSTON, Nov. 07, 2018 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQX: DPDW), a specialist in deepwater oil and gas production and distribution equipment and services, today reported results for its third quarter ended September 30, 2018 (Q3’18). Deep Down will hold a conference call on November 8^th at 10:00 am ET to review its results and discuss its business outlook (details below).*Deep Down at a Glance:*

    Share Price†: $0.88   Cash & Short-term investments*: $4.7M
    52-Week Range†: $0.67 - $1.00   Book Value*: $20.7M
    Shares Out*: 13.7M   Price / Book Value†: 0.57x
    Market Cap†: $12.1M   TTM Revenue*: $16.7M
    * at 9/30/18
    † at 11/06/18        
             

    Ronald E. Smith, CEO, stated, “We continue to see growth on a global basis in the number of large scale, offshore oil and gas projects being planned that will require the kind of specialized deep water offshore expertise, equipment and services Deep Down provides. Unfortunately, the pace of activity on these projects has proven more cautious than we had anticipated, negatively impacting our fiscal 2018 results while improving our medium to long-term outlook.

    “Fortunately, a growing number of customers have come to understand and appreciate our unique expertise and capabilities, and recognize the value we bring to both specialized and routine offshore projects. In particular, we recently stepped up our pace of engagement in West Africa where we are in the final stages of establishing a joint venture with a local entity. This effort is in response to increasing local content requirements that require projects to be awarded to in-country entities. We are cautiously optimistic regarding this venture’s potential to secure significant business in the region in 2019 and beyond.

    "Based on the growing pipeline of offshore projects, combined with our expanded business development efforts in Africa, Latin America and Asia, we are very confident in Deep Down’s outlook for growth over the next few years. However, in response to the more modest pace of industry activity we have been experiencing, Deep Down has been proactive in managing our overhead and pace of investment in order to preserve cash and deliver improving bottom-line performance."

    *Operating Results*

    Q3’18 revenues increased to $3.9 million compared to $3.5 million in Q3’17, principally due to work on a larger number of projects than in the comparable period.

    Additionally, due to increased revenues from higher margin service projects, gross margin increased to 40% in Q3’18 compared to 30% in Q3’17, and Q3’18 gross profit increased to $1.5 million, compared to $1.0 million in Q3’17.

    Selling, general and administrative expenses declined 5% to $2.1 million in Q3’18, compared to $2.3 million in Q3’17, principally reflecting the benefit of cost containment measures enacted the past few quarters. Deep Down believes the full benefit of its overhead reductions are now fully reflected in the current business model.
    * * 
    Deep Down reported modified EBITDA of negative $317,000 in Q3’18 compared to modified EBITDA of negative $863,000 in Q3’17.

    Deep Down reported a net loss of $649,000 in Q3’18, or $0.05 per basic share, compared to a net loss of $734,000, or $0.05 per basic share, in Q3’17, with the improvement due primarily to higher revenues and gross margin as well as the benefit of lower expenses. Per share results are based on 13.7 million and 14.7 million weighted average shares outstanding in Q3’18 and Q3’17 respectively, with the decrease reflecting share repurchase activity in prior periods.

    At September 30, 2018, Deep Down had working capital of $7.3 million, including cash and short-term investments of $4.7 million, and total shareholders’ equity of $20.7 million.

    Charles Njuguna, CFO, commented, “We feel we’ve found the right balance in our staffing levels and spending, as reflected in our recent financial results. We will continue to closely manage our cash position and expense levels as we progress toward the expanded levels of industry activity that we anticipate. We are also cognizant of broad-based consolidation in the oilfield services industry and continue to conscientiously study the merits of teaming or partnering with other industry participants, to elevate our access to potential business opportunities.

    “We remain focused on preserving a strong financial position, including a healthy level of cash and short-term investments, which grew by $1.3 million from Q2’18 to Q3’18. At the same time, we believe our current share price is very attractive. In light of our strong cash position, we have recently commenced stock repurchases, pursuant to the $1 million common stock repurchase program authorized on March 26, 2018. Based on our business outlook, the strength of our financial and cash position, and limitations placed on repurchase activity relative to our daily trading volume, we expect to make modest additional repurchases as possible.

    Mr. Njuguna, added, “Based on our results to date and the anticipated pace of business over the remainder of 2018, we now expect that our full year 2018 revenue will fall below the level achieved in 2017, with a corresponding impact on our bottom-line results, mitigated by our cost containment efforts.”

    *Conference Call Details:*

    *Call Dial-in:* 877-303-6187 or 678-894-3073 Int’l – Call ID: 5059477
       
    *Webcast / Replay URL:* *https://edge.media-server.com/m6/p/q9sa2zca or DeepDown Webcast  *
    * *  
    *Call Replay:* 855-859-2056 or 404 537-3406 Int’l – Call ID: 5059477
      Available through November 15, 2018
       

    *About Deep Down, Inc. (*www.deepdowninc.com*)*
    Deep Down focuses on complex deepwater and ultra-deepwater oil and gas production distribution system technologies and support services, connecting the platform and the wellhead. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, installation buoyancy, remotely operated vehicles and tooling, marine vessel automation, control, and ballast systems. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions.

    *Forward-Looking Statements *Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.

    *Follow us on: *    
      *Twitter:* *@DeepDownIR*
         

    *Investor Relations:*
    Catalyst IR
    Chris Eddy or Tanya Kamatu
    212-924-9800
    dpdw@catalyst-ir.com 

    *DEEP DOWN, INC.
    **SUMMARY FINANCIAL DATA
    *(Unaudited)   

      *Three Months Ended* * * * * *Nine Months Ended* * *
      *Sep 30,* * * * * *Sep 30,* * *
      *2018* * * * * *2017* * * * * *2018* * * * * *2017* * *
    (In thousands, except per share amounts)                      
    Revenues $ 3,912     $ 3,470     $ 11,722     $ 14,458  
    Cost of sales   2,364       2,436       7,389       8,117  
    Gross profit   1,548       1,034       4,333       6,341  
    Total operating expenses   2,202       2,343       5,992       7,233  
    Operating loss   (654 )     (1,309 )     (1,659 )     (892 )
    Total other income   10       580       467       714  
    Loss before income taxes   (644 )     (729 )     (1,192 )     (178 )
    Income tax expense   (5 )     (5 )     (15 )     (15 )
    Net loss $ (649 )   $ (734 )   $ (1,207 )   $ (193 )
    Net loss per share, basic and diluted $ (0.05 )   $ (0.05 )   $ (0.09 )   $ (0.01 )
    Weighted-average shares outstanding, basic and diluted   13,648       14,695       13,507       15,074  
                                   
    *Modified EBITDA data:*                              
    Net loss $ (649 )   $ (734 )   $ (1,207 )   $ (193 )
    Deduct gain on sales of assets   –       (559 )     (439 )     (574 )
    Deduct interest income, net   (10 )     (21 )     (28 )     (46 )
    Add depreciation and amortization   332       412       1,059       1,204  
    Add back income tax expense, net   5       5       15       15  
    Add back share-based compensation   5       34       15       101  
    Modified (EBITDA Loss) EBITDA $ (317 )   $ (863 )   $ (585 )   $ 507  
                                   
    *Cash flow data:*                              
    Cash provided by (used in):                              
    Operating activities                 $ (11 )   $ 208  
    Investing activities                   (224 )     (1,244 )
    Financing activities                   (7 )     (1,474 )
                                   
      * * *9/30/18* * * * * * * *12/31/17* * *                
    *Balance sheet data:*                              
    Cash $ 3,697     $ 3,939                  
    Short term investment (certificate of deposit)   1,032       1,017                  
    Current assets   9,026       10,325                  
    Current liabilities   1,729       2,123                  
    Working capital   7,297       8,202                  
    Total assets   22,435       23,970                  
    Total debt   60       –                  
    Total liabilities   1,780       2,123                  
    Stockholders' equity   20,655       21,847                  
                                    Reported by GlobeNewswire 2 hours ago.

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    Octavius the lone octopus aquarium workers thought was male gives birth to thousands of babies Octavius, an octopus at the UGA Marine Education Center and Aquarium in Savannah, Georgia has given birth to tens of thousands of babies, aquarium workers discovered. Reported by MailOnline 1 hour ago.

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    Mercy College has opened the new TD Bank Veterans Center on its Dobbs Ferry Campus. The facility was made possible with the financial support of a $25,000 grant from the TD Charitable Foundation, the charitable giving arm of TD Bank, America’s Most Convenient Bank®. Mercy College serves close to 300 veteran students, 150 of which call the Dobbs Ferry Campus their home.

    DOBBS FERRY, N.Y. (PRWEB) November 07, 2018

    Mercy College has opened the new TD Bank Veterans Center on its Dobbs Ferry Campus. The facility was made possible with the financial support of a $25,000 grant from the TD Charitable Foundation, the charitable giving arm of TD Bank, America’s Most Convenient Bank®. Mercy College serves close to 300 veteran students, 150 of which call the Dobbs Ferry Campus their home.

    The TD Bank Veterans Center will provide veterans with a personalized space that will be used for peer-to-peer mentoring, study groups, programming and a place of solitude to study. The Center includes a state-of-the-art study center, complete with computers, a laser jet color printer, study tables and bookshelves. The space also includes a space to relax, with recliners and a mini kitchen that includes a refrigerator and coffee maker.

    “The TD Bank Veterans Center will further facilitate our soldiers’ transition to students and into successful careers,” said Tim Hall, Mercy College President. “We are proud to serve so many veteran students on Mercy’s Dobbs Ferry Campus, and we are thankful to TD Bank, whose donation was instrumental in making the Veterans Center possible.”

    "Our country's veterans have made sacrifices to ensure the freedom that we all enjoy,” said Stephen Moroney, TD Bank Senior Vice President. “When they return from service they deserve the support of their communities as they embark on the next chapter of their lives. The Mercy College TD Bank Veterans Center is providing that support and we at TD are proud to partner with Mercy College in this endeavor."

    Designated as a “Yellow Ribbon” institution by the U.S. Department of Veterans Affairs, Mercy College offers courses specifically designed for armed forces members and military veterans who wish to advance their education or career during and after their service. The Personalized Achievement Contract Program (PACT) assigns a professionally trained mentor to each student for one-on-one engagement, to assist with academic life, financial aid and successful career development. Veterans and those serving on active duty have their own assigned PACT counselor, Viviana DeCohen, who is a veteran of the Marine Corps.

    “This new facility will give the military reservists and veterans of Mercy College access to the resources they require,” said Viviana DeCohen, Military & Veterans PACT Counselor. “This is an opportunity to empower these students so they can advance themselves socially and academically.”

    This contribution supports TD's longstanding commitment to community enrichment through its newly launched Ready Commitment, a multi-year platform that actively promotes inclusivity, economic vitality, environmental wellbeing and health, enabling people of all backgrounds to succeed in a rapidly changing world. As part of The Ready Commitment, TD targets CDN $1 billion (US $775 million) in total by 2030 towards community giving in four critical areas: Financial Security, a more Vibrant Planet, Connected Communities and Better Health. Through this platform, TD aspires to create a more inclusive tomorrow -- helping people of all backgrounds feel more confident, not just about their finances, but about their ability to achieve their goals. For information, visit td.com/thereadycommitment.

    About the TD Charitable Foundation
    The TD Charitable Foundation is the charitable giving arm of TD Bank, America’s Most Convenient Bank®, one of the 10 largest commercial banking organizations in the United States. Since its inception in 2002, the Foundation has distributed nearly $199 million and more than 19,400 grants through donations to local nonprofits from Maine to Florida. More information on the TD Charitable Foundation, including the online grant application, is available at TDBank.com

    About TD Bank, America's Most Convenient Bank®
    TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9 million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit http://www.tdbank.com. Find TD Bank on Facebook at http://www.facebook.com/TDBank and on Twitter at http://www.twitter.com/TDBank_US. TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit http://www.td.com.

    About Mercy College
    Mercy College is the dynamic, diverse New York City area college whose students are on a personal mission: to get the most out of life by getting the most out of their education. Founded in 1950, Mercy is a coeducational and nonsectarian college that offers more than 90 undergraduate and graduate degree and certificate programs within five schools: Business, Education, Health and Natural Sciences, Liberal Arts and Social and Behavioral Sciences. With campuses in Dobbs Ferry, Bronx, Manhattan and Yorktown Heights, the vibrancy of the College culture is sustained by a diverse student body from around the region. Reported by PRWeb 1 hour ago.

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    First 'retirement home' for showbiz beluga whales Beluga whales held in a Chinese marine park are to be moved to a more natural habitat in Iceland. Reported by BBC News 24 minutes ago.

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  • 11/08/18--11:15: Ship traffic, November 9
  • Ship traffic Due to arrive today SHIP FROM PORT Andromeda Leader Long Beach BNC CAP Palliser Long Beach OAK Hyundai Bangkok Long Beach OAK MSC Laurence Long Beach OAK President Kennedy Los Angeles OAK YM Utmost Los Angeles OAK Due to depart today SHIP TO PORT Atlantic Horizon Kinuura, Japan SFO Bai Chay Bridge Tokyo SFO CAP Palliser Lazaro Cardenas, Mexico OAK Ever Ethic Taipei OAK NYK Daedalus Los Angeles OAK Source: S.F. Marine Exchange Reported by SFGate 6 hours ago.

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    Two connected marine ecosystems -- the Eastern English Channel and Southern North Sea -- experienced big and opposite changes in their fish communities over a 30-year period. Rapid warming drove smaller ocean fishes to shift abruptly northward from one ecosystem to the other. Reported by Science Daily 47 minutes ago.

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    Thirteen people have died, including a police officer and the gunman, after a shooting inside a crowded southern California bar. Reported by SBS 5 hours ago.

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    A gunman opened fire in a crowded Southern California bar popular with college students, killing 12 people including a sheriff's deputy, police said on Thursday, in the latest U.S. mass shooting that stunned a community with a reputation for safety. Reported by Reuters 4 hours ago.

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    Cities gain substantial emissions performance improvements, greenhouse gas reductions and cost savings by using the latest-generation diesel powertrains combined with renewable diesel fuel

    LOS ANGELES, Nov. 08, 2018 (GLOBE NEWSWIRE) -- Using the newest-generation diesel engines and new renewable diesel fuels to power buses, trucks, generators, marine and locomotive engines, cities stand to gain substantial benefits in the form of lower emissions and cost-savings, without the need for investment in expensive new vehicles or refueling and recharging infrastructure buildout.

    These are the sentiments presented today at a panel hosted by the Diesel Technology Forum at the National League of City’s City Summit in Los Angeles, Calif. Case studies from the City of Oakland, Calif., Neste US and Cummins Inc. each shed light on a different aspect of how the newest generation of diesel technology, when matched with renewable diesel fuel, delivers near-zero emissions performance along with the greenhouse gas reduction benefits of advanced biofuels.

    “Whether a large metropolitan city or small rural one, reliably and cost-effectively delivering essential public services, is a critical function,” said Ezra Finkin, director of policy and external outreach for the Diesel Technology Forum, and moderator of the City Summit panel. “Diesel is the technology of choice for many of these key services, thanks to its unique combination of features: durability, reliability, efficiency, economical ownership and operation, and more recently new low-emissions performance.  Diesel engines are a proven asset for city leaders to deliver the level of public services, health and safety that the public demands.”

    Ninety percent of America’s transit bus fleet and 95 percent of our school bus fleet is powered by diesel. Emergency services are also substantially powered by diesel engines; 90 percent of firetruck and ambulance first responder vehicles are diesel. Many commuter rail operations rely on diesel locomotives. Thirty-nine states are home to ferry operations; these ferries are exclusively powered by diesel technology. Snow removal and waste and refuse services also rely on diesel power.

    Of special concern is ensuring public health and safety to all city residents. Diesel technology plays a central role here too, including powering emergency backup generators which ensure uninterrupted electrical supply for emergency operations. Wastewater treatment and drinking water systems, emergency shelters, cell and communications facilities, police stations and firehouses, schools and even many ATM facilities rely on diesel generators to ensure continuous operation.

    “Ensuring these many applications of diesel technology support the environmental and air quality guidelines and goals of cities, counties and states is of utmost importance,” continued Finkin. “Fortunately, the newest generation of diesel technology, particularly when matched with renewable diesel fuel, delivers near-zero emissions performance along with the greenhouse gas reduction benefits of advanced biofuels.

    “According to the latest global studies, reducing greenhouse gas and other emissions from the transportation sector is a key challenge facing cities both large and small. Meeting this challenge must happen in a reasonable, measured way – one that doesn’t put undue strain on city resources and sacrifice essential city services. Upgrading a city or county’s oldest and most-used vehicles and equipment to the newest-generation of diesel technology is the fastest, most cost-effective way for cities to reduce emissions and meet climate goals.”

    Today, cities such as Oakland, San Francisco, Sacramento, San Diego, and many others now exclusively use renewable diesel fuel in city-owned heavy-duty trucks, buses and equipment, reaping the benefits of cost savings and emission reductions. For example: the San Francisco Metropolitan Transportation Agency uses renewable diesel fuel in 632 transit buses, reducing emissions by more than 10,000 tons in a single year.

    “In many places across the country,” said Finkin, “these diesel-powered public transit vehicles, city- or county-owned fleets of heavy-duty trucks, and other large equipment such as ferry boats, tugboats and switch locomotives have been in service for years, if not decades. While a testament to the durability of the diesel engine, many of these older engines do not incorporate the latest, most effective, near-zero emissions control technologies. Replacing older generations of equipment with the latest generation Tier 4 clean diesel models reduces emissions of oxides of nitrogen (NOx) and fine particles by more than 90 percent, and is often the cheapest option. These benefits become even more striking with new renewable diesel and biodiesel fuel options – drop-in replacements for conventional fossil-based diesel. These clean advanced biofuels mean that the newest diesel technologies can cut greenhouse gasses and other emissions even further.”

    The Diesel Technology Forum is a 501(c)6 organization based in Frederick, Md., with a mission to educate on the uses and benefits of diesel technologies and fuels. The Forum maintains an active presence in California.

    Learn how your city could gain substantial emissions performance improvements, greenhouse gas reductions and cost savings by using the latest-generation diesel powertrains combined with renewable diesel fuel. Visit https://www.dieselforum.org/cities for more information.

    About The Diesel Technology Forum
    The Diesel Technology Forum is a non-profit organization dedicated to raising awareness about the importance of Diesel engines, fuel and technology. Forum members are leaders in clean Diesel technology and represent the three key elements of the modern clean Diesel system: advanced engines, vehicles and equipment, cleaner Diesel fuel and emissions-control systems. For more information, visit http://www.dieselforum.org.

    *Connect with us: *For the latest insights and information from the leaders in clean diesel technology, join us on Facebook, follow us on Twitter @DieselTechForum, or YouTube @DieselTechForum and connect with us on LinkedIn. Get it all by subscribing to our newsletter Diesel Direct for a weekly wrap-up of clean diesel news, policy analysis and more direct to your inbox.

    *Attachments*

    · essential-city-services-infographic1
    · mission-critical-services-infographic1

    CONTACT: Sarah Dirndorfer
    Diesel Technology Forum
    301-668-7230
    sdirndorfer@dieselforum.org Reported by GlobeNewswire 5 hours ago.

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    Reported by RIA Nov. 4 hours ago.

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    Pingtan Marine Enterprise Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2018 *Company to Hold Conference Call on** Friday**, November **9**, **2018**, at 8:30 AM ET*

    FUZHOU, China, Nov. 9, 2018 /PRNewswire/ --* Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan" or the "Company"),* a global fishing company based in the People's Republic of China (PRC), today announced its unaudited financial results for the third quarter and nine months ended September 30, 2018.

    *The Company's recent notable events are as follows:*

    · October 2018: The Company announced that it will soon complete the modification and rebuilding project for its 27 new fishing vessels, and the first batch of 4 vessels have completed all inspections and the modification and rebuilding project. The new fishing vessels are expected to be put in operation in batches starting November 2018.
    · November 2018: The first batch of 4 vessels that have completed the modification and rebuilding project just departed the port from Fuzhou on November 7 EST and will sail to the international waters of the Indian Ocean for operation.

    *Management Co**mments*

    Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We were pleased to deliver strong operating and financial results during the third quarter of 2018. In early January this year, we announced that Pingtan has deployed two large scaled new squid jigging vessels into the international waters of the Atlantic Ocean; after months of operation, the two squid jigging vessels further enriched our product mix by providing Argentina squid and Peru squid products and increased harvest volume. Despite the average unit sale price decrease due to different sales product mix and sufficient market supplies this season, Pingtan was able to achieve an increase in sales volume by 279% and an increase in revenue by 168.8% for this quarter as compared to the same period in the previous year, which is an improvement in our operation performance. In late October, we were pleased to announce that we will soon complete the modification and rebuilding project for our 27 new fishing vessels and that these vessels are expected to be placed to designated water for operation in batches. The first batch of 4 fishing vessels that completed the modification and rebuilding project, all large scaled light luring seine fishing vessels, just departed the port from Fuzhou last night New York time for voyage and will sail to the international waters of the Indian Ocean for operation. The remaining 23 vessels shall be in service successively. As we entered the fourth quarter, management continues to observe market changes so that we may quickly adjust our sales strategy in preparation for the coming peak season during the Spring Festival in 2019.  We expect to demonstrate improved performance in all aspects of operation in the future."

    *Factors Affecting Pingtan's Results of Operation *

    As previously disclosed in our Forms 10-K and 10-Q filed since 2015, in early December 2014, the Indonesian government introduced a six-month moratorium on issuing new fishing licenses and renewals so that the country's Ministry of Maritime Affairs and Fisheries ("MMAF") could combat illegal fishing and rectify ocean fishing order.  In February 2015, Pingtan ceased all fishing operations in Indonesia.  During the moratorium, the Company was informed that fishing licenses of four vessels operated through PT. Avona, one of the local companies through which Pingtan conducts business in Indonesia, and the fishery business license of PT. Dwikarya, the other local company through which the Company conducts business in Indonesia, were revoked. As a result and because license renewal was prohibited due to the general moratorium, all local fishing licenses of the Company's vessels in Indonesia are presently inactive.

    In November 2015, the Indonesian government announced that the moratorium had concluded. As the MMAF has not implemented new fishing policies and resume the license renewal process, the Company does not know when exactly licensing and renewal will start.  Since the Company historically derived a majority of its revenue from this area, this ban has caused a significant drop in the Company's production and financial results will continue to be adversely affected.

    In September 2017, the Company was informed that the fishing licenses of 13 vessels deployed to the Indo-Pacific waters were suspended and the vessels were docked in the port by the Ministry of Agriculture and Fisheries of the Democratic Republic of Timor-Leste ("MAF"). The MAF alleged and investigated whether false statements were made during the licensing process and the vessels were simultaneously registered in Indonesia.  The Company disputed these allegations and the government of Timor-Leste eventually agreed to release these vessels as no evidence was presented to support such allegations. The 13 vessels have returned to China for regular maintenance.

    As of September 30, 2018, among the Company's 140 vessels, 12 are located in the Bay of Bengal in India; 11 are located in international waters; 13 have returned to China from the Democratic Republic of Timor-Leste due to the reason described above; and 27 vessels are in the modification and rebuilding project. The remaining 77 vessels were licensed by the Ministry of Agriculture and Rural Affairs of the People's Republic of China ("MOA") to operate in the Arafura Sea in Indonesia. The vessels in Indonesian waters, however, are not in operation because the licenses are currently inactive due to either the moratorium discussed above, the revocation of the fishery business license of the local entity through which the vessels operate, or, with respect to four vessels, the revocation of the local fishing licenses. 

    *Third Quarter **2018** Financial Highlights (all results are compared to **prior year period**)*

    · Revenue increased by 168.8% to $14.7 million from $5.5 million as a result of increase in sales activities from recovery of production capacity.
    · Gross profit increased by 10,886.4% to $9.4 million from a gross loss of $87,004.
    · Net income increased by 110.4% to $13.7 million from net income of $6.5 million.
    · Net income attributable to owners of the Company was $12.6 million, or $0.16 per basic and diluted share, an increase of 111.7% from net income attributable to owners of the Company of $6.0 million, or $0.08 per basic and diluted share.

    *Third Quarter **2018** Selected Financial Highlights *

    ($ in millions, except per share data)

    *Three Months ended September 30,* *2018*

    *2017* *(**Una**udited)*

    *(**Una**udited)*

    *Revenue*

    *$14.7*

    *$5.5*

    Cost of Revenue

    $5.3

    $5.5

    Gross Profit

    $9.4

    $(0.1)

    Gross Margin

    63.9%

    (1.6) %

    Net income attributable to owners of the Company

    $12.6

    $6.0

    Basic and Diluted Weighted Average Shares Outstanding

    79.1

    79.1

    EPS (in $)

    $0.16

    $0.08

     

    *Balance Sheet Highlights *

    ($ in millions, except per share data)



    *9/30/2018*

    *12/31/2017*

    *(Unaudited)*

    *(Audited)*

    Cash and Cash Equivalents



    $9.5

    $2.0

    Total Current Assets



    $27.8

    $20.8

    Total Assets



    $246.4

    $201.1

    Total Current Liabilities



    $65.4

    $36.4

    Total Long-term Debt, net of current portion



    $26.1

    $17.2

    Total Liabilities



    $91.5

    $53.6

    Shareholders' Equity



    $154.8

    $147.5

    Total Liabilities and Shareholders' Equity



    $246.4

    $201.1

    Book Value Per Share (in $)



    $1.96

    $1.87

    *Consolidated Financial and Operating Review*

    Revenue

    Revenue for the three months ended September 30, 2018 was $14.7 million, increasing 168.8% from $5.5 million of the same period in 2017. The increase was mainly attributable to an increase in sales activities from recovery of production capacity. Sales volume in the three months ended September 30, 2018 increased by 279.3% to 5,827,555 kg from 1,536,369 kg in the three months ended September 30, 2017. Due to sufficient market supplies of fish products, however, the average unit sale price decreased by 29.2% in the three months ended September 30, 2018 as compared to the three months ended September 30, 2017.

    For the nine months ended September 30, 2018, the Company's revenue decreased to $39.2 million from $46.8 million for the nine months ended September 30, 2017. The decrease in revenue was primarily attributable to the different sales mix and decreased average unit sale price, as compared to the same period in 2017. Sales volume increased by 26.5% to 15,893,704 kg from 12,566,227 kg in the nine months ended September 30, 2017. Average unit sale price decreased by 34.0% as compared to the nine months ended September 30, 2017. The decrease was due to the same reasons described above.

    Gross Margin

    The Company's gross margin was 63.9% for the three months ended September 30, 2018, compared to (1.6) % in the prior-year period.  The significant increase was primarily attributable to an increased number of deliveries into warehouse that averaged down selling cost and lowered the unit production cost of fish.

    For the nine months ended September 30, 2018, gross margin increased to 56.0% from 28.7% for the nine months ended September 30, 2017. The increase was primarily due to the same reasons described above.

    Gross profit for the three months ended September 30, 2018 was $9,384,636, representing an increase of $9,471,640, or 10,886.4%, as compared to gross loss of $87,004 for the three months ended September 30, 2017.

    Gross profit for the nine months ended September 30, 2018 was $21,940,724, representing an increase of $8,481,267, or 63.0%, as compared to gross profit of $13,459,457 for the nine months ended September 30, 2017. The increase was due to the same reasons described above. 

    Selling Expenses

    Selling expenses were $0.3 million for the three months ended September 30, 2018, compared to $0.2 million in the prior-year period. The increase was primarily due to the increase in storage fees and shipping and handling fees as a result of an increased number of deliveries from Customs to warehouse, and larger warehouses were rented as more fish were delivered for inventory compared to the prior year period.

    For the nine months ended September 30, 2018, selling expenses were $1.2 million, compared to $0.8 million in the same period of 2017. The increase was primarily due to the same reasons described above.

    General & Administrative Expenses

    For the three months ended September 30, 2018, general and administrative expenses were $2.15 million, compared to $2.2 million in the prior-year period, a decrease of $43,860 or 2.0%, among which compensation and related benefits decreased by $43,900; professional fees decreased by $347,988; travel and entertainment expense decreased by $23,415; while depreciation of non-operating vessels recorded as general and administrative expenses increased by $159,050 and other general and administrative expense increased by $227,170. The increase and decrease in expenses overall, after expenses offset, led to a small percentage of decrease in general and administrative expenses

    For the nine months ended September 30, 2018, general and administrative expenses were $8.3 million compared to $6.9 million in the same period of 2017, an increase of 19.9%. The increase was primarily due to the increase of $495,493 in salary for the crews on non-operating vessels booked as general and administrative expenses, an increase of $ 840,740 in depreciation of these vessels, an increase of $127,000 in insurance, and an increase of $126,000 in bank service charge.

    Net Income

    Net income for the three months ended September 30, 2018 was $13.7 million compared to net income of $6.5 million in the same period of 2017, an increase of 110.4%.

    For the nine months ended September 30, 2018, net income was $18.1 million, compared to $27.2 million in prior year period, a decrease of 33.6%.

    Net Income Attributable to Owners of the Company

    For the three months ended September 30, 2018, net income attributable to owners of the Company was $12.6 million, or $0.16 per basic and diluted share, compared to net income attributable to owners of the Company of $6.0 million, or $0.08 per basic and diluted share, in the same period of 2017. 

    For the nine months ended September 30, 2018, net income attributable to owners of the Company was $16.4 million, or $0.21 per basic and diluted share, compared to net income attributable to owners of the Company of $24.8 million, or $0.31 per basic and diluted share, in the same period of 2017.

    *Conference Call Details*

    Pingtan also announced that it will discuss financial results in a conference call on Friday, November 9, 2018, at 8:30 AM EST.

    The dial-in numbers are:
    Live Participant Dial In (Toll Free):                 +1 877-407-0310
    Live Participant Dial In (International):            +1 201-493-6786

    To listen to the live webcast, please go to http://www.ptmarine.com and click on the conference call link at the top of the page or go to: https://78449.themediaframe.com/dataconf/productusers/pme/mediaframe/26971/indexl.html. This webcast will be archived and accessible through the Company's website for approximately 30 days following the call.

    *About Pingtan*

    Pingtan is a global fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.

    *Business Risks and Forward-Looking Statements *

    This press release may contain forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934.  Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Risks include the ability to successfully finish the modification and rebuilding of the 27 vessels, complete the maintenance of the large-scale vessels and begin fishing operations as expected; unanticipated delays in the modification, rebuilding and maintenance process; need for additional capital and the availability of financing; our ability to successfully manage relationships with customers, distributors and other important relationships; technological changes; competition; demand for our products and services; the deterioration of general economic conditions, whether internationally, nationally or in the local markets in which we operate; legislative or regulatory changes that may adversely affect our business and operations, including suspension or revocation of licenses;  operational, mechanical, climatic or other unanticipated issues that adversely affect the production capacity of the Company's fishing vessels and their ability to generate expected annual revenue and net income;  inability to sell products to the end-customer at the levels anticipated; and other risk factors  contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.   Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason.

    *CONTACT:*

    Roy Yu
    Chief Financial Officer
    Pingtan Marine Enterprise Ltd.
    Tel: +86 591 87271753
    ryu@ptmarine.net

    Maggie Li
    Investor Relations Manager
    Pingtan Marine Enterprise Ltd.
    Tel: +86 591 8727 1753
    mli@ptmarine.net

    *INVESTOR RELATIONS COUNSEL:*

    The Equity Group Inc.
    Adam Prior, Senior Vice President
    Tel: (212) 836 9606
    aprior@equityny.com

    Katherine Yao, Senior Associate
    Tel: +86 10 5661 7012
    kyao@equityny.com

     

     

    *PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES*

    *CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)*

    *(IN U.S. DOLLARS)*



    For the Three


    For the Nine

    Months Ended


    Months Ended

    September 30,


    September 30,


    2018



    2017



    2018



    2017













    REVENUE

    $

    14,685,465


    $

    5,462,792


    $

    39,175,903


    $

    46,819,813











    COST OF REVENUE


    5,300,829



    5,549,796



    17,235,179



    33,360,356











    GROSS PROFIT (LOSS)


    9,384,636



    (87,004)



    21,940,724



    13,459,457











    OPERATING EXPENSES:











    Selling


    319,919



    194,202



    1,181,720



    761,495 General and administrative


    774,693



    977,603



    3,855,961



    3,325,268 General and administrative - depreciation


    1,378,056



    1,219,006



    4,423,289



    3,582,549 Grant income


    (7,477,736)



    (9,274,101)



    (8,529,848)



    (22,023,741) (Gain) loss on fixed assets disposal


    (49,626)



    190,162



    2,129,124



    187,709












    Total Operating Expenses


    (5,054,694)



    (6,693,128)



    3,060,246



    (14,166,720)













    INCOME FROM OPERATIONS


    14,439,330



    6,606,124



    18,880,478



    27,626,177











    OTHER INCOME (EXPENSE):











    Interest income


    4,552



    20,617



    39,084



    172,043 Interest expense


    (261,974)



    (490,383)



    (919,542)



    (1,841,792) Foreign currency transaction (loss) gain


    (373,237)



    396,852



    (207,022)



    941,734 (Loss) gain from cost method investment


    (9,052)



    318,125



    388,368



    318,125 Loss on equity method investment


    (60,422)



    (322,151)



    (121,537)



    (27,500) Other expense


    (2,312)



    (66)



    (2,997)



    (6,331)












    Total Other Expense, net


    (702,445)



    (77,006)



    (823,646)



    (443,721)













    INCOME BEFORE INCOME TAXES


    13,736,885



    6,529,118



    18,056,832



    27,182,456











    INCOME TAXES


    -



    -



    -



    -











    NET INCOME

    $

    13,736,885


    $

    6,529,118


    $

    18,056,832


    $

    27,182,456











    LESS: NET INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST


    1,133,820



    576,194



    1,635,990



    2,351,967











    NET INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY

    $

    12,603,065


    $

    5,952,924


    $

    16,420,842


    $

    24,830,489











    COMPREHENSIVE INCOME:











    NET INCOME


    13,736,885



    6,529,118



    18,056,832



    27,182,456
    OTHER COMPREHENSIVE (LOSS) INCOME












    Unrealized foreign currency translation (loss) gain


    (6,297,631)



    2,138,127



    (8,348,613)



    4,821,019
    COMPREHENSIVE INCOME

    $

    7,439,254


    $

    8,667,245


    $

    9,708,219


    $

    32,003,475 LESS: COMPREHENSIVE INCOME












    ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST


    630,060



    744,763



    968,131



    2,732,334 COMPREHENSIVE INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY

    $

    6,809,194


    $

    7,922,482


    $

    8,740,088


    $

    29,271,141













    NET INCOME PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY











    Basic and diluted

    $

    0.16


    $

    0.08


    $

    0.21


    $

    0.31













    WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:











    Basic and diluted


    79,055,053



    79,055,053



    79,055,053



    79,055,053

     

     

     

    *PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES*

    *CONSOLIDATED BALANCE SHEETS (UNAUDITED)*

    *(IN U.S. DOLLARS)*



    September 30,


    December 31,

    2018


    2017

    (Unaudited)




    ASSETS







    CURRENT ASSETS:





    Cash

    $

    9,520,325


    $

    2,005,540 Restricted cash


    -



    1,821,187 Accounts receivable, net of allowance for doubtful accounts


    5,876,688



    13,012,671 Inventories, net of reserve for inventories


    8,758,299



    3,560,261 Prepaid expenses


    2,928,564



    110,536 Other receivables


    676,228



    273,151






    Total Current Assets


    27,760,104



    20,783,346







    OTHER ASSETS:





    Cost method investment


    3,052,681



    3,213,859 Equity method investment


    28,875,594



    30,521,466 Prepayment for long-term assets


    -



    11,577,057 Property, plant and equipment, net


    186,682,836



    135,042,467






    Total Other Assets


    218,611,111



    180,354,849






    Total Assets

    $

    246,371,215


    $

    201,138,195







    LIABILITIES AND SHAREHOLDERS' EQUITY













    CURRENT LIABILITIES:





    Accounts payable

    $

    40,233,469


    $

    4,301,146 Accounts payable - related parties


    2,355,353



    1,803,698 Short-term bank loans


    -



    14,600,978 Long-term bank loans - current portion


    7,486,336



    5,968,596 Accrued liabilities and other payables


    4,195,792



    5,354,616 Due to related parties


    11,165,392



    4,386,901






    Total Current Liabilities


    65,436,342



    36,415,935







    OTHER LIABILITIES:





    Long-term bank loans - non-current portion


    26,093,150



    17,217,104






    Total Liabilities


    91,529,492



    53,633,039







    COMMITMENTS AND CONTINGENCIES













    SHAREHOLDERS' EQUITY:





    Equity attributable to owners of the company:





    Ordinary shares ($0.001 par value; 225,000,000 shares authorized; 79,055,053 shares issued and outstanding at September 30, 2018 and December 31, 2017)


    79,055



    79,055 Additional paid-in capital


    81,682,599



    81,682,599 Retained earnings


    54,398,379



    40,349,189 Statutory reserve


    12,978,343



    12,978,343 Accumulated other comprehensive loss


    (13,412,643)



    (5,731,889) Total equity attributable to owners of the company


    135,725,733



    129,357,297 Non-controlling interest


    19,115,990



    18,147,859






    Total Shareholders' Equity


    154,841,723



    147,505,156






    Total Liabilities and Shareholders' Equity

    $

    246,371,215


    $

    201,138,195

     

     

     

    *PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES*

    *CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)*

    *(IN U.S. DOLLARS)*



    For the Nine

    Months Ended

    September 30,

    2018


    2017







    CASH FLOWS FROM OPERATING ACTIVITIES:





    Net income

    $

    18,056,832


    $

    27,182,456 Adjustments to reconcile net income from operations to net cash provided by operating activities:






    Depreciation


    6,933,572



    6,454,155
    (Decrease) increase in allowance for doubtful accounts


    (36,814)



    221,209
    Increase in reserve for inventories


    38,614



    2,639,816
    Loss on equity method investment


    121,537



    27,500
    Loss on disposal of fixed assets


    2,129,124



    194,039 Changes in operating assets and liabilities:






    Accounts receivable


    6,877,799



    5,928,573
    Inventories


    (5,711,759)



    3,421,517
    Advances to suppliers


    -



    3,133,470
    Prepaid expenses


    (5,729,266)



    8,311
    Prepaid expenses - related parties


    -



    (225,434)
    Other receivables


    (435,794)



    32,217,955
    Other receivables - related party


    -



    1,180,928
    Accounts payable


    (530,936)



    954,719
    Accounts payable - related parties


    677,529



    2,024,366
    Accrued liabilities and other payables


    (939,878)



    854,714
    Accrued liabilities and other payables - related party


    -



    (9,886,677)
    Due to related parties


    2,529,409



    14,854







    NET CASH PROVIDED BY OPERATING ACTIVITIES


    23,979,969



    76,346,471





    CASH FLOWS FROM INVESTING ACTIVITIES:





    Purchase of property, plant and equipment


    (21,915,319)



    (45,292,877) Proceeds from government grants for fishing vessels construction


    5,302,166



    2,941,912 Payments for equity method investment


    -



    (294,191)







    NET CASH USED IN INVESTING ACTIVITIES


    (16,613,153)



    (42,645,156)





    CASH FLOWS FROM FINANCING ACTIVITIES:





    Proceeds from short-term bank loans


    15,184,981



    12,912,868 Repayments of short-term bank loans


    (14,633,675)



    (18,701,191) Repayments of long-term bank loans


    (2,990,981)



    (8,722,769) Advances from related parties


    3,712,957



    2,982,394 Payments made for dividend


    (2,371,652)



    (2,371,652)







    NET CASH USED IN FINANCING ACTIVITIES


    (1,098,370)



    (13,900,350)





    EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH


    (574,848)



    1,038,979





    NET  INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH


    5,693,598



    20,839,944





    CASH,CASH EQUIVALENTS AND RESTRICTED CASH - beginning of period


    3,826,727



    3,732,318





    CASH,CASH EQUIVALENTS AND RESTRICTED - end of period

    $

    9,520,325


    $

    24,572,262





    SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:





    Cash paid for:






    Interest

    $

    1,331,128


    $

    1,945,560
    Income taxes

    $

    -


    $

    -







    RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS:






    Cash and cash equivalents


    9,520,325



    22,251,902
    Restricted cash


    -



    2,320,360

    TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH

    $

    9,520,325


    $

    24,572,262

    NON-CASH INVESTING AND FINANCING ACTIVITIES:





    Acquisition of property and equipment by decreasing prepayment for long-term assets

    $

    11,602,983


    $

    1,029,669 Property and equipment acquired on credit as payable

    $

    38,672,775



    4,818,866

     

    View original content:http://www.prnewswire.com/news-releases/pingtan-marine-enterprise-reports-financial-results-for-the-third-quarter-and-nine-months-ended-september-30-2018-300746986.html Reported by PR Newswire Asia 4 hours ago.

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    Strong revenue growth in both Media & Content and Connectivity segments
    Operating expense savings initiative remains on track
    Initial Air France installations have been completed

    LOS ANGELES, Nov. 08, 2018 (GLOBE NEWSWIRE) -- Global Eagle Entertainment Inc. (Nasdaq: ENT) (“Global Eagle,” the “Company” or “we”), a leading provider of media, content, connectivity and data analytics to markets across air, sea and land, today announced financial results for the third quarter ended September 30, 2018.  For the third quarter of 2018, Global Eagle recorded revenue of $164 million; incurred a net loss of $43.2 million; and generated Adjusted EBITDA* of $18.4 million. 

    During the third quarter, Global Eagle’s market-leading Media & Content segment continued to benefit from strong growth in revenue and healthy gross margins.  Media & Content segment revenue grew 13% in the third quarter of 2018 versus the prior year period, with a gross margin of 29.7%.  This growth was primarily attributable to content programming for previously announced new customer contracts as well as expanded content programming for several of our existing partners.  Our Media & Content segment recently secured key wins with United Airlines and two additional leading global airlines.  We expect these new wins to have a positive impact on Media & Content revenue growth in 2019.

    Global Eagle’s Connectivity segment is the leading provider of satellite-based passenger connectivity for single-aisle airliners and the leading broadcaster of live television to the aviation and maritime markets. During the third quarter, an existing customer awarded us more than 50 additional aircraft above our projected aircraft growth with that customer. We increased investment in satellite network capacity and working capital during 2018 to support aircraft activations and expect our Connectivity segment’s gross margin to recover in 2019 as these retrofit and linefit aircraft are activated. In addition, we finalized our Air France contract during the third quarter and commenced installations on Air France with our newly certified three-axis antenna capable of more than 400 Mbps throughput to each aircraft. Our cruise-and-ferry business experienced double-digit growth versus the prior-year quarter and secured three-year contract renewals with two of our largest cruise-and-ferry customers, and our government and Brazil businesses continue to build both revenue and backlog.

    “We are focused on running a healthy core business, driving profitable growth and continuing our transformation,” commented Josh Marks, CEO of Global Eagle.  “Our healthy core business is evident in expanded relationships with existing customers across our business. We are driving profitable growth through key wins that will reinforce our growth in 2019 and beyond. Our transformation continues through planned global footprint consolidation, simplification of our management structure, IT programs that will increase efficiency and automation, and operating expense reductions.”

    “Our operating expense savings initiative is on track to achieve our targeted run rate reduction of 10-15% as we exit the year,” said Paul Rainey, CFO of Global Eagle.  “In addition to lowering operating expenses, we have been successful in lowering our non-core cash expenses as reflected in our Adjusted EBITDA reconciliation, which is a critical component to improving our cash generation.”

    *Third Quarter Summary*

    · Total revenue for the third quarter of 2018 was $164 million, an 8.2% increase over the prior-year period.  This increase was driven by growth in both our Media & Content and Connectivity segments.  Revenue growth in our Media & Content segment was driven by a ramp up of previously announced new customers as well as expanded content programming for existing customers.  In our Connectivity segment, service revenue from new and existing aircraft, marine-vessel and land-site installations drove revenue growth.
    · Net loss for the third quarter of 2018 was $43.2 million, down $9.7 million over the prior-year period.  The decrease in net loss was driven by higher licensing and services revenue, as well as lower operating expenses in the third quarter of 2018.  The drivers of the higher licensing and services revenue growth are noted above.  The lower operating expenses were driven by our operating expense savings initiative and lower non-core expenses.  Our operating-expense improvement was driven by our continued integration of our prior acquisitions, including facilities rationalization, headcount reductions, labor insourcing and our implementation of additional IT technologies supporting our business.  Lower non-core expenses were driven by lower delayed audit expenses.
    · Adjusted EBITDA for the third quarter of 2018 was $18.4 million, which was a 21.7% increase over the prior-year period.   Adjusted EBITDA growth was primarily driven by higher revenue growth and lower operating expenses as outlined above.

    *Webcast*

    We will host a live webcast on Thursday, November 8, 2018 at 5:00 p.m. EDT (2:00 p.m. PDT). We will make the webcast and accompanying slide presentation available on the Investor Relations section of our website at http://investors.geemedia.com/events-and-presentations.  We will maintain an archive of the webcast on our website for 30 days following the event.

    *About Global Eagle*

    Global Eagle is a leading provider of media, content, connectivity and data analytics to markets across air, sea and land. Global Eagle offers a fully integrated suite of rich media content and seamless connectivity solutions to airlines, cruise lines, commercial ships, high-end yachts, ferries and land locations worldwide. With approximately 1,400 employees and 50 offices on six continents, the Company delivers exceptional service and rapid support to a diverse customer base. Find out more at: www.GlobalEagle.com.

    Contact:

    Peter A. Lopez
    Vice President, Investor Relations
    +1 310-740-8624
    investor.relations@geemedia.com
    pr@geemedia.com

    ** About Non-GAAP Financial Measures*

    To supplement our consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States, or GAAP, we present Adjusted EBITDA, which is a non-GAAP financial measure, as a measure of our performance. The presentation of Adjusted EBITDA is not intended to be considered in isolation from, or as a substitute for, or superior to, net income (loss) or any other performance measures derived in accordance with GAAP or as an alternative to net cash provided by operating activities or any other measures of our cash flows or liquidity. Further, we note that Adjusted EBITDA as presented herein is defined and calculated differently than the “Consolidated EBITDA” definition in our senior secured credit agreement and in our second lien notes, which Consolidated EBITDA definition we use for financial-covenant-compliance purposes and as a measure of our liquidity. For a reconciliation of Adjusted EBITDA to its most comparable measure under GAAP, please see the table entitled “Reconciliation of GAAP to Non-GAAP Measure” at the end of this press release.

    Adjusted EBITDA is one of the primary measures used by our management and Board of Directors to understand and evaluate our financial performance and operating trends, including period to period comparisons, to prepare and approve our annual budget and to develop short and long term operational plans. Additionally, Adjusted EBITDA is one of the primary measures used by the Compensation Committee of our Board of Directors to establish the funding targets for (and subsequent funding of) our Annual Incentive Plan bonuses for our employees. We believe our presentation of Adjusted EBITDA is useful to investors both because it allows for greater transparency with respect to key metrics used by our management in their financial and operational decision-making and because our management frequently uses it in discussions with investors, commercial bankers, securities analysts and other users of our financial statements.

    We define Adjusted EBITDA as net income (loss) before (a) interest expense (income), (b) income tax expense (benefit) and (c) depreciation and amortization (including relating to equity-method investments) and (gain) loss on disposal and impairment of fixed assets, and we then further adjust that result to exclude (when applicable in the period) (1) change in fair value of financial instruments, (2) other (income) expense, including primarily, (gains) losses from investments and foreign-currency-transaction (gains) losses, (3) goodwill impairment expense, (4) stock-based compensation expense, (5) strategic-transaction, integration and realignment expenses (as described below), (6) auditor and third-party professional fees and expenses related to our internal-control deficiencies (and the remediation thereof) and complications in our audit process relating to our control environment, (7) excess content expenses (as described below), (8) non-ordinary-course legal expenses (as described below), (9) losses on significant customer bankruptcies (as described below) and (10) restructuring expenses pursuant to our September 2014 integration plan. Management does not consider these items to be indicative of our core operating results.

    “Excess content expenses” includes the additional purchasing costs that we incurred in 2017 to procure movie content for our customers, notwithstanding that we could have procured equivalent content under our (preferential-pricing) output arrangements with major studios. We incurred these additional costs because we could not timely identify and measure our movie-content expenditures and procurement during the period due to weaknesses in our control environment.

    “Losses on significant customer bankruptcies” includes (1) our provision for bad debt associated with the bankruptcies of Air Berlin and Alitalia (two of our Media & Content customers) in 2017, together with (2) the costs (e.g., content acquisition fees) that we incurred to maintain service to those customers during their bankruptcy proceedings in order to preserve the customer relationship.

    “Non-ordinary-course legal expenses” includes third-party professional fees and expenses associated with the securities class-action lawsuits filed against us in 2017 and non-ordinary-course employment and intellectual-property-infringement disputes.

    “Strategic-transaction, integration and realignment expenses” includes (1) transaction- and procurement-related expenses and costs (including third-party professional fees) attributable to acquisition, financing, investment and other strategic-transaction activities (including for new product and proof-of-concept testing),  (2) integration and realignment expenses and allowances, (3) employee-severance, -retention and -relocation expenses, (4) purchase-accounting adjustments for deferred revenue, costs and credits associated with companies and businesses that we have acquired through our M&A activities, (5) service-level-agreement penalties incurred during our Eagle-1 migration and setup in its new orbital slot in 2017, and (6) claims at companies or businesses that we acquired through our M&A activities for underlying liabilities that pre-dated our acquisition of those companies or businesses. In respect of clause (6) in this definition, we include (i.e., exclude from net income (loss)) any estimated loss contingencies and provisions for legal settlements relating to those liabilities.

    *Cautionary Note Regarding Forward-Looking Statements *
    Certain statements in this press release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements with respect to our expected Adjusted EBITDA, revenue and margin growth in future periods, our aviation-connectivity installations in future periods, our business and financial-performance outlook, industry, business strategy, plans, business and M&A integration activities, operating-expense and cost-structure improvements and reductions, international expansion, future technologies, future operations, margins, profitability, future efficiencies, ability to generate positive cash flow from operating activities, and other financial and operating information. The words “anticipate,” “assume,” “believe,” “budget,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “future” and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this press release.

    Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following:

    · our ability to timely remediate material weaknesses in our internal control over financial reporting; the effect of those weaknesses on our ability to report and forecast our operations and financial performance; and the impact of our remediation efforts (and associated management time and costs) on our liquidity and financial performance;
    · our ability to maintain effective disclosure controls and internal control over financial reporting;
    · any future restructuring activities may prove detrimental to our operations and sales and our ability to achieve our operating-expense and cost-structure improvements and reductions;
    · our dependence on the travel industry;
    · future acts or threats of terrorism;
    · our dependence on our existing relationship and agreement with Southwest Airlines;
    · our ability to obtain new customers and renew agreements with existing customers;
    · our customers’ solvency, inability to pay and/or delays in paying us for our services;
    · our ability to achieve positive cash flow from operating activities and access additional sources of liquidly, if needed;
    · our ability to retain and effectively integrate and train key members of senior management;
    · our ability to recruit, train and retain highly skilled technical employees, particularly in our finance and IT functions;
    · our ability to receive the anticipated cash distributions or other benefits from our investment in the Wireless Maritime Services joint venture;
    · customer attrition due to direct arrangements between satellite providers and customers;
    · the effect of a variety of complex U.S. and foreign tax laws and regimes due to the global nature of our business;
    · our need to invest in and develop new broadband technologies and advanced communications and secure networking systems, products and services and antenna technologies as well as their market acceptance;
    · our ability to continue to be able to make claims for e-business and multimedia tax credits in Canada;
    · our exposure to foreign currency risks;
    · increased demand by customers for greater bandwidth, speed and performance and increased competition from new technologies and market entrants;
    · our reliance on “sole source” service providers and other third parties for key components and services that are integral to our product and service offerings;
    · the potential need to materially increase our investments in product development and equipment beyond our current investment expectations;
    · our ability to expand our international operations and the risks inherent in our international operations, especially in light of current trade and national-security disputes between the United States and China (which may adversely impact our ability to conduct business in that market);
    · service interruptions or delays, technology failures, damage to equipment or software defects or errors and the resulting impact on our reputation and ability to attract, retain and serve our customers;
    · equipment failures or software defects or errors that may damage our reputation or result in claims in excess of our insurance or warranty coverage;
    · satellite failures or degradations in satellite performance;
    · our ability to integrate businesses or technologies we have acquired or may acquire in the future;
    · increased on-board use of personal electronic devices and content accessed and downloaded prior to travel and our ability to compete as a content provider against “over the top” download services and other companies that offer in-flight entertainment products;
    · pricing pressure from suppliers and customers in our Media & Content segment and a reduction in the aviation industry’s use of intermediary content service providers (such as us);

    · a reduction in the volume or quality of content produced by studios, distributors or other content providers;

    · a reduction or elimination of the time between our receipt of content and it being made available to the rental or home viewing market (i.e., the “early release window”);

    · increased competition in the in-flight entertainment (“IFE”) and in-flight connectivity (“IFC”) system supply chain;

    · our ability to plan expenses and forecast revenue due to the long sales cycle of many of our Media & Content segment’s products;

    · our use of fixed-price contracts for satellite bandwidth and potential cost differentials that may lead to losses if the market price for our services declines relative to our committed cost;

    · our use of fixed-price contracts in our Media & Content segment that may lead to losses in the future if the market price for our services declines relative to our committed cost;

    · our ability to develop new products or enhance those we currently provide in our Media & Content segment;

    · our ability to successfully implement a new enterprise resource planning system;

    · our ability to protect our intellectual property;

    · the effect of cybersecurity attacks, data or privacy breaches, data or privacy theft, unauthorized access to our internal systems or connectivity or media and content systems, or phishing or hacking, especially in light of recently publicized security incidents affecting our industry and our systems;

    · the costs to defend and/or settle current and potential future civil intellectual property lawsuits (including relating to music and other content infringement) and related claims for indemnification;

    · changes in regulations and our ability to obtain regulatory approvals to provide our services or to operate our business in particular countries or territorial waters;

    · compliance with U.S. and foreign regulatory agencies, including the Federal Aviation Administration (“FAA”) and Federal Communications Commission (“FCC”) and their foreign equivalents in the jurisdictions in which we and our customers operate;

    · changes in government regulation of the Internet, including e-commerce or online video distribution;

    · our ability to comply with trade, export, anti-money laundering and anti-bribery practices and data protection laws, especially the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act;

    · limitations on our cash flow available to make investments due to our substantial indebtedness and our ability to generate sufficient cash flow to make payments thereon;

    · our ability to repay the principal amount of our bank debt, second lien notes due June 30, 2023 (the “Second Lien Notes”) and/or 2.75% convertible senior notes due 2035 (the “Convertible Notes”) at maturity, to raise the funds necessary to settle conversions of our Convertible Notes or to repurchase our Convertible Notes upon a fundamental change or on specified repurchase dates or due to future indebtedness;

    · the conditional conversion of our Convertible Notes;

    · the effect on our reported financial results of the accounting method for our Convertible Notes;

    · the impact of the fundamental change repurchase feature and change of control repurchase feature of the securities purchase agreement governing our Second Lien Notes on our price or potential as a takeover target;

    · the dilution or price depression of our common stock that may occur as a result of the conversion of our Convertible Notes and/or Searchlight warrants;

    · our ability to meet the continued listing requirements of The Nasdaq Stock Market (“Nasdaq”), in particular given our recent history of delinquent periodic filings with the U.S. Securities and Exchange Commission (“SEC”) and the need to maintain a minimum $1.00 per share stock price pursuant to Nasdaq rules;

    · our eligibility to use Form S-3 to register the offer and sale of securities, which Form we are not currently eligible to use;

    · uninsured or underinsured costs associated with stockholder litigation and any uninsured or underinsured indemnification obligations with respect to current and former executive officers and directors;

    · conflicts between our interests and the interests of our largest stockholders;

    · volatility of the market price of our securities;

    · anti-takeover provisions contained in our charter and bylaws;

    · the dilution of our common stock if we issue additional equity or convertible debt securities; and

    · other risks and factors listed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017 as filed with the SEC on April 2, 2018 and in any subsequently filed Quarterly Reports on Form 10-Q.

    The forward-looking statements herein speak only as of the date the statements are made (which is the date of this press release). You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

    *Financial Information*

    The table below presents financial results for the three and nine months ended September 30, 2018 and 2017.

     
    *Global Eagle Entertainment Inc.*
    *Condensed Consolidated Statements of Operations*
    *(In thousands, except per share amounts)*
    *(Unaudited)*
                   
      *Three Months Ended September 30,*   *Nine Months Ended September 30,*
      *2018*   *2017*   *2018*   *2017*
    Revenue:              
    Licensing and services   157,604       143,610       460,560       433,400  
    Equipment   6,423       7,927       25,927       26,471  
    Total revenue   164,027       151,537       486,487       459,871  
    Cost of sales:              
    Licensing and services   123,126       105,830       357,523       317,624  
    Equipment   5,443       7,121       15,859       23,956  
    Total cost of sales   128,569       112,951       373,382       341,580  
    Gross margin   35,458       38,586       113,105       118,291  
    Operating Expenses:              
    Sales and marketing   8,989       9,332       29,499       30,376  
    Product development   7,477       11,328       25,536       26,921  
    General and administrative   31,620       39,129       100,384       109,372  
    Provision for legal settlements   (509 )     310       (134 )     785  
    Amortization of intangible assets   9,447       10,981       30,367       32,849  
    Goodwill impairment   -        -        -        78,000  
    Total operating expenses   57,024       71,080       185,652       278,303  
    Loss from operations   (21,566 )     (32,494 )     (72,547 )     (160,012 )
    Other income (expense):              
    Interest expense,  net   (20,048 )     (18,164 )     (55,399 )     (43,935 )
    Loss on extinguishment of debt   -        -        -        (14,389 )
    Income from equity method investments   2,022       1,770       3,611       3,911  
    Change in fair value of derivatives   (196 )     196       (287 )     2,672  
    Other (expense) income, net   (588 )     (123 )     (936 )     38  
    Loss before income taxes   (40,376 )     (48,815 )     (125,558 )     (211,715 )
    Income tax expense   2,852       4,153       1,865       10,993  
    Net loss   (43,228 )     (52,968 )     (127,423 )     (222,708 )
                   
    Net loss per share – basic and diluted   (0.47 )     (0.59 )     (1.40 )     (2.57 )
    Weighted average shares outstanding – basic and diluted   91,408       89,194       91,101       86,710  
                           

     

     
    *Global Eagle Entertainment Inc.*
    *Condensed Consolidated Balance Sheets*
    *(In thousands)*
    *(Unaudited)*
     
      *September 30,* * * *December 31,*
        *2018*       *2017*  
    *Assets* * *   * *
    CURRENT ASSETS:      
    Cash and cash equivalents $   31,731     $   48,260  
    Restricted cash     801         3,608  
    Accounts receivable, net      99,678         113,545  
    Inventories     38,381         28,352  
    Prepaid expenses     16,141         13,486  
    Other current assets     17,261         20,923  
    TOTAL CURRENT ASSETS:     203,993         228,174  
    Content library     7,143         8,686  
    Property, plant and equipment, net     182,777         195,029  
    Goodwill     159,610         159,696  
    Intangible assets, net     92,210         122,582  
    Equity method investments     135,975         137,299  
    Other non-current assets     12,439         9,118  
    Total Assets $   794,147     $   860,584  
    *Liabilities and Stockholders' Equity*      
    CURRENT LIABILITIES:      
    Accounts payable and accrued liabilities     167,135         205,036  
    Deferred revenue     10,892         6,508  
    Current portion of long-term debt     20,946         20,106  
    Other current liabilities     9,137         7,785  
    TOTAL CURRENT LIABILITIES:     208,110         239,435  
    Deferred revenue, non-current     1,116         1,079  
    Long-term debt     666,493         598,958  
    Deferred tax liabilities     7,776         16,247  
    Other non-current liabilities     30,573         30,340  
    Total Liabilities     914,068         886,059  
    Stockholders' Equity      
    Common stock     10         10  
    Treasury stock     (30,659 )       (30,659 )
    Additional paid-in capital     811,906         779,565  
    Subscriptions receivable     (597 )       (578 )
    Accumulated deficit     (900,281 )       (773,791 )
    Accumulated other comprehensive loss     (300 )       (22 )
    Total Stockholder's Deficit     (119,921 )       (25,475 )
    Total Liabilties and Stockholders' Equity $   794,147     $   860,584  
           

    * *

     
    *Global Eagle Entertainment Inc.*
    *Reconciliation of GAAP to Non-GAAP Measure*
    *(In thousands)*
    *(Unaudited)*
           
      *Three Months Ended *
    * September 30,** *
     
    * **Net loss to Adjusted EBITDA reconciliation** * *2018*     *2017*  
     Net loss    (43,228 )     (52,968 )
     Interest expense, net    20,048       18,164  
     Income tax expense    2,852       4,153  
     Depreciation and amortization and loss on disposal and
     impairment of fixed assets    27,316       25,385  
     Change in fair value of financial instruments    196       (196 )
     Other (income) expense    588       123  
     Goodwill impairment expense    -        -   
     Stock-based compensation expense    3,918       1,158  
     Strategic-transaction, integration and realignment expenses    4,259       6,322  
     Internal-control and delayed audit expenses    2,057       11,662  
     Excess content expenses    -        631  
     Non-ordinary-course legal expenses    409       701  
     Losses on significant customer bankruptcies    -        -   
    *Adjusted EBITDA* *  **18,415 *     *  **15,135 *  
     

    See “About Non-GAAP Financial Measures” above, including our definition of Adjusted EBITDA described therein. Reported by GlobeNewswire 4 hours ago.

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    HOUSTON, Nov. 08, 2018 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. ("Gulf Island" or the "Company") (NASDAQ: GIFI) today reported a net loss of $10.9 million ($0.73 per share) on revenue of $49.7 million for the third quarter 2018, compared to a net loss of $3.1 million ($0.21 per share) on revenue of $49.9 million for the third quarter 2017, and net income of $0.5 million ($0.04 per share) on revenue of $54.0 million for the second quarter 2018. Operating cash flows for the third quarter 2018 were $7.8 million and the Company’s cash and short-term investments totaled $54.5 million at September 30, 2018.

    "Results for the third quarter 2018 reflect our previously discussed challenges with the underutilization of our Fabrication and Shipyard Divisions. However, awarded backlog is set to ramp up over the next several quarters within our Shipyard Division and we expect to realize improvement in the overall utilization of our facilities. Our results were also impacted by lower than desired margins due to competitive pricing on previously awarded backlog and bad debt expense of $2.8 million for a receivable reserve recorded during the quarter,” said Kirk Meche, Gulf Island’s President and Chief Executive Officer. “In spite of these challenges we had many positive accomplishments during the quarter. Our Services Division once again delivered solid results as demand for its services remains strong. We also increased backlog across our Divisions, generated positive operating cash flows, and entered into an agreement to sell our Texas North Yard and certain associated equipment for $28.0 million.”

    *Backlog^(1)*

    The Company’s revenue backlog was $370.3 million at September 30, 2018, which includes deliveries through 2021, and represents an increase of $33.8 million from June 30, 2018. Backlog by operating segment at September 30, 2018, was $313.1 million for Shipyard, $44.7 million for Fabrication, $11.7 million for Services and $0.8 million for EPC. Backlog excludes approximately $28.4 million of new project awards received subsequent to September 30, 2018, through November 8, 2018. Backlog also excludes options on contracts of approximately $534.0 million, which include deliveries through 2025 should all options be exercised.
    _____________

    (1) Backlog, a non-GAAP financial measure, provides useful information to investors. Backlog includes future performance obligations at September 30, 2018, of $340.2 million, as defined by generally accepted accounting principles in the United States ("GAAP"), plus $30.1 million subject to a contract termination dispute with a customer to build two MPSVs that does not meet the criteria to be reported as future performance obligations under GAAP. Pending resolution of the dispute, the Company has ceased all work and the partially completed vessels and associated equipment and materials remain at its shipyard in Houma, Louisiana.

    *Cash and Liquidity*The Company generated $7.8 million in operating cash flows during the third quarter 2018, and at September 30, 2018, had cash and short-term investments of $54.5 million and no debt. Working capital at September 30, 2018, totaled $124.0 million and includes $42.7 million of assets held for sale. During the third quarter 2018, the Company amended its $40.0 million Credit Agreement to extend its maturity to June 2020 and at September 30, 2018, the Company's total available liquidity was as follows:

    *Available Liquidity*   *Total*
        (in thousands)
    Cash and cash equivalents   $ 45,020  
    Short-term investments ^(1)   9,494  
    Total cash, cash equivalents and short-term investments   54,514  
    Credit Agreement capacity   40,000  
    Less: Outstanding letters of credit   2,475  
    Availability under Credit Agreement   37,525  
    Total available liquidity   $ 92,039  

    _____________

    (1) Short-term investments include U.S. Treasuries and other investment-grade commercial paper with original maturity dates of six months or less that are traded on active markets with quoted prices.

    *Condensed Cash Flow Information*

      *Three months ended September 30,*   *Nine months ended September 30,*
      *2018*   *2017*   *2018*   *2017*
       
       
      (in thousands)
    Net cash provided by (used in) operating activities $ 7,761     $ (1,623 )   $ (18,666 )   $ (29,559 )
    Net cash provided by (used in) investing activities 5,296     (2,691 )   55,542     (2,395 )
    Net cash used in financing activities (41 )   (177 )   (839 )   (1,421 )

    *Condensed Balance Sheet Information*

      *September 30, 2018*   *December 31, 2017*
       
      (in thousands)
         
    Cash and cash equivalents $ 45,020     $ 8,983  
    Short-term investments 9,494     —  
    Total current assets 176,328     179,164  
    Property, plant and equipment, net 80,707     88,899  
    Total assets 262,957     270,840  
    Total current liabilities 52,297     48,665  
    Total shareholders’ equity 205,136     219,493  
               

    *Quarterly Earnings Conference Call*

    Gulf Island management will hold a conference call on Friday, November 9, 2018, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the Company’s financial results for the third quarter 2018. The call will be available by webcast which can be accessed on Gulf Island’s website at www.gulfisland.com. Participants may also join the conference call by dialing 1.800.289.0438 and requesting the “Gulf Island” conference call. A digital replay of the call will be available from a link on our Company's website two hours after the call and ending November 17, 2018.

    Gulf Island is a leading fabricator of complex steel structures, modules and marine vessels used in energy extraction and production, petrochemical and industrial facilities, power generation, alternative energy and shipping and marine transportation operations. The Company also provides project management for EPC projects along with installation, hookup, commissioning and repair and maintenance services. In addition, the Company performs civil, drainage and other work for state and local governments. The Company operates and manages its business through four operating divisions: Fabrication, Shipyard, Services and EPC, with its corporate headquarters located in Houston, Texas and fabrication facilities located in Houma, Jennings and Lake Charles, Louisiana.

    *Company information:*
    Kirk J. Meche
    Chief Executive Officer
    713.714.6100 *Investor Relations:*
    Westley S. Stockton
    Chief Financial Officer
    713.714.6106
       

    *CAUTIONARY STATEMENT*This press release contains forward-looking statements. Forward-looking statements are all statements other than statements of historical facts, such as projections or expectations relating to such topics as oil and gas prices, operating cash flows, capital expenditures, liquidity and tax rates. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be,” “potential” and any similar expressions are intended to identify those assertions as forward-looking statements.

    We caution 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 our actual results to differ materially from those anticipated in the forward-looking statements include the cyclical nature of the oil and gas industry, changes in backlog estimates, suspension or termination of projects, timing and award of new contracts, financial ability and credit worthiness of our customers and consolidation of our customers, competitive pricing and cost overruns, entry into new lines of business, ability to raise additional capital, ability to sell certain assets, advancement on the SeaOne Project, ability to resolve dispute with a customer relating to a purported termination of contracts to build MPSVs, ability to remain in compliance with our covenants contained in our credit agreement, ability to employ skilled workers, operating dangers and limits on insurance coverage, weather conditions, competition, customer disputes, adjustments to previously reported profits under the percentage-of-completion method, loss of key personnel, compliance with regulatory and environmental laws, ability to utilize navigation canals, performance of subcontractors, systems and information technology interruption or failure and data security breaches and other factors described in more detail in “Risk Factors” in Item 1A of our annual report on Form 10-K for the year ended December 31, 2017, as updated by our subsequent filings with the U.S. Securities and Exchange Commission.

    Investors are cautioned that many of the assumptions upon which our forward-looking statements are based are likely to change after the forward-looking statements are made, which we cannot control. Further, we may make changes to our business plans that could affect our results. We caution investors that we do not intend to update forward-looking statements more frequently than quarterly notwithstanding any changes in our assumptions, changes in business plans, actual experience or other changes, and we undertake no obligation to update any forward-looking statements. 

    *GULF ISLAND FABRICATION, INC.*
    *CONSOLIDATED STATEMENTS OF OPERATIONS*
    (UNAUDITED)
    (in thousands, except per share data)

      *Three Months Ended*   *Nine months ended*
      *September 30,*   *September 30,*   *June 30,*   *September 30,*   *September 30,*
      *2018*   *2017*   *2018*   *2018*   *2017*
    Revenue ^(1) $ 49,712     $ 49,884     $ 54,014     $ 161,016     $ 133,745  
    Cost of revenue 52,924     50,378     54,713     164,248     150,755  
    Gross loss (3,212 )   (494 )   (699 )   (3,232 )   (17,010 )
    General and administrative expenses 7,672     4,370     5,092     17,473     12,940  
    Asset impairment —     —     610     1,360     389  
    Operating loss (10,884 )   (4,864 )   (6,401 )   (22,065 )   (30,339 )
    Interest income (expense), net 72     (45 )   (92 )   (166 )   (262 )
    Other income (expense), net 140     38     7,125     6,954     (209 )
    Net income (loss) before income taxes (10,672 )   (4,871 )   632     (15,277 )   (30,810 )
    Income taxes (benefit) 277     (1,761 )   83     419     (10,322 )
    Net income (loss) $ (10,949 )   $ (3,110 )   $ 549     $ (15,696 )   $ (20,488 )
    Per share data:                  
    Basic and diluted earnings (loss) per share - common shareholders $ (0.73 )   $ (0.21 )   $ 0.04     $ (1.05 )   $ (1.38 )
    Cash dividends declared per common share $ —     $ 0.01     $ —     $ —     $ 0.03  

    ________________

    (1) Revenue includes non-cash amortization of deferred revenue related to values assigned to contracts in a previous acquisition of $15,000, $0.5 million and $0.1 million for the three months ended September 30, 2018 and 2017 and June 30, 2018, respectively, and $0.5 million and $2.4 million for the nine months ended September 30, 2018 and 2017, respectively.

    *Operating Results by Segment*

    The Company has structured its operations with four operating divisions and one corporate non-operating division, which represent its reportable segments. The Company's EPC Division was created in December 2017 to manage work it expects to perform for the SeaOne Project and other projects that may require EPC project management services. The Company's results of operations by segment for the three and nine months ended September 30, 2018 and 2017, are presented below (in thousands, except for percentages).

    *Fabrication* *Three Months Ended September 30,*   *Nine Months Ended September 30,*
      *2018*   *2017*   *2018*   *2017*
    Revenue $ 2,311     $ 18,318     $ 28,171     $ 42,517  
    Gross profit (loss) (4,032 )   1,250     (5,918 )   216  
    Gross profit (loss) percentage (174.5 )%   6.8 %   (21.0 )%   0.5 %
    General and administrative expenses 3,676     778     5,251     2,432  
    Asset impairment —     —     1,360     —  
    Operating income (loss) (7,708 )   472     (12,529 )   (2,216 )
                           

    *Shipyard* *Three Months Ended September 30,*   *Nine Months Ended September 30,*
      *2018*   *2017*   *2018*   *2017*
    Revenue $ 24,492     $ 15,074     $ 66,677     $ 51,798  
    Gross loss (1,764 )   (3,504 )   (5,563 )   (19,061 )
    Gross loss percentage (7.2 )%   (23.2 )%   (8.3 )%   (36.8 )%
    General and administrative expenses 696     888     2,089     2,835  
    Asset impairment —     —     —     389  
    Operating loss (2,460 )   (4,392 )   (7,652 )   (22,285 )

    *Services* *Three Months Ended September 30,*   *Nine Months Ended September 30,*
      *2018*   *2017*   *2018*   *2017*
    Revenue $ 22,617     $ 17,651     $ 66,692     $ 43,758  
    Gross profit 3,191     1,912     9,390     2,335  
    Gross profit percentage 14.1 %   10.8 %   14.1 %   5.3 %
    General and administrative expenses 705     695     2,201     2,008  
    Operating income 2,486     1,217     7,189     327  

    *EPC* *Three Months Ended September 30,*   *Nine Months Ended September 30,*
      *2018*   *2017*   *2018*   *2017*
    Revenue $ 1,071     $ —     $ 2,026     $ —  
    Gross profit (loss) (205 )   —     30     —  
    Gross profit (loss) percentage (19.1 )%     n/a     1.5 %     n/a  
    General and administrative expenses 503     —     1,405     —  
    Operating loss (708 )   —     (1,375 )   —  

    *Corporate* *Three Months Ended September 30,*   *Nine Months Ended September 30,*
      *2018*   *2017*   *2018*   *2017*
    Revenue $ —     $ —     $ —     $ —  
    Gross loss (402 )   (152 )   (1,171 )   (500 )
    Gross loss percentage   n/a       n/a       n/a       n/a  
    General and administrative expenses 2,092     2,009     6,527     5,665  
    Operating loss (2,494 )   (2,161 )   (7,698 )   (6,165 ) Reported by GlobeNewswire 3 hours ago.

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