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   Gold/Mining/EnergyUFAB - oil drilling deck fabrication


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To: Donaldm who wrote (314)4/20/1999 9:34:00 AM
From: SargeK
   of 337
 
Just the Facts Please!

Unifab International, Inc. (UFAB) – Research Alerts

On 04/19/99: UFAB crossed above its 50-day moving average on triple its average daily volume. If the stock continues to rise relative to its average price of the past 10 weeks, it would generally be considered a bullish sign since it suggests a stock under accumulation.

Since 03/08/99: Analysis shows that the price-to-sales ratio (PSR) of UFAB has been at least 25% below its industry's average. A PSR significantly below the industry average is one tool sometimes used to begin a search for undervalued stocks.

4/20/99: Unifab International retains #1 ranking among 24 companies (including GIFI) in the Oil Field & Machine Equipment Sector! biz.yahoo.com

4/20/99: Annual Earnings Growth Projections for the Next 5 years raised from 34.3% to 43.6% by Zacks! biz.yahoo.com IBES continues to Project Annual Earnings Growth of only 34.3%.. quicken.com

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To: SargeK who wrote (313)4/20/1999 2:30:00 PM
From: SargeK
   of 337
 
Company Press Release
UNIFAB International, Inc. Announces New Contract Awards
NEW IBERIA, La.--(BUSINESS WIRE)--April 20, 1999--UNIFAB INTERNATIONAL, INC. (NASDAQ: UFAB - news) and subsidiary Allen Process Systems today announced recent new contract awards of in excess of $20.5 million for projects in Egypt, Equatorial Guinea, Nigeria and the Gulf of Mexico. These projects add to the current backlog of work that, as a corporate strategy, UNIFAB has maintained at a relatively consistent level.

''This new work will solidify UNIFAB's ability to maintain and grow its work force to prepare for the inevitable turnaround that is materializing as a result of higher crude oil and natural gas prices,'' noted Dailey J. Berard, UNIFAB International Inc.'s President, CEO and Chairman of the Board. ''The combination of Allen Process Systems with UNIFAB is proving to be a powerful marketing factor with customers because the enhanced total capability of the Company enables it to bid on more complete packages. UNIFAB is bullishly optimistic for the industry because of the increased number of bid requests both domestically and internationally. Our backlog of outstanding bids submitted but not yet awarded continues to grow. We believe the recovery in crude oil and natural gas prices will allow customers to release the funds necessary to award contracts for these projects in the next two to three quarters. The weakness in worldwide drilling over the past one and one-half years has narrowed the gap between supply and demand for both crude oil and natural gas. We believe a strong recovery in drilling activity will commence before year-end.''

UNIFAB International Inc. is an industry leader in the custom fabrication of topside facilities, equipment modules and other structures used in the development and production of oil and gas reserves. In addition, the Company designs and manufactures specialized process systems, refurbishes and retrofits existing jackets and decks, provides repair, refurbishment and conversion services for oil and gas drilling rigs and performs offshore piping hook-up and platform maintenance services. The UNIFAB group of companies supports all facets of the industry from facilities located at the Ports of Iberia and Lake Charles, Louisiana. UNIFAB also has a sales and engineering office in London and sales representatives in other strategic countries worldwide. Dailey Berard serves as a commissioner on a number of committees and task forces that are working to improve training and education of the workforce in Louisiana.

--------------------------------------------------------------------------------
Contact:

UNIFAB International Inc., New Iberia
Dailey J. Berard or Pete Roman, 318/367-8291

--------------------------------------------------------------------------------

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To: SargeK who wrote (316)4/25/1999 8:38:00 PM
From: SargeK
   of 337
 
Seen on YAHOO

"UFAB Strength or Weakness?
by: UnifabTrader 482 of 482 AmberHa: " I was very impressed with the strength of the ride to 9 these last 3 days." Enjoy it while you can. On Friday volume dropped like a rock on a lower close. AmberHa: "I tried getting filled at 8 7/16 didn't make it". You are one lucky dude. When the earnings come out you will be very happy the order didn't get filled. Remember a bullish trend is distinguished by higher highs and higher lows. Plenty of room for trading. Backing off of highs with low volume is a sure indication that the short term trend between now and earnings' announcement will be down.. down...down

Until more profitable business is secured, it looks like the trading range will be 6 1/2 to 9 1/2. Time to take profits is now."

messages.yahoo.com

Friday capped a great 4 day run up. Maybe it is time to take some chips off the table. I reduced all my Oil Service stocks Friday. Why look a gift horse in the Mouth?

Long term UFAB looks great. Short term?????????/

SargeK

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To: SargeK who wrote (317)4/27/1999 9:15:00 AM
From: ca
   of 337
 
sarge k

havebeen reading your post on yahoo untill the bashing
started. have you made the trip to new iberia yet?
sometimes little things can tell you more than charts,
experts or nay-sayers. i am in n.i. at least 5-6 per monyh
and always take the time to drive by the port to see how
many cars are in the parking lot at both ufab and glbl.
when one has the confidence in the management abilities
of dailey (ufab) and dore (glbl) little things combined with
tech data can tell you more about how the co. is really
doing. by the way i live in lake charles and the work force
is drying up here too.

ca

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To: ca who wrote (318)4/28/1999 6:51:00 AM
From: SargeK
   of 337
 
ca,

I haven't visited N. Iberia or L.Charles yet. Intend to do so soon.
I am concerned about your remark that; "the workforce is drying up in Lake Charles too." I assume you mean this in addition to N.Iberia.

Your observations appear to be in conflict with Berard's statement in the Apr 20th Press Release:

''This new work will solidify UNIFAB's ability to maintain and grow its work force to prepare for the inevitable turnaround that is materializing as a result of higher crude oil and natural gas prices,'' noted Dailey J. Berard, UNIFAB International Inc.'s President, CEO and Chairman of the Board. ''

What is the basis for your statement? Are you saying Mr. Berard is misinformed? TIA

I see you just became a member of SI yesterday. Welcome to the fray.

SargeK

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To: SargeK who wrote (316)4/29/1999 6:36:00 AM
From: SargeK
   of 337
 
UFAB Crosses Over 200DMA

with heavy volume on top of 50% gain in past 2 weeks. It's not too late to jump in and enjoy the ride. investor.msn.com

SargeK

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To: ca who wrote (318)5/4/1999 9:09:00 PM
From: Camille Muir
   of 337
 
UFAB parking Lot
If parking lots mean anything.....
I can see UFAB's worker parking lot from my office. 2 months ago, when I moved in, their workers were off for the day at 1400 hrs. Lately, though, they have been working at least half of them until 1730, the other half longer.

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To: Camille Muir who wrote (321)5/4/1999 9:37:00 PM
From: WWS
   of 337
 
Camille, yours is the type of observation upon which fortunes are founded; now, all we need is for you to please tell us the name and stock trading symbol of corporation from which UFAB leases its parking spaces. Seriously, good work, and a true "leading indicator" if I've ever seen one...thanks!

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To: WWS who wrote (322)6/24/1999 6:33:00 PM
From: Brian
   of 337
 
UFAB reports a 12 cent loss this quarter!!!

Thursday June 24, 3:18 pm Eastern Time

Company Press Release

UNIFAB International Reports Fourth Quarter Results

NEW IBERIA, La.--(BUSINESS WIRE)--June 24, 1999--UNIFAB International, Inc. (NASDAQ:UFAB - news) today reported net income of $6.3 million ($1.06 per share, basic and diluted) on revenue of $103.9 million for the fiscal year ended March 31, 1999 compared to net income of $7.2 million ($1.39 per share, basic and diluted) on revenue of $109.2 million for the fiscal year ended March 31, 1998. Operating results for the year ended March 31, 1999 were reduced by ($0.10) per share due to non-recurring acquisition expenses of $442,000 and a one time charge of $525,000 related to the cumulative deferred income taxes resulting from the acquisition of Allen Tank, Inc. The Company reported backlog of approximately $27.1 million at March 31, 1999.

Net loss for the fourth quarter was ($710,000) (($0.12) per share, basic and diluted) on revenue of $17.4 million compared to net income of $2.1 million ($0.36 per share, basic and diluted) on revenue of $29.4 for the fourth quarter of fiscal year ended March 31, 1998. Operating results for the quarter ended March 31, 1999 were reduced by losses of ($750,000) pretax, or ($0.08) per share, at the Lake Charles facility, which is currently undergoing development. ''It is possible we could have made some severe cuts in our work force in the March quarter to size it to the current level of business, but with oil prices stabilizing in the $18-$19 per barrel range and gas prices in the $2.30-$2.50 per Mcf range, we believe this would have severely impacted out ability to remain viable for the turnaround we now anticipate,'' said Dailey Berard, UNIFAB International, Inc.'s President, CEO and Chairman of the Board.

Pro forma net income for the year ended March 31, 1999 was $5.3 million ($0.89 per share) compared to pro forma net income of $6.5 million ($1.26 per share) for the year ended March 31, 1998. Pro forma net income consists of the Company's historical net income, adjusted to reflect income taxes as if Allen Tank, Inc. had operated as a C Corporation for all periods. This calculation excludes the one time charge of $525,000 related to the cumulative deferred income taxes resulting from the conversion to a C Corporation on July 24, 1998.

''This has been a year of tremendous growth for UNIFAB,'' noted Mr. Berard. ''We significantly increased the size and capabilities of the Company with the acquisition of Allen Process Systems, we are developing our deep water facility at Lake Charles and, most recently, we acquired Oil Barges, Inc. which gave us design and fabrication capabilities in the drilling rig industry. While overall bidding activity has improved from the level experienced last summer, many awards have been delayed, in particular in the international market where we anticipated higher award activity. Pricing is fiercely competitive and profit margins on new work are well below levels in fiscal 1998. While our operating results for the year are in line with our expectations, we are disappointed with the operating results of the March quarter. The decrease in revenue from prior quarters and when compared to the March quarter last year reflects the relatively lower level of activity in the industry. In particular, the anticipated completion date for the development of our deep-water facility in Lake Charles has been delayed well beyond our
original plans, to late November-early December. That delay, coupled with the drop off in utilization and demand for repair work on drilling rigs, resulted in our being unable to meet expected operating goals for that facility this year. Recent contract awards, in particular those at Allen Process Systems, are in the design phase and did not have much of an impact in the current fiscal year. As a result, productive man hours in the March quarter were lower than expected. We do not expect to see a significant increase in activity in the near-term, but anticipate it as we near the end of the calendar year.

''We continue to believe that our deep water facility in Lake Charles will be the Company's cornerstone in the future. The addition of Oil Barges, Inc. in April, 1999 brought experience and capabilities in the design, repair and refurbishment of drilling rigs that is vital to the development of that facility. Our focus remains to aggressively market our Total Project Capabilities to the industry. We continue position the Company for increased participation in the market through acquisition, as well as through facilities enhancements.''

UNIFAB International, Inc. is an industry leader in the custom fabrication of topsides facilities, equipment modules and other structures used in the development and production of oil and gas reserves. In addition, the Company designs and manufactures specialized process systems, refurbishes and retrofits existing jackets and decks, provides design, repair, refurbishment and conversion services for oil and gas drilling rigs and performs offshore piping hook-up and platform maintenance services. Dailey Berard serves as a commissioner on a number of committees and task forces that are working to improve training and education of the workforce in Louisiana.

Statements made in this news release regarding UNIFAB's expectations as to future operations of UNIFAB and other statements included herein that are not statements of historical fact are forward-looking statements that depend upon the following factors, among others: continued demand for the services provided by UNIFAB, availability of skilled employees, and UNIFAB's ability to integrate and manage acquired businesses. Should any of these factors not continue as anticipated, actual results and plans could differ materially from those expressed in the forward-looking statements.

UNIFAB
Condensed Consolidated Statements of Income
Amounts in thousands, except per share data

Three months ended Year ended
March 31 March 31
--------------------- ---------------------
1999 1998 1999 1998
--------------------- ---------------------
Revenue $ 17,388 $ 29,393 $ 103,866 $ 109,170
Cost of Revenue 16,440 23,975 85,311 91,778
--------- --------- --------- ---------
Gross Profit 948 5,418 18,555 17,392

Selling, General and
Administrative expense 2,124 2,317 9,058 6,807
--------- --------- --------- ---------
Income (loss)
from operations (1,176) 3,101 9,497 10,585
Other income (expense):
Other income (expense) 27 (91) (302) 67
Interest expense (238) (232) (893) (1,059)
Interest income 144 208 306 522
--------- --------- --------- ---------
Income (loss) before
income taxes (1,243) 2,986 8,608 10,115
Income tax (benefit)
provision (533) 865 2,264 2,896
--------- --------- --------- ---------
Net income (loss) (710) 2,121 6,344 7,219
========= ========= ========= =========
Basic and diluted
earnings per share $ (0.12) $ 0.36 $ 1.06 $ 1.39
========= ========= ========= =========
Basic and diluted
earnings per share
weighted average
shares 6,004 5,938 5,972 5,192
========= ========= ========= =========
Pro forma data:
Income (loss) before
income taxes, as
reported above, $ (1,243) $ 2,986 $ 8,608 $ 10,115
Current tax (benefit)
provision (533) 865 1,739 2,896
Pro forma provision for
income taxes related
to S Corporation
operations -- 700 1,554 699
--------- --------- --------- ---------

Pro forma net income $ (710) $ 1,421 $ 5,315 $ 6,520
========= ========= ========= =========
Pro forma basic and
diluted earnings per
share $ (0.12) $ 24.00 $ 0.89 $ 1.26
========= ========= ========= =========
Depreciation and
amortization included
in expense above $ 566 $ 486 $ 2,081 $ 1,265
========= ========= ========= =========

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To: Brian who wrote (323)6/25/1999 9:29:00 AM
From: Roebear
   of 337
 
Brian,
The question is how hard will UFAB fall? If it holds 8 or perhaps 7 1/2 it has a very nice inverse H&S on its chart with a target of 24-27. Would guess 6-18 months to get there. Has all the bad news been factored in now that earnings are out?
This is a long term hold for me but I have a rule with delayed earnings releases with no news or explanation - cut holdings, so I did by 2/3. Normally I cut 50% but they never returned my phone call so I upped it to 2/3 (with a small profit) <VBG>.
I'm seeing gap support under yesterdays levels.

Lake Charles facility obviously important to their future, anyone have any news or opinions on it?

Roebear

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