Introduction
The saying 'cheap can always get cheaper' is applicable to my investment thesis on Gulf Island Fabrication (GIFI). I wrote up the company in March of this year and since that publication the stock is down almost 50%. Shareholder's equity has remained constant and the company's backlog has increased, but poor operating performance and lackluster capital allocation continue to weigh on the share price. Adding insult to injury, GIFI is scheduled to be removed from the S&P SmallCap 600 on October 1st which will presumably put additional pressure on the stock as