Still no action from Energy Department: More than two years after unveiling a plan to build a fuel-efficient vehicle in Louisiana, startup automaker Next Autoworks continues to play a long waiting game for federal financing, with no end in sight. Touted in 2009 as one of the biggest all-new industrial projects in years, what was first known as V-Vehicle Co. proposed converting a former headlight plant in Monroe into an auto assembly facility that would eventually employ 1,400 people. But the plan needs $321.1 million in federal loans designed to encourage new automotive technologies. Despite pressure from Louisiana’s congressional delegation, the Energy Department hasn’t acted. A second application was made in 2010 after the company was told by the agency that it needed to raise more of its own capital to qualify for the loan. Last month, U.S. Sen. Mary Landrieu urged officials with the Department of Energy to approve the loan application.
Houma company says revenue hasn’t kept up with costs: Gulf Island Fabrication Inc., which builds offshore structures for the petroleum industry, saw its second-quarter profit nearly halved as revenue failed to keep pace with contract costs. Houma-based Gulf Island says it earned $1.8 million, or 13 cents per share, on revenue of $87.3 million. In the year-ago second quarter, the company earned $3.4 million, or 24 cents per share, on revenue of $75.3 million. Contract costs rose to $84.4 million from $68.6 million. Through Thursday, Gulf Island said it had a revenue backlog of $712.3 million and a labor backlog of about 6.2 million man-hours.
