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Layne Christensen Reports Second Quarter Fiscal 2013 Financial Results

--Rene J. Robichaud, President and Chief Executive Officer

         
Financial Data Three Months % Six Months %
(000's, except per share data) 7/31/12 7/31/11 Change 7/31/12 7/31/11 Change
Revenues            
--Water Resources  $ 70,633  $ 72,424 (2.5)  $ 140,620  $ 136,776 2.8
--Inliner  35,199  31,593 11.4  69,567  60,648 14.7
--Heavy Civil  76,380  92,116 (17.1)  149,251  176,772 (15.6)
--Geoconstruction  35,187  23,290 51.1  59,392  43,114 37.8
--Water Infrastructure  217,399  219,423 (0.9)  418,830  417,310 0.4
--Mineral Exploration  70,424  68,997 2.1  140,991  131,764 7.0
--Other  1,737  890 95.2  3,182  1,947 63.4
Total revenues  $ 289,560  $ 289,310 0.1  $ 563,003  $ 551,021 2.2
Net income (loss) from continuing operations attributable to Layne Christensen Company  $ (2,920)  $ 10,338 (128.2)  $ 1,736  $ 22,777 (92.4)
Diluted income (loss) per share - continuing operations  $ (0.15)  $ 0.53 (128.3)  $ 0.09  $ 1.16 (92.2)
             
Net income (loss) attributable to Layne Christensen Company  $ (24,025)  $ 10,610 (326.4)  $ (20,275)  $ 23,676 (185.6)
Diluted income (loss) per share  $ (1.23)  $ 0.54 (327.8)  $ (1.02)  $ 1.20 (185.0)
             
         
Reconciliation to non-GAAP Financial Data Three Months % Six Months %
(000's, except per share data) 7/31/2012 7/31/2011 Change 7/31/2012 7/31/2011 Change
Net income (loss) from continuing operations attributable to Layne Christensen Company  $ (2,920)  $ 10,388 (128.2)  $ 1,736  $ 22,777 (92.4)
Loss on remeasurement of equity investment  7,705  -- **  7,705  -- **
             
Net income (loss) from continuing operations attributable to Layne Christensen Company excluding loss on remeasurement of equity investment*  $ 4,785  $ 10,338 (53.7)  $ 9,441  $ 22,777 (58.6)
Diluted income per share - continuing operations excluding loss on remeasurement of equity investment  $ 0.25  $ 0.53 (52.8)  $ 0.48  $ 1.16 (58.6)
* Management believes the exclusion of this item provides a useful basis for evaluating underlying business performance, but should not be considered in isolation and is not in accordance with, or a substitute for, evaluating business performance utilizing GAAP financial information.
** Not meaningful

MISSION WOODS, Kan., Sept. 6, 2012 (GLOBE NEWSWIRE) - Layne Christensen Company  (Nasdaq:LAYN) today announced financial results for the fiscal 2013 second quarter (Q2 FY2013) and six months ended July 31, 2012, including a discussion of results of operations by division. 

Revenues for Q2 FY2013 increased $0.3 million, or 0.1%, to $289.6 million from $289.3 million for the fiscal 2012 second quarter ended July 31, 2011, as higher revenues at Layne's Inliner, Geoconstruction and Mineral Exploration Divisions were offset by revenue declines at Heavy Civil and, to a lesser extent, Water Resources. The loss from continuing operations for Q2 FY2013 was $2.9 million, or $0.15 per share, compared to income from continuing operations of $10.3 million, or $0.53 per share, in the same period last year. Income from continuing operations for Q2 FY2013 included a $7.7 million net non-cash charge related to remeasurement of a previously held equity investment to fair value in the Geoconstruction division (discussed below); excluding this charge, income from continuing operations for Q2 FY2013 was $4.8 million, or $0.25 per share. The Water Resources, Inliner, and Mineral Exploration Divisions each operated profitably during Q2 FY2013; however, their performance was offset by the above-referenced non-cash charge and $8.8 million in pre-tax losses at Heavy Civil due to margin pressures and cost overruns that continued into Q2 FY2013. The net loss for Q2 FY2013 was $24.0 million, or $1.23 per diluted share, and included a loss from discontinued operations of $21.1 million, or $1.08 per share. During Q2 FY2013 Layne reclassified its Energy Division as a discontinued operation and is currently negotiating a sale of that business. In connection with the change, Layne recorded an after tax loss on the carrying value of the Energy Division assets of $20.0 million.

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