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Layne Christensen Reports Second Quarter Fiscal 2013 Financial Results

Other income, net for Q2 FY2013, consisted primarily of gains of $0.9 million on the sale of equipment, an adjustment of $0.5 million for the expected earnout liability on a prior acquisition, and foreign exchange gains of $0.4 million.

Income tax expense of $3.6 million (an effective rate of 414.5%) was recorded for Q2 FY2013, compared to $7.9 million (an effective rate of 42.0%) for the same period last year. The current effective tax rate was adversely impacted by the Diberil loss recognized during the second quarter upon which no income tax benefit was recorded. Exclusive of the Diberil loss, the Company's effective tax rate would have been 42.4% for Q2 FY2013. The effective rate in excess of the statutory federal rate for the period was due primarily to the impact of nondeductible expenses and the tax treatment of certain foreign operations.

Summary of Operating Segment Data

The following table summarizes financial information for the Company's operating segments. A discussion of the results for Q2 FY2013 of each segment follows the table.

  Three Months Six Months
  Ended July 31, Ended July 31,
(in thousands) 2012 2011 2012 2011
Revenues        
Water Resources  $ 70,633  $ 72,424  $ 140,620  $ 136,776
Inliner  35,199  31,593  69,567  60,648
Heavy Civil  76,380  92,116  149,251  176,772
Geoconstruction  35,187  23,290  59,392  43,114
Water Infrastructure  217,399  219,423  418,830  417,310
Mineral Exploration   70,424  68,997  140,991  131,764
Other  1,737  890  3,182  1,947
Total revenues  $ 289,560  $ 289,310  $ 563,003  $ 551,021
Equity in earnings of affiliates        
Geoconstruction  $ 1,556  $ 799  $ 3,488  $ 925
Mineral Exploration   4,804  7,037  10,634  11,580
Total equity in earnings of affiliates  $ 6,360  $ 7,836  $ 14,122  $ 12,505
Income (loss) from continuing operations before income taxes        
Water Resources  $ 3,194  $ 4,443  $ 4,651  $ 14,044
Inliner  3,221  2,649  5,136  5,385
Heavy Civil  (8,843)  (1,925)  (16,145)  322
Geoconstruction  (2,797)  4,477  (616)  4,906
Water Infrastructure  (5,225)  9,644  (6,974)  24,657
Mineral Exploration   16,467  18,819  36,319  36,065
Other  (1,220)  (779)  (1,979)  (1,330)
Unallocated corporate expenses  (8,303)  (8,169)  (16,687)  (17,269)
Interest expense  (841)  (717)  (1,416)  (1,061)
Total income from continuing operations before income taxes  $ 878  $ 18,798  $ 9,263  $ 41,062

Division Data

Water Resources Division Three Months Six Months
  Ended July 31, Ended July 31,
(in thousands) 2012 2011 2012 2011
Revenues  $ 70,633  $ 72,424  $ 140,620  $ 136,776
Income before income taxes  3,194  4,443  4,651  14,044

Water Resources Division revenues decreased $1.8 million, or 2.5%, for Q2 FY2013 due in large part to continuing softness in municipal markets, offset by better performance in drought affected areas of the U.S.  

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