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 $7.9 million (an effective rate of 42.0%) for the same period last year. The current effective tax rate was adversely impacted by the Diberil loss recognized during the second quarter upon which no income tax benefit was recorded. Exclusive of the Diberil loss, the Company's effective tax rate would have been 42.4% for Q2 FY2013. The effective rate in excess of the statutory federal rate for the period was due primarily to the impact of nondeductible expenses and the tax treatment of certain foreign operations.
Summary of Operating Segment Data
The following table summarizes financial information for the Company's operating segments. A discussion of the results for Q2 FY2013 of each segment follows the table.
|Three Months||Six Months|
|Ended July 31,||Ended July 31,|
|Water Resources||$ 70,633||$ 72,424||$ 140,620||$ 136,776|
|Total revenues||$ 289,560||$ 289,310||$ 563,003||$ 551,021|
|Equity in earnings of affiliates|
|Geoconstruction||$ 1,556||$ 799||$ 3,488||$ 925|
|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|
|Unallocated corporate expenses||(8,303)||(8,169)||(16,687)||(17,269)|
|Total income from continuing operations before income taxes||$ 878||$ 18,798||$ 9,263||$ 41,062|
|Water Resources Division||Three Months||Six Months|
|Ended July 31,||Ended July 31,|
|Revenues||$ 70,633||$ 72,424||$ 140,620||$ 136,776|
|Income before income taxes||3,194||4,443||4,651||14,044|
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