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Layne Christensen Reports Second Quarter Fiscal 2013 Financial Results

Stocks in this article: LAYN

Layne is a global solutions provider to the world of essential natural resources—water, mineral and energy. We offer innovative, sustainable products and services with an enduring commitment to safety, excellence and integrity.

The Layne Christensen Company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3466

LAYNE CHRISTENSEN COMPANY AND SUBSIDIARIES
CONSOLIDATED FINANCIAL DATA
 
  Three Months Six Months
  Ended July 31, Ended July 31,
  (unaudited) (unaudited)
(in thousands, except per share data) 2012 2011 2012 2011
Revenues  $ 289,560  $ 289,310  $ 563,003  $ 551,021
Cost of revenues (exclusive of depreciation, depletion, amortization shown below)  (230,458)  (228,572)  (449,774)  (426,403)
Selling, general and administrative expenses  (41,924)  (37,478)  (82,089)  (76,944)
Depreciation, depletion and amortization   (15,984)  (12,847)  (29,857)  (26,238)
Loss on remeasurement of equity investment  (7,705)  --  (7,705)  --
Equity in earnings of affiliates  6,360  7,836  14,122  12,505
Interest expense  (841)  (717)  (1,416)  (1,061)
Other income (expense), net  1,870  1,266  2,979  8,182
Income before income taxes  878  18,798  9,263  41,062
Income tax expense  (3,639)  (7,892)  (7,127)  (17,151)
Net income (loss) from continuing operations  (2,761)  10,906  2,136  23,911
Net income (loss) from discontinued operations  (21,105)  272  (22,011)  899
Net income (loss)  (23,866)  11,178  (19,875)  24,810
Net income attributable to noncontrolling interests  (159)  (568)  (400)  (1,134)
Net income (loss) attributable to Layne Christensen Company  $ (24,025)  $ 10,610  $ (20,275)  $ 23,676
         
Earnings per share information attributable to Layne Christensen shareholders:      
Basic income (loss) per share - continuing operations  (0.15)  0.54  0.09  1.17
Basic income (loss) per share - discontinued operations  (1.08)  0.01  (1.13)  0.05
Basic income (loss) per share  $ (1.23)  $ 0.55  $ (1.04)  $ 1.22
         
Diluted income (loss) per share - continuing operations  (0.15)  0.53  0.09  1.16
Diluted income (loss) per share - discontinued operations  (1.08)  0.01  (1.11)  0.04
Diluted income (loss) per share  $ (1.23)  $ 0.54  $ (1.02)  $ 1.20
         
Weighted average shares outstanding - basic  19,473  19,453  19,473  19,449
Dilutive stock options and nonvested shares  --  204  313  223
Weighted average shares outstanding - dilutive  19,473  19,657  19,786  19,672
       
      As of
      July 31, January 31,
(in thousands) 2012 2012
      (unaudited) (unaudited)
Balance Sheet Data:        
Cash and cash equivalents      $ 36,321  $ 41,916
Working capital, including current maturities of long term debt ¹      183,503  136,404
Total assets      831,667  805,836
Total long term debt, excluding current maturities      109,040  52,716
Total Layne Christensen Company stockholders' equity      427,300  448,665
         
Common shares issued and outstanding      19,810  19,669
 
  (1) Working capital as of July 31, 2012, includes $13.8 million related to the Company's held-for-sale Energy Division which would otherwise be reflected as non-current.
CONTACT: Layne Christensen Company
         Jerry W. Fanska
         Sr. Vice President Finance
         913-677-6858
         www.laynechristensen.com
         
         The Equity Group Inc.
         Devin Sullivan
         Sr. Vice President
         212-836-9608
         www.theequitygroup.com

Layne Christensen Company

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