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Layne Christensen Announces Preliminary Fiscal 2013 Fourth Quarter Results

Stocks in this article: LAYN

MISSION WOODS, Kan., March 6, 2013 (GLOBE NEWSWIRE) -- Layne Christensen Company (Nasdaq:LAYN) ("Layne" or the "Company") today announced preliminary, unaudited results for the fiscal 2013 fourth quarter ended January 31, 2013 (Q4 FY 2013). Layne expects to announce full year and Q4 FY 2013 audited results on or about April 15, 2013.

Q4 FY 2013 Preliminary, Unaudited Results and Other Highlights:

  • Revenues of approximately $230 million.
  • Loss from continuing operations, net of income taxes, of between $23 million and $25 million, or $1.18 to $1.28 per diluted share.
  • Layne noted that it continues to evaluate assets associated with its strategy to provide global solutions to water, mineral and energy clients. In that regard, the loss from continuing operations will include non-cash, pre-tax charges of $6 to $8 million associated with the write-off of non-core products and technologies at Water Resources and Energy Services.
  • Layne incurred approximately $4 million in severance and other expenses related to the previously announced corporate consolidation to The Woodlands, Texas.
  • The Company has taken significant steps to address the impact of these losses, including among others, headcount reductions, a wage freeze, travel and entertainment restrictions and tighter limits on capital expenditures. The Company intends to generate approximately $20 million in the upcoming months with non-strategic asset sales.
  • Company announces a new, $80 million Heavy Civil project and meaningful progress working through Heavy Civil's legacy backlog.

"In our Mineral Exploration segment we have been able to significantly reduce operating costs in response to the moderation of the global commodity super-cycle that has driven results for the last several years. In the last few months, many of our customers have cut back on exploration programs, especially in Australia and Africa, as they adjust to world economic changes and in some cases work through the integration of large acquisitions. Our opinion is that this market will be soft for the first half of FY 2014, but could begin to rebound in the second half of this year as long as gold and copper prices remain stable.

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