This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Layne Christensen Reports Fiscal 2013 Fourth Quarter And Year-End Results Of Operations

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

MISSION WOODS, Kan., April 15, 2013 (GLOBE NEWSWIRE) --  Layne Christensen Company (Nasdaq:LAYN) today announced financial results for the fiscal 2013 fourth quarter (Q4 FY2013) and year (FY2013) ended January 31, 2013. A discussion of results of operations by division is presented below.

Q4 FY2013 Overview

Revenues declined to $229.7 million from $271.9 million in last year's fourth quarter. With the exception of Geoconstruction, revenues in Q4 FY2013 declined across all operations, most significantly at the Heavy Civil and Mineral Exploration divisions. Declines at Heavy Civil were by design; we are continuing to be more selective in the projects we pursue as part of an overall effort to seek higher margin opportunities. Lower revenues at Mineral Exploration were due to exploration program cutbacks by our customers, especially in Australia and Africa.

The net loss from continuing operations for Q4 FY2013 was $22.1 million, or $1.13 per share, compared to $87.5 million, or $4.50 per share, for Q4 FY2012.  Results for Q4 FY2013 included non-cash impairment charges (net of income taxes) totaling $4.4 million, or $0.23 per share, associated with certain product lines which we concluded did not fit within our overall strategic direction. Results for Q4 FY2012 included non-cash impairment charges (net of income taxes) totaling $84.1 million, or $4.32 per share after tax, to reduce the carrying value of goodwill and other intangible assets. Excluding such charges, the net loss from continuing operations for Q4 FY2013 would have been $17.7 million, or $0.91 per share, compared to $3.4 million, or $0.18 per share, for Q4 FY2012.

Cost of revenues for Q4 FY2013 was $200.9 million, or 87.5% of revenues, compared to $217.9 million, or 80.1% of revenues, in last year's fourth quarter. Margin pressures across most divisions, especially those exposed to the municipal sector, and higher than anticipated costs in our Heavy Civil business increased cost of revenues as a percentage of revenues.

2 of 12

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs