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

Stocks in this article: LAYN

  -- 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.

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