This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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

Selling, general and administrative (SG&A) expenses decreased to $43.0 million in Q4 FY2013 from $44.7 million in Q4 FY2012, reflecting the minimum $3.7 million liability accrued in Q4 FY2012 related to the investigation into the Foreign Corrupt Practices Act, which has not changed, and reductions in short and long term incentive compensation of $4.1 million, offset by costs of $1.4 million associated with newly acquired operations, $0.5 million of higher legal and professional fees, and $5.1 million related to executive transition and other costs associated with the relocation of our corporate headquarters. 

Depreciation and amortization increased to $16.9 million from $16.0 million last year, due to assets acquired through the purchase of Diberil in Q2 FY2013, and increases associated with other equipment additions. The increases were partially offset by lower amortization expense of intangible assets from prior acquisitions, which became fully amortized earlier in FY2013.

Equity in earnings of affiliates decreased to $1.5 million from $5.6 million, primarily due to a decline in earnings from our South American affiliates in Mineral Exploration, whose results were impacted by similar slowdowns in exploration activity as experienced in our wholly owned operations.   

Interest expense increased to $1.3 million from $0.6 million, due primarily to higher borrowing on our revolving credit facilities to fund capital expenditures, acquisitions and working capital needs.

Other income, net, of $1.7 million consisted primarily of gains on sales of surplus equipment.

Income tax benefits for continuing operations of $14.4 million (an effective rate of 39.5%) and $11.7 million (an effective rate of 12.0%) were recorded for Q4 FY2013 and Q4 FY2012. The majority of the impairment charges recorded in Q4 FY2012 were not tax deductible and had no income tax benefit recognized for them.

FY 2013 Overview

Revenues of $1.1 billion were substantially unchanged in total from FY2012, with decreases in Heavy Civil and Mineral Exploration offset by revenue from an acquisition and other increases in Geoconstruction.

3 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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

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