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

Stocks in this article: LAYN

The net loss from continuing operations for FY2013 was $11.6 million, or $0.59 per share, compared to a net loss from continuing operations of $56.0 million, or $2.88 per share, for FY2012. We recorded impairment charges of $8.4 million and $96.6 million during FY2013 and FY2012. The FY2013 charges were associated with certain product lines no longer considered strategic and the FY2012 charges were in connection with our annual assessment of the carrying value of goodwill and other intangibles. We also recorded a non-cash loss of $7.7 million in the second quarter of FY2013 related to a remeasurement of our non-controlling interest in Diberil as discussed in the divisional results below. Excluding the remeasurement and impairment charges, the net income from continuing operations for FY2013 would have been $0.9 million, or $0.05 per share compared to $28.0 million, or $1.44 per share for FY2012. 

Cost of revenues for FY2013 rose to $875.4 million, or 81.4% of revenues, from $870.7 million, or 78.3% of revenues, last year, due primarily to the margin pressures and higher than anticipated costs noted above for the quarter.

SG&A expenses decreased to $164.0 million in FY2013 from $164.9 million in FY 2012 due to the reasons discussed above for the quarter, as well as a reduction in operating taxes for the year of $4.5 million primarily due to a favorable audit settlement. 

Depreciation and amortization increased to $61.4 million from $56.0 million last year, due primarily to assets acquired through the purchase of Diberil in Q2 FY2013.   

During Q2 FY2013, the Company acquired the remaining 50% interest in Diberil, a company previously accounted for on the equity method basis. The impact of this transaction is discussed below.  

Equity in earnings of affiliates decreased to $20.6 million for FY2013 from $24.6 million last year, due to similar slowdowns in exploration activity in our Mineral Exploration affiliates as experienced in our wholly owned operations.   

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