This Day On The Street
Continue to site
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

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

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.   

4 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
Only $9.95
14-Days Free
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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs