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.
Layne Christensen Reports Fiscal 2013 Fourth Quarter And Year-End Results Of Operations
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts