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

Stocks in this article: LAYN

Income (loss) before income taxes was heavily impacted by impairment charges in both FY2013 ($4.4 million) and FY2012 ($17.1 million). Aside from the impairment charges, income before income taxes for FY2012 included $5.4 million of recognized gain on the sale of a facility in Fontana, California, which was originally deferred when sold. The remaining $1.0 million of the gain was recognized in FY2013. Results were improved due to steps being taken to control overhead costs and improve margins through diversity of the work being performed, including a water supply project being executed for a customer of our Mineral Exploration Division in Mexico.

The backlog in the Water Resources Division was $63.1 million as of January 31, 2013, compared to $102.7 million as of January 31, 2012. This decrease is primarily due to what we believe is a temporary slowdown in deep injection well drilling projects in Florida and completion of a large project in California.

Inliner Division  Three Months Twelve Months
  Ended January 31, Ended January 31,
(in thousands) 2013 2012 2013 2012
Revenues  $ 31,574  $ 34,501  $ 133,256  $ 132,108
Income before impairments and income taxes  2,009  2,079  9,936  9,894
Less: Impairment charges  -   (23,130)  -  (23,130)
Income (loss) before income taxes  2,009  (21,051)  9,936  (13,236)

The decline in Q4 FY2013 revenues at Inliner was due to three contracts in Indiana, Colorado and Arizona, which were in the final stages of completion at fiscal year-end and not yet replaced, offset partially by higher sales of lining products to third party contractors. For the year, Inliner experienced shifts in the geographic regions in which we generate revenue but overall steady activity levels, as well as increased sales of lining products to third party contractors.

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