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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 for goodwill in Q4 FY2012 ($23.1 million). Aside from the impairment charges, income before income taxes was basically flat with last year.

The backlog in the Inliner Division was $66.2 million as of January 31, 2013, compared to $80.4 million as of January 31, 2012.

Heavy Civil Division  Three Months Twelve Months
  Ended January 31, Ended January 31,
(in thousands) 2013 2012 2013 2012
Revenues  $ 58,408  $ 78,525  $ 278,131  $ 343,760
Loss before impairments and income taxes  (10,676)  (4,582)  (32,308)  (7,918)
Less: Impairment charges  -   (53,731)  -  (53,731)
Loss before income taxes  (10,676)  (58,313)  (32,308)  (61,649)

The overall decline in revenues for the Heavy Civil Division was primarily comprised of decreases of $11.7 million and $77.4 million in Q4 FY2013 and FY2013 for our plant construction work, reflecting our focus on pursuing higher margin opportunities.

The losses before income taxes were heavily impacted by impairment charges for goodwill and other intangibles in Q4 FY2012 ($53.7 million). Aside from the impairment charges, higher than anticipated costs on legacy projects and the inability to cover administrative overhead costs with the lower activity levels have resulted in continuing losses for the division. As previously announced, management has been replaced in several of the division's offices and the division has focused on completing low margin legacy projects as expeditiously as possible, while securing new business with a higher associated profit potential and reducing overhead. Headcount in the division is 22.5% less than last year.

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