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TheStreet Open House

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

Stocks in this article: LAYN

The backlog in the Heavy Civil Division was $395.7 million as of January 31, 2013, compared to $308.1 million as of January 31, 2012. Included in the backlog is work remaining on the previously announced Islamorada project for $85.5 million. Not currently in the backlog is an $80 million project in Cudjoe Key, Florida which was recently awarded.

Geoconstruction Division  Three Months Twelve Months
  Ended January 31, Ended January 31,
(in thousands) 2013 2012 2013 2012
Revenues  $ 29,039  $ 25,011  $ 133,247  $ 89,210
(Loss) income before income taxes  (4,100)  3,609  517  12,828
Equity in earnings of affiliates, included in above earnings  384  1,184  3,872  3,345

In Q2 FY2013, Geoconstruction acquired the remaining 50% of Diberil. The results of Diberil are reported on a consolidated basis from the date of acquisition, rather than on an equity basis as had been done previously. In accordance with accounting guidance in moving Diberil to a fully consolidated basis, we remeasured the previously held 50% non-controlling interest in Diberil to fair value and recognized a non-cash loss of $7.7 million during the second quarter of FY2013.

Including its consolidated and equity basis earnings, Diberil contributed a pretax loss of $0.8 million and pretax income of $8.1 million for Q4 FY2013 and FY2013, compared to pretax income of $1.2 million and $3.3 million for last year. Results at Diberil for the year have improved over last year due to increased activity levels and good performance, especially on a river crossing project in the Amazon. Delays experienced on various projects contributed to the loss in Q4 FY2013.

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