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Layne Christensen Reports First Quarter Fiscal 2014 Financial Results

Stocks in this article: LAYN

  • Revenues for Q1 FY 2014 declined to $226.4 million from $271.8 million in Q1 FY 2013
  • Net loss for Q1 FY 2014 was $23.8 million, or $1.22 per share, compared to net income of $3.7 million, or $0.19 per share for Q1 FY 2013
  • Q1 FY 2014 was significantly impacted by losses at Geoconstruction, higher corporate expenses, primarily from the Company's move to Texas, and substantial quarter-over-quarter reductions in Mineral Exploration revenues and profitability
  • Heavy Civil produced substantial quarter-over-quarter operating improvement
  • One Layne collaboration has produced over $100 million of project work and $1.1 billion of potential projects
  • As of April 30, 2013, cash and equivalents were $27.2 million, long-term debt, excluding current maturities, was $85.8 million, and stockholders' equity was $390.3 million ($19.69 per share)
Financial Data Three Months %
(000's, except per share data) 4/30/13 4/30/12 Change
Revenues      
---Water Resources  $ 44,412  $ 56,194 (21.0)
---Inliner  30,280  34,368 (11.9)
---Heavy Civil  73,840  72,871 1.3
---Geoconstruction  21,587  24,205 (10.8)
---Mineral Exploration  54,404  81,622 (33.3)
---Energy Services  1,793  1,445 24.1
---Other  4,933  1,731 185.0
---Intersegment eliminations  (4,803)  (671) 615.8
Total revenues  $ 226,446  $ 271,765 (16.7)
Net (loss) income from continuing operations attributable to      
Layne Christensen Company  $ (24,196)  $ 4,394 (650.7)
Diluted (loss) income per share - continuing operations  $ (1.24)  $ 0.22 (663.6)
       
Net (loss) income attributable to       
Layne Christensen Company  $ (23,779)  $ 3,749 (734.3)
Diluted (loss) income per share  $ (1.22)  $ 0.19 (742.1)

"Our year-over-year comparisons were down, impacted by losses at Geoconstruction, higher corporate expenses, including costs related to our headquarters consolidation to The Woodlands, TX, and reduced profits at Mineral Exploration. However, we are pleased with our sequential quarterly progress as we operate in an environment that is distinctly different from last year. When compared to Q4 FY 2013, profits in Q1 FY 2014 improved at Water Resources, Inliner, Heavy Civil and Mineral Exploration. We expect that our performance will improve as the year progresses. The headwinds at Geoconstruction are abating, and we are beginning to book new projects at this division; we expect our efforts in this regard will begin to manifest in Q3 FY 2014. We are very pleased with the significant improvement at Heavy Civil, where revenues rose and our segment losses narrowed substantially. We continue to expect that Heavy Civil will return to profitability by mid-calendar 2013. Inliner continued to produce good results and we expect this business will demonstrate further growth in FY 2014. Mineral Exploration operated profitably despite a sluggish global commodities market. Although we believe that this market will be soft for most of FY 2014, we are taking the necessary steps to maintain profitability at this business until the industry recovers. The growth of our Energy Services Division continues, as evidenced by higher quarter-over-quarter revenues and the launch of our Water Transfer business in Q1 FY 2014. We expect to introduce additional solutions under our Energy Services banner later this year. We remain committed to the One Layne philosophy of collaboration across divisions; as a result of its adoption, we have won several important projects and we are currently pursuing $1.1 billion of potential projects that leverage and combine the unique skill sets of our division professionals."   

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