-- Revenues for Q3 FY 2014 declined to $216.5 million from
$281.3 million in Q3 FY 2013
-- Inliner, Water Resources, and Heavy Civil operated profitably
in Q3 FY 2014
-- Geoconstruction backlog rose to $104.8 million at October 31,
2013 from $38.2 million at July 31, 2013
-- Net loss from continuing operations attributable to Layne for
Q3 FY 2014 was $15.8 million, or $(0.80) per share, compared to net
income from continuing operations attributable to Layne of $8.5
million, or $0.43 per diluted share, in Q3 FY 2013. The loss for Q3
FY 2014 included a:
- $9.7 million loss before income taxes at Mineral Services
- $2.9 million loss before income taxes at Geoconstruction
- $3.5 million increase in unallocated corporate expenses,
primarily associated with the relocation of the Company's
Headquarters.
-- The Company completed a Convertible Notes offering $110.0
million in November 2013 and an additional $15.0 million in
December.
-- As of October 31, 2013, cash and cash equivalents were $29.0
million, long-term debt, excluding current maturities, was $102.7
million, and equity was $304.3 million ($15.24 per share).
"During Q3 FY 2014, Inliner, Water Resources, and Heavy Civil
operated profitably, with Heavy Civil reporting its first quarterly
profit since July 31, 2011. However, our results for the quarter
were substantially impacted by: operating losses at Mineral
Services, which included an increased accrual for the previously
disclosed FCPA investigation; higher unallocated corporate expenses
related to the relocation of our corporate headquarters; and a loss
at Geoconstruction. The loss at Geoconstruction in Q3 FY 2014
narrowed substantially from Q1 and Q2 of this year, and backlog at
this division rose by nearly $67 million from Q2 FY 2014. We expect
results at Geoconstruction to continue to improve in Q4 FY 2014 and
into FY 2015. Inliner continues to progress towards an eighth
consecutive year of record revenue and profits. At Water Resources,
we expect our Q4 FY2014 results to decline from our Q3 FY2014
results as this division is often challenged by weather conditions
during the winter months. Our Energy Services business has
successfully tested and launched our water sourcing, transfer, and
treatment solutions, and are continuing to sign and negotiate
Master Service Agreements with large E&P companies. The outlook
for Mineral Services remains challenged due to continuing declines
in global mineral exploration activity which will hinder our
results for at least the balance of FY 2014. Our business
development activity continues and we are tracking approximately
$1.3 billion of project awards under our One Layne initiative. We
are very pleased to complete a $110.0 million convertible notes
offering in November. The offering included an option for an
additional $15.0 million in notes which was exercised by the
underwriter on December 5, 2013."
-- Rene J. Robichaud, President and Chief Executive
Officer
|
|
|
|
|
Financial Data |
Three Months |
% |
Nine Months |
% |
(000's, except per share data) |
10/31/13 |
10/31/12 |
Change |
10/31/13 |
10/31/12 |
Change |
Revenues |
|
|
|
|
|
|
--Water Resources |
$ 46,807 |
$ 55,135 |
(15.1) |
$ 135,876 |
$ 164,677 |
(17.5) |
--Inliner |
43,806 |
32,115 |
36.4 |
111,971 |
101,682 |
10.1 |
--Heavy Civil |
63,820 |
70,472 |
(9.4) |
213,431 |
219,723 |
(2.9) |
--Geoconstruction |
20,087 |
44,816 |
(55.2) |
62,966 |
104,208 |
(39.6) |
--Mineral Services |
39,773 |
76,498 |
(48.0) |
144,326 |
243,965 |
(40.8) |
--Energy Services |
1,727 |
1,256 |
37.5 |
5,268 |
4,435 |
18.8 |
--Other |
5,481 |
3,087 |
77.6 |
15,241 |
7,635 |
99.6 |
--Intersegment Eliminations |
(5,039) |
(2,098) |
140.2 |
(14,156) |
(5,307) |
166.7 |
Total revenues |
$ 216,462 |
$ 281,281 |
(23.0) |
$ 674,923 |
$ 841,018 |
(19.7) |
Net (loss) income from continuing operations
attributable to Layne Christensen Company |
$ (15,772) |
$ 8,468 |
(286.3) |
$ (120,169) |
$ 9,736 |
(1,334.3) |
Diluted (loss) income per share - continuing
operations |
$ (0.80) |
$ 0.43 |
(286.0) |
$ (6.13) |
$ 0.49 |
(1,351.0) |
|
|
|
|
|
|
|
Net (loss) income attributable to Layne
Christensen Company |
$ (15,772) |
$ 8,476 |
(286.1) |
$ (114,371) |
$ (11,799) |
869.3 |
Diluted (loss) income per share |
$ (0.80) |
$ 0.43 |
(286.0) |
$ (5.83) |
$ (0.60) |
871.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Data and Reconciliation to non-GAAP
Financial Data |
Three Months |
% |
Nine Months |
% |
(000's, except per share data)
(unaudited) |
10/31/2013 |
10/31/2012 |
Change |
10/31/2013 |
10/31/2012 |
Change |
Total Revenues |
$ 216,462 |
$ 281,281 |
(23.0) |
$ 674,923 |
$ 841,018 |
(19.7) |
|
|
|
|
|
|
|
Diluted (loss) income - continuing
operations |
$ (15,541) |
$ 8,657 |
(279.5) |
$ (119,592) |
$ 10,325 |
(1,258.3) |
Net income attributable to noncontrolling
interests |
(231) |
(189) |
22.2 |
(577) |
(589) |
(2.0) |
Net (loss) income from continuing operations
attributable to Layne Christensen Company |
(15,772) |
8,468 |
(286.3) |
(120,169) |
9,736 |
(1,334.3) |
Loss on remeasurement of equity
investment |
-- |
-- |
** |
-- |
(7,705) |
** |
Loss on non-cash goodwill impairment |
-- |
-- |
** |
(14,646) |
-- |
** |
Valuation allowance on domestic deferred tax
asset |
(1,020) |
-- |
** |
(51,622) |
-- |
** |
Tax benefit from tax loss carryback |
4,310 |
-- |
** |
4,310 |
-- |
** |
Net (loss) income from continuing
operations attributable to Layne Christensen Company excluding loss
on above items* |
$ (19,062) |
$ 8,468 |
(325.1) |
$ (58,211) |
$ 17,441 |
(433.8) |
Diluted (loss) income per share from
continuing operations attributable to Layne Christensen
shareholders: |
$ (0.80) |
$ 0.43 |
(286.1) |
$ (6.13) |
$ 0.49 |
(1,351.0) |
Diluted income (loss) per share on above
items* |
$ 0.17 |
$ -- |
** |
$ (3.16) |
$ (0.39) |
** |
Diluted (loss) income per share -
continuing operations excluding loss on above items* |
$ (0.97) |
$ 0.43 |
(325.6) |
$ (2.97) |
$ 0.88 |
(437.5) |
|
|
|
|
|
|
|
* We provide non-GAAP net loss
from continuing operations and non-GAAP net loss per share amounts
in order to provide meaningful supplemental information regarding
our operational performance. These supplemental measures
exclude non-cash charges related to the goodwill impairment and
valuation allowances related to deferred income tax
assets. Our management uses non-GAAP measures to evaluate the
performance of our core businesses and to estimate future core
performance. Since management finds this measure to be useful,
we believe that our investors benefit from seeing our results
through the eyes of management in addition to seeing our GAAP
results. Readers are reminded that non-GAAP numbers are merely
a supplement to, and not a replacement for, GAAP financial
measures. They should be read in conjunction with the GAAP
financial measures. It should be noted as well that our
non-GAAP information may be different from the non-GAAP information
provided by other companies. |
** Not meaningful |
Layne Christensen Company (Nasdaq:LAYN) today
announced financial results for the fiscal 2014 third quarter (Q3
FY 2014) and nine months ended October 31, 2013, including a
discussion of results of operations by division.
Revenues for Q3 FY 2014 decreased by $64.8 million, or 23.0%, to
$216.5 million from $281.3 million for the fiscal 2013 third
quarter (Q3 FY 2013) ended October 31, 2012, reflecting lower
revenues at each of Layne's divisions with the exception of
Inliner.
Total pre-tax loss from continuing operations for Q3 FY 2014 was
$19.5 million, or $(0.99) per share, compared to total pre-tax
income from continuing operations of $7.5 million, or $0.38 per
share, in the same period last year. Pre-tax income at Inliner for
Q3 FY 2014 rose by $2.9 million from Q3 FY 2013, Heavy Civil
returned to profitability in Q3 FY 2014 and Water Resources
operated profitably, albeit at lower levels than the prior year
period. The performance of these divisions, however,
was more than offset by pre-tax losses of $9.7 million at
Mineral Services and $2.9 million at Geoconstruction. Results
at Mineral Services reflected low commodity prices that have
affected global mineral exploration activity, as well as a $5.6
million accrual related to the previously disclosed FCPA
investigation. Although activity at Geoconstruction was
sluggish in Q3 FY 2014 due to demand weakness in the U.S. and South
America, the Q3 FY 2014 division loss narrowed significantly from
Q2 FY 2014 and Geoconstruction announced $82.5 million of new
contracts during Q3 FY 2014. Also impacting results in Q3 FY
2014 was a $3.5 million rise in unallocated corporate expenses from
Q3 FY 2013, comprised primarily of costs associated with Layne's
move to The Woodlands, Texas, and higher legal and selling
expenses. The net loss from continuing operations
attributable to Layne for Q3 FY 2014 was $15.8 million, or $(0.80)
per diluted share.
Cost of revenues decreased $47.5 million, or 21.1%, to $176.9
million (81.7% of revenues) from $224.4 million (79.8% of revenues)
for the same period last year. The increase in the cost as a
percentage of revenues for Q3 FY 2014 is a result of margin
pressures across most divisions, especially those exposed to the
municipal sector.
Selling, general and administrative expenses increased 3.7% to
$39.7 million from $38.3 million in last year's third quarter. A
decline in compensation and selling expenses was partially offset
by increased costs associated with the relocation of the Company's
headquarters to The Woodlands, Texas, which produced the increase
in these expenses as a percentage of revenues.
Depreciation and amortization declined to $15.2 million for Q3
FY 2014 from $15.7 million in Q3 FY 2013, due to the disposition of
nonessential assets.
Equity in (losses) earnings of affiliates declined to ($2.3)
million in Q3 FY 2014 from earnings of $4.9 million in the same
period last year. The global decline in mineral exploration by our
customers accounted for this decrease.
Interest expense rose to $2.0 million for Q3 FY 2014 from $1.6
million for the same period last year as the result of the write
off of $0.4 million of previously deferred financing fees related
to the reduction of the bank credit facility capacity due to the
September 2013 amendment.
Other income, net for Q3 FY 2014 consisted primarily of gains of
$0.5 million on the sale of surplus equipment.
An income tax benefit of $3.9 million was recorded in Q3 FY 2014
compared to income tax benefit of $1.2 million for the same
period last year.
Summary of Operating Segment Data
The following table summarizes financial information for the
Company's operating segments. A discussion of the results for Q3 FY
2014 of each segment follows the table.
|
Three Months |
Nine Months |
|
Ended October 31, |
Ended October 31, |
(in thousands) |
2013 |
2012 |
2013 |
2012 |
Revenues |
|
|
|
|
Water Resources |
$ 46,807 |
55,135 |
$ 135,876 |
$ 164,677 |
Inliner |
43,806 |
32,115 |
111,971 |
101,682 |
Heavy Civil |
63,820 |
70,472 |
213,431 |
219,723 |
Geoconstruction |
20,087 |
44,816 |
62,966 |
104,208 |
Mineral Services |
39,773 |
76,498 |
144,326 |
243,965 |
Energy Services |
1,727 |
1,256 |
5,268 |
4,435 |
Other |
5,481 |
3,087 |
15,241 |
7,635 |
Intersegment Eliminations |
(5,039) |
(2,098) |
(14,156) |
(5,307) |
Total revenues |
$ 216,462 |
$ 281,281 |
$ 674,923 |
$ 841,018 |
Equity in (losses) earnings of
affiliates |
|
|
|
|
Geoconstruction |
$ -- |
$ -- |
$ -- |
$ 3,488 |
Mineral Services |
(2,300) |
4,947 |
(4,088) |
15,581 |
Total equity in (losses) earnings of
affiliates |
$ (2,300) |
$ 4,947 |
$ (4,088) |
$ 19,069 |
(Loss) income from continuing operations
before income taxes |
|
|
|
|
Water Resources |
$ 583 |
$ 2,702 |
$ 2,193 |
$ 5,393 |
Inliner |
5,717 |
2,791 |
12,025 |
7,927 |
Heavy Civil |
352 |
(5,487) |
(1,190) |
(21,632) |
Geoconstruction |
(2,873) |
5,233 |
(28,771) |
4,617 |
Mineral Services |
(9,666) |
11,231 |
(7,484) |
48,087 |
Energy Services |
(1,167) |
(1,094) |
(2,656) |
(2,367) |
Other |
(57) |
477 |
285 |
426 |
Unallocated corporate expenses |
(10,332) |
(6,794) |
(36,995) |
(23,481) |
Interest expense |
(2,038) |
(1,604) |
(4,908) |
(3,020) |
Total (loss) income from continuing
operations before income taxes |
$ (19,481) |
$ 7,455 |
$ (67,501) |
$ 15,950 |
|
|
|
|
|
|
|
|
|
|
Division Data
Water Resources
Division |
Three Months |
Nine Months |
|
Ended October 31, |
Ended October 31, |
(in thousands) |
2013 |
2012 |
2013 |
2012 |
Revenues |
$ 46,807 |
$ 55,135 |
$ 135,876 |
$ 164,677 |
Income before income taxes |
583 |
2,702 |
2,193 |
5,393 |
The decline in Water Resources revenues was due to a
decrease in the water systems product line revenues while other
product lines within this division held their revenues steady
during Q3 FY 2014. Although this division's end markets
remain challenged by state and local municipality budget
constraints, the water treatment product line executed new
contracts in Q3 FY 2014 resulting in a higher backlog from Q2 FY
2014.
Lower income before income taxes reflected a reduced workload
within the division. The Company expects that
municipality-driven project delays in certain regions will continue
for the remainder of the fiscal year.
The backlog in the Water Resources division was $60.0 million as
of October 31, 2013, compared to $53.0 million as of July 31, 2013,
and $74.0 million as of October 31, 2012.
Inliner Division |
Three Months |
Nine Months |
|
Ended October 31, |
Ended October 31, |
(in thousands) |
2013 |
2012 |
2013 |
2012 |
Revenues |
$ 43,806 |
$ 32,115 |
$ 111,971 |
$ 101,682 |
Income before income taxes |
5,717 |
2,791 |
12,025 |
7,927 |
Inliner continues to experience improved performance across most
of the geographic regions in which it operates. For Q3 FY
2014, higher revenues were due to contributions from projects
in Florida, Maryland and Indiana.
Increased revenues and improved margins, due to cost-control
measures, resulted in higher pre-tax income in Q3 FY 2014.
The backlog at Inliner was $67.8 million as of October 31, 2013,
compared to $74.7 million as of July 31, 2013, and $64.0 million as
of October 31, 2012.
Heavy Civil Division |
Three Months |
Nine Months |
|
Ended October 31, |
Ended October 31, |
(in thousands) |
2013 |
2012 |
2013 |
2012 |
Revenues |
$ 63,820 |
$ 70,472 |
$ 213,431 |
$ 219,723 |
Income (loss) before income
taxes |
352 |
(5,487) |
(1,190) |
(21,632) |
Heavy Civil operated profitably for the first time since July
31, 2011, and division backlog in Q3 FY 2014 rose from Q2 FY
2014. Lower quarterly revenue was due mainly to a
decline in the pipeline construction product line of $8.1
million, offset by an increase of $5.8 million in the water and
wastewater plant construction product line. Overall, the
pipeline construction product line is experiencing decreases, while
the water and wastewater plant construction product line is
experiencing increases in revenue.
Income before taxes of $0.4 million in Q3 FY 2014 reflected the
success of previously disclosed measures the division is
undertaking to return to profitability, including: changes in
personnel, a management reorganization, completing lower margin
legacy projects, securing new business with a higher associated
profit margin, and headcount reductions. The water and
wastewater plant construction product line has been building its
business and remains one of the higher margin operations within the
division.
The backlog in the Heavy Civil division was $312.8 million as of
October 31, 2013, compared to $306.3 million as of July 31, 2013,
and $325.8 million as of October 31, 2012.
Geoconstruction
Division |
Three Months |
Nine Months |
|
Ended October 31, |
Ended October 31, |
(in thousands) |
2013 |
2012 |
2013 |
2012 |
Revenues |
$ 20,087 |
$ 44,816 |
$ 62,966 |
$ 104,208 |
Loss before income taxes |
(2,873) |
5,233 |
(28,771) |
4,617 |
Equity in earnings of
affiliate, included in above earnings |
-- |
-- |
-- |
3,488 |
Lower revenues and pre-tax income in Q3 FY 2014 reflected
lingering demand weakness in the U.S. and South America, and work
stoppages in South America during Q2 FY 2014 that have only
recently ceased.
Geoconstruction has reduced some of its workforce in response to
demand driven revenue declines; however, certain key employees were
retained in order to maintain the knowledge and expertise for the
projects when they come to fruition.
During Q3 FY 2014, Geoconstruction announced contracts in the
United States totaling $76 million and in Uruguay totaling $6.5
million. Deployment for these projects will occur during Q4 FY
2014, with revenue generation expected to commence in early FY
2015.
The backlog in the Geoconstruction division was $104.8 million
as of October 31, 2013, compared to $38.2 million as of July 31,
2013, and $42.7 million as of October 31, 2012.
Mineral Services
Division |
Three Months |
Nine Months |
|
Ended October 31, |
Ended October 31, |
(in thousands) |
2013 |
2012 |
2013 |
2012 |
Revenues |
$ 39,773 |
$ 76,498 |
$ 144,326 |
$ 243,965 |
(Loss) income before income
taxes |
(9,666) |
11,231 |
(7,484) |
48,087 |
Equity in (losses) earnings of
affiliates, included in above earnings |
(2,300) |
4,947 |
(4,088) |
15,581 |
The Mineral Services Division continues to be impacted by the
slowdown in global mining exploration activity. This slowdown
is due to a number of factors, including: the cyclical price
decline in major commodities, especially gold and copper, which are
the primary focus of Layne's operations; regulatory actions by
government authorities, specifically, the imposition of additional
taxes on mining companies; and labor issues. Reflective of
these and other factors, Mineral Services' exploration drilling
revenues declined by $26.2 million while other Mineral Services
revenues decreased by $10.5 million
Equity in earnings from our affiliates in South America was also
impacted during Q3 FY 2014 by slowdowns in mineral exploration
activity, as well as by a temporary mine shutdown by one of our
clients earlier in the year. Chile is the locale with the
largest operations for our affiliates. The employment laws in
Chile are extremely favorable to the workforce by requiring
significant separation expenses to be incurred by the employer for
any large layoff. As our affiliates react to slowdowns or
shutdowns, they are often required to incur large labor costs as
they layoff the associated workforce.
The reduction in the price of gold has brought it to a level
below production costs for many mining companies. Copper
prices are expected to be volatile and are likely to be influenced
by demand from China, economic activity in the U.S. and other
industrialized countries. Many of the Company's customers have
decreased their capital expenditures and their exploration
activities. However we continue to believe the long-term
outlook for copper exploration remains positive, as copper plays
such a significant role in the global economy.
Included in the (loss) income before income taxes for the three
and nine months ending October 31, 2013 is the increase to the
accrual related to the FCPA investigation of $5.6 million and $6.7
million, respectively.
Energy Services
Division |
Three Months |
Nine Months |
|
Ended October 31, |
Ended October 31, |
(in thousands) |
2013 |
2012 |
2013 |
2012 |
Revenues |
$ 1,727 |
$ 1,256 |
$ 5,268 |
$ 4,435 |
Loss before income taxes |
(1,167) |
(1,094) |
(2,656) |
(2,367) |
Energy Services revenues remained stable quarter-over-quarter.
The loss before income taxes rose slightly to $(1.2) million from
$(1.1) million due to increased depreciation on capital
additions.
Other |
Three Months |
Nine Months |
|
Ended October 31, |
Ended October 31, |
(in thousands) |
2013 |
2012 |
2013 |
2012 |
Revenues |
$ 5,481 |
$ 3,087 |
$ 15,241 |
$ 7,635 |
(Loss) income before income
taxes |
(57) |
477 |
285 |
426 |
Other revenues and losses before income taxes are primarily from
small specialty and purchasing operations. The majority of the
revenues are eliminated between segments, but the operation can
produce positive earnings from purchasing discounts and third party
sales.
Unallocated Corporate Expenses
Corporate expenses not allocated to individual divisions,
primarily included in selling, general and administrative expenses,
were $10.3 million for Q3 FY 2014 compared to $6.8 million
for the same period last year. For Q3 FY 2014, the
increase of $3.5 million is primarily due to the expense related to
i) the relocation of the Company's headquarters to The Woodlands,
Texas of $1.9 million, ii) legal and professional fees of $0.3
million, and iii) contract labor of $0.4 million.
Conference Call
Rene Robichaud, President & CEO, and James R. Easter, CFO,
will conduct a conference call at 11:00 AM ET / 10:00 AM CT this
morning to discuss these results and related matters. Interested
parties may participate in the call by dialing (877) 212-6082
(Domestic) or (707) 287-9332 (International). The conference call
will also be broadcast live via the Investor Information section of
Layne's website at www.layne.com. To listen to the live call,
please go to the website at least 15 minutes early to register,
download and install any necessary audio software. If you are
unable to listen live, the conference call will be archived on the
website for approximately 90 days.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Exchange Act of 1934. Such statements may
include, but are not limited to, statements of plans and
objectives, statements of future economic performance and
statements of assumptions underlying such statements, and
statements of management's intentions, hopes, beliefs, expectations
or predictions of the future. Forward-looking statements can
often be identified by the use of forward-looking terminology, such
as "should," "intended," "continue," "believe," "may," "hope,"
"anticipate," "goal," "forecast," "plan," "estimate" and similar
words or phrases. Such statements are based on current expectations
and are subject to certain risks, uncertainties and assumptions,
including but not limited to: the outcome of the ongoing
internal investigation into, among other things, the legality,
under the FCPA and local laws, of certain payments to agents and
other third parties interacting with government officials in
certain countries in Africa relating to the payment of taxes,
the importing of equipment and the employment of expatriates
(including any government enforcement action which could arise out
of the matters under review or that the matters under review may
have resulted in a higher dollar amount of payments or may have a
greater financial or business impact than management currently
anticipates), prevailing prices for various commodities,
unanticipated slowdowns in the Company's major markets, the
availability of credit, the risks and uncertainties normally
incident to the construction industry, the impact of competition,
the effectiveness of operational changes expected to increase
efficiency and productivity, worldwide economic and political
conditions and foreign currency fluctuations that may affect
worldwide results of operations. Should one or more of these risks
or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially and adversely
from those anticipated, estimated or projected. These
forward-looking statements are made as of the date of this filing,
and the Company assumes no obligation to update such
forward-looking statements or to update the reasons why actual
results could differ materially from those anticipated in such
forward-looking statements.
Layne is a global solutions provider to the world of essential
natural resources—water, mineral and energy. We offer
innovative, sustainable products and services with an enduring
commitment to safety, excellence and integrity.
LAYNE CHRISTENSEN COMPANY AND
SUBSIDIARIES CONSOLIDATED FINANCIAL DATA |
|
|
|
|
|
|
Three Months |
Nine Months |
|
Ended October 31, |
Ended October 31, |
|
(unaudited) |
(unaudited) |
(in thousands, except per
share data) |
2013 |
2012 |
2013 |
2012 |
Revenues |
$ 216,462 |
$281,281 |
$ 674,923 |
$841,018 |
Cost of revenues (exclusive of
depreciation and amortization shown below) |
(176,908) |
(224,358) |
(558,587) |
(673,314) |
Selling, general and
administrative expenses |
(39,662) |
(38,253) |
(118,527) |
(118,792) |
Depreciation, depletion and
amortization |
(15,155) |
(15,679) |
(45,629) |
(45,410) |
Impairment charges |
-- |
-- |
(14,646) |
-- |
Loss on remeasurement of equity
investment |
-- |
-- |
-- |
(7,705) |
Equity in (losses) earnings of
affiliates |
(2,300) |
4,947 |
(4,088) |
19,069 |
Interest expense |
(2,038) |
(1,604) |
(4,908) |
(3,020) |
Other income, net |
120 |
1,121 |
3,961 |
4,104 |
(Loss) income before income
taxes |
(19,481) |
7,455 |
(67,501) |
15,950 |
Income tax benefit
(expense) |
3,940 |
1,202 |
(52,091) |
(5,625) |
Net (loss) income from
continuing operations |
(15,541) |
8,657 |
(119,592) |
10,325 |
Net income (loss) from
discontinued operations |
-- |
8 |
5,798 |
(21,535) |
Net (loss) income |
(15,541) |
8,665 |
(113,794) |
(11,210) |
Net income attributable to
noncontrolling interests |
(231) |
(189) |
(577) |
(589) |
Net (loss) income attributable
to Layne Christensen Company |
$ (15,772) |
$ 8,476 |
$
(114,371) |
$ (11,799) |
|
|
|
|
|
Earnings per share information
attributable to Layne Christensen shareholders: |
|
|
|
|
Basic (loss) income per share -
continuing operations |
$ (0.80) |
$ 0.43 |
$ (6.13) |
$ 0.50 |
Basic income (loss) per share -
discontinued operations |
-- |
-- |
0.30 |
(1.11) |
Basic loss per share |
$ (0.80) |
$ 0.43 |
$ (5.83) |
$ (0.61) |
|
|
|
|
|
Diluted (loss) income per share -
continuing operations |
$ (0.80) |
$ 0.43 |
$ (6.13) |
$ 0.49 |
Diluted income (loss) per share -
discontinued operations |
-- |
-- |
0.30 |
(1.09) |
Diluted income (loss) per share |
$ (0.80) |
$ 0.43 |
$ (5.83) |
$ (0.60) |
|
|
|
|
|
Weighted average shares outstanding -
basic |
19,622 |
19,487 |
19,589 |
19,477 |
Dilutive stock options and nonvested
shares |
-- |
287 |
-- |
319 |
Weighted average shares
outstanding - dilutive |
19,622 |
19,774 |
19,589 |
19,796 |
|
|
|
As of |
|
October 31, |
January 31, |
(in thousands) |
2013 |
2013 |
|
(unaudited) |
(unaudited) |
Balance Sheet
Data: |
|
|
Cash and cash equivalents |
$ 28,988 |
$ 27,242 |
Working capital, including current
maturities of long term
debt |
111,171 |
125,079 |
Total assets |
684,940 |
812,226 |
Total long term debt, excluding current
maturities |
102,743 |
96,539 |
Total Layne Christensen Company
equity |
303,029 |
412,737 |
|
|
|
Common shares issued and outstanding |
19,965 |
19,818 |
CONTACT: Layne Christensen Company
James R. Easter
Chief Financial Officer
281-475-2694
Jim.Easter@Layne.com
The Equity Group Inc.
Devin Sullivan
Sr. Vice President
212-836-9608
dsullivan@equityny.com
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