THE WOODLANDS, Texas,
April 12, 2016 /PRNewswire/
-- Layne Christensen Company (NASDAQ: LAYN) ("Layne" or
the "Company") today announced financial and operating results for
the fiscal 2016 fourth quarter (Q4 FY 2016) and fiscal year ended
January 31, 2016 (FY 2016).
Highlights
- Adjusted EBITDA (a non-GAAP financial measure as defined below)
was $3.6 million in Q4 FY 2016
compared to ($5.8) million in Q4 FY
2015. For FY 2016, Adjusted EBITDA was $20.4 million compared to ($1.4) million for FY 2015.
- As of January 31, 2016, cash and
cash equivalents were $65.6 million,
and total debt was $159.1
million. Total liquidity, which includes availability
under Layne's credit facility and total cash and cash equivalents,
was $131.7 million at January 31, 2016, compared to $140.2 million at October
31, 2015 and $76.8 million at
January 31, 2015.
- Total backlog was $346.3 million
at January 31, 2016 compared to
$386.4 million at October 31, 2015 and $395.6 million at January
31, 2015. The decrease in backlog was primarily
within the Heavy Civil division and related to the continuing
strategic shift towards more selective opportunities, including
negotiated and alternative delivery contracts and less emphasis on
traditional fixed-price contracts.
Q4 FY2016 Overview
- Revenues declined 11% to $159.2
million in Q4 FY 2016 from $178.7
million in Q4 FY 2015, largely related to lower revenues at
Mineral Services and at Heavy Civil where we continue to make
progress in the strategic realignment of the division.
- Inliner posted solid performance during the quarter. Mineral
Services was negatively impacted by the ongoing commodity-related
headwinds and continuing operating and restructuring costs in
Africa and Australia. Heavy Civil continued to narrow its
operating losses. Water Resources continued to show strength in
many of its core markets although revenues and profits were down
modestly as a result of declining business within the energy
sector.
- Selling, general and administrative expenses in Q4 FY 2016
decreased by $6.4 million to
$24.7 million, or 15.5% of revenues,
from $31.1 million, or 17.4% of
revenues, in Q4 FY 2015 due to reductions in personnel, consulting
fees and relocation costs.
- Net loss from continuing operations for Q4 FY 2016 was
($13.8) million, or ($0.70) per diluted share, compared to
($21.0) million, or ($1.05) per diluted share, for Q4 FY 2015.
Included in Q4 FY 2016 results were $3.2
million, or ($0.16) per
diluted share, in restructuring costs, primarily related to exiting
Mineral Services' operations in Australia. Q4 FY 2015 results included
restructuring costs of $0.5 million,
or ($0.03) per diluted share,
primarily related to severance and other related costs associated
with the restructuring plan implemented in FY 2015.
- Reported net loss attributable to Layne for Q4 FY 2016 was
($16.6) million or ($0.84) per diluted share, compared to a net loss
for Q4 FY 2015 of ($22.9) million, or
($1.16) per diluted share.
FY2016 Overview
- Revenues for FY 2016 declined 5% to $683.0 million from $720.6
million in FY 2015, driven mainly by lower revenues at
Mineral Services and Heavy Civil, partially offset by revenue
increases at Water Resources and Inliner.
- Selling, general and administrative expenses in FY 2016
decreased by $8.9 million to
$108.2 million, or 15.8% of revenues,
from $117.1 million, or 16.2% of
revenues, in FY 2015.
- Net loss from continuing operations for FY 2016 was
($52.9) million, or ($2.68) per diluted share, compared to
($62.4) million, or ($3.22) per diluted share, for FY 2015. Included
in FY 2016 results were $17.9
million, or ($0.91) per
diluted share, in restructuring costs, primarily related to exiting
Mineral Services' operations in Africa and Australia. FY 2015 results included
restructuring costs of $2.7 million,
or ($0.14) per diluted share,
primarily related to severance and other related costs associated
with the restructuring plan implemented in FY 2015.
- Reported net loss attributable to Layne for FY 2016 was
($44.8) million or ($2.27) per diluted share, compared to a net loss
of ($110.2) million, or ($5.61) per diluted share, in FY 2015. Included
in FY 2016 results was net income from discontinued operations of
$8.1 million, primarily related to
the gain on the sale of the Geoconstruction business segment during
the third quarter of FY 2016. FY 2015 results included a net loss
from discontinued operations of ($46.9)
million, relating to the loss on sale of Costa Fortuna and
Tecniwell.
CEO Commentary
Michael J. Caliel, President and
Chief Executive Officer of Layne, commented, "We continue to make
progress along a number of fronts. Our full year fiscal 2016
results reflect the ongoing strength of our core water-related
platforms, which again delivered revenue growth. We
significantly improved our cash and liquidity position over the
course of the year. In addition, we demonstrated meaningful
progress in transforming our Heavy Civil division where we
delivered significant improvements during the year as cost
reductions, risk management initiatives and enhanced commercial
discipline continued to take hold. The ongoing
commodity-related headwinds continue to adversely impact our
Mineral Services business; however, we anticipate operating this
segment on a cash neutral basis, or better, going forward. To
that end, in addition to the previously-announced winding down of
operations in Africa, we have
exited our Mineral Services business in Australia and we are currently evaluating
alternatives to monetize the assets in both Australia and Africa."
Mr. Caliel concluded, "We remain committed to manage costs and
rationalize our asset base, where appropriate. Further, there
was measurable progress on our company-wide business performance
improvement initiative designed to reduce our overall cost
structure, enhance our efficiencies, and optimize our commercial
strategy with a focus on improving profitability and cash
flow. Clearly, there is much more work to be done, however,
we remain encouraged with our progress thus far as we are
determined to deliver improved results going forward. Overall, we
expect fiscal 2017 to show improvement over last fiscal year."
LAYNE CHRISTENSEN
COMPANY AND SUBSIDIARIES
|
|
CONSOLIDATED
FINANCIAL DATA
|
|
|
|
|
|
Three
Months
|
|
|
Fiscal
Year
|
|
|
|
Ended January
31,
|
|
|
Ended January
31,
|
|
(in thousands, except
per share data)
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Revenues
|
|
$
|
159,243
|
|
|
$
|
178,711
|
|
|
$
|
683,010
|
|
|
$
|
720,568
|
|
Cost of revenues
(exclusive of depreciation and amortization,
and impairment charges shown
below)
|
|
|
(132,657)
|
|
|
|
(154,864)
|
|
|
|
(570,078)
|
|
|
|
(610,844)
|
|
Selling, general and
administrative expenses (exclusive of depreciation, amortization and impairment
charges shown below)
|
|
|
(24,712)
|
|
|
|
(31,127)
|
|
|
|
(108,159)
|
|
|
|
(117,085)
|
|
Depreciation and
amortization
|
|
|
(7,756)
|
|
|
|
(9,645)
|
|
|
|
(32,685)
|
|
|
|
(41,978)
|
|
Impairment
charges
|
|
|
—
|
|
|
|
—
|
|
|
|
(4,598)
|
|
|
|
—
|
|
Restructuring
costs
|
|
|
(3,226)
|
|
|
|
(542)
|
|
|
|
(9,954)
|
|
|
|
(2,698)
|
|
Equity in earnings
(losses) of affiliates
|
|
|
1,521
|
|
|
|
(271)
|
|
|
|
(612)
|
|
|
|
(2,002)
|
|
Gain on
extinguishment of debt
|
|
|
—
|
|
|
|
—
|
|
|
|
4,236
|
|
|
|
—
|
|
Interest
expense
|
|
|
(4,665)
|
|
|
|
(3,374)
|
|
|
|
(18,011)
|
|
|
|
(13,707)
|
|
Other income
(expense), net
|
|
|
317
|
|
|
|
(219)
|
|
|
|
2,354
|
|
|
|
1,352
|
|
Loss from continuing
operations before income taxes
|
|
|
(11,935)
|
|
|
|
(21,331)
|
|
|
|
(54,497)
|
|
|
|
(66,394)
|
|
Income tax (expense)
benefit
|
|
|
(1,849)
|
|
|
|
370
|
|
|
|
1,635
|
|
|
|
3,945
|
|
Net loss from
continuing operations
|
|
|
(13,784)
|
|
|
|
(20,961)
|
|
|
|
(52,862)
|
|
|
|
(62,449)
|
|
Net (loss) income
from discontinued operations
|
|
|
(2,867)
|
|
|
|
(2,169)
|
|
|
|
8,057
|
|
|
|
(46,878)
|
|
Net loss
|
|
|
(16,651)
|
|
|
|
(23,130)
|
|
|
|
(44,805)
|
|
|
|
(109,327)
|
|
Net loss (income)
attributable to noncontrolling interests
|
|
|
28
|
|
|
|
239
|
|
|
|
28
|
|
|
|
(824)
|
|
Net loss attributable
to Layne Christensen Company
|
|
$
|
(16,623)
|
|
|
$
|
(22,891)
|
|
|
$
|
(44,777)
|
|
|
$
|
(110,151)
|
|
(Loss) earnings per
share information attributable to Layne Christensen Company shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share from
continuing operations - basic and diluted
|
|
$
|
(0.70)
|
|
|
$
|
(1.05)
|
|
|
$
|
(2.68)
|
|
|
$
|
(3.22)
|
|
(Loss) earnings per
share from discontinued operations - basic and diluted
|
|
|
(0.14)
|
|
|
|
(0.11)
|
|
|
|
0.41
|
|
|
|
(2.39)
|
|
Loss per share
attributable to Layne Christensen Company - basic and
diluted
|
|
$
|
(0.84)
|
|
|
$
|
(1.16)
|
|
|
$
|
(2.27)
|
|
|
$
|
(5.61)
|
|
Weighted average
shares outstanding - basic and dilutive
|
|
|
19,789
|
|
|
|
19,633
|
|
|
|
19,730
|
|
|
|
19,630
|
|
|
|
As of
|
|
|
|
January
31,
|
|
|
January
31,
|
|
(in
thousands)
|
|
2016
|
|
|
2015
|
|
Balance Sheet
Data
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
65,569
|
|
|
$
|
21,661
|
|
Adjusted
working capital (excluding cash and cash equivalents)
|
|
|
65,711
|
|
|
|
83,171
|
|
Total
assets
|
|
|
488,657
|
|
|
|
541,942
|
|
Total
debt
|
|
|
159,074
|
|
|
|
128,708
|
|
Total Layne
Christensen Company equity
|
|
|
128,658
|
|
|
|
181,215
|
|
Common shares
issued and outstanding
|
|
|
21,172
|
|
|
|
20,121
|
|
Summary of
Operating Segment Data
|
|
The following table
summarizes financial information for the Company's operating
segments. A discussion of the results for Q4 FY 2016 and for full
year FY 2016 for each segment versus the prior year period follows
the table.
|
|
|
|
Three
Months
|
|
|
Fiscal
Year
|
|
|
|
Ended January
31,
|
|
|
Ended January
31,
|
|
(in
thousands)
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water
Resources
|
|
$
|
54,998
|
|
|
$
|
55,539
|
|
|
$
|
227,534
|
|
|
$
|
216,452
|
|
Inliner
|
|
|
52,365
|
|
|
|
50,814
|
|
|
|
193,704
|
|
|
|
175,001
|
|
Heavy Civil
|
|
|
38,064
|
|
|
|
50,442
|
|
|
|
175,773
|
|
|
|
207,036
|
|
Mineral
Services
|
|
|
13,989
|
|
|
|
21,551
|
|
|
|
85,922
|
|
|
|
120,217
|
|
Other
|
|
|
4,448
|
|
|
|
4,591
|
|
|
|
17,682
|
|
|
|
19,178
|
|
Intersegment
eliminations
|
|
|
(4,621)
|
|
|
|
(4,226)
|
|
|
|
(17,605)
|
|
|
|
(17,316)
|
|
Total
revenues
|
|
$
|
159,243
|
|
|
$
|
178,711
|
|
|
$
|
683,010
|
|
|
$
|
720,568
|
|
Equity in earnings
(losses) of affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mineral
Services
|
|
$
|
1,521
|
|
|
$
|
(271)
|
|
|
$
|
(612)
|
|
|
$
|
(2,002)
|
|
Income (loss) from
continuing operations before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water
Resources
|
|
$
|
187
|
|
|
$
|
1,399
|
|
|
$
|
5,372
|
|
|
$
|
10,695
|
|
Inliner
|
|
|
7,486
|
|
|
|
7,687
|
|
|
|
24,461
|
|
|
|
22,870
|
|
Heavy Civil
|
|
|
(1,353)
|
|
|
|
(6,085)
|
|
|
|
(4,633)
|
|
|
|
(21,502)
|
|
Mineral
Services
|
|
|
(5,410)
|
|
|
|
(7,860)
|
|
|
|
(28,043)
|
|
|
|
(14,909)
|
|
Other
|
|
|
(175)
|
|
|
|
(609)
|
|
|
|
(132)
|
|
|
|
(55)
|
|
Unallocated corporate
expenses
|
|
|
(8,005)
|
|
|
|
(12,489)
|
|
|
|
(37,747)
|
|
|
|
(49,786)
|
|
Gain on extinguishment
of debt
|
|
|
—
|
|
|
|
—
|
|
|
|
4,236
|
|
|
|
—
|
|
Interest
expense
|
|
|
(4,665)
|
|
|
|
(3,374)
|
|
|
|
(18,011)
|
|
|
|
(13,707)
|
|
Total loss from
continuing operations before income taxes
|
|
$
|
(11,935)
|
|
|
$
|
(21,331)
|
|
|
$
|
(54,497)
|
|
|
$
|
(66,394)
|
|
Water
Resources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
|
Fiscal
Year
|
|
|
|
Ended January
31,
|
|
|
Ended January
31,
|
|
(in
thousands)
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Revenues
|
|
$
|
54,998
|
|
|
$
|
55,539
|
|
|
$
|
227,534
|
|
|
$
|
216,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations before income taxes
|
|
|
187
|
|
|
|
1,399
|
|
|
|
5,372
|
|
|
|
10,695
|
|
Depreciation and
amortization, included above
|
|
|
(3,342)
|
|
|
|
(3,587)
|
|
|
|
(13,471)
|
|
|
|
(12,530)
|
|
Impairment charges,
included above
|
|
|
—
|
|
|
|
—
|
|
|
|
(4,598)
|
|
|
|
—
|
|
Restructuring costs,
included above
|
|
|
—
|
|
|
|
(97)
|
|
|
|
—
|
|
|
|
(524)
|
|
For the three months ended January 31,
2016, Water Resources' revenues were essentially flat
compared to the prior year period, as growth in municipal and
agricultural markets was offset by reduced revenues within the
energy sector. Revenues within the energy sector during the
quarter were $0.9 million in Q4 FY
2016 versus $7.2 million in the prior
year period. Income from continuing operations before income
taxes for the three months ended January 31,
2016 decreased by approximately $1.2
million due primarily to losses from a contracting energy
business. Losses related to business within the energy sector
were ($2.4) million in Q4 FY 2016
versus ($1.1) million in the prior
year.
For the year ended January 31,
2016, Water Resources' revenues grew by 5% compared to the
prior year, primarily due to increased revenues from municipal and
agricultural customers, partially offset by reduced revenues from
the energy sector. Revenues within the energy sector were
$9.8 million in FY 2016 versus
$20.2 million in the prior
year. Income from continuing operations before income taxes
for FY 2016 decreased by approximately $5.3
million due primarily to an asset impairment charge of
$4.6 million that was recorded during
the second quarter of FY 2016 for the former Energy Services
segment prior to the combination with the Water Resources
segment. In addition to the asset impairment charge,
loss before income taxes from business with energy customers was
($5.7) million in FY 2016 as compared
to ($3.7) million in the prior
year.
Backlog was $88.8 million at
January 31, 2016 compared to
$102.1 million at October 31, 2015 and $83.2
million at January 31, 2015.
The decrease in backlog from October, a seasonal trend similar to
last year, was partly related to lower bookings of new drilling
projects in the western United
States.
Inliner
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
|
Fiscal
Year
|
|
|
|
Ended January
31,
|
|
|
Ended January
31,
|
|
(in
thousands)
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Revenues
|
|
$
|
52,365
|
|
|
$
|
50,814
|
|
|
$
|
193,704
|
|
|
$
|
175,001
|
|
Income from
continuing operations before income taxes
|
|
|
7,486
|
|
|
|
7,687
|
|
|
|
24,461
|
|
|
|
22,870
|
|
Depreciation and
amortization, included above
|
|
|
(684)
|
|
|
|
(654)
|
|
|
|
(2,489)
|
|
|
|
(2,767)
|
|
Restructuring costs,
included above
|
|
|
—
|
|
|
|
—
|
|
|
|
(14)
|
|
|
|
—
|
|
For the three months ended January 31,
2016, Inliner revenues increased by 3% versus the prior year
period primarily due to the addition of new crews and associated
equipment, which increased from 34 at the end of FY 2015 to 38 at
the end of FY 2016. Income from continuing operations before
income taxes for the three months ended January 31, 2016 was relatively flat versus the
prior year period.
For the year ended January 31,
2016, Inliner revenues grew by 11% compared to the prior
year, primarily due to the addition of new work crews. For the
year, income from continuing operations before income taxes was
$24.5 million compared to
$22.9 million in FY 2015, again
benefitting from the addition of work crews.
Backlog was $113.6 million at
January 31, 2016 compared to
$122.5 million at October 31, 2015 and $126.8 million at January
31, 2015.
Heavy
Civil
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
|
Fiscal
Year
|
|
|
|
Ended January
31,
|
|
|
Ended January
31,
|
|
(in
thousands)
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Revenues
|
|
$
|
38,064
|
|
|
$
|
50,442
|
|
|
$
|
175,773
|
|
|
$
|
207,036
|
|
Loss from continuing
operations before income taxes
|
|
|
(1,353)
|
|
|
|
(6,085)
|
|
|
|
(4,633)
|
|
|
|
(21,502)
|
|
Depreciation and
amortization, included above
|
|
|
(461)
|
|
|
|
(739)
|
|
|
|
(2,270)
|
|
|
|
(4,060)
|
|
Restructuring costs,
included above
|
|
|
(721)
|
|
|
|
—
|
|
|
|
(765)
|
|
|
|
(54)
|
|
For the three months ended January 31,
2016, Heavy Civil revenues decreased by 25% versus the prior
year period primarily due to the continuing strategic shift towards
a more selective new business approach focused on negotiated and
alternative delivery contracts and less emphasis on traditional
fixed-price contracts. Loss from continuing operations before
income taxes of ($1.4) million for
the three months ended January 31,
2016 improved relative to the prior year period loss of
($6.1) million, as a result of
continued progress in completing fixed-price troubled contracts and
improved profitability related to the strategic shift towards more
selective work.
For the year ended January 31,
2016, Heavy Civil revenues declined by 15% compared to the
prior year, primarily due to the implementation of the new
strategy. For the year, loss from continuing operations before
income taxes was ($4.6) million
compared to a loss of ($21.5) million
in the prior year, due to continued progress on fixed-price
troubled contracts and the improving performance on alternative
delivery projects, as well as reduced overhead costs and
depreciation expense.
Backlog was $143.9 million at
January 31, 2016 compared to
$161.8 million at October 31, 2015 and $184.6 million at January
31, 2015.
Mineral
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
|
Fiscal
Year
|
|
|
|
Ended January
31,
|
|
|
Ended January
31,
|
|
(in
thousands)
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Revenues
|
|
$
|
13,989
|
|
|
$
|
21,551
|
|
|
$
|
85,922
|
|
|
$
|
120,217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations before income taxes
|
|
|
(5,410)
|
|
|
|
(7,860)
|
|
|
|
(28,043)
|
|
|
|
(14,909)
|
|
Depreciation and
amortization, included above
|
|
|
(2,186)
|
|
|
|
(3,650)
|
|
|
|
(10,317)
|
|
|
|
(18,187)
|
|
Restructuring costs,
included above
|
|
|
(2,948)
|
|
|
|
(64)
|
|
|
|
(16,759)
|
|
|
|
(1,403)
|
|
Equity in earnings
(losses) of affiliates, included above
|
|
|
1,521
|
|
|
|
(271)
|
|
|
|
(612)
|
|
|
|
(2,002)
|
|
For the three months ended January 31,
2016, Mineral Services' revenues decreased by 35% versus the
prior year period primarily due to the continuation of declining
global commodity prices and significant reductions in mining
activity around the world. Revenues outside the United States declined more significantly
than domestic revenues as domestic operations benefited from the
growth of mine water management services. Loss from
continuing operations before income taxes of ($5.4) million for the three months ended
January 31, 2016 improved relative to
the prior year loss of ($7.9) million
as Mineral Services continues to implement cost reduction measures.
Restructuring costs were approximately $2.9
million during Q4 FY 2016, primarily related to severance
costs and write-down of fixed assets in Australia. In
addition to the restructuring costs, Mineral Services incurred
operating losses during the quarter of approximately ($1.5) million related to Africa and Australia.
For the year ended January 31,
2016, Mineral Services' revenues declined by 29% compared to
the prior year, primarily due to the continuing deterioration of
industry conditions. For the year, loss from continuing operations
before income taxes widened to ($28.0)
million compared to a loss of ($14.9)
million in the prior year, primarily as a result of the
decision to exit operations in Africa and Australia. The costs incurred
related to the restructuring activities were approximately
$16.8 million, which consist of a
$7.9 million write-down of inventory,
a $3.9 million write-down of fixed
assets, and $5.0 million of severance
and other costs. In addition to the restructuring costs, Mineral
Services incurred operating losses of approximately ($10.2) million related to Africa and Australia.
Unallocated Corporate Expenses
Corporate expenses not allocated to individual segments,
primarily included in selling, general and administrative expenses,
were $8.0 million for Q4 FY 2016
compared to $12.5 million for the
same period last year. Expenses for FY 2016 decreased to
$37.7 million compared to
$49.8 million in FY 2015. The
decrease was primarily due to reductions in personnel, consulting
fees and relocation expenses.
Use of Non- GAAP Financial Information
We use Adjusted EBITDA to assess performance which is not
defined in generally accepted accounting principles (GAAP).
Adjusted EBITDA represents income or loss from continuing
operations before interest, taxes, depreciation and amortization,
non-cash share-based compensation, equity in earnings or losses
from affiliates, certain non-recurring or extraordinary items such
as impairment charges, restructuring costs, gain on extinguishment
of debt, and certain other gains or losses, plus dividends received
from affiliates. We believe that the presentation of Adjusted
EBITDA included in this report helps us explain underlying
performance trends in the business and provides useful information
to both management and investors. Adjusted EBITDA should be
considered in addition to results prepared in accordance with GAAP,
but should not be considered a substitute for, or superior to, GAAP
results.
The following table reconciles Adjusted EBITDA to net loss from
continuing operations, which we consider to be the most directly
comparable GAAP financial measure to Adjusted EBITDA.
|
|
Three
Months
|
|
|
Fiscal
Year
|
|
|
|
Ended January
31,
|
|
|
Ended January
31,
|
|
(in
thousands)
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Net loss from
continuing operations
|
|
$
|
(13,784)
|
|
|
$
|
(20,961)
|
|
|
$
|
(52,862)
|
|
|
$
|
(62,449)
|
|
Income tax expense
(benefit)
|
|
|
1,849
|
|
|
|
(370)
|
|
|
|
(1,635)
|
|
|
|
(3,945)
|
|
Interest
expense
|
|
|
4,665
|
|
|
|
3,374
|
|
|
|
18,011
|
|
|
|
13,707
|
|
Depreciation and
amortization
|
|
|
7,756
|
|
|
|
9,645
|
|
|
|
32,685
|
|
|
|
41,978
|
|
Non-cash share-based
compensation
|
|
|
717
|
|
|
|
951
|
|
|
|
3,919
|
|
|
|
2,617
|
|
Equity in (earnings)
losses of affiliates
|
|
|
(1,521)
|
|
|
|
271
|
|
|
|
612
|
|
|
|
2,002
|
|
Impairment
charges
|
|
|
—
|
|
|
|
—
|
|
|
|
4,598
|
|
|
|
—
|
|
Restructuring
costs(1)
|
|
|
3,643
|
|
|
|
542
|
|
|
|
17,859
|
|
|
|
2,698
|
|
Gain on
extinguishment of debt
|
|
|
—
|
|
|
|
—
|
|
|
|
(4,236)
|
|
|
|
—
|
|
Other (income)
expense, net
|
|
|
(317)
|
|
|
|
219
|
|
|
|
(2,354)
|
|
|
|
(1,352)
|
|
Dividends received
from affiliates
|
|
|
564
|
|
|
|
524
|
|
|
|
3,852
|
|
|
|
3,327
|
|
Adjusted
EBITDA
|
|
$
|
3,572
|
|
|
$
|
(5,805)
|
|
|
$
|
20,449
|
|
|
$
|
(1,417)
|
|
|
|
(1)
|
Restructuring costs
includes $0.4 million for Q4 FY 2016 and $7.9 million for FY 2016
relating to the write-down of the carrying value of inventory in
Layne's African and Australian operations, which are reflected as
part of cost of revenues in the Consolidated Statement of
Operations.
|
Conference Call
Layne Christensen will conduct a
conference call at 9:00 AM ET /
8:00 AM CT Wednesday, April 13, 2016,
to discuss these results and related matters. Interested parties
may participate in the call by dialing 1-877-407-0672 (Domestic) or
1-412-902-0003 (International). The conference call will also be
broadcast live via the Investor Relations 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. A telephonic replay of the conference call
will be available through April 20,
2016 and may be accessed by calling 1-877-660-6853
(Domestic) or 1-201-612-7415 (International) and using passcode
13633305#.
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," "intend," "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: 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.
About Layne
Layne is a global solutions provider to the world of essential
natural resources—water, minerals and energy. We offer innovative,
sustainable products and services with an enduring commitment to
safety, excellence and integrity.
Contacts
J. Michael
Anderson
Chief Financial Officer
281-475-2694
michael.anderson@layne.com
Dennard Lascar Associates
Jack Lascar
713-529-6600
jlascar@dennardlascar.com
[LAYN-F]
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SOURCE Layne Christensen Company