Layne Christensen Q2 Loss Widens - Quick Facts

(RTTNews) - Layne Christensen Co. (LAYN) reported that net loss attributable to the company for the second-quarter of fiscal 2014 winded to $74.82 million or $3.81 per share, from $24.02 million or $1.23 per share in the year ago quarter.

During the second-quarter of fiscal 2014, Layne sold all of the assets of its SolmeteX division. In connection with the sale, Layne recorded an after tax gain on the carrying value of the SolmeteX assets of $5.1 million, or $0.26 per share.

The loss from continuing operations for the latest-quarter was $79.9 million, or $4.09 per share, compared to loss from continuing operations of $3.0 million, or $0.16 per share, in the same period last year.

Income from continuing operations for the latest-quarter included $42.6 million in domestic non-cash tax valuation allowances and $14.6 million non-cash loss on the impairment of goodwill within Geoconstruction.

Excluding these items, net loss from continuing operations for the latest-quarter was $22.9 million, or $1.17 per share.

Revenues for the quarter decreased 19.4% to $232.0 million from $288.0 million for the fiscal 2013 second quarter of last year. Lower revenues at Layne's Water Resources, Geoconstruction, Mineral Exploration, and, to a lesser extent, Heavy Civil Divisions were only partially offset by higher revenues at Layne's Inliner Division.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.39 per share and revenues of $260.61 million for the quarter. Analysts' estimates typically exclude special items.