Layne Christensen Co. (LAYN) reported that its fourth-quarter net loss attributable to company narrowed to $24.85 million or $1.27 per share from $88.50 million or $4.55 per share in the year ago quarter.
Net loss from continuing operations for the quarter was $22.1 million, or $1.13 per share, compared to a loss of $86.6 million, or $4.50 per share last year.
Results for the latest-quarter included non-cash impairment charges totaling $4.4 million, or $0.23 per share, associated with certain product lines which we concluded did not fit within our overall strategic direction.
Results for the prior year quarter included non-cash impairment charges totaling $84.1 million, or $4.32 per share after tax, to reduce the carrying value of goodwill and other intangible assets.
Excluding such charges, the net loss from continuing operations for the quarter would have been $17.7 million, or $0.91 per share, compared to a loss $3.4 million, or $0.18 per share in the prior year quarter.
Revenues for the quarter declined to $229.7 million from $271.9 million in last year's fourth quarter
Analysts polled by Thomson Reuters expected the company to report a loss of $0.29 per share on revenues of $254.69 million for the quarter. Analysts' estimates typically exclude special items.
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