Layne Christensen Company (LAYN) reported a second-quarter net loss from continuing operations of $2.76 million compared to profit of $10.91 million last year. Loss per share from continuing operations was $0.15 compared to profit per share of $0.53 prior year. Revenues were $289.56 million compared to $289.31 million last year.
The company noted that its second-quarter of fiscal 2013 included a $7.7 million net non-cash loss on the remeasurement of an equity investment. Excluding this loss, net income from continuing operations was $4.8 million or $0.25 per share.
Analysts polled by Thomson Reuters expected the company to report profit of $0.43 per share on revenue of $292.72 million for the quarter. Analysts' estimates typically exclude special items.
Net loss attributable to company was $24.02 million or $1.23 per share compared to profit of $10.61 million or $0.54 per share last year. During second quarter of fiscal 2013, Layne's Energy Division was reclassified as a discontinued operation, resulting in a net loss from discontinued operations of $21.1 million, or $1.08 per share. Included in the net loss is an after tax non-cash loss of $20.0 million to write down the carrying value of the Energy Division assets to the expected selling price, less costs to sell.
For comments and feedback: editorial@rttnews.com