Layne Christensen (LAYN) Reports Q4 Revenues Below Estimates

Note: EPS may not be comparable

Layne Christensen (NASDAQ: LAYN) reported Q4 EPS of $0.14, versus ($0.16) reported last year. Revenue for the quarter came in at $110.43 million versus the consensus estimate of $114.95 million.

Q4 FY 2018 Financial Highlights

• Reported net income from continuing operations for Q4 FY 2018 was $2.7 million, or $0.14 per share, compared to net loss of ($29.2) million, or ($1.47) per share, for the fiscal 2017 fourth quarter (Q4 FY 2017) ended January 31, 2017. Net income was improved during the quarter by $10.4 million in tax benefits primarily related to reversal of accrued foreign taxes recorded in prior years.
• Total Adjusted EBITDA (a non-GAAP financial measure as defined below) increased to $5.5 million in Q4 FY 2018 compared to ($4.2) million in Q4 FY 2017.
• Unallocated corporate expenses reflected in Adjusted EBITDA decreased to $5.2 million in Q4 FY 2018 compared to $5.6 million in Q4 FY 2017. The decrease primarily reflects reductions in legal, professional and consulting fees.
• As of January 31, 2018, cash and cash equivalents were $32.0 million, and total debt was $166.1 million. Total liquidity, which includes availability under Layne\'s credit facility and total cash and cash equivalents, was $107.5 million at January 31, 2018, compared to $101.6 million at October 31, 2017.
• Total backlog was $178.6 million at January 31, 2018 compared to $172.1 million at October 31, 2017 and $166.6 million at January 31, 2017.
• On February 13, 2018, we entered into a definitive agreement whereby Granite Construction Incorporated will acquire all of the outstanding shares of Layne with each Layne stockholder receiving 0.27 shares of Granite stock for each share of Layne stock. The transaction, which is expected to close in the second calendar quarter of 2018, is subject to the approval of Layne\'s stockholders and other customary closing conditions.

For earnings history and earnings-related data on Layne Christensen (LAYN) click here.

You May Also Be Interested In

• Nomura/Instinet Upgrades Genting Singapore (GENS:SP) (GIGNY) to Neutral
• Bio-key International, Inc. (BKYI) Tops Q2 EPS by 24c
• Workhorse Group (WKHS) Misses Q2 EPS by 77c