LAYNE CHRISTENSEN CO

CIK:0000888504|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2018	Apr. 30, 2017
Income Statement [Abstract]
Revenues	$ 114,551	$ 110,913
Cost of revenues (exclusive of depreciation and amortization, shown below)	(86,026)	(86,250)
Selling, general and administrative expenses (exclusive of depreciation and amortization shown below)	(17,120)	(17,640)
Depreciation and amortization	(6,763)	(6,484)
Gain on sale of fixed assets	4,609	612
Equity in earnings of affiliates	1,714	711
Restructuring costs	(2,806)	(428)
Interest expense	(4,408)	(4,200)
Other income (expense), net	99	(163)
Income (loss) from continuing operations before income taxes	3,850	(2,929)
Income tax expense	(970)	(1,050)
Net income (loss) from continuing operations	2,880	(3,979)
Net loss from discontinued operations	(175)	(19,482)
Net income (loss)	$ 2,705	$ (23,461)
Income (loss) per share information:
Income (loss) per share from continuing operations - basic	$ 0.14	$ (0.20)
Loss per share from discontinued operations - basic	(0.01)	(0.98)
Income (loss) per share - basic	0.13	(1.18)
Income (loss) per share from continuing operations - diluted	0.14	(0.20)
Loss per share from discontinued operations - diluted	(0.01)	(0.98)
Income (loss) per share - diluted	$ 0.13	$ (1.18)
Weighted average shares outstanding - basic	20,122	19,796
Weighted average shares outstanding - dilutive	21,159	19,796

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2018	Apr. 30, 2017
Cash flow from operating activities:
Net income (loss)	$ 2,705	$ (23,461)
Adjustments to reconcile net loss to cash flow from operating activities:
Depreciation and amortization	6,763	6,771
Bad debt (recovery) expense	(220)	1,313
Loss on sale of discontinued operations		16,707
Deferred income taxes	58	(27)
Equity-based compensation	699	682
Amortization of discount and deferred financing costs	1,248	1,098
Gain on sale of fixed assets	(4,609)	(616)
Equity in earnings of affiliates	(1,714)	(711)
Dividends received from affiliates	527	1,005
Changes in assets and liabilities:
Customer receivables	(14,138)	(11,648)
Costs and estimated earnings in excess of billings on uncompleted contracts	2,091	(433)
Inventories	(3,595)	(1,483)
Other current assets	151	585
Accounts payable and accrued expenses	(3,992)	(2,454)
Billings in excess of costs and estimated earnings on uncompleted contracts	(836)	1,905
Other, net	255	954
Cash used in operating activities	(14,607)	(9,813)
Cash flow from investing activities:
Capital expenditures	(5,360)	(11,147)
Proceeds from sale of fixed assets	7,279	767
Proceeds from sale of business		5,804
Investment in foreign affiliate		(25)
Cash provided by (used in) investing activities	1,919	(4,601)
Cash flow from financing activities:
Principal payments under capital lease obligation	(9)	(2)
Debt issuance costs	(1,250)
Purchases and retirement of Company shares	(730)
Cash used in financing activities	(1,989)	(2)
Effects of exchange rate changes on cash	59	(43)
Net decrease in cash, cash equivalents and restricted deposits	(14,618)	(14,459)
Cash, cash equivalents and restricted deposits at beginning of period	38,613	74,055
Cash, cash equivalents and restricted deposits at end of period	$ 23,995	$ 59,596

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands

Apr. 30, 2018

Jan. 31, 2018

Current assets:

Cash and cash equivalents

$ 17,805

$ 32,041

Customer receivables, less allowance of $1,862 and $2,084, respectively

73,681

59,558

Costs and estimated earnings in excess of billings on uncompleted contracts

41,088

43,177

Inventories

23,258

20,020

Other

10,556

11,915

Total current assets

166,388

166,711

Property and equipment, net

119,441

120,604

Other assets:

Investment in affiliates

54,512

53,325

Goodwill

8,915

Other intangible assets, net

3,700

3,844

Restricted deposits - long-term

6,190

6,572

Other

8,150

8,408

Total other assets

81,467

81,064

Total assets

367,296

368,379

Current liabilities:

Current maturities of long-term debt

^[1]

68,036

67,293

Accounts payable

41,487

42,330

Billings in excess of costs and estimated earnings on uncompleted contracts

7,960

8,796

Other current liabilities

50,291

53,044

Total current liabilities

167,774

171,463

Noncurrent liabilities:

Long-term debt

98,985

98,769

Self-insurance reserve

11,755

11,464

Deferred income taxes

827

769

Other

28,539

28,404

Total noncurrent liabilities

140,106

139,406

Equity:

Common stock, par value $.01 per share, 60,000 shares authorized, 20,059 and 19,917 shares issued and outstanding, respectively

201

199

Capital in excess of par value

372,016

372,049

Accumulated deficit

(293,469)

(296,174)

Accumulated other comprehensive loss

(19,380)

(18,612)

Total Layne Christensen equity

59,368

57,462

Noncontrolling interests

Total equity

59,416

57,510

Total liabilities and equity

$ 367,296

$ 368,379

[1]	Based on the latest possible maturity date (May 1, 2019) for the 8.0% Convertible Notes. The maturity date for the 8.0% Convertible Notes will accelerate to August 15, 2018 under certain circumstances, including if the 4.25% Convertible Notes have not been effectively discharged by that date