Layne Christensen Company announced results for the fiscal 2016 fourth quarter and fiscal year ended January 31, 2016. Q4 adjusted EBITDA was $3.6 million compared to ($5.8) million in Q4 FY 2015.
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For FY 2016, Adjusted EBITDA was $20.4 million compared to ($1.4) million for FY 2015.
As of January 31, 2016, cash and cash equivalents were $65.6 million, and total debt was $159.1 million.
Total liquidity, which includes availability under Layne's credit facility and total cash and cash equivalents, was $131.7 million at January 31, 2016, compared to $140.2 million at October 31, 2015 and $76.8 million at January 31, 2015.
Total backlog was $346.3 million at January 31, 2016 compared to $386.4 million at October 31, 2015 and $395.6 million at January 31, 2015.
The decrease in backlog was primarily within the Heavy Civil division and related to the continuing strategic shift towards more selective opportunities, including negotiated and alternative delivery contracts and less emphasis on traditional fixed-price contracts.
Q4 FY2016 overview
Revenues declined 11% to $159.2 million in Q4 FY 2016 from $178.7 million in Q4 FY 2015, largely related to lower revenues at Mineral Services and at Heavy Civil where we continue to make progress in the strategic realignment of the division.
Inliner posted solid performance during the quarter. Mineral Services was negatively impacted by the ongoing commodity-related headwinds and continuing operating and restructuring costs in Africa and Australia. Heavy Civil continued to narrow its operating losses.
Water Resources continued to show strength in many of its core markets although revenues and profits were down modestly as a result of declining business within the energy sector.
Selling, general and administrative expenses in Q4 FY 2016 decreased by $6.4 million to $24.7 million, or 15.5% of revenues, from $31.1 million, or 17.4% of revenues, in Q4 FY 2015 due to reductions in personnel, consulting fees and relocation costs.
Net loss from continuing operations for Q4 FY 2016 was ($13.8) million, or ($0.70) per diluted share, compared to ($21.0) million, or ($1.05) per diluted share, for Q4 FY 2015.
Included in Q4 FY 2016 results were $3.2 million, or ($0.16) per diluted share, in restructuring costs, primarily related to exiting Mineral Services' operations in Australia.
Q4 FY 2015 results included restructuring costs of $0.5 million, or ($0.03) per diluted share, primarily related to severance and other related costs associated with the restructuring plan implemented in FY 2015.
Reported net loss attributable to Layne for Q4 FY 2016 was ($16.6) million or ($0.84) per diluted share, compared to a net loss for Q4 FY 2015 of ($22.9) million, or ($1.16) per diluted share. ■