Layne Christensen Company announced financial and operating results for the fiscal 2018 fourth quarter (Q4 FY 2018) ended January 31, 2018 and the fiscal year ended January 31, 2018 (FY 2018).
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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 stoc
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.
FY 2018 financial highlights
Reported net loss from continuing operations for FY 2018 was ($4.9) million, or ($0.24) per share, compared to ($47.0) million, or ($2.38) per share for the fiscal year ended January 31, 2017 (FY 2017).
Total Adjusted EBITDA increased to $35.0 million in FY 2018 compared to $14.4 million in FY 2017.
Unallocated corporate expenses reflected in Adjusted EBITDA decreased to $20.3 million in FY 2018 compared to $23.8 million in FY 2017.
The improvement was primarily due to reductions in legal, professional and consulting fees, partially offset by an increase in incentive compensation expense due to our improved performance. ■