Layne Christensen Co. (LAYN) Tuesday reported a reduction in its second-quarter net loss from continuing operations to $12.2 million, or $0.63 per share from $79.0 million, or $4.03 per share last year. The year-ago quarter's loss included goodwill impairment charges of $14.6 million and $42.6 million of income tax expense associated with valuation allowances provided on previously recorded deferred tax assets.
Net loss attributable to the company narrowed to $55.02 million or $2.81 per share from $74.82 million or $3.81 per share a year ago.
On average, five analysts polled by Thomson-Reuters estimated the company's loss to be $0.49 for the quarter. Analysts' estimates typically exclude one-time items.
Revenues were down to $210.4 million from $221.3 million last year, mainly due to revenue declines at Heavy Civil and Mineral Services. Analysts expected revenue of $217.17 million for the quarter.
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