PR Newswire
THE WOODLANDS, Texas, June 8, 2017
THE WOODLANDS, Texas, June 8, 2017 /PRNewswire/ -- Layne Christensen Company (NASDAQ: LAYN) ("Layne" or the "Company") today announced financial and operating results for the fiscal 2018 first quarter (Q1 FY 2018) ended April 30, 2017.
Q1 FY 2018 Financial Highlights
CEO Commentary
Michael J. Caliel, President and Chief Executive Officer of Layne, commented, "We are encouraged with the significant financial improvement we delivered in the first quarter that was led by continuing strength at Inliner, further reductions in SG&A costs, and significantly improved activity and profitability at Mineral Services. Further, the improvements underway at Water Resources to stem project losses we incurred in the last half of fiscal year 2017 led to meaningful sequential improvement for the division.
"The completion of the sale of our Heavy Civil business will allow us to concentrate on growing our core water infrastructure businesses, while reducing our overall risk exposure to large construction projects.
"We are pleased and excited about our new energy infrastructure business and the construction of our new high-capacity water pipeline and infrastructure system in the Delaware Basin of West Texas. This investment is part of our longer-term strategy to leverage our substantial know-how in providing water infrastructure solutions to our clients and is expected to build on our core water and energy expertise, and broaden our diverse water customer base.
"Our objectives for fiscal 2018 are to significantly improve profitability at Water Resources, leverage our strengths at Inliner to further grow the business, take advantage of the improved levels of activity in the Americas for Minerals Services, further reduce our cost base and significantly grow our energy infrastructure business. While clearly there is more work to be done, we expect our overall financial performance in fiscal 2018 to show material improvement over last fiscal year and are confident that our efforts will be successful."
LAYNE CHRISTENSEN COMPANY AND SUBSIDIARIES | |||||||||
CONDENSED CONSOLIDATED FINANCIAL DATA | |||||||||
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| | Three Months | | | |||||
| | Ended April 30, | | | |||||
| | (unaudited) | | | |||||
(in thousands, except per share data) | | 2017 | | | 2016 | | | ||
Revenues | | $ | 111,507 | | | $ | 120,646 | | |
Cost of revenues (exclusive of depreciation and amortization charges shown below) | | | (86,283) | | | | (97,062) | | |
Selling, general and administrative expenses (exclusive of depreciation and amortization charges shown below) | | | (17,640) | | | | (21,559) | | |
Depreciation and amortization | | | (6,484) | | | | (5,958) | | |
Gain on sale of fixed assets | | | 612 | | | | 135 | | |
Equity in earnings of affiliates | | | 711 | | | | 1,269 | | |
Restructuring costs | | | (428) | | | | (64) | | |
Interest expense | | | (4,200) | | | | (4,246) | | |
Other (expense) income, net | | | (163) | | | | 31 | | |
Loss from continuing operations before income taxes | | | (2,368) | | | | (6,808) | | |
Income tax expense | | | (1,050) | | | | (1,213) | | |
Net loss from continuing operations | | | (3,418) | | | | (8,021) | | |
Net loss from discontinued operations | | | (19,482) | | | | (782) | | |
Net loss | | $ | (22,900) | | | $ | (8,803) | | |
Loss per share information: | | | | | | | | | |
Loss per share from continuing operations - basic and diluted | | $ | (0.17) | | | $ | (0.41) | | |
Loss per share from discontinued operations - basic and diluted | | | (0.98) | | | | (0.04) | | |
Loss per share - basic and diluted | | $ | (1.15) | | | $ | (0.45) | | |
Weighted average shares outstanding - basic and dilutive | | | 19,796 | | | | 19,773 | | |
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| | As of | | ||||||
| | April 30, | | | January 31, | | |||
(in thousands) | | 2017 | | | 2017 | | |||
| | (unaudited) | | | (unaudited) | | |||
Balance Sheet Data | | | | | | | | | |
Cash and cash equivalents | | $ | 54,598 | | | $ | 69,000 | | |
Working capital | | | 85,777 | | | | 105,545 | | |
Adjusted Working Capital (excluding cash and cash equivalents) | | | 31,179 Werbung Mehr Nachrichten zur Layne Christensen Company Aktie kostenlos abonnieren
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