Layne Christensen Q1 Net Loss Widens - Quick Facts

(RTTNews) - Layne Christensen Co. (LAYN) Monday reported a first-quarter net loss that widened from last year, mainly due to a fall in revenues from Heavy Civil and Mineral Services divisions.

For the three months to April, net loss widened to $27.73 million or $1.41 per share, from a loss of $23.78 million or $1.22 per share a year ago.

On average, four analysts polled by Thomson-Reuters estimated the company's loss to be $0.34 for the quarter. Analysts' estimates typicaly exclude one-time items.

During the quarter, the company recorded a valuation allowance charge of $8.0 million against prior year foreign tax credit carryforwards.

First-quarter revenues totaled $191.24 million, down from $226.45 million in the same period last year.

Cost of revenues declined to $162.15 million from $189.55 million a year earlier.