Layne Christensen Slips To Loss In Q3 - Quick Facts

(RTTNews) - Layne Christensen Co. (LAYN) reported third-quarter net loss attributable to the company of $15.77 million or $0.80 per share, compared to a profit of $8.48 million or $0.43 per share in the previous year.

Revenues for the quarter fell 23 percent to $216.46 million from $281.28 million in the same quarter last year, reflecting lower revenues at each of Layne's divisions with the exception of Inliner.

"During Q3 FY 2014, Inliner, Water Resources, and Heavy Civil operated profitably, with Heavy Civil reporting its first quarterly profit since July 31, 2011. However, our results for the quarter were substantially impacted by: operating losses at Mineral Services, which included an increased accrual for the previously disclosed FCPA investigation; higher unallocated corporate expenses related to the relocation of our corporate headquarters; and a loss at Geoconstruction," said Rene Robichaud, President and Chief Executive Officer.