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Stock Market & Financial Investment News

News Breaks
June 16, 2014
11:14 EDTLAYNLayne Christensen says mineral services unit to be challenged in 2015
Comment made on Q1 earnings conference call.
News For LAYN From The Last 14 Days
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October 27, 2014
13:52 EDTLAYNLayne Christensen settles FCPA charges with SEC
Layne Christensen has agreed to pay disgorgement of $3,893,472, which includes a civil money penalty of $375K, to the Securities and Exchange Commission to settle charges of violations of the anti-bribery, recordkeeping, and internal controls provisions of the Foreign Corrupt Practices Act, the SEC stated in a filing. The SEC alleged that between 2005 and 2010, Layne Christensen, through its wholly-owned subsidiaries in Africa and Australia, made a total of more than $1M in improper payments to foreign government officials in the Republic of Mali, the Republic of Guinea, Burkina Faso, the United Republic of Tanzania, and the Democratic Republic of the Congo.
October 24, 2014
09:31 EDTLAYNLayne Christensen reports liquidity up $25M to about $65M
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October 23, 2014
16:37 EDTLAYNLayne Christensen CEO comments on Q3 guidance
David A.B. Brown, President & CEO of Layne, commented, "Despite these anticipated losses, we remain confident in the direction of our business and the progress we are making to improve Layne's operating results. We are especially pleased that our growing Energy Services division is on track to produce its first-ever profitable quarter. As expected, losses at Heavy Civil should narrow from Q2 FY 2015. We expect to complete substantially all of the unprofitable projects at Heavy Civil by the end of FY 2015, with losses in the division weighing on our results through Q4 FY 2015. Poor results at Mineral Services will likely persist through the balance of FY 2015 and FY 2016. We continue to seek to manage costs and consolidate locations at Mineral Services, where appropriate, as the mining industry recovers. Looking ahead to Q4 FY 2015, we anticipate consolidated pre-tax results similar to Q3 FY 2015 as we enter our normal seasonal slowdown. Liquidity has improved since the end of Q2 FY 2015. Current domestic cash on hand and availability under the ABL facility is approximately $65 million." Brown concluded, "We continue to make progress implementing our previously announced restructuring plan. Layne expects to realize annualized cost savings of between $17 and $22 million. We continue to evaluate each of our divisions and to explore operational enhancements, as well as review under-performing assets and take action where appropriate."
16:36 EDTLAYNLayne Christensen sees Q3 EPS (60c)-(55c), consensus (26c)
Sees Q3 revenue $210M-$215M, consensus $216.74M. The anticipated net loss from continuing operations in Q3 FY 2015 is expected to be primarily attributable to the following: Losses of between $3.1 million and $3.5 million at Mineral Services, reflecting the continuing impact of volatile commodity prices, and economic and political unrest on project starts and utilization rates; Losses at Heavy Civil of between $3.8 million and $4.3 million, primarily due to the combination of several unprofitable legacy contracts and later contracts producing low margins, as well as recurring general and administrative expenses. The legacy contracts should be substantially complete by the end of FY 2015; and Losses at Geoconstruction of between $3.4 million and $3.9 million, due to delays in resolving claims on certain projects.

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