Q1 FY 2015 Overview
- Revenues of $191.2 million compared to $226.4 million in Q1 FY 2014
- Profits at Inliner, Water Resources, and Geoconstruction offset by losses at Heavy Civil and Mineral Services.
- Total backlog rose 12.1% to $559.7 million from Q4 FY 2014.
- Net loss attributable to Layne Christensen Company was $27.7 million, or $(1.41) per share, compared to $23.8 million, or $(1.24) per diluted share, in Q1 FY 2014.
- Layne is taking new steps to improve its operating results and cash flows, including evaluating its alternatives regarding under-performing assets and businesses. Layne expects to realize $12 to $20 million in annualized cost savings. Approximately 25% of the annualized savings is expected to be realized during the remainder of fiscal year 2015.
- As of April 30, 2014, cash and cash equivalents were $21.2 million, long-term debt, excluding current maturities, was $147.9 million, and equity was $265.0 million ($13.31 per share).