Last $9.94 USD
Change Today +0.02 / 0.20%
Volume 2.0M
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As of 8:10 PM 12/19/14 All times are local (Market data is delayed by at least 15 minutes).

layne christensen company (LAYN) Key Developments

Layne Christensen Company Announces Management Changes, Effective January 2, 2015

Layne Christensen Company announced the appointment of Michael J. Caliel as President and Chief Executive Officer, and Member of the Board of Directors, effective January 2, 2015. Mr. Caliel brings more than 30 years of global sales, management and operating experience to Layne. He will succeed Mr. Brown who assumed the role of CEO on an interim basis in June 2014. Mr. Brown will continue to serve as Chairman of the Board. Mr. Caliel joins Layne after having served as President and CEO (2011-2014) of the Invensys Software and Industrial Automation Division of Invensysplc.

Layne Christensen Company Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended October 31, 2014; Updates Earnings Guidance for the Fourth Quarter of Fiscal Year 2015

Layne Christensen Company announced unaudited consolidated earnings results for the third quarter and nine months ended October 31, 2014. For the quarter, the company reported revenues of $222,906,000 against $201,978,000 a year ago. Loss from continuing operations before income taxes was $9,252,000 against $18,511,000 a year ago. Net loss from continuing operations was $3,708,000 or $0.19 per share basic and diluted against $15,235,000 or $0.79 per share basic and diluted a year ago. Net loss attributable to company was $4,504,000 or $0.23 per share basic and diluted against $15,772,000 or $0.80 per share basic and diluted a year ago. Cash provided by operating activities was $15,890,000 against $1,843,000 a year ago. For the nine months, the company reported revenues of $603,698,000 against $628,411,000 a year ago. Loss from continuing operations before income taxes was $47,339,000 against $63,835,000 a year ago. Net loss from continuing operations was $43,764,000 or $2.28 per share basic and diluted against $117,656,000 or $6.03 per share basic and diluted a year ago. Net loss attributable to company was $87,260,000 or $4.44 per share basic and diluted against $114,371,000 or $5.83 per share basic and diluted a year ago. Cash used in operating activities was $12,573,000 against $3,150,000 a year ago. The company updated earnings guidance for the fourth quarter of fiscal year 2015. The company expects a net loss from continuing operations of between $12.0 million and $12.5 million, which equates to a $0.60 to $0.65 loss per diluted share.

Layne Christensen Company, Q3 2015 Earnings Call, Dec 10, 2014

Layne Christensen Company, Q3 2015 Earnings Call, Dec 10, 2014

Layne Christensen Co. Agrees to Pay About $5.1 Million to Settle Civil Charges of Bribing Government Officials in Africa

Layne Christensen Co. has agreed to pay about $5.1 million to settle civil charges of bribing government officials in Africa in exchange for favorable tax treatment, customs clearance and other improper benefits. The Securities and Exchange Commission announced the settlement with the water management and construction company for the alleged misconduct from 2005 to 2010. Layne Christensen, based in The Woodlands, Texas, neither admitted nor denied wrongdoing. The company agreed to report to the SEC on its progress toward improving compliance.

Layne Christensen Company Pays $5.1 Million in Bribes Accord

Layne Christensen Co. has agreed to pay about $5.1 million to settle civil charges of bribing government officials in Africa in exchange for favorable tax treatment, customs clearance and other improper benefits. The Securities and Exchange Commission announced the settlement with the company for the alleged misconduct from 2005 to 2010. The company, based in The Woodlands, Texas, neither admitted nor denied wrongdoing. The company agreed to report to the SEC on its progress toward improving compliance. Layne reported the violations to the SEC and cooperated with the investigation, and already has started an effort to correct problems. The SEC said Layne received about $3.9 million in improper benefits from the bribes, including some $3.2 million in tax savings. The SEC said the company paid nearly $800,000 to officials in Mali, Guinea and the Democratic Republic of Congo to reduce its tax liability; about $23,000 in cash to police, border patrol agents, immigration officials and labor inspectors in Burkina Faso, Guinea, Tanzania and the Democratic Republic of Congo to move employees and equipment across borders and obtain work permits; and other payments to customs officials in Burkina Faso and the Democratic Republic of Congo. Layne is paying a $375,000 penalty and $3,893,472 in restitution plus $858,720 in interest.

 

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