The Joplin Globe, Joplin, MO

Business

December 6, 2012

Layne Christensen 3Q results mixed, relocating HQ

NEW YORK — Drilling and construction services provider Layne Christensen said Thursday that its fiscal third-quarter net income declined 3 percent as some expenses rose and revenue fell. Earnings from continuing operations topped Wall Street’s view.

The company also announced that it plans to relocate its corporate headquarters to The Woodlands, Texas, near Houston from Mission Woods, Kan.

For the three months ended Oct. 31, Layne Christensen Co. earned $8.5 million, or 43 cents per share. That’s down slightly from $8.8 million, or 45 cents per share, a year earlier.

Earnings from continuing operations were 45 cents per share, matching the prior-year period.

Analysts surveyed by FactSet expected earnings of 41 cents per share.

Depreciation, depletion and amortization expenses increased, along with interest expense.

Revenue dipped 2 percent to $282.9 million from $289.8 million on weaker performances at its inliner, heavy civil and mineral exploration segments.

Wall Street predicted higher revenue of $295.5 million.

Layne Christensen said that its corporate headquarters move is expected to start in the spring and be finished by next winter. The company anticipates charges of about $14 million to $17 million for the relocation.

Chief Operating Officer Jeff Reynolds and Jerry Fanska, senior vice president of finance, have decided not to relocate. Fanska is retiring, but will stay on with the company until a successor is named.  

Reynolds will resign effective Jan. 1, 2013 but will remain on the board of directors. His responsibilities will be given to David Singleton and Gernot Penzhorn. The 53-year-old Singleton was promoted to senior vice president of operations - U.S. The 42-year-old Penzhorn was promoted to senior vice president of operations - international.

Singleton previously served as president of the water resources division, while Penzhorn was president of the mineral exploration unit.

Shares of Layne Christensen added 3 cents to $22.60 in afternoon trading. They have traded in a 52-week range of $17.46 to $26.80.

 

1
Text Only
Business
  • Business US stocks close higher for third day in a row

    Investors drove stock prices to their highest level in a week Wednesday,

    April 16, 2014 1 Photo

  • China’s growth slows to 7.4 percent in 1Q

    China’s economic growth slowed further in the latest quarter but appeared strong enough to satisfy Chinese leaders who are trying to put the country on a more sustainable path without politically dangerous job losses.

    April 16, 2014

  • A look at 3 minority business mentoring programs

    A look at minority business mentoring programs, called accelerators, in three metropolitan areas.

    April 16, 2014

  • Why high oil prices are actually good for airlines

    Airline executives frequently complain about fuel costs. But the truth is higher prices actually have been good for business.

    April 16, 2014

  • Business US stocks open higher; Yahoo soars in early trade

    U.S. stocks moved higher in early trading on Wednesday, extending their gains into a third day. Investors welcomed solid earnings from Yahoo as well as some encouraging news about China’s economy and U.S. factory production.

    April 16, 2014 1 Photo

  • Detroit strikes second deal with its other retirees

    The city of Detroit reached tentative agreements to preserve pensions for retired police office and firefighters but cut monthly payments for other former employees, key deals that could accelerate the largest public bankruptcy in U.S. history, officials said Tuesday.

    April 16, 2014

  • Missouri court expands legal rights for injured workers

    The Missouri Supreme Court has overturned 30 years of precedent with a ruling that gives greater legal protections to injured workers who are fired from their jobs.

    April 15, 2014

  • Immigration activists urge Obama to act boldly

    Latinos and immigration activists are warning of political peril for President Barack Obama and Democrats in the fall election unless the president acts boldly and soon to curb deportations and allow more immigrants to remain legally in the U.S.

    April 15, 2014

  • Farmers off to slow start planting corn crop

    Spring planting across the nation’s Corn Belt is sputtering because the soil remains too soggy or cold for effective seeding.

    April 15, 2014

  • Schreiber Foods schedules Carthage plant expansion

    Plans to expand a Schreiber Foods plant to eventually add 160 new jobs have been endorsed by a Carthage committee working with the company. Andrew Tobish, director of combinations for Schreiber, which is based in Green Bay, Wis., confirmed the project, which he said would be complete by late spring or early summer in 2015.

    April 15, 2014

Poll

The Supreme Court may take up a challenge to an Ohio law that bars false statements about political candidates during a campaign. Do you think false accusations made in the heat of an election should be punished as a crime?

A. Yes.
B. No.
     View Results
Facebook
Twitter Updates
Follow us on twitter
NDN Video
Disbanding Muslim Surveillance Draws Praise Hundreds Missing After South Korean Ferry Sinks Passengers Abuzz After Plane Hits Swarm of Bees Boston Bomb Scare Defendant Appears in Court Pistorius Trial: Adjourned Until May 5 Diaz Gets Physical for New Comedy Raw: Ferry Sinks Off South Korean Coast Town, Victims Remember Texas Blast Freeze Leaves Florida Panhandle With Dead Trees At Boston Marathon, a Chance to Finally Finish Are School Dress Codes Too Strict? Raw: Fatal Ferry Boat Accident Suspicious Bags Found Near Marathon Finish Line Boston Marks the 1st Anniversary of Bombing NYPD Ends Muslim Surveillance Program 8-year-old Boy Gets His Wish: Fly Like Iron Man Sex Offenders Arrested in Slayings of CA Women India's Transgenders Celebrate Historic Ruling Tributes Mark Boston Bombing Anniversary Raw: Kan. Shooting Suspect Faces Judge