Layne Christensen Announces New Contracts Valued At Approximately $90 Million

Aug 04, 2015, 07:00 ET from Layne Christensen Company

THE WOODLANDS, Texas, Aug. 4, 2015 /PRNewswire/ -- Layne Christensen Company (NASDAQ: LAYN) ("Layne" or the "Company") today announced a number of significant new contracts signed during the Company's fiscal second quarter ended July 31, 2015 with an aggregate value of approximately $90 million.   These contracts, which do not represent all bookings during the quarter, were awarded to Layne's Water Resources, Inliner, Heavy Civil and Mineral Services divisions.  The majority of these projects are expected to be completed within the next twelve months and include a water main extension for a Georgia utility authority, a Cured-in-Place pipe renewal for a municipal sewer system, a design-build contract for construction of a power plant water supply, a water treatment solution for a food and beverage customer, and a water supply contract for a mining customer. 

Michael J. Caliel, President and Chief Executive Officer of Layne, commented, "These contracts reflect the success of our ongoing business development efforts and the strength of our water management offerings.  We also continue to sign new contracts for work with agricultural customers in California's Central Valley.  Layne's experience, expertise, and tailored solutions are trusted resources for corporate and municipal clients working to address a multitude of water management issues.

"Separately, the previously-announced sale of our Geoconstruction business segment to a subsidiary of Keller Foundations LLC is progressing and we expect to close the transaction during our fiscal third quarter."

Layne Christensen Company

Layne is a global water management, construction and drilling company, providing responsible solutions to the world of essential natural resources — water, mineral and energy. We offer innovative, sustainable products and services with an enduring commitment to safety, excellence, and integrity.

Forward-Looking Statements 

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. Such statements may include, but are not limited to, statements of plans and objectives, statements of future economic performance and statements of assumptions underlying such statements, and statements of management's intentions, hopes, beliefs, expectations or predictions of the future. Forward-looking statements can often be identified by the use of forward-looking terminology, such as "should," "intended," "continue," "believe," "may," "hope," "anticipate," "goal," "forecast," "plan," "estimate" and similar words or phrases.  Our actual results and performance may materially and adversely differ from those contemplated by the forward-looking statements in this press release for many reasons, many of which are beyond our control, including, but not limited to, assumptions regarding the markets in which we operate and our ability to execute on our business strategy.  In addition, our business in general is subject to certain risks, uncertainties and assumptions, including, but not limited to, the following: unanticipated slowdowns in the Company's major markets; the availability of credit; the risks and uncertainties normally incident to the construction industry; the impact of competition; the effectiveness of operational changes expected to increase efficiency and productivity; worldwide economic and political conditions; foreign currency fluctuations that may affect worldwide results of operations; and the ability to timely obtain all of the consents and approvals and satisfy all of the other closing conditions to the sale of the Geoconstruction business segment.  Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially and adversely from those anticipated, estimated or projected.  These forward-looking statements are made as of the date of this press release, and except as may be required by law, the Company assumes no obligation to update such forward-looking statements or to update the reasons why actual results could differ materially from those anticipated in such forward-looking statements.

Contacts

Layne Christensen Company Michael J. Caliel President & CEO 281-475-2690 michael.caliel@layne.com

Michael Anderson Chief Financial Officer 281-475-2670 michael.anderson@layne.com

Dennard Lascar Associates Ken Dennard/Jack Lascar 713-529-6600 ken@dennardlascar.com jlascar@dennardlascar.com

 

SOURCE Layne Christensen Company