Layne Chris­tensen an­nounces profit

The Kansas City Star (Sunday) - - FROM THE COVER | -

The com­pany earned $2.4 mil­lion in the fi­nal quar­ter and $1.4 mil­lion for the full fis­cal year.

Layne Chris­tensen Co. on Tues­day posted a profit for its fi­nal quar­ter of fis­cal 2010 that ex­ceeded an­a­lyst es­ti­mates.

The Mis­sion Woods-based com­pany earned $2.4 mil­lion, or 12 cents a share, on $227.2 mil­lion in rev­enues for the three months that ended Jan. 31.

Ex­clud­ing charges, Layne’s net in­come would have been $5.4 mil­lion, or 28 cents a share.

An­a­lysts on av­er­age had fore­cast Layne to earn 25 cents a share on $208 mil­lion in rev­enues.

The fis­cal 2010 fourth quar­ter also re­versed a loss re­ported for the same pe­riod in the pre­vi­ous year. At that time Layne lost $11.4 mil­lion, or 59 cents a share, on $229.4 mil­lion in sales.

Layne pro­vides prod­ucts and ser­vices for the wa­ter, min­eral ex­plo­ration and en­ergy mar­kets.

The com­pany’s fourth-quar­ter per­for­mance helped it re­port a small profit for the full fis­cal year. Layne earned $1.4 mil­lion, or 7 cents a share, on $866.4 mil­lion in rev­enues.

In fis­cal 2009, Layne earned $26.2 mil­lion, or $1.37 a share, on $1 bil­lion in rev­enues.

An­drew Sch­mitt, Layne’s pres­i­dent and chief ex­ec­u­tive, said Layne’s smaller units per­formed well while the com­pany’s wa­ter and min­eral ex­plo­ration divi­sion were hurt by the weak econ­omy.

“Next year we are looking to our legacy wa­ter and min­eral ex­plo­ration busi­nesses to re­cap­ture some of their earn­ings that all but dis­ap­peared in fis­cal 2010,” he said in a state­ment. “Our chal­lenge will be that the soft­ness will shift to our en­ergy and other wa­ter in­fra­struc­ture busi­nesses.”

Layne’s stock fell 47 cents, clos­ing at $27.70 a share. | Ran­dolph Heaster, [email protected]­star.com.

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