Layne Christensen reports preliminary Q4 cont ops net loss ($35M)-($33M)
Two EPS estimates (12c). Says "included in the FY17 year loss is a non-cash charge of approximately $12M related to the cumulative currency translation adjustment in association with the closure of Layne's African and Australian businesses." Reports preliminary Q4 revenue $127M-$131M, two estimates $154.5M. Says revenue decline "mainly due to reduced Water Resources' drilling activity in the western U.S., stemming largely from significant precipitation over the course of the past year, and Heavy Civil's continuing shift towards more selective opportunities." Reports preliminary Q4 adjusted EBITDA ($9M)-($7M). Says "despite strong performance at Inliner, we are extremely disappointed with our 2017 fiscal Q4 results as a result of the underperformance in our Water Resources division. Water Resources' margins were impacted by a combination of execution issues on six large projects that incurred losses of more than $5M during the recently-completed fourth quarter, as well as reduced activity in California. We have been proactive in addressing this situation and are in the midst of significantly enhancing our project management processes in Water Resources to improve overall risk management and profitability."