Layne Christensen CEO says 'extremely disappointed' with Q4 results
Michael Caliel, President and CEO of Layne, commented, "We are extremely disappointed with our fourth quarter performance that was hampered by job losses at Water Resources and Heavy Civil; however we are confident that our recent actions will significantly improve profitability at Water Resources in the fiscal year ending January 31, 2018. Importantly, both Inliner and Mineral Services delivered improved EBITDA during FY 2017. The sale of our Heavy Civil business, which is expected to close in May 2017, will enable us to focus on growing our core water infrastructure businesses, while reducing our overall risk exposure to large construction projects.Over two years ago, we embarked on a program to transform Layne that included a series of strategic, financial, operational and organizational initiatives. I am pleased that we have made significant progress in reshaping our portfolio, reducing our cost structure and positioning Layne for the future. Our objectives for fiscal 2018 are to significantly improve profitability at Water Resources, leverage our strengths at Inliner to further grow the business and take advantage of the emerging levels of activity in the minerals market. We are in the midst of a major transformation of the Company; we recognize there is more work to be done and we are confident that our efforts will be successful."