Layne Christensen Company (LAYN) saw its loss widen to $33.08 million, or $1.67 a share for the quarter ended Jan. 31, 2017. In the previous year period, the company reported a loss of $16.62 million, or $0.84 a share.
Revenue during the quarter dropped 18.60 percent to $129.62 million from $159.24 million in the previous year period. Gross margin for the quarter contracted 571 basis points over the previous year period to 10.98 percent. Operating margin for the quarter stood at negative 24.13 percent as compared to a negative 5.72 percent for the previous year period.
Operating loss for the quarter was $31.28 million, compared with an operating loss of $9.11 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $7.72 million compared with $3.50 million in the prior year period. At the same time, adjusted EBITDA margin stood at negative 5.96 percent for the quarter compared to 2.20 percent in the last year period.
Michael J. Caliel, president and chief executive officer 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."
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