Layne Christensen (LAYN) Posts Wider-than-Expected Q2 Loss
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Layne Christensen Reports Second Quarter Fiscal 2016 Financial Results
September 8, 2015 5:20 PM EDTTHE WOODLANDS, Texas, Sept. 8, 2015 /PRNewswire/ --Â Layne Christensen Company (NASDAQ: LAYN) ("Layne" or the "Company") today announced financial and operating results for the fiscal 2016 second quarter ended July 31, 2015 (Q2 FY 2016).
Overview
On August 17, 2015, Layne sold its Geoconstruction business segment for total consideration of approximately $43.0 million, which included an estimate of the business segment's working capital at closing. Financial results for Layne reflect Geoconstruction as discontinued operations for both current and historical periods. Revenues declined 4.2% to $176.3 million in Q2 FY 2016 from $184.1 million in... More