Layne Christensen Company (LAYN) saw its loss widen to $22.90 million, or $1.15 a share for the quarter ended Apr. 30, 2017. In the previous year period, the company reported a loss of $8.80 million, or $0.45 a share. Revenue during the quarter dropped 7.58 percent to $111.51 million from $120.65 million in the previous year period. Gross margin for the quarter expanded 307 basis points over the previous year period to 22.62 percent. Operating margin for the quarter period stood at positive 0.60 percent as compared to a negative 3.31 percent for the previous year period.
However, the adjusted EBITDA for the quarter stood at $9.61 million compared with $4.33 million in the prior year period. At the same time, adjusted EBITDA margin improved 503 basis points in the quarter to 8.62 percent from 3.59 percent in the last year period.
Michael J. Caliel, President and Chief Executive Officer of Layne, commented, “We are encouraged with the significant financial improvement we delivered in the first quarter that was led by continuing strength at Inliner, further reductions in SG&A costs, and significantly improved activity and profitability at Mineral Services. Further, the improvements underway at Water Resources to stem project losses we incurred in the last half of fiscal year 2017 led to meaningful sequential improvement for the division.
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