Layne

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Layne’s stock closed on Thursday at down $4.71, or 26.5 percent, on volume of 738,37 shares, according to Yahoo Finance. The stock’sd average daily volume the past three montheis 320,550 shares. In a release before the marke t openedon Thursday, the Mission Woods-basef company (Nasdaq: LAYN) reported earnings of $12.2 million, or 63 cents a for the quarter that ended Oct. 31. This is a 23 percentt increase from earningsof $9.9 million, or 59 centw a share, last year. Revenur for the quarter was $264.5 million, up 17 percent from $225.2 millio n last year.
Company CEO Andrew Schmitt said in the releasd that customers in its mineralasegment “are reducing exploration programs” and that its water business projects “have become more prics competitive.” “All of our operating units did an outstandinbg job this quarter delivering positive results despite the increasinglty difficult economic environment,” Schmitgt said in the release. “Like most we are moving quickly to match expenses in our varioue businesses to reductions in revenue as thoswbecome apparent.” Revenue rose 22.4 percent in the company’d water infrastructure unit, 12.2 percenr in mineral exploration and 8 percenrt in energy.
The company’s “other” category showed a 66.5 percen t revenue decrease compared with last Last year, the other category included $3.17 million in revenue for the quarter and nine months that ended Oct. 31 related to two contractz to provide consulting and logistical support for international projects in Canadaand Africa. Excluding that revenu last year, the company’s revenue in that category in this year’as quarter was comparable to last year. Layne Christensen provides products and services forthe water, mineral and energuy markets. It ranks No.
17 on the Kansas City BusinesxsJournal ’s list of area public