Known for its water systems and water treatment know-how,
Layne Christensen Company (
) is a global water management, construction and drilling company
that explores and builds infrastructure for water, mineral and
energy resources. Operating on a decentralized basis, the company
has approximately 80 offices located in the United States as well
as in Australia, Africa, Mexico, Canada, Brazil and Italy.
As of April 4, 2013, GAMCO Investors' Chairman and Chief
position by 11.87%, with total shares at 1,583,862. This latest
add impacts his portfolio by 0.03%. The current LAYN share price
As a drilling company, Layne Christensen Company (
) has four primary markets: water-related products and services,
mineral exploration drilling, geotechnical construction and oil
and gas production and services. Layne Christensen's customer
base includes municipalities, investor-owned water utilities,
industrial companies, global mining companies, consulting
engineering firms, heavy civil construction contractors, oil and
gas companies, as well as agribusiness.
Last month the company reported revenues of approximately $230
million, fourth quarter fiscal 2013, preliminary. The company
expects losses (before income taxes in fourth quarter fiscal
2013) to be between $34 million and $38 million. President and
CEO of Layne Christensen, Rene J. Robichaud explained, "In our
Mineral Exploration segment we have been able to significantly
reduce operating costs in response to the moderation of the
global commodity super-cycle that has driven results for the last
several years. In the last few months, many of our customers have
cut back on exploration programs, especially in Australia and
Africa, as they adjust to world economic changes and in some
cases work through the integration of large acquisitions. Our
opinion is that this market will be soft for the first half of FY
2014, but could begin to rebound in the second half of this year
as long as gold and copper prices remain stable."
Robichaud cited losses incurred from the company's Heavy Civil
project that were much greater than expected, and from two of its
divisions Water Resources and Energy Services, as well as losses
from operations. Robichaud also said that company has taken
significant steps to address the impact of these losses, and that
it intends to generate approximately $20 million in the upcoming
months with non-strategic asset sales.
In Gabelli's history with LAYN, the investor Guru shows an
average cost of $22 per share, with an overall 7% loss as of
quarter ending Dec. 31. 2012.
His holding history:
Layne Christensen Company (
) has grown revenue at an annual rate of 10.6%, EBITDA at 10.3%
and book value at 16.2% over the last 10 years. The company has a
market cap of $407.7million. The P/B ratio is 0.9, and the P/S
ratio is 0.3525. LAYN stock is down 7% over 12 months, and 17%
year to date.
Here's a detailed analysis of LAYN.
As of April 5, 2013, the GAMCO Investors portfolio managed by
Gabelli shows 792 stocks with a total value of $13.61 billion,
and a quarter-over-quarter turnover of 6%.
Here's a look at Mario Gabelli's recent top buys, sells, and
Here's what other top investors Gurus are doing with LAYN.
GuruFocus "Real Time Picks" reports the stock purchases and sales
that Gurus have made within the prior 2 weeks. The report time
lag can be as short as 2 days after the date of the transaction.
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