Layne Christensen Co - Annual Report of Employee Stock Plans (11-K)
June 30 2008 - 5:31PM
Edgar (US Regulatory)
FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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þ
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2007
OR
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o
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Commission file number
0-20578
A. Full title of the plan and the address of the plan, if different from that of the issuer
named below:
Layne Christensen Company Capital Accumulation Plan
B. Name of issuer of the securities held pursuant to the plan and the address of its principal
executive office:
Layne Christensen Company
1900
Shawnee Mission Parkway
Mission
Woods, Kansas 66205
LAYNE CHRISTENSEN COMPANY
CAPITAL ACCUMULATION PLAN
Financial Statements as of December 31, 2007 and 2006 and for the Years Then Ended, Supplemental
Schedules as of and for the Year Ended December 31, 2007, and Report of Independent Registered
Public Accounting Firm
LAYNE CHRISTENSEN COMPANY
CAPITAL ACCUMULATION PLAN
TABLE OF CONTENTS
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PAGES
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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1
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FINANCIAL STATEMENTS;
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Statements of Net Assets Available for Benefits as of December 31, 2007 and 2006
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2
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Statements of Changes in Net Assets Available for Benefits for the Years Ended
December 31, 2007 and 2006
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3
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Notes to Financial Statements as of and for the Years Ended December 31, 2007 and 2006
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4 - 9
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SUPPLEMENTAL SCHEDULES:
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Form 5500, Schedule H, Part IV, Line 4i Schedule of
Assets (Held at End of Year) as of December 31, 2007
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10-11
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Form 5500, Schedule H, Part IV, Line 4a Delinquent Participant
Contributions for the Year Ended December 31, 2007
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12
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Note:
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All other schedules required by Section 2520.103-10 of the Department of Labors Rules and
Regulations for Reporting and Disclosures under the Employee Retirement Income Security Act of
1974 have been omitted because they are not applicable.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Administrative Committee of
Layne Christensen Company Capital Accumulation Plan:
We have audited the accompanying statements of net assets available for benefits of Layne
Christensen Company Capital Accumulation Plan (the Plan) as of December 31, 2007 and 2006, and
the related statements of changes in net assets available for benefits for the years then ended.
These financial statements are the responsibility of the Plans management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. The
Plan is not required to have, nor were we engaged to perform, an audit of its internal control over
financial reporting. Our audits included consideration of internal control over financial reporting
as a basis for designing audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the Plans internal control over
financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material respects, the net assets
available for benefits of the Plan as of December 31, 2007 and 2006, and the changes in net assets
available for benefits for the years then ended in conformity with accounting principles generally
accepted in the United States of America.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements
taken as a whole. The supplemental schedules listed in the table of contents are presented for the
purpose of additional analysis and are not a required part of the basic financial statements, but
are supplementary information required by the Department of Labors Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These schedules
are the responsibility of the Plans management. Such schedules have been subjected to the auditing
procedures applied in our audit of the basic 2007 financial statements and, in our opinion, are
fairly stated in all material respects when considered in relation to the basic financial
statements taken as a whole.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
June 27, 2008
Kansas City, Missouri
1
LAYNE CHRISTENSEN COMPANY CAPITAL ACCUMULATION PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2007 AND 2006
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2007
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2006
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ASSETS:
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INVESTMENTS, at fair value:
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Participant-directed investments:
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Common/collective trust fund
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$
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18,843,818
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$
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17,477,207
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Mutual funds
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64,294,166
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57,062,948
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Layne Christensen Company stock account
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6,559,781
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4,422,154
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Participant loans
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2,112,403
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1,916,690
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Total investments, at fair value
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91,810,168
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80,878,999
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RECEIVABLES:
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Employee contributions
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306,403
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190,664
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Employer contributions
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158,378
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92,625
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Accrued income
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18,373
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16,253
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Total receivables
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483,154
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299,542
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CASH
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620
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17,495
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Total assets
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92,293,942
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81,196,036
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LIABILITIES -
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Accrued expenses
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26,250
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29,750
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Total liabilities
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26,250
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29,750
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NET ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE
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92,267,692
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81,166,286
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Adjustments from fair value to contract value for fully benefit-
responsive investment contracts
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174,605
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331,945
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NET ASSETS AVAILABLE FOR BENEFITS
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$
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92,442,297
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$
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81,498,231
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See Notes to Financial Statements.
2
LAYNE CHRISTENSEN COMPANY CAPITAL ACCUMULATION PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
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2007
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2006
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ADDITIONS:
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Investment income:
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Interest and dividend income
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$
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5,467,862
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$
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4,199,038
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Net appreciation in fair value
of investments
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2,159,012
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4,511,906
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Net investment income
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7,626,874
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8,710,944
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Contributions:
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Participant
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6,462,241
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5,376,310
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Employer
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3,258,344
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2,630,772
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Rollover
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1,324,412
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245,082
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Total contributions
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11,044,997
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8,252,164
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Transfer from other Plans
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115,135
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TOTAL ADDITIONS
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18,787,006
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16,963,108
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DEDUCTIONS:
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Withdrawals and terminations
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7,808,045
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5,885,045
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Administrative expenses
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34,895
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51,511
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TOTAL DEDUCTIONS
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7,842,940
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5,936,556
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INCREASE IN NET ASSETS
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10,944,066
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11,026,552
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NET ASSETS AVAILABLE FOR BENEFITS
AT BEGINNING OF YEAR
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81,498,231
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70,471,679
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NET ASSETS AVAILABLE FOR BENEFITS
AT END OF YEAR
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$
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92,442,297
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$
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81,498,231
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See Notes to Financial Statements.
3
LAYNE CHRISTENSEN COMPANY CAPITAL ACCUMULATION PLAN
NOTES TO FINANCIAL STATEMENTS AS OF AND FOR THE
YEARS ENDED DECEMBER 31, 2007 AND 2006
(1)
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DESCRIPTION OF PLAN
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The following brief description of the Layne Christensen Company Capital Accumulation Plan (the
Plan) is provided for general information purposes only. Participants should refer to the
Plan document for more complete information.
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(a)
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General
The Plan is a defined contribution plan and is administered by
Layne Christensen Company and an Administrative Committee comprised of individuals
appointed by the Layne Christensen Company Board of Directors. Merrill Lynch Trust Company
(Merrill Lynch) serves as the Plans trustee. The Plan is subject to the provisions set
forth in the Employee Retirement Income Security Act of 1974 (ERISA), as amended.
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(b)
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Eligibility
Salaried and certain hourly employees of Layne Christensen
Company and its subsidiaries (the Company) become eligible for membership in the Plan
after completion of three months of service.
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(c)
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Contributions
Employee contributions are voluntary. Employees may make a
basic (pre-tax) contribution of at least 1% up to limitations imposed by the Internal
Revenue Service (IRS). After-tax contributions are not permitted after November 30,
1986. Effective January 2002, employees age 50 or older who make the maximum allowable
pre-tax contribution to the Plan, are entitled to make an additional catch-up
contribution in accordance with the Plan documents.
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Participants are eligible for a matching contribution immediately upon electing to make
a basic contribution. Each plan year the Company may make a matching contribution as
follows: 1) 100 percent of the participants basic contributions to the extent that
such basic contributions do not exceed 3 percent of the participants compensation; and
2) 50 percent of the participants basic contributions to the extent that such basic
contributions exceed 3 percent but do not exceed 5 percent of the participants
compensation. Additionally, employees as of the end of the Plan year who have completed
at least two years of service at that time are eligible to receive an allocation of the
Company profit sharing contribution. This discretionary contribution is determined
annually by the Board of Directors of the Company and is based on a stated percentage,
if any, of participants
eligible compensation.
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(d)
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Investment Options
The Plan has eighteen types of investment funds
available through Merrill Lynch including a company stock account, a common/collective
trust fund and sixteen mutual funds. Of the eighteen types of investment kinds
available on an ongoing basis, eleven are considered core investment options while
the remaining seven represent an expanded group of funds available to participants who
wish to invest beyond the core offerings.
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Participants may allocate their elected deferral percentage to any or all of the funds in 1%
increments. Participants may change their allocation between funds any time during the year.
Company contributions are allocated to the funds in proportion with the participants elected
deferral percentage at the time of contribution.
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(e)
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Participant Accounts and Vesting
Investment income is allocated on a daily basis
among the Plan members who are participants of the Plan. The income allocation is made in
proportion to the amount each participants account bears to the aggregate amount of all such
accounts. After January 1, 2000, participant contributions, Company matching contributions,
Company profit sharing contributions and earnings thereon are fully vested at all times and
are not subject to forfeiture for any reason. Upon distribution, forfeitures from employer
contributions made prior to January 1, 2000 become available to the Company and are fully
applied toward employer contributions. At December 31, 2007 and 2006, forfeited non-vested
accounts totaled $8,179 and $5,962, respectively. No forfeitures were utilized during 2007
and 2006.
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(f)
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Loans to Participants
Participants may borrow from their fund accounts a minimum
of $1,000 up to a maximum of $50,000, not to exceed 50% of their vested employee deferral
account balance. Loan transactions are treated as a transfer between the investment funds and
the loan fund. Loan terms for repayment shall be no less than one year and no greater than
five years, unless the loan qualifies as a home loan, for which repayment terms may be up to
15 years. Loans are secured by assignment of 50% of the vested amount of the participants
account and bear interest at a rate equal to the prime rate. Principal and interest are paid
ratably through payroll deductions.
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Participants eligible for a withdrawal as a result of financial hardship may request that all
or a portion of their supplemental (after-tax) and basic (pre-tax) account be distributed. IRS
regulations define severe financial hardship as a condition caused by the need for funds
required for the purchase of or eviction from a familys principal residence, college
education for employees dependent children, self or spouse, or for major uninsured family
medical expenses. The Administrative Committee must approve any such hardship withdrawals. The
loan provision must be exhausted prior to applying for a hardship withdrawal.
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(g)
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Payment of Benefits
Upon termination of employment or retirement, the participant,
or in the case of death, the surviving spouse, can elect to receive the participants account
balance in a single lump sum or in installments. Account balances which do not exceed $5,000
may be paid in a single lump sum upon termination. Effective March 28, 2005, in the event of
a mandatory distribution greater than $1,000 but not more than $5,000 that is made in
accordance with the provisions of the Plan providing for an automatic distribution to a
Participant without the Participants consent, if the Participant does not elect to have such
distribution paid directly to an eligible retirement plan specified by the Participant in a
direct rollover (in accordance with the direct rollover provisions of the Plan) or to receive
the distribution directly, then the Administrator shall pay the distribution in a direct
rollover to an individual retirement plan designated by the Administrator. Participants with
an account balance of greater than $5,000 can elect to indefinitely maintain their account
balance within the Plan.
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(2)
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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(a)
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Basis of Accounting
The accompanying financial statements have been
prepared in accordance with accounting principles generally accepted in the United States
of America.
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(b)
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Use of Estimates
The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of net
assets available for benefits and changes therein. Actual results could differ from these
estimates.
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(c)
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Risk and Uncertainties
The Plan utilizes various investment instruments.
Investment securities, in general, are exposed to various risks, such as interest rate,
credit, and overall market volatility. Due to the level of risk associated with certain
investment securities, it is reasonably possible that changes in values of investment
securities will occur in the near term and that such change could materially affect the
amounts reported in the financial statements.
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(d)
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Investment Valuation and Income Recognition
The Plans investments are
stated at fair value. The common/collective trust fund is stated at estimated fair value
as determined by the issuer of the common/collective trust fund based on the fair market
value of the underlying investments. Shares of mutual funds are valued at quoted market
prices which represent the net asset values of shares held by the Plan at year end. The
Plans investment in the Layne Christensen Company Stock Account is valued at quoted
market prices as determined by closing sales prices reported on the last business day of
the year. Participant loans are valued at outstanding principal balances due which
approximate fair value. Purchases and sales of securities are recorded on a trade date
basis. Interest income is recorded on the accrual basis. Dividends are recorded on the
ex-dividend date.
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In accordance with Financial Accounting Standards Board Staff Position, FSP AAG INV-1
and SOP 94-4-1,
Reporting of Fully Benefit-Responsive Contracts Held by Certain
Investment Companies Subject to the AICPA Investment Company Guide and
Defined-Contribution Health and Welfare and Pension Plans
(the FSP), the statements of
net assets available for benefits present an investment contract at fair value, as well
as an additional line item showing an adjustment of the fully benefit-responsive
contract from fair value to contract value. The statements of changes in net assets
available for benefits is presented on a contract value basis and is not affected by the
FSP. Fair value of the contract is calculated by discounting the related cash flows
based on current yields of similar instruments with comparable durations.
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The Retirement Preservation Trust is a stable value fund that is a commingled pool of
the Retirement Preservation Trust for Employee Benefit Plans. The fund may invest in
fixed interest insurance investment contracts, money market funds, corporate and
government bonds, mortgage-backed securities, bond funds, and other fixed income
securities. Participants may ordinarily direct the withdrawal or transfer of all or a
portion of their investment at contract value. Contract value represents contribution
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made to the fund, plus earnings, less participant withdrawals.
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Management fees and operating expenses charged to the Plan for the Plans investments
are deducted from income earned on a daily basis and are not separately reflected.
Consequently, management fees and operating expenses are reflected as a reduction of
investment return for such investments.
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(e)
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Administrative Expenses
Most administrative costs (e.g., investment
transaction fees, trustee fees, record keeping fees, and audit fees) are paid by the
Plan. Other costs are paid by the Company.
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(f)
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Payment of Benefits
Benefit payments to participants are recorded upon
distribution. At December 31, 2007 there were no benefits payable. At December 31, 2006,
amounts allocated to accounts of persons who have elected to withdraw from the Plan but
have not yet been paid were $25,587.
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(g)
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Transfer in from American Water Services, Inc. 401(k) Plan
Effective
January 27, 2007, the loan balance of certain participants in the American Water
Services, Inc. 401(k) Plan (American Water Plan) were transferred into the Plan. As a
result of this transfer, American Water Plan assets totaling $115,135 were transferred
into the Plan.
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(h)
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New Accounting Pronouncements
In September 2006, the FASB issued
Statement on Financial Accounting Standards No. 157 (SFAS No. 157), Fair Value
Measurements. SFAS No. 157 establishes a single authoritative definition of fair value,
sets a framework for measuring fair value and requires additional disclosures about fair
value measurements. SFAS No. 157 is effective for financial statements issued for fiscal
years beginning after November 17, 2007. Plan management has not completed the process of
evaluating the impact that will result from adopting SFAS No. 157. Plan management is
therefore unable to disclose the impact that adopting SFAS No. 157 will have on its net
assets available for benefits and changes in net assets available for benefits when such
statement is adopted.
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The Plans investments that represented 5% or more of the Plans net assets available for
benefits as of December 31, 2007 and 2006, are as follows:
7
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2007
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2006
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Retirement Preservation Trust
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$
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18,843,818
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$
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17,477,207
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PIMCO Total Return Fund
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8,539,925
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5,925,504
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Davis New York Venture Fund
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12,721,210
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12,003,645
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Blackrock Basic Value Fund A
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11,333,936
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11,372,153
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Blackrock Balanced Capital Fund A
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6,816,848
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6,817,869
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Layne Christensen Company Stock
Account
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6,559,781
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4,422,154
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Managers International Equity Fund
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5,308,656
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4,676,889
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American Growth Fund of America
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5,305,345
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During the year ended December 31, 2007 and 2006, the Plans investments (including gains and
losses on investments bought and sold, as well as held during the year) appreciated (depreciated)
in value as follows:
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2007
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2006
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Common stock
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$
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2,330,096
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$
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1,011,217
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Mutual funds
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(171,084
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3,500,689
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Net appreciation in fair value of
investments
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$
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2,159,012
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$
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4,511,906
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(4)
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PLAN TERMINATION
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Although it has not expressed any intention to do so, the Company has the right under the Plan
to discontinue its contributions at any time or to terminate the Plan subject to the provisions
set forth in ERISA.
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(5)
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FEDERAL INCOME TAX STATUS
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The IRS has determined and informed the Company by a letter dated September 26, 2002, that the
Plan is qualified and the trust established under the Plan is tax-exempt, under the appropriate
sections of the Internal Revenue Code (IRC). The Plan has been amended since receiving the
determination letter; however, the Company and plan administrator believe that the Plan is
designed and is currently being operated in compliance with the applicable requirements of the
IRC. Therefore, the plan administrator believes that the Plan is qualified and the related
trust continues to be tax-exempt, and no provision for income tax has been included in the
Plans financial statements.
|
|
(6)
|
|
RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
|
|
|
|
The following is a reconciliation of the net assets available for benefits per the financial
statements at December 31, 2006 to the Form 5500:
|
8
|
|
|
|
|
|
|
2006
|
|
Net assets available for benefits per the
financial statements
|
|
$
|
81,498,231
|
|
Amounts allocated to withdrawing participants
|
|
|
(25,587
|
)
|
|
|
|
|
Net assets available for benefits per the
Form 5500
|
|
$
|
81,472,644
|
|
|
|
|
|
The following is a reconciliation of benefits paid to participants per the financial
statements for the years ended December 31, 2007 and 2006 to the Form 5500:
|
|
|
|
|
|
|
|
|
|
|
|
2007
|
|
|
2006
|
|
Benefits paid to participants per the financial
statements
|
|
$
|
7,808,045
|
|
|
$
|
5,885,045
|
|
Add: Amounts allocated to withdrawing
participants at end of year
|
|
|
|
|
|
|
25,587
|
|
Less: Amounts allocated to withdrawing
participants at beginning of year
|
|
|
(25,587
|
)
|
|
|
(15,899
|
)
|
|
|
|
|
|
|
|
Benefits paid to participants per Form 5500
|
|
$
|
7,782,458
|
|
|
$
|
5,894,733
|
|
|
|
|
|
|
|
|
(7)
|
|
EXEMPT PARTY-IN-INTEREST TRANSACTIONS
|
|
|
|
Certain Plan investments are shares of mutual funds and units in a common collective trust fund
managed by Merrill Lynch. Merrill Lynch is the trustee as defined by the Plan and, therefore,
these transactions qualify as exempt party-in-interest transactions.
|
|
|
|
The Layne Christensen Company Stock Account includes transactions that also qualify as exempt
party-in-interest transactions. At December 31, 2007 and 2006, the Plan held 133,302 and
134,699 shares, respectively, of common stock of Layne Christensen Company, the sponsoring
employer, with a cost basis of $2,193,429 and $1,753,638, respectively. There was no dividend
income recorded by the Plan during the years ended December 31, 2007 and 2006.
|
|
(8)
|
|
NONEXEMPT PARTY-IN-INTEREST TRANSACTIONS
|
|
|
|
Layne Christensen Company remitted the March 30, 2007 contributions of $16,692 to the trustee
on April 23, 2007, which was later than required by Department of Labor (DOL) Regulation
2510.3-102. The Company filed Form 5330 with the IRS and paid excise tax on the transaction. In
addition, participant accounts were credited with the amount of the investment income that
would have been earned had the participant contribution been remitted on a timely basis.
|
* * * * * *
9
LAYNE CHRISTENSEN COMPANY CAPITAL ACCUMULATION PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i-SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2007
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
|
(e)
|
|
|
|
|
|
Description of Investment including maturity
|
|
|
|
|
|
|
|
Identity of Issuer, Borrower, Lessor or
|
|
date, rate of interest, collateral, par or
|
|
|
|
|
|
|
|
Similar Party
|
|
maturity value
|
|
Cost
|
|
Current Value
|
|
*
|
|
Layne Christensen
|
|
Layne Christensen Company Stock Account
Common Stock (133,302 shares)
|
|
**
|
|
$
|
6,559,781
|
|
*
|
|
Merrill Lynch
|
|
Retirement Preservation Trust
Common/Collective Trust (19,018,423 units)
|
|
**
|
|
|
18,843,818
|
|
|
|
Managers
|
|
Managers International Equity Fund
Mutual Fund (68,872 shares)
|
|
**
|
|
|
5,308,656
|
|
|
|
American
|
|
American Growth Fund of America
Mutual Fund (158,274 shares)
|
|
**
|
|
|
5,305,345
|
|
|
|
Nationwide
|
|
Nationwide Small Cap Fund
Mutual Fund (26,607 shares)
|
|
**
|
|
|
423,314
|
|
|
|
Phoenix
|
|
Phoenix Mid-Cap Value Fund
Mutual Fund (13,870 shares)
|
|
**
|
|
|
325,116
|
|
|
|
Franklin
|
|
Franklin Small-Mid Capital Growth Fund
Mutual Fund (86,653 shares)
|
|
**
|
|
|
3,068,394
|
|
|
|
John Hancock
|
|
John Hancock Health Sciences Fund
Mutual Fund (16,676 shares)
|
|
**
|
|
|
583,661
|
|
|
|
Blackrock
|
|
Blackrock Basic Value Fund A
Mutual Fund (382,258 shares)
|
|
**
|
|
|
11,333,936
|
|
|
|
Blackrock
|
|
Blackrock Balance Capital Fund A
Mutual Fund (260,384 shares)
|
|
**
|
|
|
6,816,848
|
|
|
|
Blackrock
|
|
Blackrock High Income Fund A
Mutual Fund (98,152 shares)
|
|
**
|
|
|
485,851
|
|
|
|
Blackrock
|
|
Blackrock Pacific Fund A
Mutual Fund (44,534 shares)
|
|
**
|
|
|
1,257,631
|
|
|
|
PIMCO
|
|
PIMCO Total Return Fund
Mutual Fund (798,870 shares)
|
|
**
|
|
|
8,539,925
|
|
|
|
Blackrock
|
|
Blackrock S&P 500 Index I
Mutual Fund (160,884 shares)
|
|
**
|
|
|
2,897,519
|
|
(Continued)
10
LAYNE CHRISTENSEN COMPANY CAPITAL ACCUMULATION PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i-SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2007
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
|
(e)
|
|
|
|
|
|
Description of Investment including maturity
|
|
|
|
|
|
|
|
Identity of Issuer, Borrower, Lessor or
|
|
date, rate of interest, collateral, par or
|
|
|
|
|
|
|
|
Similar Party
|
|
maturity value
|
|
Cost
|
|
Current Value
|
|
|
|
Seligman
|
|
Seligman Communications and Information Fund
Mutual Fund (40,307 shares)
|
|
**
|
|
|
1,539,712
|
|
|
|
|
Blackrock Global Resources
Portfolio
|
|
Blackrock Global Resources Portfolio
Mutual Fund (51,881 shares)
|
|
**
|
|
|
3,030,352
|
|
|
|
|
Pioneer
|
|
Pioneer Europe Select Equity
Mutual Fund (19,179 shares)
|
|
**
|
|
|
656,696
|
|
|
|
|
Davis New York
|
|
Davis New York Venture Fund
Mutual Fund (317,951 shares)
|
|
**
|
|
|
12,721,210
|
|
|
|
|
Plan Participants
|
|
Participant Promissory Notes
Interest rates ranging from 4% to 9.25%;
maturity dates through July 2021.
|
|
|
|
|
2,112,403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS
|
|
|
|
|
|
$
|
91,810,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Indicates party-in-interest to the Plan.
|
|
**
|
|
Cost information is not required for participant-directed investments and, therefore, is not
included.
|
(Concluded)
11
LAYNE CHRISTENSEN COMPANY CAPITAL ACCUMULATION PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4a-DELINQUENT PARTICIPANT CONTRIBUTIONS
FOR THE YEAR ENDED DECEMBER 31, 2007
Question 4a Did the employer fail to transmit to the plan any participant contributions within the time period descibed
in 29 CFR 2510.3-102, was answered yes
|
|
|
|
|
|
|
|
|
Identity to party
|
|
Relationship tp Plan, Employer,
|
|
|
|
|
Involved
|
|
or other Party-in-interest
|
|
Description of Transaction
|
|
Amount
|
Layne Christensen Company
|
|
Employer/ Plan Sponsor
|
|
Participant contributions for employees were not funded within
the time period prescribed by D.O.L. Regulation 2510.3-102
The March 30, 2007 participant contribution was deposited on
April 23, 2007.
|
|
$
|
16,692
|
|
12
SIGNATURES
The Plan.
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees
(or other persons who administer the employee benefit plan) have duly caused this annual report to
be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
|
|
|
|
|
LAYNE CHRISTENSEN COMPANY CAPITAL
ACCUMULATION PLAN
|
|
|
|
|
|
|
|
|
|
DATE: June 30, 2008
|
|
By Layne Christensen Company
|
|
|
|
|
|
|
|
|
|
|
|
By
|
|
/s/ Jerry W. Fanska
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jerry W. Fanska
Sr. Vice President Finance - Treasurer
|
|
|
13
EXHIBIT INDEX
|
|
|
|
|
Exhibit
|
|
|
|
|
Number
|
|
Description of Documents
|
|
Page
|
|
|
|
|
|
|
23
|
|
Consent of Independent Registered Public
Accounting Firm
|
|
15
|
14
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