UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 14, 2016
LAYNE CHRISTENSEN COMPANY
(Exact name of registrant as specified in its charter)
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Delaware |
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001-34195 |
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48-0920712 |
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(I.R.S. Employer
Identification No.) |
1800 Hughes Landing Blvd., Ste. 800
The Woodlands, Texas 77380
(Address of principal executive office)(Zip Code)
(281) 475-2600
(Registrants telephone number, including area code)
Not Applicable
(Former
name or former address, if changed since last report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01. |
Regulation FD Disclosure. |
Layne Christensen Company (the Company) is
furnishing presentation materials regarding the Companys business and financial performance that it intends to use, in whole or in part, at the 28th Annual ROTH Conference to be held in
Laguna Niguel, California on March 13-16, 2016. The presentation to be used during this conference is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The Company is not undertaking to update this presentation.
The information contained in this current report on Form 8-K, including the exhibit, is being furnished and shall not be deemed
filed for the purposes of or otherwise subject to liabilities under Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference into the filings of the Company under the
Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibit. The following is furnished as an exhibit to this
Current Report on Form 8-K:
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Exhibit Number |
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Description of Exhibit |
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Exhibit 99.1 |
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Investor presentation. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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LAYNE CHRISTENSEN COMPANY |
(Registrant) |
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By: |
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/s/ J. Michael Anderson |
J. Michael Anderson |
Sr. VP and Chief Financial Officer |
Date: March 14, 2016
3
![Slide 1 Slide 1](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s1g1.jpg)
March 2016 LAYNE CHRISTENSEN 28th
Annual ROTH Conference Exhibit 99.1
![Slide 2 Slide 2](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s2g1.jpg)
Safe Harbor This presentation may
contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements of plans and objectives, statements of future economic performance and
statements of assumptions underlying such statements, and statements of management's intentions, hopes, beliefs, expectations or predictions of the future. Forward-looking statements can often be identified by the use of forward-looking terminology,
such as "should," "intend," "continue," "believe," "may," "hope," "anticipate," "goal," "forecast," "plan," "estimate" and similar words or phrases. Such statements are based on current expectations and are subject to certain risks, uncertainties
and assumptions, including but not limited to: estimates and assumptions regarding our strategic direction and business strategy, our ability to implement our restructuring plan for our Africa operations, the extent and timing of a recovery in the
mining industry, prevailing prices for various commodities, longer term weather patterns, unanticipated slowdowns in our major markets, the seasonality of our business, the availability of credit, the risks and uncertainties normally incident to our
construction industries, the impact of competition, the effectiveness of operational changes expected to reduce operating expenses and increase efficiency, productivity and profitability, the availability of equity or debt capital needed for our
business, worldwide economic and political conditions and foreign currency fluctuations that may affect our results of operations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially and adversely from those anticipated, estimated or projected. These forward-looking statements are made as of the date of this presentation, and we assume no obligation to update such forward-looking statements or
to update the reasons why actual results could differ materially from those anticipated in such forward-looking statements.
![Slide 3 Slide 3](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s3g1.jpg)
Overview A leading global water
management and services company, with more than 130 years of industry experience, providing responsible, integrated solutions to address the world’s toughest water, mineral and energy challenges TTM Revenues Q3 FY16 by Business Segment Total
Revenue: $702 million As of 3/9/2016 As of 10/31/2015; net debt is defined as total debt less cash NASDAQ: LAYN(1) $6.75 Headquarters: The Woodlands, Texas Shares Outstanding(2) (mm) 19.7 Market Capitalization(1) ($ mm) 133.4 Cash (2) ($ mm) 69.7
Net Debt(2) ($ mm) 93.0
![Slide 4 Slide 4](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s4g1.jpg)
Business Platforms Water Resources
Inliner Heavy Civil Mineral Services TTM Revenue: $228.1M(1) Backlog: $102.1M(1) TTM Revenue: $192.2M(1) Backlog: $122.5M(1) TTM Revenue: $188.2M(1) Backlog: $161.8M(1) TTM Revenue: $93.5M(1) Unit-priced contracts Sourcing Supply system development
Repair and install Water treatment Proprietary Cured-in-place pipe (CIPP) for pipeline and infrastructure rehabilitation Water and wastewater treatment Pipeline installation Intake and pumping structures Biogas facilities All phases of core drilling
& extracting samples Identifying base and precious mineral deposits Mine water management #1 U.S. water well drilling Top 5 in U.S. water pipeline repair & construction #2 U.S. trenchless pipeline rehabilitation #3 in Mineral Service in the
Americas (1) TTM Revenue and Backlog are as of 10/31/15
![Slide 5 Slide 5](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s5g1.jpg)
Water is a Large and Growing Industry
Layne participates in large market segments and holds position of #1 in U.S. water well drilling and #2 in U.S. wastewater pipeline trenchless rehabilitation services Projected Spend on U.S. Water and Wastewater Infrastructure US$ billions (1) EPA
EPA and ASCE IBIS World, Frost & Sullivan, Bluefield Research, Global Water Intelligence, PacWest, Baker Rig Report, A&M analysis Estimated U.S. Spending Needs by Function (%)(2) Wastewater Water Supply $ $ $ $ $ Wastewater Storm Water
Drilling, R&I and Water Treatment is a large and steadily growing market (US$ billions) (3)
![Slide 6 Slide 6](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s6g1.jpg)
Broad Presence in Water Ecosystem
Source: MGI Resource provision to all sectors Groundwater well drilling Multi-purpose dams / reservoirs Desalination plants Horizontal collector wells Availability and utilization monitoring Irrigation distribution System development System
rehabilitation On-farm use On-farm, irrigation technology Water management practices Treated water distribution Urban network transmission and distribution Infrastructure maintenance Water main pipeline rehabilitation Water quality and efficiency
monitoring Sanitation services Wastewater treatment Sewer network construction Sewer pipeline rehabilitation Water reuse and recycling Injection well drilling Industrial services Water treatment Wastewater treatment Water reuse and recycling Quality
and efficiency monitoring technologies Items in green and bold are current Layne offerings
![Slide 7 Slide 7](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s7g1.jpg)
Solutions Lifecycle
![Slide 8 Slide 8](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s8g1.jpg)
Leading Market Positions #5 U.S. Water
Pipeline Repair & Construction Contractor #3 Mineral Services Driller in the Americas #2 U.S. Trenchless Pipeline Rehabilitation #1 U.S. Water Well Drilling
![Slide 9 Slide 9](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s9g1.jpg)
Solid Credentials
![Slide 10 Slide 10](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s10g1.jpg)
Select Customers Water Resources
Pre-Tax Income (Loss) ($ in Millions) MARKET ENVIRONMENT: Increasing demand driven by population growth in water-challenged regions, aging water infrastructure and need for water treatment CORE MARKETS: Municipal Industrial Agribusiness Upstream oil
and gas GROWTH FOCUS: Geographic expansion Water treatment and monitoring Expansion of aftermarket portfolio Revenues ($ in Millions)
![Slide 11 Slide 11](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s11g1.jpg)
Inliner MARKET ENVIRONMENT:
Significant aging infrastructure across U.S.; Environmental and water loss issues and government mandate to address issues CORE MARKETS: Municipalities Utilities GROWTH FOCUS: Expanded installation / curing methods Technology to drive productivity
Geographic expansion - West, Northeast and New England Pre-Tax Income ($ in Millions) Select Customers Revenues ($ in Millions)
![Slide 12 Slide 12](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s12g1.jpg)
Heavy Civil MARKET ENVIRONMENT:
Significant pent-up demand for water infrastructure; increased demand for water treatment to reduce discharge CORE MARKETS: Industrial Municipalities Utilities Biogas GROWTH FOCUS: Refocus from traditional fixed price contracts to negotiated or
alternative delivery contracts Geographic refocus on areas of traditional strength Enhanced risk management Pre-Tax Loss ($ in Millions) Select Customers Revenues ($ in Millions)
![Slide 13 Slide 13](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s13g1.jpg)
Mineral Services MARKET ENVIRONMENT:
Deeply cyclical market; current soft market conditions and low global demand; longer-term mining industry fundamentals remain positive CORE MARKETS: Junior mining companies Mining and mineral processing companies GROWTH FOCUS: Increase focus on core
markets of North and South America Mine water management solutions Technology to drive safety and productivity Pre-Tax Loss ($ in Millions) Select Customers (1) Excludes $11.7 million of restructuring costs in Q2 FY 2016 and $2.2 million of
restructuring costs in Q3 FY 2016 Revenues ($ in Millions)
![Slide 14 Slide 14](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s14g1.jpg)
Strategic Transformation Roadmap FY
2016Current Focus FY 2017 Initiated strategic focus to streamline portfolio Addressed operational issues Identified growth opportunities Reshape portfolio around core offerings and capabilities Leverage and expand leading market positions Expand
margins to increase profitability Cost efficiencies Procurement savings Enhanced working capital management Pricing and margin improvements Strategic Review Business Performance Improvement Unlock Value
![Slide 15 Slide 15](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s15g1.jpg)
Measurable Progress Since Early 2015
Improved liquidity situation and increased cash Stabilized and enhanced risk management and bidding processes at Heavy Civil Reshaped portfolio to focus on core businesses Simplified business model and flattened leadership structure Launched
comprehensive business performance improvement program Prioritized capital allocation to focus on positive cash flow generation
![Slide 16 Slide 16](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s16g1.jpg)
Investment Highlights A leading
global water management, infrastructure rehabilitation and mineral services company with 130+ years of experience and a proven track record of success Leadership positions in large markets with favorable long-term growth dynamics #1 position in
Water Resources #2 position in Inliner #3 position in Mineral Services New management team focused on strategic transformation and value creation Strategic focus on Layne’s core strengths Business performance improvement initiatives
![Slide 17 Slide 17](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s17g1.jpg)
Layne Investor Day NEW YORK CITY
April 14, 2016 Lotte New York Palace Hotel To register Email layn@dennardlascar.com Or call 713-529-6600
![Slide 18 Slide 18](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s18g1.jpg)
Appendix
![Slide 19 Slide 19](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s19g1.jpg)
Financial Information
![Slide 20 Slide 20](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s20g1.jpg)
Financial Information, continued (in
thousands) 2015 2014 2015 2014 Revenues Water Resources 59,458 $ 56,811 $ 172,536 $ 160,913 $ Inliner 51,529 50,867 141,339 124,187 Heavy Civil 39,187 54,006 137,709 156,594 Mineral Services 22,806 37,207 71,933 98,666 Other 4,784 5,687 13,234
14,587 Intersegment eliminations (4,585) (5,466) (12,984) (13,090) Total revenues 173,179 $ 199,112 $ 523,767 $ 541,857 $ Equity in losses of affiliates Mineral Services (540) $ (1,453) $ (2,133) $ (1,731) $ Income (loss) from continuing operations
before income taxes Water Resources 3,231 $ 3,899 $ 5,185 $ 9,296 $ Inliner 6,573 6,614 16,975 15,183 Heavy Civil (737) (2,200) (3,280) (15,417) Mineral Services (6,175) (2,106) (22,633) (7,049) Other (186) 394 43 556 Unallocated corporate expenses
(7,753) (10,560) (29,742) (37,299) Gain on extinguishment of debt — — 4,236 — Interest expense (5,199) (3,259) (13,346) (10,333) Total loss from continuing operations before income taxes (10,246) $ (7,218) $ (42,562) $ (45,063) $
Three Months Nine Months Ended October 31, Ended October 31,
![Slide 21 Slide 21](http://www.sec.gov/Archives/edgar/data/888504/000119312516502483/g162330ex99_1s21g1.jpg)
Contacts Jack Lascar/Carol Coale
713-529-6600 layn@dennardlascar.com www.dennardlascar.com Michael J. Caliel, CEO 281-475-2691 Mike.Caliel@layne.com J. Michael Anderson, CFO 281-475-2694 Michael.Anderson@layne.com
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