THE WOODLANDS, Texas,
April 10, 2018 /PRNewswire/ --
Layne Christensen Company (NASDAQ: LAYN) ("Layne" or the
"Company") today announced financial and operating results for the
fiscal 2018 fourth quarter (Q4 FY 2018) ended January 31, 2018 and the fiscal year ended
January 31, 2018 (FY 2018).
Q4 FY 2018 Financial Highlights
- Reported net income from continuing operations for Q4 FY 2018
was $2.7 million, or $0.14 per share, compared to net loss of
($29.2) million, or ($1.47) per share, for the fiscal 2017 fourth
quarter (Q4 FY 2017) ended January 31,
2017. Net income was improved during the quarter by
$10.4 million in tax benefits
primarily related to reversal of accrued foreign taxes recorded in
prior years.
- Total Adjusted EBITDA (a non-GAAP financial measure as defined
below) increased to $5.5 million in
Q4 FY 2018 compared to ($4.2) million
in Q4 FY 2017.
- Unallocated corporate expenses reflected in Adjusted EBITDA
decreased to $5.2 million in Q4 FY
2018 compared to $5.6 million in Q4
FY 2017. The decrease primarily reflects reductions in legal,
professional and consulting fees.
- As of January 31, 2018, cash and
cash equivalents were $32.0 million,
and total debt was $166.1 million.
Total liquidity, which includes availability under Layne's credit
facility and total cash and cash equivalents, was $107.5 million at January
31, 2018, compared to $101.6
million at October 31,
2017.
- Total backlog was $178.6 million
at January 31, 2018 compared to
$172.1 million at October 31, 2017 and $166.6 million at January
31, 2017.
- On February 13, 2018, we entered
into a definitive agreement whereby Granite Construction
Incorporated will acquire all of the outstanding shares of Layne
with each Layne stockholder receiving 0.27 shares of Granite stock
for each share of Layne stock. The transaction, which is expected
to close in the second calendar quarter of 2018, is subject to the
approval of Layne's stockholders and other customary closing
conditions.
FY 2018 Financial Highlights
- Reported net loss from continuing operations for FY 2018 was
($4.9) million, or ($0.24) per share, compared to ($47.0) million, or ($2.38) per share for the fiscal year ended
January 31, 2017 (FY 2017).
- Total Adjusted EBITDA increased to $35.0
million in FY 2018 compared to $14.4
million in FY 2017.
- Unallocated corporate expenses reflected in Adjusted EBITDA
decreased to $20.3 million in FY 2018
compared to $23.8 million in FY 2017.
The improvement was primarily due to reductions in legal,
professional and consulting fees, partially offset by an increase
in incentive compensation expense due to our improved
performance.
CEO Commentary
Michael J. Caliel, President and
Chief Executive Officer of Layne, commented, "The fourth quarter
was a busy and productive time for Layne. In the coming quarter, we
will continue to execute on our business plan and take definitive
steps towards a timely closing of the Granite merger
transaction. By merging with Granite, Layne's stockholders
will meaningfully share in the upside opportunities of a combined
company with substantially greater financial resources to invest in
growth initiatives and a more diversified, expanded national
platform of businesses that is expected to be positioned as a
leader across both the transportation and water infrastructure
markets."
LAYNE CHRISTENSEN
COMPANY AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED FINANCIAL DATA
|
|
|
|
Three
Months
|
|
|
Fiscal
Year
|
|
|
|
Ended January
31,
|
|
|
Ended January
31,
|
|
(in thousands, except
per share data)
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Revenues
|
|
$
|
110,427
|
|
|
$
|
99,928
|
|
|
$
|
475,517
|
|
|
$
|
464,783
|
|
Cost of revenues
(exclusive of depreciation and
amortization shown below)
|
|
|
(89,469)
|
|
|
|
(87,441)
|
|
|
|
(374,761)
|
|
|
|
(382,101)
|
|
Selling, general and
administrative expenses (exclusive of depreciation and amortization shown below)
|
|
|
(18,445)
|
|
|
|
(19,348)
|
|
|
|
(74,428)
|
|
|
|
(76,586)
|
|
Depreciation and
amortization
|
|
|
(7,023)
|
|
|
|
(6,300)
|
|
|
|
(26,701)
|
|
|
|
(25,302)
|
|
Gains on sale of
fixed assets
|
|
|
1,828
|
|
|
|
1,058
|
|
|
|
3,741
|
|
|
|
3,886
|
|
Equity in earnings of
affiliates
|
|
|
338
|
|
|
|
739
|
|
|
|
3,431
|
|
|
|
2,655
|
|
Restructuring
costs
|
|
|
(2,695)
|
|
|
|
(14,148)
|
|
|
|
(4,903)
|
|
|
|
(16,924)
|
|
Interest
expense
|
|
|
(4,375)
|
|
|
|
(4,222)
|
|
|
|
(17,120)
|
|
|
|
(16,883)
|
|
Other (expense)
income, net
|
|
|
(11)
|
|
|
|
178
|
|
|
|
(15)
|
|
|
|
843
|
|
Loss from continuing
operations before income taxes
|
|
|
(9,425)
|
|
|
|
(29,556)
|
|
|
|
(15,239)
|
|
|
|
(45,629)
|
|
Income tax benefit
(expense)
|
|
|
12,118
|
|
|
|
404
|
|
|
|
10,375
|
|
|
|
(1,420)
|
|
Net income (loss)
from continuing operations
|
|
|
2,693
|
|
|
|
(29,152)
|
|
|
|
(4,864)
|
|
|
|
(47,049)
|
|
Loss from
discontinued operations
|
|
|
(118)
|
|
|
|
(3,928)
|
|
|
|
(22,447)
|
|
|
|
(5,187)
|
|
Net income
(loss)
|
|
$
|
2,575
|
|
|
$
|
(33,080)
|
|
|
$
|
(27,311)
|
|
|
$
|
(52,236)
|
|
Earnings (loss) per
share information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share from continuing operations
|
|
$
|
0.14
|
|
|
$
|
(1.47)
|
|
|
$
|
(0.24)
|
|
|
$
|
(2.38)
|
|
Basic loss per share
from discontinued operations
|
|
|
(0.01)
|
|
|
|
(0.20)
|
|
|
|
(1.13)
|
|
|
|
(0.26)
|
|
Basic earnings (loss)
per share
|
|
$
|
0.13
|
|
|
$
|
(1.67)
|
|
|
$
|
(1.37)
|
|
|
$
|
(2.64)
|
|
Diluted earnings
(loss) per share from continuing operations
|
|
$
|
0.13
|
|
|
$
|
(1.47)
|
|
|
$
|
(0.24)
|
|
|
$
|
(2.38)
|
|
Diluted loss per share
from discontinued operations
|
|
|
(0.01)
|
|
|
|
(0.20)
|
|
|
|
(1.13)
|
|
|
|
(0.26)
|
|
Diluted earnings
(loss) per share
|
|
$
|
0.12
|
|
|
$
|
(1.67)
|
|
|
$
|
(1.37)
|
|
|
$
|
(2.64)
|
|
Weighted average
shares outstanding - basic
|
|
|
19,894
|
|
|
|
19,791
|
|
|
|
19,858
|
|
|
|
19,786
|
|
Weighted average
shares outstanding - dilutive
|
|
|
21,494
|
|
|
|
19,791
|
|
|
|
19,858
|
|
|
|
19,786
|
|
|
|
As of
|
|
|
|
January
31,
|
|
|
January
31,
|
|
(in
thousands)
|
|
2018
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Data
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
32,041
|
|
|
$
|
69,000
|
|
Working capital
(1)
|
|
|
(4,709)
|
|
|
|
105,545
|
|
Adjusted
Working Capital (excluding cash and cash equivalents)
|
|
|
(36,750)
|
|
|
|
36,545
|
|
Total
assets
|
|
|
370,189
|
|
|
|
436,151
|
|
Current
maturities of long-term debt (1)
|
|
|
67,293
|
|
|
|
9
|
|
Total
debt
|
|
|
166,062
|
|
|
|
162,355
|
|
Total Layne
Christensen Company equity
|
|
|
57,505
|
|
|
|
82,220
|
|
Common shares
issued and outstanding
|
|
|
19,917
|
|
|
|
19,805
|
|
|
|
|
|
|
|
|
|
|
(1) As of January 31,
2018, amounts include Layne's 4.25% Convertible Notes with a
maturity date of November 15, 2018.
|
|
Summary of Operating Segment Data
The following are revenues and Adjusted EBITDA for Layne's
operating segments. A discussion of the results for Q4 FY 2018 for
each segment compared to the prior year period, as well as a
comparison of FY 2018 to FY 2017, follows the table.
|
|
Three
Months
|
|
|
Fiscal
Year
|
|
|
|
Ended January
31,
|
|
|
Ended January
31,
|
|
(in
thousands)
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water
Resources
|
|
$
|
39,531
|
|
|
$
|
36,217
|
|
|
$
|
172,406
|
|
|
$
|
204,577
|
|
Inliner
|
|
|
49,880
|
|
|
|
45,818
|
|
|
|
205,873
|
|
|
|
196,845
|
|
Mineral
Services
|
|
|
21,016
|
|
|
|
18,016
|
|
|
|
97,238
|
|
|
|
63,777
|
|
Intersegment
Eliminations
|
|
|
—
|
|
|
|
(123)
|
|
|
|
—
|
|
|
|
(416)
|
|
Total
revenues
|
|
$
|
110,427
|
|
|
$
|
99,928
|
|
|
$
|
475,517
|
|
|
$
|
464,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water
Resources
|
|
$
|
1,342
|
|
|
$
|
(7,474)
|
|
|
$
|
5,284
|
|
|
$
|
(2,410)
|
|
Inliner
|
|
|
7,378
|
|
|
|
7,057
|
|
|
|
32,688
|
|
|
|
32,036
|
|
Mineral
Services
|
|
|
1,946
|
|
|
|
1,820
|
|
|
|
17,358
|
|
|
|
8,635
|
|
Unallocated corporate
expenses
|
|
|
(5,215)
|
|
|
|
(5,580)
|
|
|
|
(20,319)
|
|
|
|
(23,830)
|
|
Total Adjusted
EBITDA
|
|
$
|
5,451
|
|
|
$
|
(4,177)
|
|
|
$
|
35,011
|
|
|
$
|
14,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water Resources
Revenues for Water Resources increased 9.2% during Q4 FY 2018
compared to the prior year period due primarily to an increase in
injection well drilling and water treatment business and
incremental benefit from our new Water Midstream business. The
increase in revenues was partially offset by decreased revenues in
agricultural drilling projects in the western and mid-western U.S.
stemming from increased precipitation in the region. Adjusted
EBITDA for Q4 FY 2018 improved with reduced job losses from
injection well and other drilling projects.
For FY 2018, revenues decreased 15.7% primarily due to a
decrease in agricultural drilling projects related to increased
precipitation in the western and mid-western U.S. over the past two
years. The increase in Adjusted EBITDA during FY 2018 primarily
reflects better performance on projects and fewer project execution
issues.
Backlog was $47.9 million at
January 31, 2018 compared to
$63.4 million at October 31, 2017 and $49.2
million at January 31,
2017.
Inliner
Revenues for Inliner increased 8.9% during Q4 FY 2018 compared
to the prior year period due to increased business, utilizing more
subcontracted work and an increase in large diameter pipe jobs. The
Q4 FY 2018 increase in Adjusted EBITDA was primarily attributable
to the revenue increase, partially offset by margin pressure from
certain jobs while the prior year period included favorable margins
on a number of jobs.
Revenues for Inliner increased by 4.6% during FY 2018 due to an
increase in business primarily in the Midwest and an increase in
large diameter pipe jobs. The increase in Adjusted EBITDA during FY
2018 was driven primarily by the revenue increase compared to the
prior year.
Backlog was $130.7 million at
January 31, 2018 compared to
$108.7 million at October 31, 2017 and $117.4 million at January
31, 2017.
Mineral Services
Revenues for Mineral Services increased by 16.7% for Q4 FY 2018
compared to the prior year period due to increased drilling
activity related to the minerals market recovery, primarily in the
western U.S. and Mexico. Adjusted
EBITDA for Q4 FY 2018 was essentially flat with the prior year
period.
Revenues for Mineral Services increased by 52.5% during FY 2018
due to increased market activity, primarily in the western U.S. and
Mexico. Adjusted EBITDA more than
doubled during FY 2018 primarily due to increased activity and
profitability in the western U.S. and Mexico compared to the prior year.
Unallocated Corporate Expenses
Unallocated corporate expenses reflected in Adjusted EBITDA
decreased by 6.5% for Q4 FY 2018 compared to the prior year period
primarily due to reductions in legal, professional and consulting
fees.
Unallocated corporate expenses for FY 2018 decreased by 14.7%
primarily due to reductions in legal, professional and consulting
fees, partially offset by an increase in incentive compensation
expense due to our improved performance.
Use of Non-GAAP Financial Information
Layne's measure of Total Adjusted EBITDA, which may not be
comparable to other companies' measure of Total Adjusted EBITDA,
represents net income (loss) excluding discontinued operations,
taxes, interest, depreciation and amortization, gain or loss on
sale of fixed assets, non-cash equity-based compensation, equity in
earnings or losses from affiliates, certain non-recurring items
such as restructuring costs, and certain other gains or losses,
plus dividends received from affiliates. Total Adjusted EBITDA is
included as a complement to results provided in accordance with
generally accepted accounting principles (GAAP) because management
believes this non-GAAP financial measure helps in understanding and
evaluating Layne's operating performance and trends and may be
useful to investors. Layne management evaluates segment performance
based on the segment's revenues and Adjusted EBITDA, among other
factors. In addition, we use Total Adjusted EBITDA as a
factor in incentive compensation decisions and our credit facility
agreement uses measures similar to Total Adjusted EBITDA to measure
compliance with certain covenants.
The following table reconciles net income (loss) to Total
Adjusted EBITDA -
|
|
Three
Months
|
|
|
Fiscal
Year
|
|
|
|
Ended January
31,
|
|
|
Ended January
31,
|
|
(in
thousands)
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Net income
(loss)
|
|
$
|
2,575
|
|
|
$
|
(33,080)
|
|
|
$
|
(27,311)
|
|
|
$
|
(52,236)
|
|
Items not included in
Total Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from
discontinued operations
|
|
|
118
|
|
|
|
3,928
|
|
|
|
22,447
|
|
|
|
5,187
|
|
Income tax (benefit)
expense
|
|
|
(12,118)
|
|
|
|
(404)
|
|
|
|
(10,375)
|
|
|
|
1,420
|
|
Interest
expense
|
|
|
4,375
|
|
|
|
4,222
|
|
|
|
17,120
|
|
|
|
16,883
|
|
Depreciation and
amortization
|
|
|
7,023
|
|
|
|
6,300
|
|
|
|
26,701
|
|
|
|
25,302
|
|
Gain on sale of fixed
assets
|
|
|
(1,828)
|
|
|
|
(1,058)
|
|
|
|
(3,741)
|
|
|
|
(3,886)
|
|
Non-cash equity-based
compensation
|
|
|
836
|
|
|
|
757
|
|
|
|
3,379
|
|
|
|
3,394
|
|
Equity in earnings of
affiliates
|
|
|
(338)
|
|
|
|
(739)
|
|
|
|
(3,431)
|
|
|
|
(2,655)
|
|
Restructuring
costs
|
|
|
2,695
|
|
|
|
14,148
|
|
|
|
4,903
|
|
|
|
16,924
|
|
Other expense
(income), net
|
|
|
11
|
|
|
|
(178)
|
|
|
|
15
|
|
|
|
(843)
|
|
Dividends received
from affiliates
|
|
|
2,102
|
|
|
|
1,927
|
|
|
|
5,304
|
|
|
|
4,941
|
|
Total Adjusted
EBITDA
|
|
$
|
5,451
|
|
|
$
|
(4,177)
|
|
|
$
|
35,011
|
|
|
$
|
14,431
|
|
Conference Call
Layne Christensen will conduct a
conference call at 9:00 AM ET / 8:00
AM CT on Wednesday, April 11, 2018,
to discuss these results and related matters. Interested parties
may participate in the call by dialing 1-877-407-0672 (Domestic) or
1-412-902-0003 (International). The conference call will also be
broadcast live via the Investor Relations section of Layne's
website at www.layne.com. To listen to the live call, please go to
the website at least 10 minutes early to register, download and
install any necessary audio software. If you are unable to
listen live, the conference call will be archived on the website
for approximately 90 days. A telephonic replay of the conference
call will be available through April 18,
2018 and may be accessed by calling 1-877-660-6853
(Domestic) or 1-201-612-7415 (International) and using passcode
13677975#.
About Layne
Layne is a global water management, infrastructure services and
drilling company, providing responsible solutions to the world of
essential natural resources—water, minerals and energy. We
offer innovative, sustainable products and services with an
enduring commitment to safety, excellence and integrity.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Exchange Act of 1934. 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; the
consummation of the proposed merger; the expected benefits of the
integration of the two companies; the filing of a definitive proxy
statement with the SEC and the timing and content thereof; 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," "intended," "continue," "believe," "may," "hope,"
"anticipate," "goal," "forecast," "plan," "estimate" and similar
words or phrases. These statements are made on the basis of the
current beliefs, expectations and assumptions of the management of
Layne and Granite regarding future events and are subject to
significant risks and uncertainty. Statements regarding our
expected performance in the future are forward-looking
statements.
It is uncertain whether any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of
them do, what impact they will have on the results of operations
and financial condition of the combined company or the price of
Layne's or Granite's common stock prior to the proposed merger, or
Granite's common stock following the proposed merger. These
forward-looking statements involve certain risks and uncertainties
that could cause actual results to differ materially from those
indicated in such forward-looking statements, including but not
limited to: the timely and effective execution of Layne's strategy
for Water Resources; failure to obtain applicable regulatory or
shareholder approvals in a timely manner or otherwise; failure to
satisfy other closing conditions to the proposed merger; risks that
Layne will not be integrated successfully or that Granite will not
realize estimated cost savings, synergies and growth or that such
benefits may take longer to realize than expected; failure to
realize anticipated benefits from Layne's operations; risks
relating to unanticipated costs of integration; reductions in
customer spending, or a slowdown in customer payments;
unanticipated changes relating to competitive factors in the
industry in which Layne and Granite participate; ability to hire
and retain key personnel; ability to successfully integrate Layne's
businesses; the potential impact of announcement or consummation of
the proposed merger on relationships with third parties, including
customers, employees and competitors; ability to attract new
customers and retain existing customers in the manner anticipated;
reliance on and integration of information technology systems;
changes in legislation or governmental regulations affecting the
companies; international, national or local economic, social or
political conditions that could adversely affect the companies or
their customers; conditions in the credit markets; risks associated
with assumptions the parties make in connection with the parties'
critical accounting estimates and legal proceedings; the continuing
recovery in the mining industry; prevailing prices for various
commodities; the timing and extent of future oil and gas drilling
and production in the Delaware
Basin; longer term weather patterns; the availability of credit;
the availability of equity or debt capital needed for the business
and foreign currency fluctuations that may affect Layne's and
Granite's results of operations. Additional factors that may cause
results to differ materially from those described in the
forward-looking statements are set forth in the reports filed with
the SEC and in each company's other filings made with the SEC
available at the SEC's website at www.sec.gov.
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 filing. Neither Layne nor Granite undertakes any
obligation to update any such forward-looking statements to reflect
any new information, subsequent events or circumstances, or
otherwise, except as may be required by law.
Additional Information and Where to Find It
Granite has filed with the SEC a Registration Statement on Form
S-4, which includes a prospectus with respect to Granite's shares
of common stock to be issued in the proposed merger and a proxy
statement of Layne in connection with the proposed merger between
Granite and Layne (the "Proxy Statement/Prospectus"). The
Proxy Statement/Prospectus will be sent or given to the
stockholders of Layne and will contain important information about
the proposed merger and related matters. LAYNE'S SECURITY
HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT/PROSPECTUS
CAREFULLY WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. The Proxy
Statement/Prospectus and other relevant materials (when they become
available) and any other documents filed by the Company or Layne
with the SEC may be obtained free of charge at the SEC's website at
www.sec.gov. In addition, security holders will be able to
obtain copies of the Proxy Statement/Prospectus free of charge from
Layne or Granite by contacting either (1) Investor Relations
by mail at Layne Christensen Company, 1800 Hughes Landing
Boulevard, Ste 800, The Woodlands,
Texas 77380, Attn: Investor Relations Department, by
telephone at 281-475-2600, or by going to Layne's Investor
Relations page on its corporate website at www.layne.com or (2)
Investor Relations by mail at Granite Construction Incorporated,
585 West Beach Street, Watsonville,
California 95076, Attn: Investor Relations Department, by
telephone at 831-724-1011, or by going to the Company's Investors
page on its corporate website at www.graniteconstruction.com.
No Offer or Solicitation
The information in this document is for informational purposes
only and is neither an offer to purchase, nor a solicitation of an
offer to sell, subscribe for or buy any securities or the
solicitation of any vote in any jurisdiction pursuant to the
proposed transaction or otherwise, nor shall there be any sale,
issuance or transfer of securities in any jurisdiction in
contravention of applicable law. No offer of securities shall
be made except by means of a prospectus meeting the requirements of
Section 10 of the Securities Act of 1933, as amended.
Participants in the Solicitation
Layne and Granite and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from Layne's stockholders in connection with the proposed
merger and may have direct or indirect interests in the proposed
merger. Information about Layne's directors and executive
officers is set forth in the Company's Proxy Statement on Schedule
14A for its 2017 Annual Meeting of Stockholders, which was filed
with the SEC on April 28, 2017, and
its Annual Report on Form 10-K for the fiscal year ended
January 31, 2017, which was filed
with the SEC on April 10, 2017.
These documents are available free of charge at the SEC's website
at www.sec.gov, and from Layne by contacting Investor Relations by
mail at Layne Christensen Company, 1800 Hughes Landing Boulevard,
Ste 800, The Woodlands, Texas
77380, Attn: Investor Relations Department, by telephone at
281-475-2600, or by going to Layne's Investor Relations page on its
corporate website at www.layne.com. Information about
Granite's directors and executive officers is set forth in
Granite's Proxy Statement on Schedule 14A for its 2017 Annual
Meeting of Stockholders, which was filed with the SEC on
April 25, 2017, and its Annual Report
on Form 10-K for the fiscal year ended December 31, 2017, which was filed with the SEC
on February 16, 2018. These
documents are available free of charge at the SEC's website at
www.sec.gov, and from Granite by contacting Investor Relations by
mail at Granite Construction Incorporated, 585 West Beach Street,
Watsonville, California 95076,
Attn: Investor Relations Department, by telephone at 831-724-1011,
or by going to Granite's Investors page on its corporate website at
www.graniteconstruction.com. Additional information regarding
the interests of participants in the solicitation of proxies in
connection with the proposed merger will be included in the Proxy
Statement/Prospectus that Granite will file with the SEC.
Contacts
J. Michael Anderson
Chief Financial Officer
281-475-2694
michael.anderson@layne.com
Jack Lascar, Dennard Lascar Investor Relations
713-529-6600
jlascar@dennardlascar.com
[LAYN-F]
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content:http://www.prnewswire.com/news-releases/layne-christensen-reports-fiscal-2018-fourth-quarter-and-full-year-results-300627600.html
SOURCE Layne Christensen Company