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Layne Christensen
Company
("Layne" or the "Company") today provided additional
information regarding the improvement in its liquidity position during the
third quarter ending October 31, 2014 ("Q3 FY 2015"). This metric was included
in a press release issued by Layne on October 23, 2014 that provided guidance
for Q3 FY 2015.
Layne monitors its liquidity by combining current domestic cash on hand and
total availability under the ABL facility, less a $25 million portion of the
ABL that would trigger a covenant compliance period. Using this methodology,
Layne's liquidity has increased $21 million to approximately $65 million, up
from approximately $44 million at Q2 FY 2015.
Combining total current worldwide cash and total availability under the ABL
(including the above-referenced $25 million portion), Layne's liquidity
position at Q3 FY 2015 rose to approximately $106 million from approximately
$84 million at Q2 FY 2015.
David A.B. Brown, President & CEO of Layne, commented, "We understand that
some of our investors calculate our liquidity using different methodologies,
and have therefore provided this clarification. I will re-iterate that we
remain confident in the direction of our business and the progress we are
making to improve Layne's operating results."
These preliminary results could differ materially from the final results that
will be reported on or about December 10, 2014, for Q3 FY 2015. The expected
results presented in this release are preliminary, have not been reviewed by
our independent registered public accountants and will be dependent on our
final results for the balance of October, and are subject to regular closing
processes that could result in significant adjustments.
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