UPDATE: Layne Christensen Posts Wider Loss, Shares Tumble

Layne Christensen LAYN reported a wider first-quarter loss. Layne Christensen posted a quarterly net loss of $27.7 million, or $1.41 per share, versus a year-ago loss of $23.8 million, or $1.24 per share. Its revenue fell 15.5% to $191.2 million from $226.4 million. Total backlog increased 12.1% to $559.7 million. Analysts were expecting a loss of $0.35 per share on revenue of $206.58 million. Selling, general and administrative expenses dropped 16.9% to $34.9 million from $41.9 million, while depreciation and amortization declined 8.8% to $13.9 million from $15.3 million. Revenue at Water Resources fell to $43.1 million from $44.4 million, while Inliner revenue rose to $33.4 million from $30.2 million. Heavy Civil reported revenue of $49.4 million, down from $73.8 million. Mineral Services revenue tumbled to $29.4 million from $54.4 million. The company's press release offered the following comment from Rene J. Robichaud, President and Chief Executive Officer: "Many of the conditions that adversely impacted our results in Q4 FY 2014 carried over into Q1 FY 2015, most notably with respect to Heavy Civil and Mineral Services; however, we believe that Water Resources, Inliner, Geoconstruction and Energy Services are positioned to improve their financial performance in FY 2015.” Layne Christensen shares tumbled 10.81% to $13.29 in pre-market trading.