Layne Christensen Q3 Loss Narrows; Appoints Michael Caliel As CEO

(RTTNews) - Layne Christensen Co. (LAYN) reported third-quarter net loss attributable to the company of $4.5 million, or $0.23 per share, narrower than $15.8 million, or $0.80 per share in the comparable quarter last year.

Net loss from continuing operations narrowed to $3.7 million or $0.19 per share from $15.5 million or $0.79 per share in the year-ago period.

On average, three analysts polled by Thomson-Reuters estimated the company's loss to be $0.50 for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the latest third quarter were $222.91 million, up 10.4% from $201.98 million last year. Analysts expected revenue of $211.81 million for the quarter.

Separately, David Brown, CEO and Chairman of the Board of Layne Christensen announced the appointment of Michael Caliel as President and Chief Executive Officer or CEO, and Member of the Board of Directors, effective January 2, 2015.

Commenting on Caliel, the company said he succeeds Brown who assumed the role of CEO on an interim basis in June 2014. Brown will continue to serve as Chairman of the Board.

Commenting on Caliel's prior experience, the company said he joins Layne after having served as President and CEO of the Invensys Software and Industrial Automation Division of Invensys plc (ISYS.L). Invensys was acquired in January 2014. Prior to that, Caliel served as President, CEO and Executive Director of Integrated Electrical Services, Inc. (IESC), a national provider of electrical and communications solutions for the commercial, industrial and residential markets.