MISSION WOODS, Kan., March 22, 2011 (GLOBE NEWSWIRE) -- Layne Christensen Company ("Layne") (Nasdaq:LAYN) today announced the recent acquisition on February 28, 2011 of Wildcat Civil Services (Wildcat), a cured-in-place rehabilitation company based in Kiowa, Colorado. Wildcat provides pipeline rehabilitation services to clients along the Rocky Mountain front range and throughout the mid-central United States. Total twelve months trailing revenue was approximately $16,000,000 and earnings before interest, income taxes and depreciation was approximately $1,500,000. The purchase price was $8,885,000.
Larry Purlee, President of Layne's full service rehabilitation business, Reynolds Inliner, said, "The Wildcat acquisition joins two cured-in-place lining companies that individually bring added value, but together create significant synergies. Reynolds has the Inliner technology and the capability to perform a variety of other rehabilitative services for clients and Wildcat provides the avenue and added personnel through which we can provide those services to the western United States. The move gets Reynolds Inliner one step closer to nationwide coverage."
Tim Carroll, manager of Wildcat's Colorado division, stated "We are excited to become part of the nationally recognized Inliner group. This relationship gives us access to technology and product advances as well as additional resources that can help us improve and expand our cured-in-place pipe and other rehabilitative capabilities."
This press release contains 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, 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. Such statements are based on current expectations and are subject to certain risks, uncertainties and assumptions, including but not limited to prevailing prices for various commodities, unanticipated slowdowns in the Company's major markets, the risks and uncertainties normally incident to the construction industry and to the exploration for and development and production of oil and gas, the impact of competition, the effectiveness of operational changes expected to increase efficiency and productivity, worldwide economic and political conditions and foreign currency fluctuations that may affect worldwide 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 release, and the Company assumes 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.
Layne Christensen Company provides products and services for the water, mineral, construction and energy markets.
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CONTACT: Layne Christensen Company Jerry W. Fanska Sr. Vice President Finance 913-677-6858 jwfanska@laynechristensen.com