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UPDATE 1-Layne Christensen's profit falls
June 5, 2012 / 10:37 AM / 5 years ago

UPDATE 1-Layne Christensen's profit falls

June 5 (Reuters) - Drilling and construction services provider Layne Christensen’s quarterly profit fell as its water infrastructure segment continued to be plagued by cutbacks in municipal spending due to a weak economy.

The water infrastructure division, which contributed about 73 percent to the company’s first-quarter revenue, provides drilling, water treatment and construction services to municipalities, water utilities, mining companies, heavy civil construction contractors, and oil and gas producers.

The profit fell to $3.7 million, or 19 cents per share, from $13.1 million, or 66 cents per share, a year earlier. Last year’s net income included a gain of 15 cents per share from the sale of a facility in Fontana, California.

Revenue rose 3.4 percent to $276.5 million.

Layne shares, which have fallen 23 percent so far this year, closed at $18.60 on Monday on the Nasdaq. (Reporting by Swetha Gopinath in Bangalore; Editing by Maju Samuel)

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