-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, UFr/3U9UYmS7o9vT0c0lrzWiuHqS0DQrAD9QUL39tXh8+tmQMmj8kwv9C+YRM5x8 Tq/v/no58o4dEt4pUvBliw== 0000825410-95-000005.txt : 19950814 0000825410-95-000005.hdr.sgml : 19950814 ACCESSION NUMBER: 0000825410-95-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950811 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: LANDAUER INC CENTRAL INDEX KEY: 0000825410 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-TESTING LABORATORIES [8734] IRS NUMBER: 061218089 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09788 FILM NUMBER: 95562059 BUSINESS ADDRESS: STREET 1: TWO SCIENCE RD CITY: GLENWOOD STATE: IL ZIP: 60425 BUSINESS PHONE: 7087557000 MAIL ADDRESS: STREET 1: 2 SCIENCE ROAD CITY: GLENWOOD STATE: IL ZIP: 60425 FORMER COMPANY: FORMER CONFORMED NAME: TECH OPS LANDAUER INC DATE OF NAME CHANGE: 19910521 10-Q 1 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q /X/ QUARTERLY REPORT pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 1995 or _____________ / / TRANSITION REPORT pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition from to Commission File Number 1-9788 ______ LANDAUER, INC. -------------------------- (Exact name of registrant as specified in its charter) Delaware 06-1218089 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 2 Science Road, Glenwood, Illinois 60425 ------------------------------------------ (Address of principal executive offices and Zip Code) Registrant's telephone number, including area code (708) 755-7000 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No . ___ ____ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding at May 11, 1995 --------------------------- ---------------------------- Common stock, $.10 par value 8,477,285 PART I. FINANCIAL INFORMATION LANDAUER, INC. Balance Sheets (000's) ASSETS ______
June 30, Sept. 30, 1995 1994 ----------- ---------- derived from (unaudited)(audited statements) Current assets: Cash and cash equivalents $ 2,978 $ 2,178 Short-term investments 4,003 3,976 Accounts receivable less allowances of $99,000 at 6/30/95 and $138,000 at 9/30/94 6,975 6,253 Inventories 921 799 Prepaid expenses 120 78 Deferred taxes on income 826 824 -------- -------- Total current assets 15,823 14,108 Property, plant and equipment, 16,794 14,935 at cost Less: Accumulated depreciation and amortization 8,908 7,856 -------- -------- Net property, plant and equipment 7,886 7,079 Investment in U.S. Treasury Securities 4,493 5,121 Cost of purchased businesses in excess of net assets acquired 2,988 3,113 Equity in Japanese joint venture 3,930 3,688 Other assets 2,708 2,531 -------- -------- $ 37,828 $ 35,640 ======== ========
The accompanying notes are an integral part of these financial statements. LANDAUER, INC. Balance Sheets (Cont'd.) (000's) LIABILITIES AND STOCKHOLDERS' INVESTMENT ________________________________________
June 30, Sept. 30, 1995 1994 --------- --------- derived from (unaudited)(audited statements) Current liabilities: Accounts payable $ 380 $ 218 Deferred contract revenue 7,436 6,602 Dividend payable 2,119 1,865 Accrued compensation and related costs 953 880 Accrued pension costs 805 839 Accrued expenses 1,226 1,178 Accrued taxes on income 1,637 1,527 ------- -------- Total current liabilities 14,556 13,109 ------- -------- Stockholders' investment: Preferred stock, $.10 par value per share - Authorized - 1,000,000 shares Outstanding - None Common stock, $.10 par value per share - Authorized - 20,000,000 shares Outstanding - 8,477,285 shares 848 848 Premium paid in on common stock 7,860 7,831 Cumulative translation adjustments 879 879 Retained earnings 13,685 12,973 -------- -------- Total stockholders' investment 23,272 22,531 -------- -------- $ 37,828 $ 35,640 ======== ========
The accompanying notes are an integral part of these financial statements. LANDAUER, INC. Statements of Income (000's, except per share amounts) (Unaudited)
Three Months Ended Nine Months Ended ----------------------- ------------------ June 30, June 30, June 30, June 30, 1995 1994 1995 1994 -------- ------ ------ ------- Net revenues $ 8,567 $ 7,861 $ 25,253 $ 23,695 Costs and expenses: Cost of revenues 2,508 2,349 7,426 7,108 Selling, general and administrative 2,451 2,243 7,049 6,724 ------ ------ ------ ------ 4,959 4,592 14,475 13,832 ------ ------ ------ ------ Operating income 3,608 3,269 10,778 9,863 Other income, net 350 233 992 671 ------ ------ ------ ------ Income before income taxes 3,958 3,502 11,770 10,534 Income tax provision 1,471 1,306 4,388 3,960 ------ ------ ------- ------- Net income $ 2,487 $ 2,196 $ 7,382 $ 6,574 ======== ======== ======== ======== Net income per share $ .29 $ .26 $ .87 $ .78 ======== ======== ======== ======== Average shares outstanding 8,477 8,477 8,477 8,477 ======== ======== ======== ========
The accompanying notes are an integral part of these financial statements. LANDAUER, INC. Statements of Cash Flows (000's) (Unaudited)
Nine Months Ended ------------------ June 30, June 30, 1995 1994 ------- ------- Net cash flow from operating activities: Net income $ 7,382 $ 6,574 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 1,760 1,682 Equity in net income of foreign affiliate (592) (393) Compensatory effect of stock options (285) 9 Increase in deferred income taxes (2) (39) Increase in accounts receivable (722) (389) Increase in inventories (122) (123) Decrease (increase) in prepaid expenses (42) 133 Increase (decrease) in accounts payable 162 (148) Increase (decrease) in deferred contract revenue 834 (59) Increase in accrued expenses 197 322 Net increase in net long-term assets (759) (927) ------- ------- Net cash generated from operating activities 7,811 6,642 Cash flow used by investing activities: Disposition of investments - net 601 16 Acquisition of property, plant, and equipment (1,859) (1,249) ------- -------- Net cash used by investing activities (1,258) (1,233) Cash flow from financing activities: Dividend received from foreign affiliate 350 321 Dividends paid (6,103) (5,426) -------- -------- Net cash used by financing activities (5,753) (5,105) -------- -------- Net increase in cash 800 304 Opening balance - cash and cash equivalents 2,178 2,862 -------- -------- Ending balance - cash and cash equivalents $ 2,978 $ 3,166 ======== ======== Supplemental Disclosure of Cash Flow Information: Cash paid for income taxes $ 4,338 $ 3,717 ======== ======== Supplemental Disclosure of Non-cash Financing Activity: Dividend declared $ 2,119 $ 1,865 ======== ========
The accompanying notes are an integral part of these financial statements. LANDAUER, INC. Notes to Financial Statements - June 30, 1995 (Unaudited) (1) Basis of Presentation _____________________ The accompanying unaudited condensed financial statements reflect the financial position of Landauer, Inc. ("Landauer") as of June 30, 1995 and September 30, 1994, and the results of operations and cash flows for the three-month and nine-month periods ended June 30, 1995 and 1994. In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments necessary to present fairly the financial position of Landauer as of June 30, 1995 and September 30, 1994, and the results of operations for the three-month and nine-month periods ended June 30, 1995 and 1994, and cash flows for the nine-month periods ended June 30, 1995 and 1994. The accounting policies followed by the Company are set forth in Note 1 to the Company's financial statements in the 1994 Landauer Annual Report on Form 10-K, which is incorporated by reference. The results of operations for the three-month and nine-month periods ended June 30, 1995 and 1994 are not necessarily indicative of the results to be expected for the full year. (2) Cash Dividends ______________ On June 14, 1995, the Company declared a regular quarterly cash dividend in the amount of $.25 per share payable on July 13, 1995, to stockholders of record on June 29, 1995. On March 15, 1995, the Company declared a regular quarterly cash dividend in the amount of $.25 per share payable on April 13, 1995, to stockholders of record on March 31, 1995. On November 3, 1994, the Company declared a regular quarterly cash dividend in the amount of $.25 per share payable on January 12, 1995, to stockholders of record on December 30, 1994. Regular quarterly cash dividends of $.22 per share ($.88 annually) were declared during fiscal 1994. Management's Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources _______________________________ Landauer's cash flow from operating activities for the nine months ended June 30, 1995 and 1994 amounted to $7,811,000 and $6,642,000, respectively. Investing activities for the first half of fiscal 1995 and 1994 resulted in net dispositions of principally short-term U.S. Treasury securities of $601,000 and $16,000, respectively. Offsetting these were acquisitions of property, plant and equipment in the amount of $1,859,000 and $1,249,000, respectively. The Company's financing activities were limited to payments of cash dividends, offset by foreign dividends received from Nagase-Landauer, Ltd., our Japanese joint venture. LANDAUER, INC. Management's Discussion and Analysis of Financial Condition and Results of Operations (Cont'd.) The Company has no long-term liabilities and its requirement for cash flow to support investing activities is generally limited. Capital expenditures for the balance of fiscal 1995 are expected to amount to $700,000, principally for computer hardware, the development of software systems, and acquisition of equipment for productivity and technology enhancements. The Company anticipates that funds for these capital improvements will be provided from operations. The Company presently maintains no external sources of liquidity, and, in the opinion of management, resources are adequate for projected operations and capital spending programs, as well as continuation of the regular cash dividend program. Landauer requires limited working capital for its operations since many of its customers pay for annual services in advance. Such advance payments amounted to $7,436,000 and $6,602,000, respectively, as of June 30, 1995 and September 30, 1994, and are included in deferred contract revenue. While these amounts represent approximately one-half of current liabilities, such amounts do not represent a cash requirement. Results of Operations _____________________ Revenues for the quarter ended June 30, 1995 were 9% higher compared with the same quarter a year ago. The increase in revenues was entirely attributable to unit gains and higher pricing in the Company's traditional radiation dosimetry business. Gross margins for the third fiscal quarter were 70.7% of the revenues compared to 70.1% for the same period in fiscal 1994. The increase in margins was primarily attributable to higher revenues. Selling, general and administrative expenses were slightly higher in the current quarter as a percent of revenues at 28.6% compared to 28.5% for the third quarter of fiscal 1995. As a result, operating income for the third fiscal quarter of 1995 was 42.1% of revenues compared to 41.6% for the same period last year. Income before income taxes was 46.2% of revenues for the quarter just ended compared to 44.5% for the third fiscal quarter of 1994. The effective tax rate for the Company during the third quarter of fiscal 1995 was slightly lower at 37.2% compared with 37.3% for the same period last year. Resulting net income of $2,487,000 for the third fiscal quarter of 1995 was more than 13% higher than $2,196,000 reported in fiscal 1994. Income per share for the quarter was $.29 versus $.26 for the third fiscal quarter of 1994. LANDAUER, INC. Management's Discussion and Analysis of Financial Condition and Results of Operations (Cont'd.) Revenues for the nine months ended June 30, 1995, were about 7% higher compared with the first nine months of fiscal 1994. The increase in revenues was attributable to unit gains and higher pricing in the Company's traditional radiation dosimetry business. Gross margins for the first nine months of fiscal 1995 were higher at 70.6% of revenues compared with 70.0% a year ago. The increase in gross margins was principally attributable to a lower growth rate in costs relative to the increase in revenues. Selling, general, and administrative expenses were lower for the first nine months of fiscal 1995 as a percent of revenues at 27.9% compared to 28.4% for the first nine months of fiscal 1994. The decrease reflected a lower growth rate in expenses that in revenues. As a result, operating income for the first nine months of fiscal 1995 was 42.7% of revenues compared to 41.6% for the same period last year. Income before income taxes was 46.6% of revenues for the nine months just ended, compared with 44.5% for the same period in fiscal 1994. The effective tax rate for the Company during the first nine months of fiscal 1995 was lower at 37.3% compared with 37.6% for the first nine months of 1994. Resulting net income of $7,382,000 for the first nine months of 1995 was 12% higher than $6,574,000 reported in fiscal 1994. Income per share thus far in fiscal 1995 was $.87 versus $.78 for the same period in fiscal 1994. PART II.OTHER INFORMATION Item 2. Legal Proceedings _________________ Landauer is involved in various legal proceedings but believes that these matters will be resolved without a material effect on its financial position. Item 6. Exhibits and Reports on Form 8-K ________________________________ (a) No exhibits are filed with this report. (b) There were no reports on Form 8-K during the quarter for which this report is filed. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. LANDAUER, INC. Date: August 11, 1995 /s/ James M. O Connell _______________________________ James M. O'Connell Vice President and Treasurer (Principal Financial and Accounting Officer) EX-27 2 ART. 5 FDS FOR 3RD QUARTER 10-Q
5 0000825410 LANDAUER, INC. 1,000 9-MOS SEP-30-1995 OCT-01-1994 JUN-30-1995 2,978 4,003 7,074 99 921 15,823 16,794 8,908 37,828 14,556 0 848 0 0 22,424 37,828 25,253 25,253 7,426 7,426 0 0 0 11,770 4,388 7,382 0 0 0 7,382 .87 .87
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