8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington,  D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):  August 10, 2015

LANDAUER, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	1-9788	06-1218089
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

2 Science Road, Glenwood, Illinois	60425
(Address of Principal Executive Offices)	(Zip Code)

(708) 755-7000

(Registrant's Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ]Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On August 10, 2015, Landauer, Inc. (the “Company”) issued a Press Release announcing its earnings for its fiscal 2015 third quarter ended June 30, 2015.   A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

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Item 7.01	Regulation FD Disclosure

Beginning August 10, 2015, the Company will make available and distribute to analysts and prospective investors a slide presentation. The presentation materials include information regarding the Company’s operating and growth strategies and financial performance. Pursuant to Regulation FD, the presentation materials are attached as Exhibit 99.2 to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

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EXHIBIT NUMBER	DESCRIPTION
99.1	Press Release dated August 10, 2015
99.2	Investor Slide Presentation

SIGNATURE

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 hereunto duly authorized.

	LANDAUER, INC.
August 10, 2015	By:	/s/ Daniel J. Fujii
		Daniel J. Fujii
		Chief Financial Officer

EX-99.1

News Release

LANDAUER

LANDAUER, INC. Reports

Fiscal 2015THIRDQUARTER RESULTS

For Further Information Contact:

Michael DeGraff

Sard Verbinnen & Co

Phone: 312.895.4734

Email: mdegraff@sardverb.com

GLENWOOD, Ill.—  August 10, 2015—Landauer, Inc. (NYSE: LDR), a recognized leader in personal and environmental radiation measurement and monitoring, outsourced medical physics services andhigh quality medical consumable accessories, today reported financial results for its fiscal 2015 third quarter ended June 30, 2015.

Fiscal 2015 Third Quarter Highlights

· Revenue of $35.5 million, a 1.1% decrease compared to the year-ago period

o Domestic Radiation Measurement revenues grew 1.5% year-over-year

o Medical Physics revenues grew 8.5% year-over-year

o Unfavorable impact due to foreign currency rates reduced revenues by $1.5 million. Excluding the impact of foreign currency exchange rates, revenues increased 3.1%.

· Operating income of $5.1 million, compared to anoperating loss of $59.6 million in the prior year period

o Adjusted operatingincomeincreased $1.0 million compared to the third quarter of fiscal 2014

o Professional feesreduced operating income by $0.5 million year-over-year

· Net income of $4.1 million, compared to a net loss of $36.3 million in the prior year period

o Adjusted netincomeof $4.5 million was up $2.4 million compared to the third quarter of fiscal 2014

· Adjusted EBITDA of $9.2 million, anincrease of 8.7%year-over-year

Mike Leatherman, President and Chief Executive Officer of Landauer stated,“While we continue to experience the negative impact of unfavorable foreign currency rates, our underlying results demonstrate the strength of our position as the leading provider of enterprise-wide solutions for our customers. At the same time, we are particularly encouraged by the 8.5% growth in revenues in our Medical Physics segment.”

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Leatherman continued, “We continue to make progress on our growth initiatives, including our next generation digital dosimeter platform, Verifii™ and are well positioned to meet the emerging needs for a broader radiation management solution. We are seeing strong demand for our solutions following the Joint Commission’s new Diagnostic Imaging requirements that became effective for hospitals and ambulatory care centers on July 1 and believe this trend will continue to drive further growth opportunities and long-term value for shareholders.”

Third Fiscal Quarter Financial Overview

Revenues for the third fiscal quarter of 2015 were $35.5 million, a 1.1%decrease compared to revenues of $35.9 million for the third fiscal quarter of 2014. Radiation Measurement revenues for the third fiscal quarter of 2015 were $24.1 million, a 4.7% decrease compared to $25.3 million for the third fiscal quarter of 2014. The decrease in revenues was primarilydue to the unfavorable impact of changes in foreign currency exchange rates of $1.5 million, partially offset by an increase in domestic revenues of $0.3 million. Medical Physics revenues increased $0.7 million, due to increased imaging services. Medical Products revenues were flat.

Operating income for the third fiscal quarter of 2015 was $5.1 million, compared with an operating loss of $59.6 million for the third fiscal quarter of 2014. The increase in operating income was driven by the $62.2 million goodwill and other intangible assets impairment charge, and $1.6 million in reorganization expenses recorded during the third fiscal quarter of 2014 that were not present in the third fiscal quarter of 2015. Adjusted operating income increased $1.0 million due to our lean initiatives and continued focus on higher margin, recurring revenues.

Fiscal NineMonths Financial Overview

Revenues for the first nine months of fiscal 2015 were $111.2 million, a 1.7% decrease compared to revenues of $113.1 million for the first nine months of fiscal 2014. Revenues in the Radiation Measurement segment decreased $4.3 million due to an unfavorable foreign currency impact of $3.7 million and a decrease in product sales in Europe of $1.0 million. Revenues in the Medical Physics segment increased $2.1 million, primarily driven by increased imaging services of $1.6 million. Revenues in the Medical Products segment increased $0.4 million primarilydue to the full-period impact of a modest acquisition in December 2013.

Operating income for the first ninemonths of fiscal 2015 was $16.9 million, compared to an operating lossof $47.3 million for the first ninemonths of fiscal 2014. The increase in operating income was due to the goodwill and other intangible assets impairment charge recorded in the prior year that was not present in the first nine months of fiscal 2015. Adjusted operating income margins increased to 15.2% in the first nine months of fiscal 2015from 14.7% in the first nine months of fiscal 2014.

Fiscal 2015 Outlook

As communicated in Landauer’s second quarter earnings announcement, the Company continues to expect unfavorable foreign currency rates will negatively impact full-year results for fiscal year 2015. Specifically, the adverse impact of foreign currency year-over-year is expected to result in a reduction in revenue of approximately $6.0 million, a reduction of Adjusted Net Income of approximately $0.8 million and a reduction of Adjusted EBITDA of approximately $2.8 million. Accordingly, Landauer is revising its full-year 2015 guidance as follows:

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	Prior Guidance	Revised Guidance
Revenue	$153 - $163 Million	$150 - $153 Million
Adjusted Net Income	$16 - $19 Million	$17 - $19 Million
Adjusted EBITDA	$41 - $46 Million	$38 - $41 Million

Use of Non-GAAP Financial Measures

Adjusted EBITDA is presented here not as an alternative to net income, but rather as a measure of the Company’s operating performance and is not intended to be a presentation in accordance with GAAP. Since EBITDA (generally, net income plus interest expenses, taxes, depreciation and amortization) is not calculated identically by all companies, this presentation may not be comparable to EBITDA or Adjusted EBITDA presentations disclosed by other companies. Adjusted EBITDA represents net income with adjustments for net financing costs, depreciation and amortization, provision for income taxes, stock compensation expense, goodwill and other intangible assets impairments, and acquisition, reorganization and nonrecurring costs. Management believes that Adjusted EBITDA is useful in evaluating the Company’s operating performance compared to that of other companies in its industry because the calculation of Adjusted EBITDA generally eliminates the effects of certain non-cash and other items that may vary for different companies for reasons unrelated to overall operating performance.

In addition, the Company’s management used Adjusted Operating Income and Adjusted Net Income as measures of earnings to eliminate the effects of certain non-cash and nonrecurring items of the Company and Adjusted Free Cash Flow as a measure of liquidity to eliminate the effects of certain acquisition and reorganization costs. Adjusted Operating Income represents operating income with adjustments forgoodwill and other intangible assets impairments and acquisition, reorganization and nonrecurring costs. Adjusted Net Income represents net income with tax-effected adjustments for stock compensation expense, goodwill and other intangible assets impairments and acquisition, reorganization and nonrecurring costs. Adjusted Free Cash Flow represents net cash provided by operating activities with adjustments for capital expenditures and acquisition, reorganization and nonrecurring costs.

However, Adjusted EBITDA, Adjusted Operating Income, Adjusted Net Income and Adjusted Free Cash Flow are not recognized measurements under GAAP and should not be considered as an alternative to the most directly comparable measures presented in accordance with GAAP. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is included within this news release.

Conference Call Details

Landauer has scheduled its third quarter conference call for investors over the Internet on Tuesday, August 11, 2015, at9:00a.m. Central Time (10:00a.m. Eastern Time). To participate, callers should dial 866-866-1542 (within the United States and Canada), or 707-294-1539 (international callers), passcode 1110120, about 10 minutes before the presentation. To listen to a webcast on the Internet, please go to the Company’s website at http://www.landauer.com at least 15 minutes early to register, download and install any necessary audio software. Investors may access a replay of the call by dialing 855-859-2056 (within the United States and Canada), or 404-537-3406 (international callers), passcode 1110120, which will be available through Friday, September 11, 2015. The replay will also be available on Landauer’s website for 30 days following the call.

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About Landauer

Landauer is a leading global provider of technical and analytical services to determine occupational and environmental radiation exposure, the leading domestic provider of outsourced medical physics services, as well as a provider of high quality medical accessories used in radiology, radiation therapy, and image guided surgery procedures. For more than 50 years, the Company has provided complete radiation dosimetry services to hospitals, medical and dental offices, universities, national laboratories, nuclear facilities and other industries in which radiation poses a potential threat to employees. Landauer’s services include the manufacture of various types of radiation detection monitors, the distribution and collection of the monitors to and from customers, and the analysis and reporting of exposure findings. The Company provides its dosimetry services to approximately 1.8 million individuals globally. In addition, through its Medical Physics segment, the Company provides therapeutic and imaging physics services to the medical physics community. Through its Medical Products segment, the Company provides medical consumable accessories used in radiology, radiation therapy, and image guided surgery procedures. For information about Landauer, please visit their website at http://www.landauer.com.

Safe Harbor Statement

Some of the information shared here (including, in particular, the section titled “Fiscal 2015 Outlook”) constitutes forward-looking statements that are based on assumptions and involve certain risks and uncertainties. These include the following, without limitation: assumptions, risks and uncertainties associated with the Company’s future performance; the Company’s development and introduction of new technologies in general; the ability to protect and utilize the Company’s intellectual property; continued customer acceptance of the InLight technology; the adaptability of optically stimulated luminescence (OSL) technology to new platforms and formats; military and other government funding for the purchase of certain of the Company’s equipment and services; the impact on sales and pricing of certain customer group purchasing arrangements; changes in spending or reimbursement for medical products or services; the costs associated with the Company’s research and business development efforts; the usefulness of older technologies and related licenses and intellectual property; the effectiveness of and costs associated with the Company’s IT platform enhancements; the anticipated results of operations of the Company and its subsidiaries or ventures; valuation of the Company’s long-lived assets or business units relative to future cash flows; changes in pricing of services and products; changes in postal and delivery practices; the Company’s business plans; anticipated revenue and cost growth; the ability to integrate the operations of acquired businesses and to realize the expected benefits of acquisitions; the risks associated with conducting business internationally; costs incurred for potential acquisitions or similar transactions; other anticipated financial events; the effects of changing economic and competitive conditions, including instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; foreign exchange rates; government regulations; accreditation requirements; changes in the trading market that affect the costs of obligations under the Company’s benefit plans; and pending accounting pronouncements. These assumptions may not materialize to the extent assumed, and risks and uncertainties may cause actual results to be different from what is anticipated today. These risks and uncertainties also may result in changes to the Company’s business plans and prospects, and could create the need from time to time to write down the value of assets or otherwise cause the Company to incur unanticipated expenses. Additional information may be obtained by reviewing the information set forth in Item 1A “Risk Factors” and Item 7A “Quantitative and Qualitative Disclosures about Market Risk” and information contained in the Company’s Annual Report on Form 10-K for the year ended September 30, 2014 and other reports filed by the Company, from time to time, with the Securities and Exchange Commission. The Company does not undertake, and expressly disclaims, any duty to update any forward-looking statement whether as a result of new information, future events or changes in the Company’s expectations, except as required by law.

Financial Tables Follow

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Landauer, Inc. and Subsidiaries 

Consolidated Balance Sheets (Unaudited)

(Dollars in Thousands)	June 30, 2015		September 30, 2014
Assets
Cash and cash equivalents	$	8,441	$	6,761
Receivables, net of allowances of $1,456 at June 30, 2015 and $1,872 at September 30, 2014		29,392		34,707
Inventories		7,456		6,687
Prepaid expenses and other current assets		7,440		6,178
Total current assets		52,729		54,333
Net property, plant and equipment		46,700		46,757
Equity in joint ventures		23,315		23,835
Goodwill		40,850		43,218
Intangible assets, net of accumulated amortization of $38,177 at June 30, 2015 and $37,579 at September 30, 2014		13,181		14,077
Other assets		31,299		34,366
Total assets	$	208,074	$	216,586
Liabilities
Total current liabilities	$	37,970	$	44,728
Long-term debt		134,385		133,585
Other non-current liabilities		22,984		24,539
Total liabilities		195,339		202,852
Stockholders' equity
Landauer, Inc. stockholders' equity		11,558		12,254
Noncontrolling interest		1,177		1,480
Total stockholders' equity		12,735		13,734
Total Liabilities and Stockholders' Equity	$	208,074	$	216,586

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Landauer, Inc. and Subsidiaries 

Consolidated Statements of Operations (Unaudited)

		Three Months Ended June 30,				Nine Months Ended June 30,
(Dollars in Thousands, Except per Share)	2015		2014 (As Restated)		2015		2014 (As Restated)
Total revenues	$	35,467	$	35,868	$	111,153	$	113,069
Cost and expenses:
Cost of sales		16,821		17,930		53,183		54,647
Selling, general and administrative		13,535		13,819		41,088		41,795
Goodwill and other intangible assets impairment charge		-		62,188		-		62,188
Acquisition, reorganization and nonrecurring costs		-		1,558		-		1,778
Total costs and expenses		30,356		95,495		94,271		160,408
Operating income (loss)		5,111		(59,627)		16,882		(47,339)
Equity in income of joint ventures		428		256		1,804		2,072
Other expense, net		(922)		(888)		(3,073)		(2,675)
Income (loss) before taxes		4,617		(60,259)		15,613		(47,942)
Income tax expense (benefit)		481		(24,225)		3,271		(20,413)
Net income (loss)		4,136		(36,034)		12,342		(27,529)
Less:  Net income attributed to noncontrolling interest		81		301		363		471
Net income (loss) attributed to Landauer, Inc.	$	4,055	$	(36,335)	$	11,979	$	(28,000)
Net income (loss) per share attributable to Landauer, Inc. shareholders:
Basic	$	0.42	$	(3.83)	$	1.26	$	(2.96)
Weighted average basic shares outstanding		9,509		9,482		9,476		9,466
Diluted	$	0.42	$	(3.83)	$	1.25	$	(2.96)
Weighted average diluted shares outstanding		9,534		9,482		9,503		9,466

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Landauer, Inc. and Subsidiaries 

Consolidated Statements of Cash Flows (Unaudited)

	Nine Months Ended June 30,
(Dollars in Thousands)	2015		2014 (As Restated)
Cash flows from operating activities:
Net income (loss)	$	12,342	$	(27,529)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		9,274		11,419
Goodwill and other intangible assets impairment charge		-		62,188
Equity in income of joint ventures		(1,804)		(2,072)
Dividends from joint ventures		1,144		1,340
Stock-based compensation and related net tax benefits		1,422		1,066
Current and long-term deferred taxes, net		769		(21,829)
Loss (gain) on sale, disposal and abandonment of fixed assets		142		(35)
Gain on investments		(159)		(505)
Changes in operating assets and liabilities		(1,419)		2,508
Net cash provided by operating activities		21,711		26,551
Net cash used by investing activities		(6,691)		(5,711)
Cash flows from financing activities:
Long-term borrowings, net		800		(4,500)
Dividends paid to stockholders		(13,237)		(15,771)
Other financing activities, net		(462)		(551)
Net cash used by financing activities		(12,899)		(20,822)
Effects of foreign currency translation		(441)		(52)
Net increase (decrease) in cash and cash equivalents		1,680		(34)
Opening balance - cash and cash equivalents		6,761		8,672
Ending balance - cash and cash equivalents	$	8,441	$	8,638

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Non-GAAP Financial Measures

A reconciliation of Adjusted EBITDA, Adjusted Operating Income, Adjusted Net Income and Adjusted Free Cash Flow (i.e., non-GAAP financial measures) to the most directly comparable GAAP measures is provided below:

	Three Months Ended June 30,				Nine Months Ended June 30,
(Unaudited, Dollars in Thousands)	2015		2014 (As Restated)		2015		2014 (As Restated)
Adjusted EBITDA
Net income (loss) attributed to Landauer, Inc.	$	4,055	$	(36,335)	$	11,979	$	(28,000)
Add back:
Net financing costs		965		760		2,652		2,506
Depreciation and amortization		3,182		3,932		9,274		11,419
Provision for income taxes		481		(24,225)		3,271		(20,413)
Earnings before interest, taxes, depreciation and amortization (EBITDA)	$	8,683	$	(55,868)	$	27,176	$	(34,488)
Adjustments:
Non-cash stock based compensation		550		616		1,423		1,079
Goodwill and other intangible assets impairment charge		-		62,188		-		62,188
Acquisition, reorganization and nonrecurring costs		-		1,558		-		1,778
Sub-total adjustments		550		64,362		1,423		65,045
Adjusted EBITDA	$	9,233	$	8,494	$	28,599	$	30,557
	Three Months Ended June 30,				Nine Months Ended June 30,
(Unaudited, Dollars in Thousands)	2015		2014 (As Restated)		2015		2014 (As Restated)
Adjusted Operating Income
Operating income (loss)	$	5,111	$	(59,627)	$	16,882	$	(47,339)
Goodwill and other intangible assets impairment charge		-		62,188		-		62,188
Acquisition, reorganization and nonrecurring costs		-		1,558		-		1,778
Adjusted Operating Income	$	5,111	$	4,119	$	16,882	$	16,627
	Three Months Ended June 30,				Nine Months Ended June 30,
(Unaudited, Dollars in Thousands)	2015		2014 (As Restated)		2015		2014 (As Restated)
Adjusted Net Income
Net income (loss) attributed to Landauer, Inc.	$	4,055	$	(36,335)	$	11,979	$	(28,000)
Sub-total adjustments		550		64,362		1,423		65,045
Income taxes on adjustments		(57)		(25,875)		(277)		(26,086)
Adjustments, net		493		38,487		1,146		38,959
Adjusted Net Income	$	4,548	$	2,152	$	13,125	$	10,959

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	Nine Months Ended June 30,
(Unaudited, Dollars in Thousands)	2015		2014 (As Restated)
Adjusted Free Cash Flow
Net cash provided by operating activities	$	21,711	$	26,551
Capital expenditures		(6,224)		(3,056)
Free Cash Flow		15,487		23,495
Acquisition, reorganization and nonrecurring costs		-		1,778
Adjusted Free Cash Flow	$	15,487	$	25,273

Segment Information

The following tables summarize financial information for each reportable segment for the threeand nine months ended June 30:

	Three Months Ended June 30,				Nine Months Ended June 30,
(Unaudited, Dollars in Thousands)	2015		2014 (As Restated)		2015		2014 (As Restated)
Revenues by segment:
Radiation Measurement	$	24,143	$	25,320	$	77,880	$	82,187
Medical Physics		8,926		8,175		25,971		23,943
Medical Products		2,398		2,373		7,302		6,939
Consolidated revenues	$	35,467	$	35,868	$	111,153	$	113,069
	Three Months Ended June 30,				Nine Months Ended June 30,
(Unaudited, Dollars in Thousands)	2015		2014 (As Restated)		2015		2014 (As Restated)
Operating income (loss) by segment:
Radiation Measurement	$	7,604	$	7,466	$	26,402	$	26,095
Medical Physics		1,143		435		2,082		1,467
Medical Products		375		(62,429)		953		(62,891)
Corporate		(4,011)		(5,099)		(12,555)		(12,010)
Consolidated operating income (loss)	$	5,111	$	(59,627)	$	16,882	$	(47,339)

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EX-99.2

I

nvestor Presentation  August 2015 Safe Harbor Statement  Some of the information shared here (including, in particular, the section titled “Fiscal 2015 Outlook”) constitutes forward-looking statements  that are based on assumptions and involve certain risks and uncertainties. These include the following, without limitation: assumptions, risks  and uncertainties associated with the Company’s future performance; the Company’s development and introduction of new technologies in  general; the ability to protect and utilize the Company’s intellectual property; continued customer acceptance of the InLighttechnology; the  adaptability of optically stimulated luminescence (OSL) technology to new platforms and formats; military and other government funding for  the purchase of certain of the Company’s equipment and services; the impact on sales and pricing of certain customer group purchasing  arrangements; changes in spending or reimbursement for medical products or services; the costs associated with the Company’s research and  business development efforts; the usefulness of older technologies and related licenses and intellectual property; the effectiveness of and  costs associated with the Company’s IT platform enhancements; the anticipated results of operations of the Company and its subsidiaries or  ventures; valuation of the Company’s long-lived assets or business units relative to future cash flows; changes in pricing of services and  products; changes in postal and delivery practices; the Company’s business plans; anticipated revenue and cost growth; the ability to integrate  the operations of acquired businesses and to realize the expected benefits of acquisitions; the risks associated with conductingbusiness  internationally; costs incurred for potential acquisitions or similar transactions; other anticipated financial events; the effects of changing  economic and competitive conditions, including instability in capital markets which could impact availability of short and long-term financing;  the timing and extent of changes in interest rates; the level of borrowings; foreign exchange rates; government regulations; accreditation  requirements; changes in the trading market that affect the costs of obligations under the Company’s benefit plans; and pending accounting  pronouncements. These assumptions may not materialize to the extent assumed, and risks and uncertainties may cause actual results to be  different from what is anticipated today. These risks and uncertainties also may result in changes to the Company’s businessplans and  prospects, and could create the need from time to time to write down the value of assets or otherwise cause the Company to incurunanticipated expenses. Additional information may be obtained by reviewing the information set forth in Item 1A “Risk Factors”and Item 7A  “Quantitative and Qualitative Disclosures about Market Risk” and information contained in the Company's Annual Report on Form10-K for the  year ended September 30, 2014 and other reports filed by the Company, from time to time, with the Securities and Exchange Commission.  The Company does not undertake, and expressly disclaims, any duty to update any forward-looking statement whether as a result ofnew  information, future events or changes in the Company’s expectations, except as required by law.

Compelling Investment Opportunity  Industry leading position, compelling market trends and strong   financial profile drives long-term shareholder value  •The Joint Commission standards effective in July 2015 in the United States -Impacts 7,100 of the 20,500 U.S. healthcare organizations and programs, including hospitals,  imaging clinics and certain ambulatory care centers -Estimated incremental cost of ~$30,000 annually for a hospital to comply with new standards •International standards becoming more restrictive     •Next generation Verifii™ platform on target for 2016 launch •Well positioned to meet emerging need for broader solution  •Differentiated position creates higher barrier to entry for competition   •Strong margins and limited capital requirements deliver compelling free cash flow •Defined capital allocation plan supports investment in growth initiatives and dividend   •Industry-leading technology; proprietary Optically Stimulated Luminescence (OSL) crystal  manufacturing process •Installed based of over 73,000 customers; 1.8 million individuals served worldwide •90% recurring revenue; 94% annual customer retention •Ability to provide enterprise radiation management or product only model   Global Leader in  Occupational  Radiation Products  and Services  Increased Regulation   Drives Demand  Compelling Growth  and Expansion  Opportunities  Strong Financial  Profile

Dosimetry Reports  with results are made  available to the  customer  Leading OSL Technology Supported by Proven Process  .“Gold standard” in accuracy .Proprietary OSL crystal technology  manufactured internally .Delivers wide-range of radiation monitoring:       .Headquartered in Glenwood, IL .650 global employees .Only national network of imaging physicists   .8 global markets .Service labs in Chicago, Tokyo, Paris, Brazil,  Mexico City, Istanbul, Sydney, Beijing  .1.8M annual individuals served worldwide; 1.2M domestically       Dosimeter is  received and  analyzed  Dosimeter is physically   shipped back to Landauer  Dosimeter is  worn for  designated  wear period  Order is  manufactured  and physically  shipped to  customer  Order placed; unique serial numbers are assigned  for each participant’s dosimeter  ~45 days from date dosimeter  was received by client  Neutron  (Nuclear)  X-Ray  (Healthcare)  Current Monthly Process  (~15 million badges annually)  Technology  Key Facts  Energy Spectrum

$40  $24  $91  Industrial  ProfessionalOffices  Acute CareHospitals  $0  $20  $40  $60  $80  $100  $MM  Revenue  Serving Diverse End Markets Across Three Verticals  Acute Care  Hospitals  Professional  Offices  Industrial    Energy  Emergency Response  Military/ National Security/DOE  W:\Landauer\Investors\Investor deck\Images\73470968_5.jpg W:\Landauer\Investors\Investor deck\Images\L41513.2429.jpg Physician Offices  IDN Hospitals  Veterinarian  Dental  Regional Hospitals  Imaging Centers  62%  6%  74%  0%  20%  40%  60%  80%  Estimated U.S. Market Share -Dosimetry  $155 Million in FY 2014 Revenue  Acute Care  Hospitals  Professional  Offices  Industrial 

Strong Global Footprint  Well-positioned to serve an expanding global customer base of ~75,000 clients   Service Labs  Chicago  Mexico  Brazil  Paris  Istanbul  Beijing  Tokyo  Australia

Significant International Growth Opportunity  $25  $30  $35  $40  2011  2012  2013  2014  $MM  International Revenue  Constant $  GAAP International Revenue  76%  24%  FY GAAP 2014 Revenue  Domestic U.S.  International  Additional $2.9 million in Equity Income   from International Joint Ventures  Joint Venture  Location  Nagase-Landauer  Japan  Epsilon Landauer  Turkey  Aquila  New Mexico    10% CAGR   (Constant $ basis)  Estimated 25% international market share provides ample room for continued growth

U.S. Healthcare Trends are Fueling Opportunity  Increasingly complex and multi-dimensional radiation management  landscape creates need for integrated, enterprise-wide solutions   Risk to Health Systems   Tougher State  Regulations  Emerging  •Pennsylvania •California •Massachusetts •Rhode Island •Texas   Healthcare  Consolidation  •Larger buying groups  create the need for  more integrated and  cost-effective  solutions   Evolving  Treatments  •Advanced radiation  treatment choices are  becoming more  prevalent   New Compliance  Standards  •Heightened  Diagnostic Imaging  Requirements from  The Joint  Commission went  into effect in July  2015   Escalating penalties for non-compliance including fines,  reduced reimbursements and loss of license

Reports:  Necessary for  compliance  Analytics:  Context to  information  Benchmarking:  Relevance to  peers  Training:  Assures compliance  and patient  outcomes  Continuous  Improvement:  Integrated data   across the enterprise    Uniquely Positioned to Capitalize on Demand for Solutions  Combining products, services, data and analytics to deliver improved and more compliant processes  Mgmt.   Reports  Space  Radiation Compliance Solutions  Informatics  Radiation   Measurement  Equipment  Patient  Worker  Imaging Physics  New Regulatory Requirements Create Customer Demand  (Effective July 2015)  Solutions Platform

Strategic Path Forward  .Shift the market focus  .Simple dose focus .Continuous management of radiation safety   .Better equip customers to monitor and control employee exposure  and meet increasing compliance regulations     .Leverage digital-based platform to grow offering of tailored products  and services designed to better connect the employee to the work  environment     .Launch and commercialization of Verifii™ platform .Intermittent analog measurement .Connected digital platform   .Provide customers with timely, actionable compliance solutions .Generate meaningful cost benefits     Connect:  to Real Time Data  Integrate:  to a Broader Solution  Expand:  Beyond Dose

Verifii™: Redefining Our Core Technology   .Provides customers with a scalable, digital  platform that connects employees to their  environment  .Eliminates fragmented manual processes  enabling focus on building a robust  radiation management solution .Timely radiation data adds value to  customers by allowing them to take  targeted actions for practical and  measurable process improvements .Expect launch in 2016   A truly differentiated product and platform for incremental growth

 Creating a New Standard with Digital Dosimetry  Real-time and  historic data &  analytics are  available to  client via web  & mobile apps  Data is processed  and stored in the  cloud  Dosimeter connects  via Bluetooth LE to  docking base  station  Dosimeter is assigned to  individual onsite;  establishing chain of  custody  ~30 million incidents measured annually  (~1% physically handled)  Allows customers to track trends, monitor event specific dose levels and   enact behavioral changes to better manage long-term exposure

Significant Opportunities Across Core Verticals  .Virtual compliance solution for  smaller offices that do not  have an existing function in  place .340,000 sites across  Veterinarians, Medical, Dental  and Chiropractic practices .6% estimated U.S. market  share   .Increasing regulations and use  of advanced imaging  equipment driving need for  radiation safety compliance .Market need for simple,  integrated solution  .Significant opportunity to drive  margin expansion   Acute Care Hospitals  Professional Office  Industrial  .Allows customers to outsource  compliance and safety solution  to Landauerat a lower cost .74% estimated U.S. market  share .Consulting force in place to  meet demand from Joint  Commission requirements  .Expand product line to include  software, consulting and more  dosimetry .Deliver comprehensive  compliance solution   .Turn-key solution allows for  autonomous measurement  and safety management .Segmented into Oil, Gas,  Nuclear and Military .62% estimated U.S. market  share   .Exclusive provider of battlefield  dosimeters for Army, Reserve  and National Guard .37% of field units replaced .Interoperability between  branches   .Goal of steady recurring  baseline revenue with  significant upside from non- recurring orders   Expand  Penetrate  Customize

Strong Recurring Revenue Base  $114  (95%)   $138  (91%)   $136  (91%)   $137  (88%)   $6  $14  $14  $18  $0  $20  $40  $60  $80  $100  $120  $140  $160  $180  2011  2012  2013  2014  Revenue  ($ in millions, FYE 9/30)  Recurring Revenue  Non-Recurring Revenue  $120  $152  $150  $155

 .New IT systems implemented in FY12 negatively impacted working capital in FY13 by $11.0 million  and positively impacted working capital in FY14 by $10.6 million .System implementation impacted timing of customer collections and vendor payments     Driving Strong Cash Flows  $18.3   $21.9   $16.2   $32.5   $0.0  $5.0  $10.0  $15.0  $20.0  $25.0  $30.0  $35.0  2011  2012  2013  2014  Free Cash Flow   ($ in millions, FYE 9/30)

Balanced Approach to Capital Allocation  .Core business investments focused on top and bottom line growth .Emphasis on higher margin, annuity-style opportunities   .Commercialization of next generation digital dosimetry platform while  transitioning from current OSL crystal-based platform .Management compensation tied to ROIC     .Long-term target of 2X –2.5X Debt/EBITDA leverage ratio      .Currently over 3% dividend yield .Long history of paying competitive dividend for over 20 years     Fund Competitive  Dividend  Invest in the  Business  Pay Down Debt

Compelling Investment Opportunity  Industry leading position, compelling market trends and strong   financial profile drives long-term shareholder value  •The Joint Commission standards effective in July 2015 in the United States  -Impacts 7,100 of the 20,500 U.S. healthcare organizations and programs, including hospitals,  imaging clinics and certain ambulatory care centers -Estimated incremental cost of ~$30,000 annually for a hospital to comply with new standards •International standards becoming more restrictive     •Next generation Verifii™ platform on target for 2016 launch •Well positioned to meet emerging need for broader solution  •Differentiated position creates higher barrier to entry for competition   •Strong margins and limited capital requirements deliver compelling free cash flow •Defined capital allocation plan supports investment in growth initiatives and dividend   •Industry-leading technology; proprietary Optically Stimulated Luminescence (OSL) crystal  manufacturing process •Installed based of over 73,000 customers; 1.8 million individuals served worldwide •90% recurring revenue; 94% annual customer retention •Ability to provide enterprise radiation management or product only model   Global Leader in  Occupational  Radiation Products  and Services  Increased Regulation   Drives Demand  Compelling Growth  and Expansion  Opportunities  Strong Financial  Profile

Financial Overview

Landauer Financial Overview  $120.5  $152.1  $149.7  $155.1  2011  2012  2013  2014  Revenue ($ in millions, FYE 9/30)  $48.2  $54.0  $47.9  $44.4  2011  2012  2013  2014  Adjusted EBITDA ($ in millions, FYE 9/30)  .Approximately 90% of revenue derived from  subscriptions and is recurring in nature .Increase operating income at a higher growth  rate than revenue .Contract with U.S. Army, Reserve and National  Guard to replace its antiquated radiation  monitoring system provides opportunities to  expand to other global military and first  responder markets .Strategic expansion contributing to long term  growth prospects .Strong history of EBITDA to support dividend,  reinvestment in the core business and capital  required to support strategic expansion

Key Q3 FY 2015 Financial Drivers  .Revenue of $35.5 million in the third quarter of  fiscal 2015 down $0.4 million y/y due to  unfavorable FX  .Domestic Radiation Measurement revenues  grew by 1.5% over the prior year period .Medical Physics revenues grew 8.5% over the  prior year period, driven by demand for our  solutions to The Joint Commission’s new  Diagnostic Imaging requirements that became  effective July 1, 2015 .Adjusted operating income of $5.1 million  versus $4.1 million in prior year period .Net income of $4.1 million, or $0.42 per diluted  share .Adjusted EBITDA of $9.2 million, an increase of  8.7% y/y   Q3 FY15 Financial Highlights  $25.3  $24.1  $8.2  $8.9  $2.4  $2.4  $0  $10  $20  $30  $40  Q3 2014  Q3 2015  Millions  Revenue  Rad Measurement  Med Physics  Med Products  $35.9  $35.5  $8.5  $9.2  $0  $5  $10  Q3 2014  Q3 2015  Millions  Adjusted EBITDA  $25.3  $15.5  $0  $10  $20  $30  Q3 2014  Q3 2015  Millions  Free Cash Flow

Q3 2015 YTD

Adjusted Results  ($ Millions)  Q3 YTD  As Reported  Non-cash Stock Based  Compensation  Q3 YTD   Adjusted  Revenue  $111.2  -  $111.2  Net Income  $12.0  $1.1   $13.1  Adjusted EBITDA  $27.2  $1.4  $28.6Underlying Assumptions for 2015  .As communicated in our previous earnings  release, due to the impact of unfavorable  foreign currency rates, we expected results for  FY2015 near the lower end of the range .We expect the adverse impact of FX to reduce  y/y revenue by $6.0 million, Adjusted Net  Income by $0.8 million and Adjusted EBITDA by  $2.8 million .Given these estimated results, we are revising  guidance for Revenue and Adjusted EBITDA .We expect Adjusted Net Income to be above  mid-point of the prior range     Outlook  Fiscal Year 2015 Outlook  ($ Millions)  Q3 YTD  Adjusted  Full-Year  Prior  Guidance  Full-Year  Revised  Guidance  Revenue  $111.2  $153 -$163   $150 -$153   Adjusted   Net  Income  $13.1  $16 -$19   $17 -$19   Adjusted  EBITDA  $28.6  $41 -$46   $38 -$41

Appendix

Business Facts  Proven Technology Platform  Fiscal 2014 Financial Highlights  Diverse Markets  .$155 Million in Annual Revenue  .$37 Million in International Sales .~ 90% Recurring Revenues .$44.4 Million in Adjusted EBITDA  .Adjusted EBITDA margin 28.6%   .Headquartered in Glenwood, IL .Founded in 1954  .Approximately 650 employees .8 global markets .73,000 annual customers served; 1.8M annual individuals  served .94%+ Customer retention rates   inlight_clip_holder_front_L.png .Industry standard OSL technology .Passive measurement of wide  range of radiation from low  energy X-Ray to high energy  neutron .Development of new digital  dosimetry platform: Verifii™     Landauer at a Glance  C:\Users\mdegraff\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\EQH1N7PW\Dosimeter.2.png IDN Hospitals  Imaging Centers  Regional Hospitals  Physician Offices  Veterinarian  Dental  Energy  Emergency Response  Military/National  Security/DOE  W:\Landauer\Investors\Investor deck\Images\73470968_5.jpg W:\Landauer\Investors\Investor deck\Images\L41513.2429.jpg Acute Care  Hospitals  Professional  Offices  Industrial