-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TERWc0gke8itU+XFR86ykhrwSXd9HaDzw9Yr4smlC5beuOuFvU1zHIY7EohMXduK Vb5Imt8uv9iutvHbQHIrrw== 0000892626-05-000087.txt : 20050425 0000892626-05-000087.hdr.sgml : 20050425 20050425170818 ACCESSION NUMBER: 0000892626-05-000087 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050425 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050425 DATE AS OF CHANGE: 20050425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LANDAUER INC CENTRAL INDEX KEY: 0000825410 STANDARD INDUSTRIAL CLASSIFICATION: MEASURING & CONTROLLING DEVICES, NEC [3829] IRS NUMBER: 061218089 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09788 FILM NUMBER: 05770776 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 8-K 1 ldr_6173.txt 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): April 25, 2005 LANDAUER, INC. ------------------------------------------------------ (Exact Name of Registrant as Specified in its Charter) Delaware ---------------------------------------------- (State or Other Jurisdiction of Incorporation) 1-9788 06-1218089 ------------------------ ------------------------------------ (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)) 1 ITEM 7.01. REGULATION FD DISCLOSURE. On April 25, 2005, Landauer, Inc. ("LDR") issued a News Release announcing its earnings for the second fiscal quarter ended March 31, 2005. A copy of the News Release is furnished as Exhibit 99.1 to this current report on Form 8-K. This Current Report on Form 8-K and the News Release is being furnished pursuant to Item 12, Results of Operations and Financial Condition, in accordance with the guidance provided in SEC Release Nos. 33- 8216 and 34-47583. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. 99.1 News Release, dated April 25, 2005 2 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. /s/ James M. O'Connell ---------------------------- James M. O'Connell Vice President and Treasurer (Principal Financial and Accounting Officer) Dated: April 25, 2005 3 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION - ------ ----------- 99.1 News Release, dated April 25, 2005 4 EX-99.1 2 exh_991.txt EXHIBIT 99.1 - ------------ News Release LANDAUER For Immediate Release - -------------------------------------------------------------------------- LANDAUER, INC. REPORTS HIGHER SECOND QUARTER 2005 RESULTS For Further Information Contact: James M. O'Connell Vice President, Treasurer and CFO - -------------------------------------------------------------------------- GLENWOOD, ILLINOIS, APRIL 25, 2005 . . . LANDAUER, INC. (NYSE symbol LDR) reported today that net income for its second fiscal quarter ended March 31, 2005 was $5,143,000, or $0.57 per diluted share, compared with $4,839,000, or $0.54 per diluted share, in the same quarter in fiscal 2004. Revenues for the quarter just ended were $19,706,000, or almost 8% higher than revenues of $18,262,000 in the same period last year. Higher domestic radiation monitoring activities represented approximately $700,000 of revenue growth for the quarter, where higher pricing, increased ancillary service revenues and modest unit gains were realized. International radiation monitoring revenue growth of almost $350,000 resulted from a mix of increased business activity in Europe, Asia and Brazil and a weaker U.S. dollar. The balance of revenue growth was attributable to sales of InLight products and services in the U.S. and abroad. Aggregate costs and expenses for the quarter just ended were $1,207,000 higher than a year ago. Higher international costs for the quarter were attributable to InLight sales activity, a weak U.S. dollar and the closure of an unneeded facility north of Paris. Domestic cost and expense increases resulted from higher professional fees and outside services related to Section 404 work and market research, as well as higher depreciation and amortization expense. Resulting operating income for the second quarter of fiscal 2005 was $7,904,000 compared with $7,667,000 for the same period a year ago. RESULTS FOR SIX MONTHS ENDED MARCH 31, 2005 - ------------------------------------------- For the first half of fiscal 2005, Landauer reported net income of $9,573,000, or $1.06 per diluted share, compared with $8,844,000, or $0.99 per diluted share, for the same period in fiscal 2004. Revenues for the first six months of the fiscal year were $38,031,000, or 81/2% higher than $35,040,000 reported for the same period in fiscal 2004. Domestic revenue growth, representing almost $1,325,000 of the increase, resulted from improved pricing and modestly higher volume for radiation measurement and ancillary services. International radiation monitoring revenues were approximately $750,000 higher, the result of higher pricing, increased international business activity and a continued weak U.S. dollar. The balance of revenue growth for the first six months of 2005, or approximately $900,000, was attributable to sales of InLight products and services in the U.S. and abroad. --more-- - -------------------------------------------------------------------------- Landauer, Inc. 2 Science Road Glenwood, IL 60425-1586 Phone 708.755.7000 Fax 708.755.7011 www.landauerinc.com LANDAUER, INC. ADD 1 Aggregate costs and expenses thus far in fiscal 2005 were $2,393,000 higher than a year ago. Higher international costs represented the largest component and, as for the current quarter, reflects the costs for InLight sales, currency translation and the planned costs associated with closing the redundant facility in France. Other categories of costs that were higher include depreciation and amortization, professional and outside service fees, direct materials and other production related costs. Resulting operating income for the first six months of fiscal 2005 was $14,624,000 compared with $14,026,000 for the same period in 2004. Year-to-date net other income was moderately higher than a year ago where earnings of Nagase-Landauer, Ltd., the Company's joint venture in Japan, were higher by $165,000 and net interest expense was higher by $106,000. Income taxes for the first half of fiscal 2005 were higher than a year ago as a result of higher income. The effective tax rate for the current year of 37.1% compares with 37.6% for the first half of fiscal 2004. OUTLOOK FOR BALANCE OF FISCAL 2005 - ---------------------------------- Management's review of the 2005 business plan indicates that no change in the outlook is warranted and that aggregate revenue growth for the year is anticipated to be in the range of 7 - 8%. The Company's traditional domestic and international revenue sources are expected to grow at a rate of 5.5 - 6.5% with sales for the InLight product line contributing to the balance of revenue growth. Sources of domestic revenue growth are expected to include pricing, moderate unit growth and increased sales of ancillary services. Pricing and increased unit volume are expected to contribute to international revenue growth in 2005, although currency exchange rates may impact results reported in U.S. dollars. Costs and operating expenses for fiscal 2005 are expected to grow at a rate slightly higher than revenues. Net other income in fiscal 2005 is anticipated to be comparable to the year just ended and minority interest should further decline, as a result of the elimination of minority interest in LCIE-Landauer. The effective income tax rate for fiscal 2005 is expected to be comparable to 2004 at 37.4%. Based on the preceding estimates, resulting net income for 2005 is currently anticipated to be higher by 6 - 8% compared with fiscal 2004. CONFERENCE CALL INFORMATION - --------------------------- Landauer, Inc. has scheduled a conference call that will be broadcast simultaneously over the Internet at CCBN's web conferencing service on Tuesday, April 26, 2005, at 10:00 a.m. central time. The website address for CCBN is http://phx.corporate-ir.net/phoenix.zhtml?p=irol- eventDetails&c=94416&eventID=1056391. Please allow 15 minutes to register and download the required software. Replays will be available through CCBN's website. ABOUT LANDAUER, INC. - -------------------- Landauer is the leading provider of analytical services to determine personal exposure to occupational and environmental radiation. For 50 years, the Company has provided complete radiation dosimetry services to hospitals, medical and dental offices, universities, national laboratories, 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 clients, and the analysis and reporting of exposure findings. --more-- LANDAUER, INC. ADD 2 SAFE HARBOR STATEMENT - --------------------- Certain of the statements made herein (including, in particular, under the caption "Outlook for Balance of Fiscal 2005"), constitute forward looking statements that are based on certain assumptions and involve certain risks and uncertainties, including, without limitation, assumptions, risks and uncertainties associated with the Company's development and introduction of new technologies, generally; introduction and customer acceptance of the InLight technology; the adaptability of optically stimulated luminescence ("OSL") technology to new platforms and formats, such as Luxel+; the costs associated with the Company's research and business development efforts; the usefulness of older technologies; the anticipated results of operations of the Company and its subsidiaries or ventures; the valuation of the Company's long lived assets or business units relative to future cash flows; changes in pricing of products and services; changes in postal and delivery practices; the Company's business plans; anticipated revenue and cost growth; the risks associated with conducting business internationally; other anticipated financial events; the effects of changing economic and competitive conditions; foreign exchange rates; government regulations; accreditation requirements; and pending accounting pronouncements. Such assumptions may not materialize to the extent assumed and such risks and uncertainties may cause actual results to differ from anticipated results. Such risks and uncertainties may also 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 under the caption "Significant Risk Factors" in the Company's Annual Report on Form 10-K for the year ended September 30, 2004 and other reports filed by the Company from time to time with the Securities and Exchange Commission. --more-- LANDAUER, INC. ADD 3 SECOND QUARTER FISCAL 2005 FINANCIAL HIGHLIGHTS (Unaudited; amounts in thousands, except per share data) THREE MONTHS ENDED SIX MONTHS ENDED ------------------- ------------------- MAR. 31, MAR. 31, MAR. 31, MAR. 31, 2005 2004 2005 2004 -------- -------- -------- -------- Net revenues. . . . . . . $ 19,706 $ 18,262 $ 38,031 $ 35,040 Costs and expenses: Cost of sales . . . . . 7,262 6,365 14,356 12,503 Selling, general and administrative. . . . 4,540 4,230 9,051 8,511 -------- -------- -------- -------- 11,802 10,595 23,407 21,014 -------- -------- -------- -------- Operating income. . . . . 7,904 7,667 14,624 14,026 Other income - net. . . . 332 318 644 585 -------- -------- -------- -------- Income before income taxes and minority interest. . . . . . . . 8,236 7,985 15,268 14,611 Income taxes. . . . . . . 3,072 3,020 5,658 5,501 -------- -------- -------- -------- Income before minority interest. . . . . . . . 5,164 4,965 9,610 9,110 Minority interest . . . . 21 126 37 266 -------- -------- -------- -------- Net income. . . . . . . . $ 5,143 $ 4,839 $ 9,573 $ 8,844 ======== ======== ======== ======== Net income per common share: Basic. . . . . . . . . $ 0.57 $ 0.54 $ 1.07 $ 1.00 ======== ======== ======== ======== Based on average shares outstanding . 8,956 8,897 8,952 8,875 ======== ======== ======== ======== Diluted. . . . . . . . $ 0.57 $ 0.54 $ 1.06 $ 0.99 ======== ======== ======== ======== Based on average shares outstanding . 9,025 8,978 9,022 8,954 ======== ======== ======== ======== LANDAUER, INC. ADD 4 SUMMARY CONSOLIDATED BALANCE SHEET (unaudited, amounts in thousands) March 31, September 30, 2005 2004 ---------- ------------- ASSETS Current Assets Cash and cash equivalents . . . . . . . $ 5,821 $ 7,979 Short-term investments. . . . . . . . . 522 616 Receivables, net of reserves. . . . . . 17,913 15,060 Other current assets. . . . . . . . . . 7,584 6,635 -------- -------- Total current assets. . . . . . . . . . . 31,840 30,290 -------- -------- Net property, plant and equipment . . . . 18,261 18,540 Equity in joint venture . . . . . . . . . 4,102 3,916 Goodwill net of amortization. . . . . . . 13,183 13,156 Other intangible assets, net of amortization . . . . . . . . . . 6,126 6,337 Other operating assets, net of amortization . . . . . . . . . . 5,804 4,791 Other assets. . . . . . . . . . . . . . . 589 488 -------- -------- TOTAL ASSETS. . . . . . . . . . . . . . . $ 79,905 $ 77,518 ======== ======== LIABILITIES AND STOCKHOLDERS' INVESTMENT Current liabilities: Accounts payable. . . . . . . . . . . . $ 1,275 $ 1,306 Notes payable . . . . . . . . . . . . . 4,933 5,262 Dividend payable. . . . . . . . . . . . 3,807 3,577 Deferred revenue. . . . . . . . . . . . 12,521 12,554 Other current liabilities . . . . . . . 5,418 5,577 -------- -------- Total current liabilities . . . . . . . . 27,954 28,276 Non-current liabilities: Pension and postretirement liabilities . . . . . . . . . . . . . 4,786 3,845 Deferred income taxes . . . . . . . . . 1,317 1,317 -------- -------- Total non-current liabilities:. . . . . . 6,103 5,162 Minority interest in subsidiary . . . . . 44 83 Stockholders' investment. . . . . . . . . 45,804 43,997 -------- -------- TOTAL LIABILITIES AND STOCKHOLDERS' INVESTMENT . . . . . . . $ 79,905 $ 77,518 ======== ======== # # # -----END PRIVACY-ENHANCED MESSAGE-----