-----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, FiiAGp5yZtlMsrOxez/UkubKjOoHmHALeHZtPTNHV06s7LSpBqdQJCKF72b/LxUl 1/ZQMxTgjDFBE4UcfrhQEw== 0000892626-07-000034.txt : 20070222 0000892626-07-000034.hdr.sgml : 20070222 20070222142352 ACCESSION NUMBER: 0000892626-07-000034 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070222 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Material Impairments ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070222 DATE AS OF CHANGE: 20070222 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: 07641588 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_8114.txt 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): February 22, 2007 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 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION On February 22, 2007 Landauer, Inc. issued a press release regarding the matter described in Item 2.06 below. The press release also contained revised guidance by the Company as to its expected results from operations in fiscal year 2007. A copy of the press release is being furnished as Exhibit 99.1 to this Report. ITEM 2.06 MATERIAL IMPAIRMENT On February 21, 2007, the Board of Directors of Landauer, Inc. approved a program to re-engineer various of the company's business processes and replace the company's information technology systems that support customer relationship management and the order-to-cash cycle. As part of the information technology initiative management will be evaluating the usefulness of investments made in legacy information system's hardware and software, which have a net book value of approximately $4.6 million. Management anticipates that this evaluation will result in a significant portion of these assets being subject to accelerated depreciation or impairment once the full implementation plan has been finalized. The company expects to complete this evaluation in the second half of the year. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits. 99.1 News Release, dated February 22, 2007 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. Dated: February 22, 2007 /s/ Jonathon M. Singer ----------------------------------- Jonathon M. Singer Senior Vice President, Treasurer, and Secretary (Principal Financial and Accounting Officer) 3 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION - ----------- ----------- 99.1 News Release, dated February 22, 2007 4 EX-99.1 2 exh_991.txt EXHIBIT 99.1 - ------------ News Release LANDAUER - -------------------------------------------------------------------------- LANDAUER INC.'S BOARD APPROVES INVESTMENTS TO SUPPORT LONG-TERM GROWTH Company Revises 2007 Guidance For Further Information Contact: Jonathon M. Singer Senior Vice President, CFO 708-756-9535 - -------------------------------------------------------------------------- GLENWOOD, ILLINOIS - FEBRUARY 22, 2007 - LANDAUER, INC. (NYSE: LDR), a recognized leader in personal and environmental radiation monitoring, announced its board of directors today approved a plan to support continued profitability and growth by investing in two areas: . Accelerating a program to re-engineer business processes and replace the company's information technology systems that support customer relationship management and the order-to-cash cycle, and . Expanding its investment in sales and marketing resources to reach targeted markets for growth. INVESTMENTS SUPPORT MANAGEMENT PRIORITIES "We are continuing to pursue our three long-term management priorities," explained Bill Saxelby, president and chief executive officer. "These are to improve the profitability of our base business, expand global InLight sales, and sharpen our internal focus by pursuing opportunities to enhance our market position and generate even higher returns on capital. Improving our internal systems and strengthening our marketing outreach are key factors in achieving all of these goals. "We expect to fund these two actions under our original capital spending budget of $8-9 million this year," Saxelby added. "After evaluating the system implementation plan, we determined that some of the program's key elements will need to be expensed under the applicable accounting guidelines. However, neither the direct investments approved by the board of directors nor the anticipated acceleration of depreciation and impairment charge for our current information technology systems and related business processes will have a significant affect on free cash flow this year." -more- LANDAUER, INC. ADD 1 The company is investigating different information technology platforms to meet its needs. The system selected will include accelerated quote-to-cash functionality, a Web-enabled order management capability with tools that make it easier for customers to work with the company, and the ability to accommodate new products and markets. Landauer is committed to simplifying the way it serves customers, reducing the number of operational steps involved in meeting their requirements, and increasing the speed with which it develops and introduces new products. REVISED OUTLOOK As a result of the planned investments discussed above, while management expects the company will reach its previously announced level of 4-5 percent top-line growth for the year ending September 30, 2007, it believes earnings for the year will be near the same level seen in 2006. (In fiscal 2006, Landauer reported revenues of $79.0 million, net income of $19.0 million, and diluted earnings per share of $2.09. These results include $1.0 million in after-tax reorganization and management transition charges.) In addition, as part of the information technology initiative, management is evaluating the usefulness of investments made in legacy information systems' hardware and software, which have a net book value of approximately $4.6 million. Management anticipates that a significant portion of these assets will be subject to accelerated depreciation or impairment once the full implementation plan has been finalized. The company expects to complete this evaluation in the second half of the year. As a result, the impact has not been considered in the revised earning guidance. CONFERENCE CALL DETAILS Landauer will hold a conference call to discuss these developments with investors on Thursday, February 22, 2007, at 12:00 p.m. Eastern Time, 9:00 a.m. Pacific Time. To participate, callers should dial 800-936-9754 about 10 minutes before the presentation. To listen to a webcast, please visit the Investors Page on the company's Web site at www.landauerinc.com at least 15 minutes early to register, download and install any necessary audio software. A replay of the call will remain available on the site for 90 days. ABOUT LANDAUER Landauer is the world's leading provider of technical and analytical services to determine occupational and environmental radiation exposure. For more than 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. The company provides its services to 1.5 million people in the United States, Japan, France, the United Kingdom, Brazil, Canada, China, Australia and other countries. -more- LANDAUER, INC. ADD 2 SAFE HARBOR STATEMENT Some of the information shared here (including, in particular, references to sales and earnings in fiscal 2007) constitutes forward-looking statements that are based on certain assumptions and involve certain risks and uncertainties. These include the following, without limitation: the ability to select and implement a new information technology system without significant business interruption; assumptions, risks and uncertainties associated with the company's development and introduction of new technologies in general; 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; 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. These assumptions may not materialize to the extent assumed, and risks and uncertainties may cause actual results to be different from anticipated results. 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. You can find more information by reviewing the "Significant Risk Factors" section in the company's Annual Report on Form 10-K for the year ended September 30, 2005, and other reports filed by the company from time to time with the Securities and Exchange Commission. # # # -----END PRIVACY-ENHANCED MESSAGE-----