-----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, V12T2F1SZo4cbCUvD3Kz3/K78MhD+luKq7nKyEXMAqOM+6Adqmb7wnAIKrfqvHAS c91FrFe9fHf5DWctZDqcfQ== 0000892626-08-000080.txt : 20080505 0000892626-08-000080.hdr.sgml : 20080505 20080505162053 ACCESSION NUMBER: 0000892626-08-000080 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080429 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080505 DATE AS OF CHANGE: 20080505 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: 08802920 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_9064.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): April 29, 2008 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 April 29, 2008, Landauer, Inc. ("LDR") issued a News Release announcing its earnings for the second fiscal quarter ended March 31, 2008. A copy of the News Release is furnished as Exhibit 99.1 to this current report on Form 8-K. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits. 99.1 News Release, dated April 29, 2008 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: May 5, 2008 /s/ Jonathon M. Singer --------------------------------- Jonathon M. Singer Senior Vice President, Finance, Secretary, Treasurer, and Chief Financial Officer (Principal Financial and Accounting Officer) 3 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION - ----------- ----------- 99.1 News Release, dated April 29, 2008 4 EX-99.1 2 exh_991.txt EXHIBIT 99.1 - ------------ NEWS RELEASE LANDAUER - ------------------------------------------------------------------------- LANDAUER, INC. REPORTS RECORD RESULTS FOR SECOND QUARTER IMPROVEMENTS DRIVEN BY INTERNATIONAL GROWTH AND INLIGHT PRODUCT SALES For Further Information Contact: Jonathon M. Singer Senior Vice President, CFO 708-441-8311 - ------------------------------------------------------------------------- GLENWOOD, ILL.--APRIL 29, 2008--LANDAUER, INC. (NYSE: LDR), a recognized leader in personal and environmental radiation monitoring, today reported that its performance set new records for revenue and net income for the three and six months ended March 31, 2008. SECOND QUARTER 2008 HIGHLIGHTS . Revenue reached a record $23.7 million on InLight equipment sales and higher international sales, driven by higher volume in most regions, favorable exchange rates and a new venture in Mexico. . Increased volume and continued cost management contributed to a $1.7 million, or 12 percent, increase in gross profit over the prior year. . Operating cash flow increased 45 percent to $15.2 million. . Net income grew 8 percent to $6.4 million, or $0.69 per diluted share. . Signed agreement with Health Canada to provide InLight products in 2008, to support Canada's Emergency Response Strategy. "We are pleased to report another quarter of record revenue and strong earnings growth. Our continued strong performance in the current economic environment confirms the stability of our business model," stated Bill Saxelby, President and CEO of Landauer. "Our solid results are directly attributable to executing on our strategic priorities of optimizing the core business, driving competitive growth, and pursuing strategic expansion. We have managed our resources to ensure progress against all of our strategic priorities, and the success of this balanced approach is reflected in our financial performance and strong cash flows." Saxelby continued, "Our focus on international expansion remains strong, as the InLight product platform continues to be adopted around the globe. The second quarter saw us close the single largest order in Landauer's history, as we signed a $2 million agreement to provide our InLight dosimetry equipment to the National Dosimetry Services of Health Canada to support Canada's nationwide Emergency Response Strategy. Landauer has delivered approximately $750,000 of finished products in the fiscal quarter ended March 31, 2008 under the contract. We believe the recent ventures in Australia and Mexico and product sales into Italy, and now Canada, affirm the superiority of InLight's OSL technology." -more- LANDAUER, INC. ADD 1 INLIGHT EQUIPMENT AND INTERNATIONAL EXPANSION FUELS REVENUES, EARNINGS FOR QUARTER, SIX MONTHS Revenues for the second quarter of fiscal 2008 were $23.7 million, a 10 percent increase compared with $21.6 million at this time last year. Domestic revenue rose 5 percent or $939,000 for the quarter, due primarily to InLight equipment sales. International revenue increased 26 percent, or $1.2 million, led by growth in most regions, strong InLight service and equipment growth, the impact of favorable currency translation and the addition of a new subsidiary in Mexico. Cost of sales increased 5 percent from the same quarter last year, while the gross margin expanded to 68 percent from 67 percent in the year ago period. Selling, general and administrative expenses for the second fiscal quarter grew 13 percent, or $709,000. Factors contributing to the increase included international spending to support growth, the impact of foreign exchange, higher salary and benefits related to staff additions, and investments in sales and marketing resources. Net income for the most recent quarter grew 8 percent to $6.4 million, compared with $5.9 million a year ago. Earnings per diluted share for the three months were $0.69 versus $0.65 in 2007. For the six months ended on March 31, 2008, revenues increased 9 percent to $45.6 million versus $41.8 million at this time last year, also reflecting higher international sales and domestic InLight equipment volume. The gross profit margin improved to 68 percent versus 66 percent from last year's six-month period ended March 31, 2007. Costs and expenses for the first half of fiscal 2008 increased $2.4 million or 9 percent primarily due to the factors cited for the quarter ended March 31, 2008. Year-to-date net income was $11.7 million, up 8 percent from $10.8 million. Earnings per diluted share were $1.27 compared with $1.18 for the same period last year. FINANCIAL POSITION REMAINS STRONG Total assets at March 31, 2008, were $106 million, up 9 percent from the prior year end, including $29.1 million in working capital and $27.0 million in cash. Landauer was debt free at quarter end. Cash provided by operating activities increased 45 percent, to $15.2 million, for the first half of the year as compared to the six months ended March 31, 2007. OUTLOOK FOR THE SECOND HALF Saxelby concluded, "As the leading provider of dosimetry services, we believe that the flexibility of our business model lends itself to increasing revenue both domestically and internationally as we serve the growing awareness of the risks of global radiation exposure. Past investments in fostering a culture of productivity improvements and strengthening our core infrastructure have contributed to our positive performance, as we continue to make progress towards the completion of our systems initiative and accelerate sales growth. We will continue to work hard to secure our market leading position while also continuing to evaluate potential growth opportunities in which we can leverage our business offerings." -more- LANDAUER, INC. ADD 2 Landauer's business plan for fiscal 2008 anticipated aggregate revenue growth for the year to be in the range of 4 - 5 percent. The company also planned a net income increase in the range of 6 - 8 percent excluding the impact of the 2007 asset impairment and accelerated depreciation charges. Based upon the performance in the first half of the fiscal year, the Company anticipates performance in the upper end of the planned ranges for revenue and net income. CONFERENCE CALL DETAILS Landauer's second quarter conference call for investors is scheduled for Tuesday, April 29th, at 2:00 p.m. Eastern Time (11:00 a.m. Pacific Time). To participate, callers should dial 800-240-2134 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 and products 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, Mexico and other countries. SAFE HARBOR STATEMENT Some of the information shared here (including, in particular, the section titled "Outlook for the Second Half") 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 development and introduction of new technologies in general; continued customer acceptance of the InLight technology; the adaptability of optically stimulated luminescence (OSL) technology to new platforms and formats; the costs associated with the company's research and business development efforts; the usefulness of older technologies; the effectiveness of 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 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 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. You can find more information by reviewing the "Risk Factors" section in the company's Annual Report on Form 10-K for the year ended September 30, 2007, and other reports filed by the company from time to time with the Securities and Exchange Commission. FINANCIAL TABLES FOLLOW LANDAUER, INC. ADD 3 SUMMARY CONSOLIDATED INCOME STATEMENTS (unaudited, amounts in thousands, except per share data) Three Months Ended Six Months Ended March 31, March 31, ------------------ ------------------ 2008 2007 2008 2007 -------- -------- -------- -------- Net revenues $ 23,743 $ 21,633 $ 45,552 $ 41,793 Costs and expenses: Cost of sales 7,515 7,130 14,716 14,221 Selling, general and administrative 6,259 5,550 12,859 11,319 Accelerated depreciation charges 188 -- 376 -- -------- -------- -------- -------- 13,962 12,680 27,951 25,540 Operating income 9,781 8,953 17,601 16,253 Other income, net 581 507 1,285 1,052 -------- -------- -------- -------- Income before taxes and minority interest 10,362 9,460 18,886 17,305 Income taxes 3,866 3,529 7,045 6,459 -------- -------- -------- -------- Income before minority interest 6,496 5,931 11,841 10,846 Minority interest 66 (9) 135 47 -------- -------- -------- -------- Net income $ 6,430 $ 5,940 $ 11,706 $ 10,799 ======== ======== ======== ======== Net income per common share: Basic $ 0.70 $ 0.65 $ 1.27 $ 1.19 ======== ======== ======== ======== Weighted average shares outstanding 9,209 9,116 9,184 9,103 ======== ======== ======== ======== Diluted $ 0.69 $ 0.65 $ 1.27 $ 1.18 ======== ======== ======== ======== Weighted average shares outstanding 9,268 9,184 9,247 9,180 ======== ======== ======== ======== -more- LANDAUER, INC. ADD 4 SUMMARY CONSOLIDATED BALANCE SHEETS (unaudited; amounts in thousands) March 31, September 30, 2008 2007 ---------- ------------ ASSETS Current assets: Cash and cash equivalents $ 27,044 $ 21,069 Receivables, net of allowances 23,362 19,750 Other current assets 8,059 9,686 -------- -------- Total current assets 58,465 50,505 -------- -------- Net property, plant and equipment 16,885 16,654 Equity in joint venture 5,536 4,978 Goodwill and other intangible assets, net of amortization 18,425 18,327 Dosimetry devices, net of amortization 4,837 5,345 Deferred income taxes 501 333 Other assets 1,397 1,198 -------- -------- TOTAL ASSETS $106,046 $ 97,340 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,277 $ 1,682 Dividends payable 4,643 4,375 Deferred contract revenue 15,310 13,832 Other current liabilities 7,164 8,078 -------- -------- Total current liabilities 29,394 27,967 -------- -------- Non-current liabilities: Pension and postretirement obligations 10,118 9,575 Other non-current liabilities 544 -- -------- -------- Total non-current liabilities 10,662 9,575 Minority interest in subsidiary 388 288 Stockholders' equity 65,602 59,510 -------- -------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $106,046 $ 97,340 ======== ======== # # # -----END PRIVACY-ENHANCED MESSAGE-----