Basis Of Presentation And Consolidation | 9 Months Ended |
Jun. 30, 2014 |
Basis Of Presentation And Consolidation [Abstract] | ' |
Basis Of Presentation And Consolidation | ' |
(1)Basis of Presentation and Consolidation |
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As used herein, the “Company” or “Landauer” refers to Landauer, Inc. and its subsidiaries. |
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These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K/A for the fiscal year ended September 30, 2013 and other financial information filed with the Securities and Exchange Commission (the “SEC”). |
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The accounting policies followed by the Company are set forth in the Company’s Annual Report on Form 10-K/A for the fiscal year ended September 30, 2013. There have been no changes to the accounting policies for the nine month period ended June 30, 2014. |
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The results of operations for the three and nine month periods ended June 30, 2014 are not necessarily indicative of the results to be expected for the full fiscal year. The September 30, 2013 balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. |
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The three and nine month periods ended June 30, 2014 include the correction of certain errors relating to prior periods. The Company recorded adjustments to correct the timing of revenue recognition in accordance with contractually established terms and conditions. The amounts recorded out-of-period include an increase in the pre-tax loss of $1.3 million for the third fiscal quarter ended June 30, 2014 and an increase in the pre-tax loss of $0.9 million for nine month period ended June 30, 2014. The Company does not believe these corrections to be material to any current or prior interim or annual periods. |
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In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary for a fair statement of such financial statements. Certain reclassifications have been made in the financial statements for comparative purposes. These reclassifications have no effect on the results of operations or financial position of the Company. |
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Revision of Prior Period Financial Statements |
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In connection with the preparation of the consolidated financial statements for the second quarter of fiscal 2014, the Company identified an error in the treatment of accrued additions for property, plant and equipment in the Consolidated Statements of Cash Flows. This error resulted in an understatement of net cash provided by operating activities and net cash used in investing activities in the third quarter of fiscal 2013 and the first quarter of fiscal 2014. In addition, the Company identified an error in its Consolidated Statement of Cash Flows which affected the third quarter of fiscal 2013. This error related to the classification of debt financing fees and resulted in an understatement of net cash provided by operating activities and net cash used by financing activities. In connection with the preparation of the consolidated financial statements for the third quarter of fiscal 2014, the Company identified an error related to the classification of unrealized gains or losses on investments in the Consolidated Statements of Cash Flows. This error resulted in an overstatement of net cash provided by operating activities and net cash used in investing activities in each of the quarters of fiscal 2014 and the third fiscal quarter of 2013, as well as the year-end consolidated financial statements for the fiscal years ended September 30, 2013 and 2012. In accordance with accounting guidance presented in ASC 250-10 and SEC Staff Accounting Bulletin No. 99, Materiality, the Company assessed the materiality of these errors and concluded that they were not material to any of the Company’s previously issued financial statements. The Company will revise its previously issued financial statements to correct for these errors. These revisions did not impact the Company’s Consolidated Statements of Operations or Consolidated Balance Sheets for any of these periods. |
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The following tables present the effect of this correction on the Company’s Consolidated Statements of Cash Flows for: |
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| | Six Months Ended |
31-Mar-14 |
(Dollars in Thousands) | | As Previously Reported | | Adjustment | | As Revised |
Cash flows from operating activities: | | | | | | | | | |
(Gain) loss on investments | | $ | - | | $ | -203 | | $ | -203 |
Net cash provided by operating activities | | | 20,164 | | | -203 | | | 19,961 |
Cash flows used by investing activities: | | | | | | | | | |
Other investing activities, net | | | -840 | | | 203 | | | -637 |
Net cash used by investing activities | | | -5,055 | | | 203 | | | -4,852 |
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| | Three Months Ended |
31-Dec-13 |
(Dollars in Thousands) | | As Previously Reported | | Adjustment | | As Revised |
Cash flows from operating activities: | | | | | | | | | |
(Gain) loss on investments | | $ | - | | $ | -146 | | $ | -146 |
(Decrease) increase in accounts payable and other accrued liabilities | | | -3,502 | | | 174 | | | -3,328 |
Net cash provided by operating activities | | | 9,954 | | | 28 | | | 9,982 |
Cash flows used by investing activities: | | | | | | | | | |
Acquisition of property, plant and equipment | | | -1,071 | | | -174 | | | -1,245 |
Other investing activities, net | | | -719 | | | 146 | | | -573 |
Net cash used by investing activities | | | -3,590 | | | -28 | | | -3,618 |
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| | Year Ended |
30-Sep-13 |
(Dollars in Thousands) | | As Previously Reported | | Adjustment | | As Revised |
Cash flows from operating activities: | | | | | | | | | |
(Gain) loss on investments | | $ | - | | $ | -282 | | $ | -282 |
Net cash provided by operating activities | | | 25,750 | | | -282 | | | 25,468 |
Cash flows used by investing activities: | | | | | | | | | |
Other investing activities, net | | | -2,151 | | | 282 | | | -1,869 |
Net cash used by investing activities | | | -11,296 | | | 282 | | | -11,014 |
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| | Nine Months Ended |
30-Jun-13 |
(Dollars in Thousands) | | As Previously Reported | | Adjustment | | As Revised |
Cash flows from operating activities: | | | | | | | | | |
(Gain) loss on investments | | $ | - | | $ | -118 | | $ | -118 |
(Increase) decrease in other operating assets, net | | | -3,679 | | | 200 | | | -3,479 |
(Decrease) increase in accounts payable and other accrued liabilities | | | -4,006 | | | 2,849 | | | -1,157 |
Net cash provided by operating activities | | | 16,533 | | | 2,931 | | | 19,464 |
Cash flows used by investing activities: | | | | | | | | | |
Acquisition of property, plant and equipment | | | -5,286 | | | -2,849 | | | -8,135 |
Other investing activities, net | | | -1,973 | | | 118 | | | -1,855 |
Net cash used by investing activities | | | -7,259 | | | -2,731 | | | -9,990 |
Cash flows used by financing activities: | | | | | | | | | |
Other financing activities, net | | | -260 | | | -200 | | | -460 |
Net cash used by financing activities | | | -17,705 | | | -200 | | | -17,905 |
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| | Year Ended |
30-Sep-12 |
(Dollars in Thousands) | | As Previously Reported | | Adjustment | | As Revised |
Cash flows from operating activities: | | | | | | | | | |
(Gain) loss on investments | | $ | - | | $ | -317 | | $ | -317 |
Net cash provided by operating activities | | | 36,840 | | | -317 | | | 36,523 |
Cash flows used by investing activities: | | | | | | | | | |
Other investing activities, net | | | -880 | | | 317 | | | -563 |
Net cash used by investing activities | | | -125,456 | | | 317 | | | -125,139 |
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