EXHIBIT 99.1
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NEWS RELEASE
LANDAUER
For Immediate Release
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LANDAUER, INC. REPORTS HIGHER
FIRST QUARTER EARNINGS FOR FISCAL 2004
For Further Information Contact: James M. O'Connell
Vice President, Treasurer & CFO
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GLENWOOD, ILLINOIS, JANUARY 22, 2004 ... LANDAUER, INC. (NYSE: LDR),
reported that net income for its first fiscal quarter ended December 31,
2003 was $4,005,000, an increase of 5% compared with earnings of $3,809,000
for the same quarter in fiscal 2003. Net income per diluted share for the
quarter just ended was $0.45 compared with $0.43 a year ago. Landauer, a
recognized leader in personal and environmental radiation monitoring
services, reported revenues of $16,778,000 for the first quarter of fiscal
2004, a 9% increase compared with revenues of $15,392,000 reported for the
same quarter a year ago.
Approximately two-thirds of revenue growth for the quarter just ended was
attributable to higher pricing and increased unit volume in domestic
operations. Most of the U.S. growth occurred in the Company's core
radiation measurement business, supplemented by increased fees for
ancillary and other services. Growth in international revenues occurred as
the result of a weak U.S. dollar, as well as modest pricing and unit gains.
Most of the international growth was attributable to LCIE-Landauer
providing services to customers in France and the United Kingdom.
Cost of revenues and operating expenses for the current quarter were almost
$1,100,000 higher than for the same period a year ago due to several
factors. Higher salaries and employee benefits, particularly health care
claims, and increased research and development expenditures represented the
primary factors impacting domestic operations by more than $600,000.
International operations also experienced higher costs primarily the result
of a relatively weak dollar in virtually all non-U.S. locations. Other
categories of expense also increased moderately. Resulting operating
income for the quarter just ended was $6,359,000, an increase of 5%
compared with $6,065,000 reported in fiscal 2003. Finally, net other
income was higher than a year ago and the effective income tax rate was
slightly higher at 37.4%.
In the quarter just ended, LCIE-Landauer began InLight service for some
customers in France. Additionally, Landauer continued the expansion of
InLight in the nuclear power segment of the U.S. market. Further
applications of optically stimulated luminescence ("OSL") technology for
radiation measurements, particularly as they may be applied in medicine and
homeland security, represent the objectives for research and development
expenditure.
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Landauer, Inc. 2 Science Road Glenwood, IL 60425-1586
Phone 708.755.7000 Fax 708.755.7011 www.landauerinc.com
LANDAUER, INC. ADD 1
OUTLOOK
Landauer's business plan and outlook is unchanged for fiscal 2004. Revenue
growth for the year is anticipated to be in the range of 6 - 7% and is
evenly balanced among the Company's traditional revenue sources. Domestic
revenue growth is expected to occur as a result of pricing, moderate unit
growth and increased sales of ancillary services. International revenue
growth, as well, is expected to result from pricing and increased units.
Aggregate costs and operating expenses for fiscal 2004 are expected to be
slightly lower than fiscal 2003 levels, reflecting the absence of the $2.8
million non-cash impairment charge that occurred in 2003. A continued weak
U.S. dollar, however, could impact both revenues and costs for most non-
U.S. operations with only modest impact on operating income. Net other
income in fiscal 2004 is anticipated to be comparable to 2003 and the
effective income tax rate for fiscal 2004 is expected to be 37.5%.
Resulting net income for 2004 is anticipated to be higher by 18 - 20%
compared with fiscal 2003.
CONFERENCE CALL INFORMATION
Landauer, Inc. has scheduled a conference call that will be broadcast
simultaneously over the Internet at www.viavid.net on Friday, January 23,
2004 at 10:00 a.m. central time. Please allow 15 minutes to register and
download the required software. Replays will be available through Viavid's
website.
ABOUT LANDAUER
Landauer is the leading provider of analytical services to determine
occupational and environmental radiation exposure. For nearly 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.
SAFE HARBOR STATEMENT
Certain of the statements made herein 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 introduction of the InLight
technology, the adaptability of optically stimulated luminescence ("OSL")
technology to new platforms and formats, the cost 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, the Company's
market position, 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, 2003
and other reports filed by the Company from time to time with the
Securities and Exchange Commission.
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LANDAUER, INC. ADD 2
FIRST QUARTER FISCAL 2004 FINANCIAL HIGHLIGHTS
(Unaudited; amounts in thousands, except per share data)
Three months ended
December 31,
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2003 2002
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Net revenues. . . . . . . . . . . . . . $ 16,778 $ 15,392
Cost and expenses:
Cost of sales . . . . . . . . . . . . 6,137 5,714
Selling, general and administrative . 4,282 3,613
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10,419 9,327
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Operating income. . . . . . . . . . . . 6,359 6,065
Other income - net. . . . . . . . . . . 265 226
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Income before income taxes and
minority interest . . . . . . . . . . 6,624 6,291
Income taxes. . . . . . . . . . . . . . 2,479 2,349
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Income before minority interest . . . . 4,145 3,942
Minority interest therein . . . . . . . 140 133
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Net income. . . . . . . . . . . . . . . $ 4,005 $ 3,809
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Net income per common share:
Basic . . . . . . . . . . . . . . . . $ 0.45 $ 0.43
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Average shares outstanding. . . . . . 8,852 8,780
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Diluted . . . . . . . . . . . . . . . $ 0.45 $ 0.43
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Average shares outstanding. . . . . . 8,930 8,863
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LANDAUER, INC. ADD 3
SUMMARY CONSOLIDATED BALANCE SHEET
(unaudited, amounts in thousands)
December 31, September 30,
2003 2003
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ASSETS
Current Assets
Cash and cash equivalents . . . . . . $ 10,663 $ 10,572
Short-term investments. . . . . . . . 1,463 440
Receivables, net of reserves. . . . . 15,555 13,770
Other current assets. . . . . . . . . 6,144 6,456
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Total current assets. . . . . . . . . . 33,825 31,238
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Net property, plant and equipment . . . 17,831 17,226
Equity in joint venture . . . . . . . . 3,134 3,402
Goodwill & other intangible assets,
net of amortization . . . . . . . . . 7,882 8,056
Dosimetry devices, net of amortization. 4,580 4,121
Other assets. . . . . . . . . . . . . . 159 195
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TOTAL ASSETS. . . . . . . . . . . . . . $ 67,411 $ 64,238
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LIABILITIES AND
STOCKHOLDERS' INVESTMENT
Current liabilities:
Accounts payable. . . . . . . . . . . $ 1,524 $ 1,548
Dividend payable. . . . . . . . . . . 3,553 3,316
Deferred revenue. . . . . . . . . . . 12,611 12,464
Other current liabilities . . . . . . 9,458 7,501
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Total current liabilities . . . . . . . 27,146 24,829
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Minority interest in subsidiary . . . . 1,114 984
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Stockholder's investment. . . . . . . . 39,151 38,425
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TOTAL LIABILITIES AND
STOCKHOLDERS' INVESTMENT . . . . . . $ 67,411 $ 64,238
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