EXHIBIT 99.1
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News Release
LANDAUER
For Immediate Release
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LANDAUER ANNOUNCES ACQUISITION OF
REMAINING INTEREST IN LCIE-LANDAUER, LTD.
For Further Information Contact: James M. O'Connell
Vice President, Treasurer and CFO
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GLENWOOD, ILLINOIS, APRIL 29, 2004 ... LANDAUER, Inc. (NYSE symbol LDR)
announced today that it has acquired the remaining 49% interest in LCIE-
Landauer, Ltd. owned by Laboratoire Central Industries des Electriques
("LCIE"), a subsidiary of Bureau Veritas, for $10.4 million in cash.
Landauer currently owns a 51% interest in LCIE-Landauer, Ltd. The LCIE-
Landauer joint venture was formed two years ago under an agreement whereby
Landauer contributed its U.K. radiation monitoring business and LCIE
contributed its radiation monitoring business located in France.
Additionally, the joint venture included purchase of the Philips France
radiation monitoring business, as well as installation of Landauer's
InLightTM dosimetry system manufactured by Matsushita Industrial Equipment
Company. InLight utilizes Landauer's proprietary optically stimulated
luminescence ("OSL") technology and is marketed exclusively by Landauer to
small and mid-sized dosimetry service providers.
LCIE-Landauer is one of the largest dosimetry services in Europe with
estimated fiscal 2004 revenues of more than $7.5 million. Landauer
President and CEO, Brent Latta, stated, "Acquiring full ownership of LCIE-
Landauer, Ltd. furthers our international growth strategy. While providing
a substantial base of business it also provides the infrastructure and
laboratory operation to grow market share in Europe. This acquisition of
the remaining interest in LCIE-Landauer is expected to be accretive to
earnings in the second half of fiscal 2004."
The purchase price was based on provisions contained in the original joint
venture agreement. In addition to the contribution of the Company's U.K.
business with annual revenues of approximately $1.5 million, Landauer's
investment in LCIE-Landauer approximates $11.5 million, after giving effect
to the current acquisition. Revenues from the LCIE contribution in France
are expected to be slightly more than $6 million in fiscal 2004. The
acquisition will be financed in part through an unsecured international
credit facility in the amount of $25 million provided by LaSalle Bank N.A.
ABOUT LANDAUER, INC.
Landauer is the leading provider of analytical services to determine
personal exposure to occupational and environmental radiation. For almost
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.
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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
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, could create the need from time to time to write down the
value of assets or otherwise cause the Company to incur unanticipated
expenses, affect the expected accretion to earnings from the acquisition
described herein, or impair the Company's ability to enhance its market
position in Europe. 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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