EXHIBIT 99.1
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News Release
LANDAUER
For Immediate Release
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LANDAUER, INC. REPORTS HIGHER
SECOND QUARTER 2005 RESULTS
For Further Information Contact: James M. O'Connell
Vice President, Treasurer and CFO
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GLENWOOD, ILLINOIS, APRIL 25, 2005 . . . LANDAUER, INC. (NYSE symbol LDR)
reported today that net income for its second fiscal quarter ended
March 31, 2005 was $5,143,000, or $0.57 per diluted share, compared with
$4,839,000, or $0.54 per diluted share, in the same quarter in fiscal 2004.
Revenues for the quarter just ended were $19,706,000, or almost 8% higher
than revenues of $18,262,000 in the same period last year. Higher domestic
radiation monitoring activities represented approximately $700,000 of
revenue growth for the quarter, where higher pricing, increased ancillary
service revenues and modest unit gains were realized. International
radiation monitoring revenue growth of almost $350,000 resulted from a mix
of increased business activity in Europe, Asia and Brazil and a weaker U.S.
dollar. The balance of revenue growth was attributable to sales of InLight
products and services in the U.S. and abroad.
Aggregate costs and expenses for the quarter just ended were $1,207,000
higher than a year ago. Higher international costs for the quarter were
attributable to InLight sales activity, a weak U.S. dollar and the closure
of an unneeded facility north of Paris. Domestic cost and expense
increases resulted from higher professional fees and outside services
related to Section 404 work and market research, as well as higher
depreciation and amortization expense. Resulting operating income for the
second quarter of fiscal 2005 was $7,904,000 compared with $7,667,000 for
the same period a year ago.
RESULTS FOR SIX MONTHS ENDED MARCH 31, 2005
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For the first half of fiscal 2005, Landauer reported net income of
$9,573,000, or $1.06 per diluted share, compared with $8,844,000, or $0.99
per diluted share, for the same period in fiscal 2004. Revenues for the
first six months of the fiscal year were $38,031,000, or 81/2% higher than
$35,040,000 reported for the same period in fiscal 2004. Domestic revenue
growth, representing almost $1,325,000 of the increase, resulted from
improved pricing and modestly higher volume for radiation measurement and
ancillary services. International radiation monitoring revenues were
approximately $750,000 higher, the result of higher pricing, increased
international business activity and a continued weak U.S. dollar. The
balance of revenue growth for the first six months of 2005, or
approximately $900,000, was attributable to sales of InLight products and
services in the U.S. and abroad.
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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
Aggregate costs and expenses thus far in fiscal 2005 were $2,393,000 higher
than a year ago. Higher international costs represented the largest
component and, as for the current quarter, reflects the costs for InLight
sales, currency translation and the planned costs associated with closing
the redundant facility in France. Other categories of costs that were
higher include depreciation and amortization, professional and outside
service fees, direct materials and other production related costs.
Resulting operating income for the first six months of fiscal 2005 was
$14,624,000 compared with $14,026,000 for the same period in 2004.
Year-to-date net other income was moderately higher than a year ago where
earnings of Nagase-Landauer, Ltd., the Company's joint venture in Japan,
were higher by $165,000 and net interest expense was higher by $106,000.
Income taxes for the first half of fiscal 2005 were higher than a year ago
as a result of higher income. The effective tax rate for the current year
of 37.1% compares with 37.6% for the first half of fiscal 2004.
OUTLOOK FOR BALANCE OF FISCAL 2005
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Management's review of the 2005 business plan indicates that no change in
the outlook is warranted and that aggregate revenue growth for the year is
anticipated to be in the range of 7 - 8%. The Company's traditional
domestic and international revenue sources are expected to grow at a rate
of 5.5 - 6.5% with sales for the InLight product line contributing to the
balance of revenue growth. Sources of domestic revenue growth are expected
to include pricing, moderate unit growth and increased sales of ancillary
services. Pricing and increased unit volume are expected to contribute to
international revenue growth in 2005, although currency exchange rates may
impact results reported in U.S. dollars. Costs and operating expenses for
fiscal 2005 are expected to grow at a rate slightly higher than revenues.
Net other income in fiscal 2005 is anticipated to be comparable to the year
just ended and minority interest should further decline, as a result of the
elimination of minority interest in LCIE-Landauer. The effective income
tax rate for fiscal 2005 is expected to be comparable to 2004 at 37.4%.
Based on the preceding estimates, resulting net income for 2005 is
currently anticipated to be higher by 6 - 8% compared with fiscal 2004.
CONFERENCE CALL INFORMATION
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Landauer, Inc. has scheduled a conference call that will be broadcast
simultaneously over the Internet at CCBN's web conferencing service on
Tuesday, April 26, 2005, at 10:00 a.m. central time. The website address
for CCBN is http://phx.corporate-ir.net/phoenix.zhtml?p=irol-
eventDetails&c=94416&eventID=1056391. Please allow 15 minutes to register
and download the required software. Replays will be available through
CCBN's website.
ABOUT LANDAUER, INC.
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Landauer is the leading provider of analytical services to determine
personal exposure to occupational and environmental radiation. For 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. ADD 2
SAFE HARBOR STATEMENT
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Certain of the statements made herein (including, in particular, under the
caption "Outlook for Balance of Fiscal 2005"), 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 development and introduction of
new technologies, generally; introduction and customer acceptance of the
InLight technology; the adaptability of optically stimulated luminescence
("OSL") technology to new platforms and formats, such as Luxel<registered
trademark>+; 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; the
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. 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, 2004 and other reports filed by the Company
from time to time with the Securities and Exchange Commission.
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LANDAUER, INC. ADD 3
SECOND QUARTER FISCAL 2005 FINANCIAL HIGHLIGHTS
(Unaudited; amounts in thousands, except per share data)
THREE MONTHS ENDED SIX MONTHS ENDED
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MAR. 31, MAR. 31, MAR. 31, MAR. 31,
2005 2004 2005 2004
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Net revenues. . . . . . . $ 19,706 $ 18,262 $ 38,031 $ 35,040
Costs and expenses:
Cost of sales . . . . . 7,262 6,365 14,356 12,503
Selling, general and
administrative. . . . 4,540 4,230 9,051 8,511
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11,802 10,595 23,407 21,014
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Operating income. . . . . 7,904 7,667 14,624 14,026
Other income - net. . . . 332 318 644 585
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Income before income
taxes and minority
interest. . . . . . . . 8,236 7,985 15,268 14,611
Income taxes. . . . . . . 3,072 3,020 5,658 5,501
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Income before minority
interest. . . . . . . . 5,164 4,965 9,610 9,110
Minority interest . . . . 21 126 37 266
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Net income. . . . . . . . $ 5,143 $ 4,839 $ 9,573 $ 8,844
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Net income per
common share:
Basic. . . . . . . . . $ 0.57 $ 0.54 $ 1.07 $ 1.00
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Based on average
shares outstanding . 8,956 8,897 8,952 8,875
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Diluted. . . . . . . . $ 0.57 $ 0.54 $ 1.06 $ 0.99
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Based on average
shares outstanding . 9,025 8,978 9,022 8,954
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LANDAUER, INC. ADD 4
SUMMARY CONSOLIDATED BALANCE SHEET
(unaudited, amounts in thousands)
March 31, September 30,
2005 2004
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ASSETS
Current Assets
Cash and cash equivalents . . . . . . . $ 5,821 $ 7,979
Short-term investments. . . . . . . . . 522 616
Receivables, net of reserves. . . . . . 17,913 15,060
Other current assets. . . . . . . . . . 7,584 6,635
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Total current assets. . . . . . . . . . . 31,840 30,290
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Net property, plant and equipment . . . . 18,261 18,540
Equity in joint venture . . . . . . . . . 4,102 3,916
Goodwill net of amortization. . . . . . . 13,183 13,156
Other intangible assets,
net of amortization . . . . . . . . . . 6,126 6,337
Other operating assets,
net of amortization . . . . . . . . . . 5,804 4,791
Other assets. . . . . . . . . . . . . . . 589 488
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TOTAL ASSETS. . . . . . . . . . . . . . . $ 79,905 $ 77,518
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LIABILITIES AND
STOCKHOLDERS' INVESTMENT
Current liabilities:
Accounts payable. . . . . . . . . . . . $ 1,275 $ 1,306
Notes payable . . . . . . . . . . . . . 4,933 5,262
Dividend payable. . . . . . . . . . . . 3,807 3,577
Deferred revenue. . . . . . . . . . . . 12,521 12,554
Other current liabilities . . . . . . . 5,418 5,577
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Total current liabilities . . . . . . . . 27,954 28,276
Non-current liabilities:
Pension and postretirement
liabilities . . . . . . . . . . . . . 4,786 3,845
Deferred income taxes . . . . . . . . . 1,317 1,317
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Total non-current liabilities:. . . . . . 6,103 5,162
Minority interest in subsidiary . . . . . 44 83
Stockholders' investment. . . . . . . . . 45,804 43,997
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TOTAL LIABILITIES AND
STOCKHOLDERS' INVESTMENT . . . . . . . $ 79,905 $ 77,518
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