EXHIBIT 99.1
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NEWS RELEASE
LANDAUER
For Immediate Release
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LANDAUER ELECTS WILLIAM E. SAXELBY
AS PRESIDENT AND CHIEF EXECUTIVE OFFICER
Company Anticipates Pre-Tax Charge in Fourth Quarter
For Further Information Contact: James M. O'Connell
Vice President, Treasurer & CFO
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GLENWOOD, ILLINOIS, SEPTEMBER 20, 2005 . . . LANDAUER, INC. (NYSE: LDR)
announced today that its board of directors has elected William E. Saxelby
to be President and Chief Executive Officer of Landauer, effective
September 28, 2005. Saxelby will also join Landauer's board of directors.
Saxelby succeeds Brent A. Latta, who has served as Landauer's CEO since
1998. Latta, 62, will retire at the end of the month and serve as Director
Emeritus of Landauer.
"Landauer has enjoyed strong leadership throughout its history and, in Bill
Saxelby, we have found a CEO who can continue that tradition," said Robert
J. Cronin, Chairman of the Board of Landauer. "Bill is a seasoned
executive with the experience and credentials necessary to sustain
Landauer's momentum and take this company to the next level," Cronin said.
Saxelby, 48, recently served as Chief Executive Officer of Medical Research
Laboratories, a manufacturer of defibrillators, prior to its sale to Welch
Allyn in 2003, and has consulted with certain leading private equity firms
since that time. From 1996-1999 Saxelby served as a Corporate Vice
President of Allegiance Healthcare, a spin-off of Baxter International,
with responsibility for its Gloves, Special Procedures, Thermal Products
and Euromedical Products business units. From 1978-1996, Saxelby held
executive positions at Baxter and its American Hospital Supply subsidiary
in their Gloves, Dietary Products and Scientific Products Industrial
Division business units.
"Landauer has an impressive history of providing superior service to its
customers and value to its stockholders," said Saxelby. "I look forward to
the opportunity to lead Landauer as it continues this tradition and pursues
new profitable growth initiatives. Our future is clearly bright -- our
financial position is strong and our leadership team continues to focus on
developing innovative technologies and expanding our customer base, both
domestically and in select international markets."
"With our business strong, our new InLight service and product line
introduced in 2004, other research and development initiatives under
evaluation and my retirement nearing, the board of directors concluded that
this would be an ideal time to identify a successor," said Latta. "I am
excited that our succession planning efforts led us to Bill. He clearly
has the experience, character and leadership skills to ensure that Landauer
remains the outstanding company that it is today."
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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
REVISED OUTLOOK FOR FISCAL 2005
In connection with the election of Saxelby, the retirement of Latta and
related organizational changes the Company will recognize a pre-tax charge
of approximately $2,200,000 in the quarter ending September 30, 2005.
These expenses in conjunction with management's review of the first nine
months of operations for fiscal 2005 and expected business activity for the
fourth quarter indicate that net income for fiscal 2005 is now anticipated
to be 1.5 - 2.5% lower than that reported for fiscal 2004.
Aggregate revenue growth for the fiscal year is anticipated to be 7 - 8%.
Fiscal 2005 revenues from traditional domestic and international radiation
monitoring services are expected to grow by approximately 5.5% compared
with 2004. Revenues from sales for the InLight product line will
contribute to the balance of revenue growth. Domestic revenue growth
drivers 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. Based on the
Company's revised operating plan, costs and operating expenses for fiscal
2005 are expected to grow at an aggregate rate of 15.5 - 16% compared with
2004. Net other income in fiscal 2005 is anticipated to be approximately
$200,000 higher than in fiscal 2004 and minority interest should be
$200,000 lower, as a result of the elimination of the minority interest in
LCIE-Landauer. The effective income tax rate for fiscal 2005 is expected
to be 36.5 - 37%, compared with 37.4% in fiscal 2004.
ABOUT LANDAUER, INC.
Landauer is the leading provider of analytical services 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.
SAFE HARBOR STATEMENT
Certain of the statements made herein (including, in particular, under the
caption "Revised Outlook for 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
LANDAUER, INC. ADD 2
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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