EXHIBIT 99.1
- ------------
NEWS RELEASE
LANDAUER
- -------------------------------------------------------------------------
LANDAUER, INC. REPORTS RECORD RESULTS
FOR SECOND QUARTER
IMPROVEMENTS DRIVEN BY INTERNATIONAL GROWTH AND INLIGHT PRODUCT SALES
For Further Information Contact:
Jonathon M. Singer
Senior Vice President, CFO
708-441-8311
- -------------------------------------------------------------------------
GLENWOOD, ILL.--APRIL 29, 2008--LANDAUER, INC. (NYSE: LDR), a recognized
leader in personal and environmental radiation monitoring, today reported
that its performance set new records for revenue and net income for the
three and six months ended March 31, 2008.
SECOND QUARTER 2008 HIGHLIGHTS
. Revenue reached a record $23.7 million on InLight equipment sales and
higher international sales, driven by higher volume in most regions,
favorable exchange rates and a new venture in Mexico.
. Increased volume and continued cost management contributed to a
$1.7 million, or 12 percent, increase in gross profit over the prior
year.
. Operating cash flow increased 45 percent to $15.2 million.
. Net income grew 8 percent to $6.4 million, or $0.69 per diluted
share.
. Signed agreement with Health Canada to provide InLight products in
2008, to support Canada's Emergency Response Strategy.
"We are pleased to report another quarter of record revenue and strong
earnings growth. Our continued strong performance in the current economic
environment confirms the stability of our business model," stated Bill
Saxelby, President and CEO of Landauer. "Our solid results are directly
attributable to executing on our strategic priorities of optimizing the
core business, driving competitive growth, and pursuing strategic
expansion. We have managed our resources to ensure progress against all of
our strategic priorities, and the success of this balanced approach is
reflected in our financial performance and strong cash flows."
Saxelby continued, "Our focus on international expansion remains strong, as
the InLight product platform continues to be adopted around the globe. The
second quarter saw us close the single largest order in Landauer's history,
as we signed a $2 million agreement to provide our InLight dosimetry
equipment to the National Dosimetry Services of Health Canada to support
Canada's nationwide Emergency Response Strategy. Landauer has delivered
approximately $750,000 of finished products in the fiscal quarter ended
March 31, 2008 under the contract. We believe the recent ventures in
Australia and Mexico and product sales into Italy, and now Canada, affirm
the superiority of InLight's OSL technology."
-more-
LANDAUER, INC.
ADD 1
INLIGHT EQUIPMENT AND INTERNATIONAL EXPANSION FUELS REVENUES, EARNINGS FOR
QUARTER, SIX MONTHS
Revenues for the second quarter of fiscal 2008 were $23.7 million, a 10
percent increase compared with $21.6 million at this time last year.
Domestic revenue rose 5 percent or $939,000 for the quarter, due primarily
to InLight equipment sales. International revenue increased 26 percent, or
$1.2 million, led by growth in most regions, strong InLight service and
equipment growth, the impact of favorable currency translation and the
addition of a new subsidiary in Mexico.
Cost of sales increased 5 percent from the same quarter last year, while
the gross margin expanded to 68 percent from 67 percent in the year ago
period. Selling, general and administrative expenses for the second fiscal
quarter grew 13 percent, or $709,000. Factors contributing to the increase
included international spending to support growth, the impact of foreign
exchange, higher salary and benefits related to staff additions, and
investments in sales and marketing resources.
Net income for the most recent quarter grew 8 percent to $6.4 million,
compared with $5.9 million a year ago. Earnings per diluted share for the
three months were $0.69 versus $0.65 in 2007.
For the six months ended on March 31, 2008, revenues increased 9 percent to
$45.6 million versus $41.8 million at this time last year, also reflecting
higher international sales and domestic InLight equipment volume. The
gross profit margin improved to 68 percent versus 66 percent from last
year's six-month period ended March 31, 2007. Costs and expenses for the
first half of fiscal 2008 increased $2.4 million or 9 percent primarily due
to the factors cited for the quarter ended March 31, 2008. Year-to-date
net income was $11.7 million, up 8 percent from $10.8 million. Earnings
per diluted share were $1.27 compared with $1.18 for the same period last
year.
FINANCIAL POSITION REMAINS STRONG
Total assets at March 31, 2008, were $106 million, up 9 percent from the
prior year end, including $29.1 million in working capital and $27.0
million in cash. Landauer was debt free at quarter end. Cash provided by
operating activities increased 45 percent, to $15.2 million, for the first
half of the year as compared to the six months ended March 31, 2007.
OUTLOOK FOR THE SECOND HALF
Saxelby concluded, "As the leading provider of dosimetry services, we
believe that the flexibility of our business model lends itself to
increasing revenue both domestically and internationally as we serve the
growing awareness of the risks of global radiation exposure. Past
investments in fostering a culture of productivity improvements and
strengthening our core infrastructure have contributed to our positive
performance, as we continue to make progress towards the completion of our
systems initiative and accelerate sales growth. We will continue to work
hard to secure our market leading position while also continuing to
evaluate potential growth opportunities in which we can leverage our
business offerings."
-more-
LANDAUER, INC.
ADD 2
Landauer's business plan for fiscal 2008 anticipated aggregate revenue
growth for the year to be in the range of 4 - 5 percent. The company also
planned a net income increase in the range of 6 - 8 percent excluding the
impact of the 2007 asset impairment and accelerated depreciation charges.
Based upon the performance in the first half of the fiscal year, the
Company anticipates performance in the upper end of the planned ranges for
revenue and net income.
CONFERENCE CALL DETAILS
Landauer's second quarter conference call for investors is scheduled for
Tuesday, April 29th, at 2:00 p.m. Eastern Time (11:00 a.m. Pacific Time).
To participate, callers should dial 800-240-2134 about 10 minutes before
the presentation. To listen to a webcast, please visit the Investors Page
on the company's Web site at www.landauerinc.com at least 15 minutes early
to register, download and install any necessary audio software. A replay of
the call will remain available on the site for 90 days.
ABOUT LANDAUER
Landauer is the world's leading provider of technical and analytical
services and products 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. The company provides its
services to 1.5 million people in the United States, Japan, France, the
United Kingdom, Brazil, Canada, China, Australia, Mexico and other
countries.
SAFE HARBOR STATEMENT
Some of the information shared here (including, in particular, the section
titled "Outlook for the Second Half") constitutes forward-looking
statements that are based on assumptions and involve certain risks and
uncertainties. These include the following, without limitation:
assumptions, risks and uncertainties associated with the company's
development and introduction of new technologies in general; continued
customer acceptance of the InLight technology; the adaptability of
optically stimulated luminescence (OSL) technology to new platforms and
formats; the costs associated with the company's research and business
development efforts; the usefulness of older technologies; the
effectiveness of the company's IT platform enhancements; the anticipated
results of operations of the company and its subsidiaries or ventures;
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. These assumptions may not materialize to the extent
assumed, and risks and uncertainties may cause actual results to be
different from what is anticipated today. These risks and uncertainties
also may 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. You
can find more information by reviewing the "Risk Factors" section in the
company's Annual Report on Form 10-K for the year ended September 30, 2007,
and other reports filed by the company from time to time with the
Securities and Exchange Commission.
FINANCIAL TABLES FOLLOW
LANDAUER, INC.
ADD 3
SUMMARY CONSOLIDATED INCOME STATEMENTS
(unaudited, amounts in thousands, except per share data)
Three Months Ended Six Months Ended
March 31, March 31,
------------------ ------------------
2008 2007 2008 2007
-------- -------- -------- --------
Net revenues $ 23,743 $ 21,633 $ 45,552 $ 41,793
Costs and expenses:
Cost of sales 7,515 7,130 14,716 14,221
Selling, general and
administrative 6,259 5,550 12,859 11,319
Accelerated depreciation
charges 188 -- 376 --
-------- -------- -------- --------
13,962 12,680 27,951 25,540
Operating income 9,781 8,953 17,601 16,253
Other income, net 581 507 1,285 1,052
-------- -------- -------- --------
Income before taxes and
minority interest 10,362 9,460 18,886 17,305
Income taxes 3,866 3,529 7,045 6,459
-------- -------- -------- --------
Income before minority
interest 6,496 5,931 11,841 10,846
Minority interest 66 (9) 135 47
-------- -------- -------- --------
Net income $ 6,430 $ 5,940 $ 11,706 $ 10,799
======== ======== ======== ========
Net income per common share:
Basic $ 0.70 $ 0.65 $ 1.27 $ 1.19
======== ======== ======== ========
Weighted average shares
outstanding 9,209 9,116 9,184 9,103
======== ======== ======== ========
Diluted $ 0.69 $ 0.65 $ 1.27 $ 1.18
======== ======== ======== ========
Weighted average shares
outstanding 9,268 9,184 9,247 9,180
======== ======== ======== ========
-more-
LANDAUER, INC.
ADD 4
SUMMARY CONSOLIDATED BALANCE SHEETS
(unaudited; amounts in thousands)
March 31, September 30,
2008 2007
---------- ------------
ASSETS
Current assets:
Cash and cash equivalents $ 27,044 $ 21,069
Receivables, net of allowances 23,362 19,750
Other current assets 8,059 9,686
-------- --------
Total current assets 58,465 50,505
-------- --------
Net property, plant and equipment 16,885 16,654
Equity in joint venture 5,536 4,978
Goodwill and other intangible assets,
net of amortization 18,425 18,327
Dosimetry devices, net of amortization 4,837 5,345
Deferred income taxes 501 333
Other assets 1,397 1,198
-------- --------
TOTAL ASSETS $106,046 $ 97,340
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,277 $ 1,682
Dividends payable 4,643 4,375
Deferred contract revenue 15,310 13,832
Other current liabilities 7,164 8,078
-------- --------
Total current liabilities 29,394 27,967
-------- --------
Non-current liabilities:
Pension and postretirement obligations 10,118 9,575
Other non-current liabilities 544 --
-------- --------
Total non-current liabilities 10,662 9,575
Minority interest in subsidiary 388 288
Stockholders' equity 65,602 59,510
-------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $106,046 $ 97,340
======== ========
# # #