EXHIBIT 99.1
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NEWS RELEASE
LANDAUER
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LANDAUER, INC. REPORTS
FISCAL 2009 FIRST QUARTER RESULTS
2009 Revenue and Earnings progress driven by
continued execution of strategic priorities
For Further Information Contact:
Jonathon M. Singer
Senior Vice President, CFO
708-441-8311
jsinger@landauerinc.com
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GLENWOOD, ILL.--FEBRUARY 3, 2009--LANDAUER, INC. (NYSE: LDR), a recognized
leader in personal and environmental radiation monitoring services, today
reported financial results for its fiscal 2009 first quarter ended
December 31, 2008.
FISCAL 2009 FIRST QUARTER HIGHLIGHTS
.. Revenue grew 3 percent to $22.4 million on continued demand for
InLight products and increased domestic badge revenues.
.. Gross profit grew 5 percent to $15.3 million on increased sales and
continued operating leverage.
.. Effective tax rate declined to 33.6 percent due primarily to changes
in Illinois state tax law.
.. Net income rose 16 percent to $6.1 million, or $0.66 per diluted
share.
"We are very pleased with our results for the first quarter of fiscal 2009,
which reflect the stability of our business model, as well as our continued
focus on executing our strategic priorities: optimizing our core business,
driving competitive growth, and pursuing strategic expansion," stated Bill
Saxelby, President and CEO of Landauer. "Our performance confirms the
ongoing acceptance of our InLight suite of products, the success of our
international expansion initiative, as well as the continued adoption of
our offerings in the medical and nuclear markets."
DOMESTIC PERFORMANCE FUELS REVENUE GROWTH
Revenues for the first fiscal quarter of 2009 were $22.4 million, a 3
percent increase compared with the $21.8 million reported for the first
fiscal quarter of 2008. Domestic revenue increased 6 percent, or $886,000,
on InLight equipment demand and growth in domestic badge revenue, driven
primarily by targeted price increases. International revenue declined 5
percent, or $257,000, due to the strengthening of the dollar against most
foreign currencies, which reduced revenue by approximately $700,000 during
the quarter.
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Landauer, Inc. 2 Science Road Glenwood, Illinois 60425-1586
Telephone: 708.755.7000 landauerinc.com
LANDAUER, INC.
ADD 1
Cost of sales declined 1 percent for the quarter, while the gross margin
improved to 68 percent from 67 percent in the year ago period. Operating
expenses for the first fiscal quarter of 2009 declined 4 percent, or
$295,000. The primary factor contributing to the decline was the timing of
expense spending to re-engineer business processes and to replace the
Company's IT systems that support customer relationship management and the
order-to-cash cycle.
Net income for the first fiscal quarter of 2009 ended December 31, 2008 was
$6.1 million, an increase of 16 percent compared with $5.3 million for the
first fiscal quarter of 2008. Contributing to the growth in earnings was a
reduction in the effective tax rate for the first fiscal quarter of 2009 to
33.6 percent compared with 37.3 percent for the first fiscal quarter of
2008. The reduction is due primarily to a change in the state tax rate
driven by changes in the Illinois state tax law, as well as the benefit of
certain tax credits realized in the quarter. The resulting diluted earnings
per share for the first fiscal quarter of 2009 were $0.66 compared with
$0.57 for the first fiscal quarter of 2008.
SOLID FINANCIAL POSITION
Landauer ended the first fiscal quarter of 2009 with total assets of $113.0
million and working capital of $34.1 million. At December 31, 2008,
Landauer continued to be debt free. Cash provided by operating activities
was $1.1 million, a decline of $7.4 million from the first fiscal quarter
of 2008. The decline is due primarily to a payment to the Company's
defined benefit pension plan to increase funding, an increase over prior
year in employee performance compensation, and other timing related changes
in the other components of working capital
FISCAL 2009 OUTLOOK
Saxelby continued, "The progress we have made in the first fiscal quarter
of 2009 highlights the sustainability of our product offering and the
continued global awareness of the risks of radiation exposure. While we are
not fully immune to the challenging macro economy, we believe that we are
well positioned to manage through this difficult period. Our strong cash
generation, financial discipline and efficient cost structure support our
current market opportunities, while allowing us to continually evaluate
peripheral markets and technologies in which we can leverage our core
competencies and further drive shareholder value."
The Company is in the process of evaluating alternatives to its current
retirement programs which will reduce its long-term cost structure.
Changes to the defined benefit component of our retirement programs will
likely result in a curtailment charge during fiscal 2009. In addition, the
Company is in the process of evaluating the scope, cost and timing of its
systems initiative that will likely result in additional capital and
expense spending requirements.
Landauer's business plan for fiscal 2009 currently anticipates aggregate
revenue growth for the year to be in the range of 3 - 5 percent. The
Company currently anticipates a net income increase in the range of 6 - 8
percent, prior to the potential impact of retirement program changes and
changes to our systems initiative.
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LANDAUER, INC.
ADD 2
CONFERENCE CALL DETAILS
Landauer has scheduled its first quarter conference call for investors over
the Internet on Tuesday, February 3, 2009 at 2:00 p.m. Eastern Time (11:00
a.m. Pacific Time). To participate, callers should dial 800-240-2430 about
10 minutes before the presentation. To listen to a webcast on the Internet,
please go to the Company's website at http://www.landauerinc.com at least
15 minutes early to register, download and install any necessary audio
software. Investors may access a replay of the call by dialing 800-405-
2236, passcode 11125807#, which will be available until March 5, 2009. The
replay of the call will remain available on Landauer's website for 90 days.
ABOUT LANDAUER
Landauer is the world's leading provider of technical and 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, nuclear facilities 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 approximately 1.6 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 "Fiscal 2009 Outlook") 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 changes and upgrades to and costs
associated with the Company's information systems; 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;
costs incurred for potential acquisitions or similar transactions; other
anticipated financial events; the effects of changing economic and
competitive conditions; foreign exchange rates; government regulations;
accreditation requirements; changes in the trading market that affect the
cost of obligations under the Company's benefit plans; 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 anticipated results. 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, 2008, and other
reports filed by the Company from time to time with the Securities and
Exchange Commission.
FINANCIAL TABLES FOLLOW
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LANDAUER, INC.
ADD 3
FIRST FISCAL QUARTER 2009 FINANCIAL HIGHLIGHTS
(unaudited, amounts in thousands, except per share data)
Three months ended
December 31,
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2008 2007
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Net revenues $ 22,438 $ 21,809
Costs and expenses:
Cost of sales 7,140 7,201
Selling, general and administrative 6,493 6,788
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13,633 13,989
Operating income 8,805 7,820
Other income, net 569 704
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Income before taxes 9,374 8,524
Income taxes 3,147 3,179
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Income before minority interest 6,227 5,345
Minority interest 85 69
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Net income $ 6,142 $ 5,276
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Net income per common share:
Basic $ 0.66 $ 0.58
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Weighted average basic shares outstanding 9,280 9,160
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Diluted $ 0.66 $ 0.57
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Weighted average diluted shares outstanding 9,310 9,227
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LANDAUER, INC.
ADD 4
SUMMARY CONSOLIDATED BALANCE SHEETS
(unaudited, amounts in thousands)
December 31, September 30,
2008 2008
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ASSETS
Current Assets:
Cash and cash equivalents $ 23,562 $ 33,938
Receivables, net of allowances 23,099 19,738
Other current assets 16,148 15,053
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Total current assets 62,809 68,729
Net property, plant and equipment 20,697 20,185
Equity in joint venture 6,158 5,796
Goodwill and other intangible assets,
net of amortization 17,918 18,102
Dosimetry devices, net of amortization 4,310 4,454
Other assets 1,127 1,424
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TOTAL ASSETS $ 113,019 $ 118,690
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 2,521 $ 981
Dividends payable 37 4,686
Deferred contract revenue 14,466 15,626
Other current liabilities 11,691 12,931
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Total current liabilities 28,715 34,224
Non-current Liabilities:
Pension and postretirement obligations 6,792 8,609
Deferred income taxes 4,666 4,622
Other non-current liabilities 1,462 935
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Total non-current liabilities 12,920 14,166
Minority interest in subsidiary 413 545
Stockholders' equity 70,971 69,755
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 113,019 $ 118,690
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