Landauer Inc. (LDR, Financial) filed Quarterly Report for the period ended 2008-12-31.
Landauer Inc. is the world's leading provider of analytical services to determine occupational and environmental radiation exposure. For more than fifty 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 one.five million people in the United States Japan France the United Kingdom Brazil Canada China Australia and other countries. Landauer Inc. has a market cap of $606.03 million; its shares were traded at around $62.28 with a P/E ratio of 23.9 and P/S ratio of 6.74. The dividend yield of Landauer Inc. stocks is 3.23%. Landauer Inc. had an annual average earning growth of 5.8% over the past 10 years. GuruFocus rated Landauer Inc. the business predictability rank of 4-star.
2.9% increase compared to revenues of $21,809,000 for the same quarter in
fiscal 2008. Domestic revenue growth for the first quarter was $886,000,
or 5.5%, resulting from gains in the core radiation monitoring business
driven by increased prices for certain services and increases in domestic
InLight equipment revenue. International revenue declined $257,000, or
4.6%. Growth in volume in most regions was offset by the impact of the
strengthening of the dollar against most foreign currencies which reduced
revenue by approximately $700,000.
The Company completed a $2,000,000 contract during the quarter ended March
31, 2008 with the agency, under which $1,850,000 of product was delivered.
Approximately $1,100,000 of the product delivered required additional
processing by Landauer to be fully utilized for its intended purpose. Per
the terms of the agreement, the Canadian agency has the option to obtain
additional processing of the dosimetry materials from the Company or to
exchange the materials for finished product. Consistent with the Staff
Accounting Bulletin No. 104 "Revenue Recognition," the Company recorded
$1,100,000 of deferred revenue in fiscal 2008, related to the portion of
the sale that required additional performance by the Company. During the
first quarter of fiscal 2009, the Company recognized $556,000 of revenue
for InLight equipment delivered under the exchange provisions of the
agreement. As of December 31, 2008, $544,000 of the $1,100,000 product
delivered in fiscal 2008 remains in deferred revenue and requires
additional processing by the Company to be fully utilized for its intended
purpose.
Total cost of sales for the first quarter of fiscal 2009 was
$7,140,000, a decrease of $61,000, or 0.8%, compared with cost of sales of
$7,201,000 for the same quarter in fiscal 2008. Gross margins were 68.2%
of revenues for the first quarter of fiscal 2009, compared with the 67.0%
reported for the same period in fiscal 2008. The improvement is primarily
a result of a reduction in overhead driven by lower depreciation and
employee benefits costs. Selling, general and administrative expense for
the first quarter of fiscal 2009 was $6,493,000, a decrease of $295,000, or
4.3%, compared with expense of $6,788,000 for the first quarter of fiscal
2008, which included accelerated depreciation charges of $188,000. The
primary factor contributing to the decrease in selling, general and
administrative expense is a $319,000 reduction, due to timing, in expense
spending to reengineer business processes and the replacement of the
Company's information technology systems that support improved business
relationship management and the order-to-cash cycle.
Net other income, including equity in income of joint venture, for
the quarter was $135,000 lower than a year ago, reflecting lower net
interest income. The effective income tax rate for the first quarter of
fiscal 2009 and 2008 were 33.6% and 37.3%, respectively. The reduction is
due primarily to a change in the state tax rate driven by changes in the
Illinois state tax laws as well as the benefit of certain credits realized
during the quarter. Resulting net income for the quarter ended
December 31, 2008 amounted to $6,142,000, or $0.66 per diluted share,
compared with $5,276,000 or $0.57 per diluted share, for the same quarter
in fiscal 2008.
Investing activities included acquisitions of property, plant and
equipment in the amounts of $1,343,000 and $1,556,000 for the three months
ended December 31, 2008 and 2007, respectively. Capital expenditures for
the remainder of fiscal 2009 are expected to be approximately $6.0 to $7.0
million, prior to any increase in the cost of the Company's systems
initiative noted above. The Company anticipates that funds for these
capital improvements will be provided from operations.
The Company's financing activities were comprised primarily of
payments of cash dividends to shareholders. During the first quarter of
fiscal 2009, the Company funded cash dividends of $9,549,000, or $0.525 per
share for the first quarter of fiscal 2009 and $0.50 per share for the
fourth quarter of fiscal 2008. During the first quarter of fiscal 2008,
the Company paid cash dividends of $4,375,000, or $0.475 per share for the
fourth quarter of the prior fiscal year. Such amounts have been provided
from operations.
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Landauer Inc. is the world's leading provider of analytical services to determine occupational and environmental radiation exposure. For more than fifty 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 one.five million people in the United States Japan France the United Kingdom Brazil Canada China Australia and other countries. Landauer Inc. has a market cap of $606.03 million; its shares were traded at around $62.28 with a P/E ratio of 23.9 and P/S ratio of 6.74. The dividend yield of Landauer Inc. stocks is 3.23%. Landauer Inc. had an annual average earning growth of 5.8% over the past 10 years. GuruFocus rated Landauer Inc. the business predictability rank of 4-star.
Highlight of Business Operations:
Revenues for the first quarter of fiscal 2009 were $22,438,000, a2.9% increase compared to revenues of $21,809,000 for the same quarter in
fiscal 2008. Domestic revenue growth for the first quarter was $886,000,
or 5.5%, resulting from gains in the core radiation monitoring business
driven by increased prices for certain services and increases in domestic
InLight equipment revenue. International revenue declined $257,000, or
4.6%. Growth in volume in most regions was offset by the impact of the
strengthening of the dollar against most foreign currencies which reduced
revenue by approximately $700,000.
The Company completed a $2,000,000 contract during the quarter ended March
31, 2008 with the agency, under which $1,850,000 of product was delivered.
Approximately $1,100,000 of the product delivered required additional
processing by Landauer to be fully utilized for its intended purpose. Per
the terms of the agreement, the Canadian agency has the option to obtain
additional processing of the dosimetry materials from the Company or to
exchange the materials for finished product. Consistent with the Staff
Accounting Bulletin No. 104 "Revenue Recognition," the Company recorded
$1,100,000 of deferred revenue in fiscal 2008, related to the portion of
the sale that required additional performance by the Company. During the
first quarter of fiscal 2009, the Company recognized $556,000 of revenue
for InLight equipment delivered under the exchange provisions of the
agreement. As of December 31, 2008, $544,000 of the $1,100,000 product
delivered in fiscal 2008 remains in deferred revenue and requires
additional processing by the Company to be fully utilized for its intended
purpose.
Total cost of sales for the first quarter of fiscal 2009 was
$7,140,000, a decrease of $61,000, or 0.8%, compared with cost of sales of
$7,201,000 for the same quarter in fiscal 2008. Gross margins were 68.2%
of revenues for the first quarter of fiscal 2009, compared with the 67.0%
reported for the same period in fiscal 2008. The improvement is primarily
a result of a reduction in overhead driven by lower depreciation and
employee benefits costs. Selling, general and administrative expense for
the first quarter of fiscal 2009 was $6,493,000, a decrease of $295,000, or
4.3%, compared with expense of $6,788,000 for the first quarter of fiscal
2008, which included accelerated depreciation charges of $188,000. The
primary factor contributing to the decrease in selling, general and
administrative expense is a $319,000 reduction, due to timing, in expense
spending to reengineer business processes and the replacement of the
Company's information technology systems that support improved business
relationship management and the order-to-cash cycle.
Net other income, including equity in income of joint venture, for
the quarter was $135,000 lower than a year ago, reflecting lower net
interest income. The effective income tax rate for the first quarter of
fiscal 2009 and 2008 were 33.6% and 37.3%, respectively. The reduction is
due primarily to a change in the state tax rate driven by changes in the
Illinois state tax laws as well as the benefit of certain credits realized
during the quarter. Resulting net income for the quarter ended
December 31, 2008 amounted to $6,142,000, or $0.66 per diluted share,
compared with $5,276,000 or $0.57 per diluted share, for the same quarter
in fiscal 2008.
Investing activities included acquisitions of property, plant and
equipment in the amounts of $1,343,000 and $1,556,000 for the three months
ended December 31, 2008 and 2007, respectively. Capital expenditures for
the remainder of fiscal 2009 are expected to be approximately $6.0 to $7.0
million, prior to any increase in the cost of the Company's systems
initiative noted above. The Company anticipates that funds for these
capital improvements will be provided from operations.
The Company's financing activities were comprised primarily of
payments of cash dividends to shareholders. During the first quarter of
fiscal 2009, the Company funded cash dividends of $9,549,000, or $0.525 per
share for the first quarter of fiscal 2009 and $0.50 per share for the
fourth quarter of fiscal 2008. During the first quarter of fiscal 2008,
the Company paid cash dividends of $4,375,000, or $0.475 per share for the
fourth quarter of the prior fiscal year. Such amounts have been provided
from operations.
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