Landauer, Inc. Reports Higher Second Quarter 2001 Earnings

Apr 25, 2001, 01:00 ET from Landauer, Inc.

    GLENWOOD, Ill., April 25 /PRNewswire/ -- Landauer, Inc. (Amex:   LDR)
 reported that net income for the quarter ended March 31, 2001 increased more
 than 13% to $3,734,000 compared with $3,293,000 in the same quarter in fiscal
 2000.  Diluted earnings per share for the current quarter were $0.43 compared
 with $0.38 per share a year ago.  Prior year earnings for the second quarter
 were impacted by a non-cash pre-tax charge in the amount of $129,000, or
 $0.01 per diluted share, related to the discontinuation of older radiation
 measurement technologies.  Absent the charge, earnings growth over the prior
 year would have been almost 11%.
     The Company, a recognized leader in personal and environmental radiation
 monitoring services, reported revenues of $13,833,000 for the second quarter
 of fiscal 2001, 15% higher than revenues of $12,003,000 a year ago.  Revenue
 growth for the quarter resulted from higher pricing for the Company's products
 and services, increased unit demand principally resulting from the recent
 acquisition of another dosimetry service provider, and stronger demand in the
 Company's HomeBuyers' Preferred unit.
     Cost of revenues for the current quarter was 15% higher than for the same
 period a year ago.  This resulted from higher depreciation costs and
 transportation expense.  The rate of gross margin was comparable to a year ago
 at 65%.  Selling, general and administrative expenses in the second quarter of
 fiscal 2001 were higher by 25% compared with a year ago as a result of
 consulting fees related to the Company's technology and business development
 initiatives, and higher employee and amortization costs.
     For the first half of fiscal 2001, the Company reported net income of
 $7,046,000, an increase of more than 16% compared with $6,056,000 for the same
 period in fiscal 2000.  Diluted earnings per share thus far in fiscal 2001
 were $0.81 compared with $0.70 for the first half of fiscal 2000, an increase
 of almost 16%.  Prior year-to-date earnings were impacted by $520,000, or
 $0.04 per diluted share, for the asset impairment charge.  Absent the charge
 last fiscal year, current year earnings growth would have been more than 10%
 for the first half.
     Revenues for the first six months of fiscal 2001 were $26,562,000, or 14%
 higher than $23,330,000 reported for the same period in fiscal 2000.  Core
 radiation dosimetry revenues continue to provide the majority of the growth
 with higher pricing and increased unit volume, especially related to our
 acquisition late last year.  Historically, macro-economic conditions have not
 had a material impact on the demand for the Company's products and services
 and thus far in 2001, the same appears to be true.
     Cost of revenues for the first half of fiscal 2001 was 16% higher than a
 year ago reflecting higher depreciation and transportation costs, as well as
 an inventory charge recognized in the first quarter related to a more rapid
 conversion to Luxel in Japan.  Year-to-date gross margins were slightly lower
 than a year ago.  Selling, general and administrative expenses in the first
 six months of fiscal 2001 were 17% higher than a year ago, principally the
 result of higher technology and business development expenses, as well as
 employee and amortization costs.
     As anticipated, year-to-date other income was lower than a year ago
 reflecting lower net interest income and lower Nagase-Landauer venture income
 due to a weak yen.  Income taxes for the first half of fiscal 2001 at 36.4%
 were slightly lower in terms of effective rate compared to the first six
 months of last year.
 
     Outlook for Fiscal 2001
     The outlook for the remainder of fiscal 2001 suggests that aggregate
 revenue growth for the year will approximate 11%, representing a mix of higher
 pricing and increased unit volume, as well as sales of other products and
 services.  Aggregate costs and expenses are expected to grow at about the rate
 of revenue growth.  Costs and expenses, particularly in the second half of
 fiscal 2001, include expenditures to develop new markets and products.  As we
 have reported in recent news releases and conference calls, Landauer's direct
 ion storage (DIS) dosimetry product offering leads this development effort,
 although the Company is funding additional business development and research
 projects.
     Net other income for the balance of 2001 is anticipated to be lower than a
 year ago as interest income is reduced and equity in our Japanese venture's
 earnings is lower, particularly as a result of a substantially weakened yen.
 We are also cautious about foreign exchange rates in other markets as the year
 progresses.  Finally, income tax rates for fiscal 2001 are expected to be
 comparable to or slightly lower than in fiscal 2000.
     Although year-to-year earnings comparisons thus far in fiscal 2001 have
 been favorable, a portion of earnings growth has been attributable to asset
 impairment charges recognized in the first half of fiscal 2000.  As a result
 of the absence of these charges in the second half of 2000 and increased
 expenditures for business development and research efforts in the second half
 of 2001, earnings comparisons with fiscal 2000 are expected to narrow over the
 balance of the year.  For the balance of fiscal 2001, revenue growth rates are
 expected to be lower than the rate of revenue growth in the first half as a
 result of certain non-recurring fiscal 2000 revenues, particularly in the
 fourth quarter.
 
     Conference Call Information
     Landauer, Inc. has scheduled a conference call that will be broadcast
 simultaneously over the Internet at www.vcall.com on Thursday, April 26, at
 10:00 a.m. central time.  Please allow 15 minutes to register and download the
 required software.  Replays will be available through Vcall's website.
 
     About Landauer
     Landauer is the leading provider of analytical services to determine
 occupational and environmental radiation exposure.  For more than 40 years,
 the Company has provided complete radiation dosimetry services to hospitals,
 medical and dental offices, university and 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 constitute forward looking
 statements that are based on certain assumptions and involve certain risks and
 uncertainties, including assumptions and risks associated with the Company's
 introduction of its Luxel technology, the usefulness of older technologies,
 the cost associated with the Company's business development and research
 efforts, the anticipated results of operations of the Company, the Company's
 market position, the Company's business plans, the effects of changing
 economic and competitive conditions, foreign exchange risks and government
 regulations.  Such assumptions may not materialize to the extent assumed and
 such risks and uncertainties may cause actual results to differ from
 anticipated results.  Additional information may be obtained by reviewing the
 Company's reports filed from time to time with the SEC.
 
                Second Quarter Fiscal 2001 Financial Highlights
            (Unaudited; amounts in thousands, except per share data)
 
                           Three months ended          Six months ended
                            March 31, March 31,      March 31, March 31,
                              2001      2000           2001      2000
 
     Net revenues           $ 13,833  $ 12,003       $ 26,562  $ 23,330
 
     Costs and expenses:
       Cost of sales           4,796     4,161          9,568     8,268
       Selling, general and
        administrative         3,358     2,686          6,276     5,354
       Impairment in value
        of assets                  -       129              -       520
                               8,154     6,976         15,844    14,142
 
     Operating income          5,679     5,027         10,718     9,188
 
     Other income - net          184       224            390       458
 
     Income before income taxes
      and minority interests   5,863     5,251         11,108     9,646
 
     Income taxes              2,116     1,947          4,042     3,552
 
     Income before minority
      interest                 3,747     3,304          7,066     6,094
 
     Minority interest therein    13        11             20        38
 
     Net income               $3,734    $3,293         $7,046    $6,056
 
     Net income per common share:
       Basic                   $0.43     $0.38          $0.81     $0.70
       Based on average shares
        outstanding            8,679     8,661          8,672     8,651
 
       Diluted                 $0.43     $0.38          $0.81     $0.70
       Based on average shares
        outstanding            8,708     8,685          8,695     8,695
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
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SOURCE Landauer, Inc.
    GLENWOOD, Ill., April 25 /PRNewswire/ -- Landauer, Inc. (Amex:   LDR)
 reported that net income for the quarter ended March 31, 2001 increased more
 than 13% to $3,734,000 compared with $3,293,000 in the same quarter in fiscal
 2000.  Diluted earnings per share for the current quarter were $0.43 compared
 with $0.38 per share a year ago.  Prior year earnings for the second quarter
 were impacted by a non-cash pre-tax charge in the amount of $129,000, or
 $0.01 per diluted share, related to the discontinuation of older radiation
 measurement technologies.  Absent the charge, earnings growth over the prior
 year would have been almost 11%.
     The Company, a recognized leader in personal and environmental radiation
 monitoring services, reported revenues of $13,833,000 for the second quarter
 of fiscal 2001, 15% higher than revenues of $12,003,000 a year ago.  Revenue
 growth for the quarter resulted from higher pricing for the Company's products
 and services, increased unit demand principally resulting from the recent
 acquisition of another dosimetry service provider, and stronger demand in the
 Company's HomeBuyers' Preferred unit.
     Cost of revenues for the current quarter was 15% higher than for the same
 period a year ago.  This resulted from higher depreciation costs and
 transportation expense.  The rate of gross margin was comparable to a year ago
 at 65%.  Selling, general and administrative expenses in the second quarter of
 fiscal 2001 were higher by 25% compared with a year ago as a result of
 consulting fees related to the Company's technology and business development
 initiatives, and higher employee and amortization costs.
     For the first half of fiscal 2001, the Company reported net income of
 $7,046,000, an increase of more than 16% compared with $6,056,000 for the same
 period in fiscal 2000.  Diluted earnings per share thus far in fiscal 2001
 were $0.81 compared with $0.70 for the first half of fiscal 2000, an increase
 of almost 16%.  Prior year-to-date earnings were impacted by $520,000, or
 $0.04 per diluted share, for the asset impairment charge.  Absent the charge
 last fiscal year, current year earnings growth would have been more than 10%
 for the first half.
     Revenues for the first six months of fiscal 2001 were $26,562,000, or 14%
 higher than $23,330,000 reported for the same period in fiscal 2000.  Core
 radiation dosimetry revenues continue to provide the majority of the growth
 with higher pricing and increased unit volume, especially related to our
 acquisition late last year.  Historically, macro-economic conditions have not
 had a material impact on the demand for the Company's products and services
 and thus far in 2001, the same appears to be true.
     Cost of revenues for the first half of fiscal 2001 was 16% higher than a
 year ago reflecting higher depreciation and transportation costs, as well as
 an inventory charge recognized in the first quarter related to a more rapid
 conversion to Luxel in Japan.  Year-to-date gross margins were slightly lower
 than a year ago.  Selling, general and administrative expenses in the first
 six months of fiscal 2001 were 17% higher than a year ago, principally the
 result of higher technology and business development expenses, as well as
 employee and amortization costs.
     As anticipated, year-to-date other income was lower than a year ago
 reflecting lower net interest income and lower Nagase-Landauer venture income
 due to a weak yen.  Income taxes for the first half of fiscal 2001 at 36.4%
 were slightly lower in terms of effective rate compared to the first six
 months of last year.
 
     Outlook for Fiscal 2001
     The outlook for the remainder of fiscal 2001 suggests that aggregate
 revenue growth for the year will approximate 11%, representing a mix of higher
 pricing and increased unit volume, as well as sales of other products and
 services.  Aggregate costs and expenses are expected to grow at about the rate
 of revenue growth.  Costs and expenses, particularly in the second half of
 fiscal 2001, include expenditures to develop new markets and products.  As we
 have reported in recent news releases and conference calls, Landauer's direct
 ion storage (DIS) dosimetry product offering leads this development effort,
 although the Company is funding additional business development and research
 projects.
     Net other income for the balance of 2001 is anticipated to be lower than a
 year ago as interest income is reduced and equity in our Japanese venture's
 earnings is lower, particularly as a result of a substantially weakened yen.
 We are also cautious about foreign exchange rates in other markets as the year
 progresses.  Finally, income tax rates for fiscal 2001 are expected to be
 comparable to or slightly lower than in fiscal 2000.
     Although year-to-year earnings comparisons thus far in fiscal 2001 have
 been favorable, a portion of earnings growth has been attributable to asset
 impairment charges recognized in the first half of fiscal 2000.  As a result
 of the absence of these charges in the second half of 2000 and increased
 expenditures for business development and research efforts in the second half
 of 2001, earnings comparisons with fiscal 2000 are expected to narrow over the
 balance of the year.  For the balance of fiscal 2001, revenue growth rates are
 expected to be lower than the rate of revenue growth in the first half as a
 result of certain non-recurring fiscal 2000 revenues, particularly in the
 fourth quarter.
 
     Conference Call Information
     Landauer, Inc. has scheduled a conference call that will be broadcast
 simultaneously over the Internet at www.vcall.com on Thursday, April 26, at
 10:00 a.m. central time.  Please allow 15 minutes to register and download the
 required software.  Replays will be available through Vcall's website.
 
     About Landauer
     Landauer is the leading provider of analytical services to determine
 occupational and environmental radiation exposure.  For more than 40 years,
 the Company has provided complete radiation dosimetry services to hospitals,
 medical and dental offices, university and 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 constitute forward looking
 statements that are based on certain assumptions and involve certain risks and
 uncertainties, including assumptions and risks associated with the Company's
 introduction of its Luxel technology, the usefulness of older technologies,
 the cost associated with the Company's business development and research
 efforts, the anticipated results of operations of the Company, the Company's
 market position, the Company's business plans, the effects of changing
 economic and competitive conditions, foreign exchange risks and government
 regulations.  Such assumptions may not materialize to the extent assumed and
 such risks and uncertainties may cause actual results to differ from
 anticipated results.  Additional information may be obtained by reviewing the
 Company's reports filed from time to time with the SEC.
 
                Second Quarter Fiscal 2001 Financial Highlights
            (Unaudited; amounts in thousands, except per share data)
 
                           Three months ended          Six months ended
                            March 31, March 31,      March 31, March 31,
                              2001      2000           2001      2000
 
     Net revenues           $ 13,833  $ 12,003       $ 26,562  $ 23,330
 
     Costs and expenses:
       Cost of sales           4,796     4,161          9,568     8,268
       Selling, general and
        administrative         3,358     2,686          6,276     5,354
       Impairment in value
        of assets                  -       129              -       520
                               8,154     6,976         15,844    14,142
 
     Operating income          5,679     5,027         10,718     9,188
 
     Other income - net          184       224            390       458
 
     Income before income taxes
      and minority interests   5,863     5,251         11,108     9,646
 
     Income taxes              2,116     1,947          4,042     3,552
 
     Income before minority
      interest                 3,747     3,304          7,066     6,094
 
     Minority interest therein    13        11             20        38
 
     Net income               $3,734    $3,293         $7,046    $6,056
 
     Net income per common share:
       Basic                   $0.43     $0.38          $0.81     $0.70
       Based on average shares
        outstanding            8,679     8,661          8,672     8,651
 
       Diluted                 $0.43     $0.38          $0.81     $0.70
       Based on average shares
        outstanding            8,708     8,685          8,695     8,695
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X48123582
 
 SOURCE  Landauer, Inc.