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Landauer, Inc. Reports Strong Fiscal 2008 First Quarter Results

Record Revenues Benefit from Strong International Performance and InLight

Equipment Sales

GLENWOOD, Ill., Jan. 31 /PRNewswire-FirstCall/ -- Landauer, Inc. (NYSE: LDR), a recognized leader in personal and environmental radiation monitoring, today reported record performance in its first fiscal quarter ended December 31, 2007.

First Quarter Fiscal 2008 Highlights

-- Revenue reached a record $21.8 million on higher international revenues

in several regions and sales of InLight equipment.

-- Gross Margin increased $1.5 million, or 12 percent, on increased

revenue and continued cost management.

-- Operating cash flow expanded 12 percent to $8.5 million.

-- Net income grew 9 percent to $5.3 million, or $0.57 per diluted share.

-- Formed new joint venture with leading provider of dosimetry services in

Mexico effective January 1, 2008.

"Our strong financial performance, which includes another quarter of record revenues, is a direct reflection of executing on our key strategic initiatives: Optimizing our core business, driving competitive growth, and pursuing strategic expansion," explained Bill Saxelby, President and Chief Executive Officer of Landauer. "Our top-line growth was positively impacted by our objective to expand internationally through the InLight product platform. Continued strong revenue contribution from our international subsidiaries and the addition of our new venture in Mexico are key indicators of continued progress against this priority."

Saxelby added, "While our efforts regarding the global expansion of InLight has been one successful tactic in our strategic plan, our long term success reflects continued progress across all of our strategic initiatives. We believe our revenue and earnings growth are attributable to these efforts as well as the favorable industry environment in which we operate. Despite challenges in the overall economy, our major customer base is less exposed to the economic headwinds than many industries. As a result of our investments in an experienced management team, cutting edge technology, and a streamlined and efficient infrastructure, we believe Landauer is well positioned to capitalize on the growth opportunities offered by the continuing awareness of the risk of radiation exposure. As we move forward in fiscal 2008, we intend to build upon the momentum that we have generated while leveraging all of Landauer's capabilities."

Quarterly Earnings Rise on Higher International Sales and Continued Cost


Revenues for the first three months of fiscal 2008 were $21.8 million, an 8 percent increase compared with the $20.2 million at this time last year. Domestic revenue rose nearly 4 percent or $573,000 for the quarter, attributable primarily to InLight equipment sales. International revenue was up 24 percent, or $1.1 million, led by growth in most regions, strong InLight service and equipment growth and the impact of favorable currency translation.

Cost of sales increased 2 percent from the same quarter last year while the gross margin expanded to 67 percent from 65 percent in the year ago period. Selling, general and administrative expenses for the first quarter grew 14 percent, or $831,000. Of the increase, $384,000 was driven by spending to reengineer business processes and to replace the company's IT systems that support customer relationship management and the order-to-cash cycle. Other 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 9 percent to $5.3 million, compared with $4.9 million a year ago. Earnings per diluted share for the three months were $0.57 versus $0.53 in fiscal 2007.

Continued Strong Financial Position

Total assets at December 31, 2007, were $100 million, up 6 percent from the prior-year period, including $24.8 million in working capital and $23.8 million in cash. At December 31, 2007, Landauer was debt free. The company's cash provided by operating activities increased 12 percent to $8.5 million for the latest three months.

2008 Outlook

Saxelby also commented on recent developments within the company. "We continue to make progress towards the completion of our systems initiative, which upon implementation later this fiscal year will significantly upgrade our IT and front-end systems infrastructure. During the quarter, Landauer also recorded several significant InLight equipment sales into the nuclear market and China, which are one-time revenue contributions that were already incorporated in our guidance. While we enjoy a secure position within the core business of dosimetry services, we are always seeking potential areas in which we could leverage our business offerings and will continue to evaluate peripheral markets in which we could apply our service offerings."

Landauer's business plan for fiscal 2008 currently anticipates aggregate revenue growth for the year to be in the range of 4 - 5 percent. The company anticipates a net income increase in the range of 6 - 8 percent excluding the impact of the 2007 asset impairment and accelerated depreciation charges.

Conference Call Details

Landauer's first quarter conference call for investors is scheduled for Thursday, January 31, at 2:00 p.m. Eastern Time (11:00 a.m. Pacific Time). To participate, callers should dial 800-366-7449 (within the United States or Canada), or 303-262-2130 (international callers) about 10 minutes before the presentation. To listen to a webcast, please visit the Investors Page on the company's Web site at 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 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 and other countries.

Safe Harbor Statement

Some of the information shared here (including, in particular, the section titled "2008 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 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

First Quarter Fiscal 2008 Financial Highlights

(unaudited; amounts in thousands, except per share data)

Three months ended

December 31,

2007 2006

Net revenues $21,809 $20,160

Costs and Expenses:

Cost of sales 7,201 7,091

Selling, general and administrative 6,600 5,769

Accelerated depreciation charges 188 -

13,989 12,860

Operating income 7,820 7,300

Other income -- net 704 545

Income before income taxes and minority interest 8,524 7,845

Income taxes 3,179 2,930

Income before minority interest 5,345 4,915

Minority interest 69 56

Net income $5,276 $4,859

Net Income per Common Share:

Basic $0.58 $0.53

Weighted average shares outstanding 9,160 9,113

Diluted $0.57 $0.53

Weighted average shares outstanding 9,227 9,195

Summary Consolidated Balance Sheets

(unaudited, amounts in thousands)

December 31, September 30,

2007 2007


Current Assets:

Cash and cash equivalents $23,764 $21,069

Receivables, net of allowances 21,686 19,750

Other current assets 7,861 9,686

Total current assets 53,311 50,505

Net property, plant and equipment 17,037 16,654

Equity in joint venture 4,619 4,978

Goodwill and other intangible assets, net of

amortization 18,205 18,327

Dosimetry devices, net of amortization 5,036 5,345

Other assets 1,267 1,198

Deferred income taxes 544 333

TOTAL ASSETS $100,019 $97,340



Current Liabilities:

Accounts payable $1,851 $1,682

Dividends payable 4,612 4,375

Deferred contract revenue 14,484 13,832

Other current liabilities 7,606 8,078

Total current liabilities 28,553 27,967

Non-current Liabilities:

Pension and postretirement obligations 9,918 9,575

Other non-current liabilities 792 -

Total non-current liabilities 10,710 9,575

Minority interest in subsidiary 198 288

Stockholders' equity 60,558 59,510


EQUITY $100,019 $97,340

SOURCE Landauer, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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