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Landauer, Inc. Reports Fiscal 2013 Third Quarter Results
Date:8/5/2013

third quarter of 2013, it became apparent that anticipated revenue trends in our Medical Products reporting unit were not being achieved to the extent forecasted.  Early budget reviews also indicated future sales growth may be less than expected.  We updated the forecasted results of operations for our Medical Products operating segment based on the most recent financial results and our best estimates of future operations. The updated forecast reflects a slower growth in revenues for the Medical Products segment due to anticipated continued pricing pressures from certain competitors greater than the anticipated growth from existing and new product sales.

Balance SheetLandauer ended the third fiscal quarter of 2013 with total assets of $270.9 million, compared to total assets of $302.1 million at the end of fiscal 2012, a decrease of $31.2 million, of which $22.7 million was related to the goodwill impairment charge.  The Company completed the quarter with $9.0 million of cash and cash equivalents on the balance sheet and unused borrowing capacity of $35.4 million under its newly extended $175 million credit facility, which provides adequate liquidity to meet its current and anticipated obligations.  Net operating cash flow generated during the first nine months of fiscal 2013 was $16.5 million.  We have amended and extended our credit facility with our lenders to provide increased flexibility under our covenant structure and reduced borrowing spreads, and have extended the term of the maturity date to July 2018.Fiscal 2013 OutlookSaxelby concluded, "We have revised our Adjusted EBITDA and Net Income outlook for the remainder of the year driven primarily by the lack of performance of our Medical Products business.  Despite having to lower our near-term expectations, we continue to be focused on the long-term growth of the consolidated business and remain committed to executing against our strategic objectives, maintaining a robus
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