UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington,  D.C.  20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported):  March 6, 2015

 

 

 

 

 

LANDAUER, INC.

 

 

(Exact Name of Registrant as Specified in its Charter)

 

 

 

 

 

Delaware

1-9788

06-1218089

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

 

 

 

2 Science Road, Glenwood, Illinois

60425

(Address of Principal Executive Offices)

(Zip Code)

 

 

(708) 755-7000

(Registrant's Telephone Number, Including Area Code)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

[  ]Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[  ]Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[  ]Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[  ]Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 

 

 

Item 2.02

Results of Operations and Financial Condition

 

On March 9 2015, Landauer, Inc. (the “Company”) issued a Press Release announcing its earnings for its fiscal 2015 first quarter ended December 31, 2014. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

 

 

 

Item 5.07

Submission of Matters to a Vote of Security Holders

 

The Annual Meeting of Stockholders (the “Annual Meeting”) of the Company was held on March 6, 2015.  The Company’s stockholders voted on the following four proposals at the Annual Meeting.

 

Proposal One:

 

The stockholders voted to re-elect Stephen C. Mitchell and Thomas M. White as directors, each to serve for a term of three years expiring at the 2018 Annual Meeting.  The votes for each were as follows:

 

 

 

 

 

 

 

 

 

 

 

Director

 

For

 

Against

 

Abstain

Stephen C. Mitchell

 

7,161,876

 

149,982

 

255,642

Thomas M. White

 

5,081,786

 

2,434,793

 

 50,921

 

Directors who continued in office for the current year were Robert J. Cronin, William G. Dempsey, Michael T. Leatherman and David E. Meador.

 

Proposal Two:

 

The Company’s stockholders ratified the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for the fiscal year ending September 30, 2015.  The votes were cast as follows:

 

 

 

 

 

 

For

 

Against

 

Abstain

8,230,425

 

471,803

 

27,892

 

Proposal Three:

 

The Company’s stockholders approved an amendment to the Certificate of Incorporation of the Company to declassify the Board of Directors.  The votes were cast as follows:

 

,535,

 

 

 

 

For

 

Against

 

Abstain

7,523,759

 

31,217

 

12,524

 


 

Proposal Four:

 

The Company’s stockholders approved, on a non-binding advisory basis, the overall compensation of the Company’s named executive officers as disclosed in the Company’s Proxy Statement for the 2015 Annual Meeting of Stockholders.  The votes were cast as follows:

 

,535,

 

 

 

 

For

 

Against

 

Abstain

6,907,747

 

341,031

 

318,722

 

 

 

 

Item 8.01

Other Events

 

At its meeting on March 9, 2015, the Company’s Board of Directors consented to a vote to declare a regular quarterly cash dividend of $0.275 per share for the second quarter of fiscal 2015. The dividend will be paid on April 3, 2015, to shareholders of record on March 19, 2015.  A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

 

 

 

Item 9.01

Financial Statements and Exhibits

 

(d) Exhibits.

 

6

 

 

EXHIBIT NUMBER

 

DESCRIPTION

 

 

 

99.1

 

Press Release dated March 9, 2015

 

 

 

 


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

LANDAUER, INC.

 

 

 

 

March 10, 2015

By:

/s/ Mark. A. Zorko

 

 

Mark A. Zorko

 

 

Interim Chief Financial Officer

 




News Release

 

LANDAUER

 

 

 

LANDAUER, INC. Reports

Fiscal 2015 FIRST QUARTER RESULTS

 

 

For Further Information Contact:

Jim Polson

FTI Consulting

Phone: 312-553-6730

Email: jim.polson@fticonsulting.com

 

 

GLENWOOD, Ill.— March 9, 2015—Landauer, Inc. (NYSE: LDR), a recognized leader in personal and environmental radiation measurement and monitoring, outsourced medical physics services and high quality medical consumable accessories, today reported financial results for its fiscal 2015 first quarter ended December 31, 2014.

 

Fiscal 2015 First Quarter Highlights

 

·

Revenue of $37.5 million, a decrease of 1.6% year-over-year

·

Operating income of $6.1 million, an increase of 13.1% year-over-year

·

Net income of $4.4 million, or $0.46 per diluted share

·

Adjusted EBITDA of $10.3 million

·

Verifii, the next generation wireless service platform, continued advancement according to plan.

·

Company declares a reduction in dividend to $0.275 per share, compared to $0.55 per share in the previous quarter

·

Company reaffirms 2015 guidance

 

Mike Leatherman, President and Chief Executive Officer of Landauer stated, “We are pleased with our fiscal first quarter results, which provides a solid foundation for fiscal year 2015. We expect to return to a normal reporting cycle going forward. With the continued progress of our next generation digital dosimeter platform, Verifii, and the accounting issues clearly identified, the company has reset its strategic plan to become the premier Radiation Safety Solution Company. Going forward the priorities for increasing shareholder value include the following:

 

·

Continue investment in technology and the organization required to fully capitalize on the Verifii platform. Our goal is to increase penetration and expand our offering to our current channels of acute health care, professional health care offices and the military and industrial markets. The primary focus to drive revenue and profit growth will be new products and services that are annuity based in nature.

·

Stabilize the core business by continuing the aggressive remediation of the accounting control issues identified in our latest Form 10K filing.

 

·

Remain fully prepared to pursue large military and equipment orders.


 

·

Assess all components of the business to ensure alignment with strategic objectives.

·

Continue to manage the balance sheet and reduce debt.

·

Continue to return a competitive dividend to our shareholders.

 

Given Landauer’s history of successfully servicing regulated environments, we are well positioned to expand our services to the healthcare market as a result of the new regulations passed into law by The Joint Commission which become effective in July, 2015. Our dosimetry services combined with Imaging Physics services and our IT infrastructure uniquely position Landauer as an integrated solution for these new requirements. The introduction of the wireless Verifii platform into this set of integrated services is expected to bring increased value to the customer and a lower cost structure to Landauer. Finally, the changes we have made in our Medical Products business are beginning to yield results, as we realize modest, sequential growth and have received FDA approval for a new product. This product is now moving into field trials and there are two additional products in the FDA pipeline.”

 

First Fiscal Quarter Financial Overview and Business Segment Results

 

Revenues for the first fiscal quarter of 2015 were $37.5 million, a decrease 1.6%, compared with revenues of $38.1 million for the first fiscal quarter of 2014. The Radiation Measurement segment revenue decreased 6.0% to $26.5 million, due to a $0.8 million unfavorable foreign currency impact and a $0.7 million decrease in sales of military products. The Medical Physics segment increased 9.1% to $8.4 million, due to increased imaging and radiation therapy services.  The Medical Products segment increased 18.2% to $2.6 million, due to higher domestic revenues and the full-quarter impact in fiscal 2015 of a modest acquisition in December 2013.

 

Gross margin was 52.8% for the first fiscal quarter of 2015, compared with 52.0% for the first fiscal quarter of 2014.  Higher gross margins in the Radiation Measurement segment, were primarily attributable to favorable product mix, partially offset by a 0.6% decline in gross margin driven by increased staffing expenses in the Medical Physics segment to support additional contracts in the imaging and therapy divisions and a 0.5% decline in gross margin driven by Spherz price pressure in the Medical Products segment. 

 

Selling, general and administrative expenses for the first fiscal quarter of 2015 were $13.7 million, a decrease of $0.6 million, or 4.2%, compared with $14.3 million for the first fiscal quarter of 2014. The decrease in selling, general and administrative expenses resulted primarily from a $0.9 million decrease in research and development expenses and a $0.7 million decrease in amortization expense as a result of adjustments recorded during the third fiscal quarter of 2014 to reduce the carrying value of intangible assets, offset by higher legal, audit and other professional fees of $0.7 million.

 

Operating income for the first fiscal quarter of 2015 was $6.1 million, an increase of $0.7 million, or 13.0%, compared with operating income of $5.4 million for the first fiscal quarter of 2014. The increase in operating income was driven by a $0.9 million decrease in research and development expenses, offset by an increase in selling, general and administrative expenses of $0.3 million.

 

Equity in income of joint ventures for the first fiscal quarter of 2015 was $0.7 million, a decrease of $0.6 million, or 46.2%, compared with $1.3 million for the first fiscal quarter of 2014.  The decrease was due primarily to the timing of military orders.

 

The effective tax rates for the first fiscal quarter of 2015 and 2014 were 26.2% and 32.0%, respectively.  The decrease in the effective tax rate was due primarily to the enactment of the research and development credit for calendar year 2014 in the first fiscal quarter of 2015.

 


 

Net income attributed to Landauer for the first fiscal quarter of 2015 was $4.4 million, an increase of $0.6 million, or 15.8%, compared with net income of $3.8 million in the first fiscal quarter of 2014.  The increase in net income was the result of a decrease in operating expenses of $0.7 million and a decrease in income tax provision of $0.3 million, partially offset by a decrease in equity in income of joint ventures of $0.6 million.

 

Excluding the costs associated with an acquisition, and non-cash stock based compensation expenses, adjusted net income was $4.7 million, compared to adjusted net income of $4.1 million in the comparable prior year period.  The resulting adjusted diluted earnings per share for the first fiscal quarter ended December 31, 2014 was $0.50 per share, compared to $0.43 per share in the same period last year.

 

The Company reported Adjusted EBITDA of $10.3 million in the first fiscal quarter of 2015 compared with $10.6 million for the first fiscal quarter of 2014. A reconciliation of net income to EBITDA and Adjusted EBITDA is included in the attached financial exhibits.

 

 

Radiation Measurement Segment

 

Radiation Measurement revenues for the first fiscal quarter of 2015 were $26.5 million, a decrease of $1.7 million, or 6.0%, compared with $28.2 million for the first fiscal quarter of 2014. The decrease in revenues was due primarily to the unfavorable impact of changes in foreign currency exchange rates of $0.8 million and lower military product sales to our joint venture of $0.7 million.

 

Radiation Measurement operating income for the first fiscal quarter of 2015 was $9.4 million, an increase of $0.6 million, or 6.8%, compared with operating income of $8.8 million for the first fiscal quarter of 2014. The increase in operating income was primarily due to a $1.0 million decrease in research and development expenses to support the Verifii next generation dosimetry platform, offset by a $0.3 million increase in selling, general and administrative expenses due to higher bad debt expense and additional headcount to support sales and marketing activities.

 

Medical Physics Segment

 

Medical Physics revenues for the first fiscal quarter of 2015 were $8.4 million, an increase of $0.7 million, or 9.1%, compared with $7.7 million for the first fiscal quarter of 2014.  Medical Physics operating income for the first fiscal quarter of 2015 was $0.6 million, compared to $0.4 million for the first fiscal quarter of 2014.  The increase in operating income is due primarily to lower operating expenses as a result of organizational restructuring during fiscal 2014. 

 

Medical Products Segment

 

Medical Products revenues for the first fiscal quarter of 2015 were $2.6 million, an increase of $0.4 million, or 18.2%, compared to $2.2 million for the first fiscal quarter of 2014.  Medical Products operating income for the first fiscal quarter of 2015 was $0.3 million, as compared to an operating loss of $0.3 million for the first fiscal quarter of 2014.  The change was primarily due to a $0.7 million decrease in amortization expense as a result of adjustments recorded during the third fiscal quarter of 2014 to reduce the carrying value of intangible assets.

 

Corporate Selling, General and Administrative Expenses

 

Corporate selling, general and administrative expenses for the first fiscal quarter of 2015 were $4.2 million, an increase of $0.7 million, or 20%, compared to $3.5 million for the first fiscal quarter of 2014.  The increase was due primarily to higher legal, audit and other professional fees of $0.7 million.


 

Balance Sheet

 

Landauer ended the first fiscal quarter of 2015 with total assets of $210.8 million, a decrease of $5.8 million compared to total assets of $216.6 million at the end of fiscal 2014. The Company completed the quarter with $8.4 million of cash and cash equivalents on the balance sheet and unused borrowing capacity of $41 million under its current $175 million credit facility, which provides adequate liquidity to meet its current and anticipated obligations.  Net operating cash flow generated during the first fiscal quarter of 2015 was $9.5 million, representing a decrease from the prior year period of $0.5 million.

 

Dividend

 

Today, the Board of Directors declared a dividend of $0.275 per share, which is a reduction from the previous quarter’s dividend of $0.55 per share. The dividend is payable on April 3, 2015 to shareholders of record on March 19, 2015. 

 

Based upon the Company’s updated strategic objectives, the Board decided the timing is right to reset the dividend. The Board firmly believes it is prudent to improve the Company’s capital management flexibility by reducing the dividend payments.  The revised dividend level still offers a competitive yield, while allowing further investment in growth and the retirement of debt. The dividend policy will continue to be evaluated every quarter to provide a balance of a sustainable dividend level to our shareholders, capital to execute our strategy and debt reduction.

 

 

Fiscal 2015 Outlook

 

Landauer’s business plan for fiscal 2015 currently anticipates aggregate revenues for the year to be in the range of $153 to $163 million. This range reflects the uncertainty of government funding during fiscal 2015 for military equipment sales opportunities as well as the outlook for foreign currencies.  The business plan also anticipates:

 

·

The effective tax rate for the full fiscal year is anticipated to be within a range of 28 percent to 32 percent.

·

Based upon the above assumptions, the Company anticipates Adjusted Net Income for fiscal 2015 in the range of $16 to $19 million and Adjusted EBITDA expected for fiscal 2015 in the range of $41 to $46 million.

 

 

Conference Call Details

 

Landauer has scheduled its first quarter conference call for investors over the Internet on Tuesday, March 10, 2015, at 9:00 a.m. Central Time (10 a.m. Eastern Time).  To participate, callers should dial 888-401-4668 (within the United States and Canada), or 719-325-2495 (international callers) about 10 minutes before the presentation.  To listen to a webcast on the Internet, please go to the Company’s website at http://www.landauer.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 888-203-1112 (within the United States and Canada), or 719-457-0820 (international callers), passcode 8727665#, which will be available through Thursday, April 9, 2015.  The replay will also be available on Landauer’s website for 90 days following the call.

 


 

About Landauer

 

Landauer is a leading global provider of technical and analytical services to determine occupational and environmental radiation exposure, the leading domestic provider of outsourced medical physics services, as well as a provider of high quality medical accessories used in radiology, radiation therapy, and image guided surgery procedures.  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 customers, and the analysis and reporting of exposure findings.  The Company provides its dosimetry services to approximately 1.8 million individuals globally.  In addition, through its Medical Physics segment, the Company provides therapeutic and imaging physics services to the medical physics community. Through its Medical Products segment, the Company provides medical consumable accessories used in radiology, radiation therapy, and image guided surgery procedures.  For information about Landauer, please visit their website at http://www.landauer.com.


 

Safe Harbor Statement

 

Some of the information shared here (including, in particular, the section titled “Fiscal 2015 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 future performance, the Company’s development and introduction of new technologies in general; the ability to protect and utilize the Company’s intellectual property; continued customer acceptance of the InLight technology; the adaptability of optically stimulated luminescence (OSL) technology to new platforms and formats; military and other government funding for the purchase of certain of the Company’s equipment and services; the impact on sales and pricing of certain customer group purchasing arrangements; changes in spending or reimbursement for medical products or services; the costs associated with the Company’s research and business development efforts; the usefulness of older technologies and related licenses and intellectual property; the effectiveness of and costs associated with 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 services and products ; changes in postal and delivery practices; the Company’s business plans; anticipated revenue and cost growth; the ability to integrate the operations of acquired businesses and to realize the expected benefits of acquisitions; 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, including instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; foreign exchange rates; government regulations; accreditation requirements; changes in the trading market that affect the costs 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 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.  Additional information may be obtained by reviewing the information set forth in Item 1A “Risk Factors” and Item 7A “Quantitative and Qualitative Disclosures about Market Risk” and information contained in the Company's Annual Report on Form 10-K for the year ended September 30, 2014 and other reports filed by the Company, from time to time, with the Securities and Exchange Commission.  The Company does not undertake, and expressly disclaims, any duty to update any forward-looking statement whether as a result of new information, future events or changes in the Company’s expectations, except as required by law.

 

 

 

 

 

 

Financial Tables Follow 

 


 

  Landauer, Inc. and Subsidiaries 

Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in Thousands)

 

December 31,
2014

 

September 30,
2014

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

8,397 

 

$

6,761 

Receivables, net of allowances of $1,742 at December 31, 2014 and $1,872 at September 30, 2014

 

 

29,565 

 

 

34,707 

Inventories

 

 

7,077 

 

 

6,687 

Prepaid expenses and other current assets

 

 

9,382 

 

 

6,178 

Current assets

 

 

54,421 

 

 

54,333 

Net property, plant and equipment

 

 

45,727 

 

 

46,757 

Equity in joint ventures

 

 

22,477 

 

 

23,835 

Goodwill

 

 

42,226 

 

 

43,218 

Intangible assets, net of accumulated amortization of $37,769 at December 31, 2014 and $37,579 at September 30, 2014

 

 

13,764 

 

 

14,077 

Other assets

 

 

32,232 

 

 

34,366 

Assets

 

$

210,847 

 

$

216,586 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

$

41,876 

 

$

44,728 

Non-current liabilities:

 

 

 

 

 

 

Long-term debt

 

 

133,585 

 

 

133,585 

Other non-current liabilities

 

 

24,189 

 

 

24,539 

Non-current liabilities

 

 

157,774 

 

 

158,124 

Stockholders' equity:

 

 

 

 

 

 

Landauer, Inc. stockholders' equity

 

 

9,999 

 

 

12,254 

Noncontrolling interest

 

 

1,198 

 

 

1,480 

Stockholders' equity

 

 

11,197 

 

 

13,734 

Liabilities and Stockholders' Equity

 

$

210,847 

 

$

216,586 

 

 

 


 

 

Landauer, Inc. and Subsidiaries 

First Fiscal Quarter 2015 Financial Highlights

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
December 31,

(Dollars in Thousands, Except per Share)

 

2014

 

2013
(As Restated)

Net revenues

 

$

37,547 

 

$

38,147 

 

 

 

 

 

 

 

Cost and expenses:

 

 

 

 

 

 

Cost of sales

 

 

17,751 

 

 

18,385 

Selling, general and administrative

 

 

13,655 

 

 

14,226 

Acquisition, reorganization and nonrecurring costs

 

 

 -

 

 

111 

Costs and expenses

 

 

31,406 

 

 

32,722 

Operating income

 

 

6,141 

 

 

5,425 

Equity in income of joint ventures

 

 

696 

 

 

1,281 

Other expense, net

 

 

(702)

 

 

(778)

Income before taxes

 

 

6,135 

 

 

5,928 

Income tax expense

 

 

1,610 

 

 

1,899 

Net income

 

 

4,525 

 

 

4,029 

Less:  Net income attributed to noncontrolling interest

 

 

148 

 

 

208 

Net income attributed to Landauer, Inc.

 

$

4,377 

 

$

3,821 

 

 

 

 

 

 

 

Net income per share attributable to Landauer, Inc. shareholders:

 

 

 

 

 

 

Basic

 

$

0.46 

 

$

0.40 

Weighted average basic shares outstanding

 

 

9,446 

 

 

9,422 

 

 

 

 

 

 

 

Diluted

 

$

0.46 

 

$

0.40 

Weighted average diluted shares outstanding

 

 

9,474 

 

 

9,467 

 

 


 

Landauer, Inc. and Subsidiaries 

Consolidated Statements of Cash Flows

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
December 31,

(Dollars in Thousands)

 

2014

 

2013
(As Restated)

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

4,525 

 

$

4,029 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

3,078 

 

 

3,732 

Equity in  income of joint ventures

 

 

(696)

 

 

(1,281)

Dividends from joint ventures

 

 

1,139 

 

 

1,340 

Stock-based compensation and related net tax benefits

 

 

437 

 

 

282 

Current and long-term deferred taxes, net

 

 

(1,195)

 

 

260 

Gain on sale, disposal and abandonment of fixed assets

 

 

(3)

 

 

 -

Gain on investments

 

 

(111)

 

 

(268)

Changes in operating assets and liabilities

 

 

2,310 

 

 

1,845 

Net cash provided by operating activities

 

 

9,484 

 

 

9,939 

Net cash used by investing activities

 

 

(1,699)

 

 

(2,948)

Cash flows used  by financing activities:

 

 

 

 

 

 

Long-term borrowings, net

 

 

 -

 

 

1,000 

Dividends paid to stockholders

 

 

(5,347)

 

 

(5,274)

Other financing activities, net

 

 

(331)

 

 

28 

Net cash used by financing activities

 

 

(5,678)

 

 

(4,246)

Effects of foreign currency translation

 

 

(471)

 

 

49 

Net increase in cash and cash equivalents

 

 

1,636 

 

 

2,794 

Opening balance - cash and cash equivalents

 

 

6,761 

 

 

8,672 

Ending balance - cash and cash equivalents

 

$

8,397 

 

$

11,466 

 

 


 

A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is provided below:

 

 

 

 

 

 

 

 

 

Three Months Ended
December 31,

(Dollars in Thousands)

2014

 

2013
(As Restated)

Adjusted EBITDA

 

 

 

 

 

Net income attributed to Landauer, Inc.

$

4,377 

 

$

3,821 

Add back:

 

 

 

 

 

Net financing costs

 

838 

 

 

789 

Depreciation and amortization

 

3,078 

 

 

3,732 

Provision for income taxes

 

1,610 

 

 

1,899 

Earnings before interest, taxes, depreciation
and amortization (EBITDA)

$

9,903 

 

$

10,241 

Adjustments:

 

 

 

 

 

Non-cash stock based compensation

 

437 

 

 

292 

Acquisition, reorganization and nonrecurring costs

 

 -

 

 

111 

Sub-total adjustments

 

437 

 

 

403 

Adjusted EBITDA

$

10,340 

 

$

10,644 

 

 

 

 

 

 

 

Three Months Ended
December 31,

(Dollars in Thousands, Except per Share)

2014

 

2013
(As Restated)

Adjusted Net Income

 

 

 

 

 

Net income attributed to Landauer, Inc.

$

4,377 

 

$

3,821 

Sub-total adjustments

 

437 

 

 

403 

Income taxes on adjustments

 

(114)

 

 

(127)

Adjustments, net

 

323 

 

 

276 

Adjusted Net Income

$

4,700 

 

$

4,097 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
December 31,

(Dollars in Thousands)

2014

 

2013
(As Restated)

Adjusted Free Cash Flow

 

 

 

 

 

Net cash provided by operating activities

$

9,484 

 

$

9,939 

Capital expenditures

 

(1,384)

 

 

(1,245)

Free Cash Flow

 

8,100 

 

 

8,694 

Acquisition, reorganization and nonrecurring costs

 

 -

 

 

111 

Adjusted Free Cash Flow

$

8,100 

 

$

8,805 

 

 


 

Segment Information

 

The following tables summarize financial information for each reportable segment for the three months ended December 31: 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
December 31,

(Dollars in Thousands)

 

2014

 

2013
(As Restated)

Revenues by segment:

 

 

 

 

 

 

Radiation Measurement

 

$

26,491 

 

$

28,183 

Medical Physics

 

 

8,484 

 

 

7,739 

Medical Products

 

 

2,572 

 

 

2,225 

Consolidated revenues

 

$

37,547 

 

$

38,147 

 

 

 

 

 

 

 

 

 

Three Months Ended
December 31,

(Dollars in Thousands)

 

2014

 

2013
(As Restated)

Operating income (loss) by segment:

 

 

 

 

 

 

Radiation Measurement

 

$

9,384 

 

$

8,829 

Medical Physics

 

 

618 

 

 

433 

Medical Products

 

 

334 

 

 

(288)

Corporate

 

 

(4,195)

 

 

(3,549)

Consolidated operating income

 

$

6,141 

 

$

5,425 

 

 

 


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