Landauer Inc. (LDR, Financial) filed Quarterly Report for the period ended 2011-12-31.
Landauer Inc. has a market cap of $545.2 million; its shares were traded at around $57.19 with a P/E ratio of 21.4 and P/S ratio of 4.5. The dividend yield of Landauer Inc. stocks is 3.8%. Landauer Inc. had an annual average earning growth of 3.2% over the past 10 years. GuruFocus rated Landauer Inc. the business predictability rank of 4-star.
Net income, including the costs associated with the accusations, IT platform enhancement, and non-cash stock based compensation, for the first fiscal quarter ended December 31, 2011 was $4.9 million, a decrease of $0.9 million, or 15.4% compared with $5.8 million for the first fiscal quarter of 2011. Excluding the costs associated with the acquisitions, IT platform enhancement, and non-cash stock based compensation, net income was $6.9 million, as compared to $6.5 million in the prior year period. The resulting diluted earnings per share for the first fiscal quarter of 2012 were $0.73, excluding $0.21 per diluted share of acquisition, IT platform enhancement, and non-cash stock based compensation expenses. This compares with $0.69 for the first fiscal quarter of 2011, excluding $0.07 per diluted share of acquisition, IT platform enhancement, and non-cash stock based compensation expenses.
Medical Physics revenues for the first fiscal quarter of 2012 increased 64.0%, or $2.9 million, to $7.4 million on $0.8 million of organic growth and $2.1 million due to the impact of acquired companies. The Medical Physics operating income of $0.9 million, or 12.0% of revenue, increased $1.4 million as compared to a loss of $0.5 million, or 10.1% of revenue, in the first fiscal quarter of 2011. The improvement in operating income is primarily due to operating efficiencies in the core Medical Physics business and higher episodic equipment commissioning sales leveraging a relatively fixed cost structure, as well as higher volume sales inclusive of acquired companies.
Cash used by investing activities for the first three months of fiscal 2012 included $98.3 million for the Company’s acquisitions, primarily IZI, as described under the footnote “Business Combinations” herein, compared to $0.2 million used in the first three months of fiscal 2011 for the establishment of an unconsolidated joint venture in Turkey. Investing activities during the three months ended December 31, 2011 included $0.4 million for the purchase of trading securities and net earnings thereon, primarily related to the Company’s funding of its deferred compensation program in a Rabbi Trust arrangement. During the first quarter of fiscal 2011, the Company funded its deferred compensation program with an additional $1.3 million for the chief executive officer’s additional benefit, per his amended employment agreement. The Company’s acquisitions of property, plant and equipment during the first three months of fiscal 2012 and 2011 were $3.8 million and $2.8 million, respectively.
Landauer’s business plan for fiscal 2012 currently anticipates aggregate revenue for the year to be in the range of $150 to $157 million, which includes 10 months of contributions from the recent IZI acquisition. The business plan also anticipates:
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Landauer Inc. has a market cap of $545.2 million; its shares were traded at around $57.19 with a P/E ratio of 21.4 and P/S ratio of 4.5. The dividend yield of Landauer Inc. stocks is 3.8%. Landauer Inc. had an annual average earning growth of 3.2% over the past 10 years. GuruFocus rated Landauer Inc. the business predictability rank of 4-star.
Highlight of Business Operations:
Revenues for the first fiscal quarter of 2012 were $36.7 million, an increase of $8.3 million, or 28.9% compared with revenues of $28.4 million for the same quarter in fiscal 2011. The Medical Physics segment and Radiation Monitoring segment contributed an increase of $2.9 million and $3.1 million, respectively. The contribution of the new Medical Products segment increased revenue by $2.2 million.Net income, including the costs associated with the accusations, IT platform enhancement, and non-cash stock based compensation, for the first fiscal quarter ended December 31, 2011 was $4.9 million, a decrease of $0.9 million, or 15.4% compared with $5.8 million for the first fiscal quarter of 2011. Excluding the costs associated with the acquisitions, IT platform enhancement, and non-cash stock based compensation, net income was $6.9 million, as compared to $6.5 million in the prior year period. The resulting diluted earnings per share for the first fiscal quarter of 2012 were $0.73, excluding $0.21 per diluted share of acquisition, IT platform enhancement, and non-cash stock based compensation expenses. This compares with $0.69 for the first fiscal quarter of 2011, excluding $0.07 per diluted share of acquisition, IT platform enhancement, and non-cash stock based compensation expenses.
Medical Physics revenues for the first fiscal quarter of 2012 increased 64.0%, or $2.9 million, to $7.4 million on $0.8 million of organic growth and $2.1 million due to the impact of acquired companies. The Medical Physics operating income of $0.9 million, or 12.0% of revenue, increased $1.4 million as compared to a loss of $0.5 million, or 10.1% of revenue, in the first fiscal quarter of 2011. The improvement in operating income is primarily due to operating efficiencies in the core Medical Physics business and higher episodic equipment commissioning sales leveraging a relatively fixed cost structure, as well as higher volume sales inclusive of acquired companies.
Cash used by investing activities for the first three months of fiscal 2012 included $98.3 million for the Company’s acquisitions, primarily IZI, as described under the footnote “Business Combinations” herein, compared to $0.2 million used in the first three months of fiscal 2011 for the establishment of an unconsolidated joint venture in Turkey. Investing activities during the three months ended December 31, 2011 included $0.4 million for the purchase of trading securities and net earnings thereon, primarily related to the Company’s funding of its deferred compensation program in a Rabbi Trust arrangement. During the first quarter of fiscal 2011, the Company funded its deferred compensation program with an additional $1.3 million for the chief executive officer’s additional benefit, per his amended employment agreement. The Company’s acquisitions of property, plant and equipment during the first three months of fiscal 2012 and 2011 were $3.8 million and $2.8 million, respectively.
Landauer’s business plan for fiscal 2012 currently anticipates aggregate revenue for the year to be in the range of $150 to $157 million, which includes 10 months of contributions from the recent IZI acquisition. The business plan also anticipates:
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