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Landauer Inc. Reports Operating Results (10-Q)

February 11, 2013 | About:
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Landauer Inc. (LDR) filed Quarterly Report for the period ended 2012-12-31.

Landauer, Inc. has a market cap of $570.8 million; its shares were traded at around $60.62 with a P/E ratio of 29.9 and P/S ratio of 3.8. The dividend yield of Landauer, Inc. stocks is 3.6%. Landauer, Inc. had an annual average earning growth of 2.8% 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 2013 and for the first fiscal quarter of 2012 were $36.7 million. The Medical Physics segment and the Medical Products segment contributed an increase of $.3 million and $.5 million, respectively due to their acquisitions over the prior fiscal year. The Radiation Measurement segment experienced a decrease of $.6 million. Consolidated revenue for the first fiscal quarter of 2013 was negatively affected $.2 million by currency fluctuation, as compared with the prior fiscal year period, principally due to weakness in the Euro against the U.S. dollar.

Cost of sales for the first fiscal quarter of 2013 was $16.6 million, an increase of $1.7 million, or 11.4%, compared with cost of sales of $14.9 million for the first fiscal quarter of 2012. The cost of sales increase was due to increased IT expenses due to the company’s IT platform enhancement of $.9 million, including $.5 million in additional depreciation and increased manufacturing costs of $.4 million and increased expenses due to acquisitions as compared to the last year first fiscal quarter amount of $.6 million.

The effective tax rate for the first fiscal quarter of 2013 and 2012 was 31.1% and 35.0%, respectively. The decrease in effective tax rate was due primarily to a change in the mix of earnings based on geographic location of the Company’s operations in various jurisdictions and the specific legal entities subject to taxation in those jurisdictions.

Medical Physics revenues for the first fiscal quarter of 2013 increased 2.0%, or $.2 million, from the first fiscal quarter of 2012 to $7.6 million on $.3 million due to the contribution of acquired companies. Medical Physics operating income was $.8 million, or 10.4% of revenues, as compared to $.9 million, or 12.0% of revenues, in the first fiscal quarter of 2012.

Medical Products revenues for the first fiscal quarter of 2013 increased 22.7%, or $.5 million, from the first fiscal quarter of 2012 to $2.7 million. Operating income for the first fiscal quarter of 2013 was $.7 million, or 24.9% of revenues, as compared to $.4 million, or 16.7% of revenues, in the first fiscal quarter of 2012. The increase is due primarily to a full fiscal quarter of results in fiscal 2013 versus only 1.5 months in fiscal 2012, when the segment was established.

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