Landauer Inc. (LDR, Financial) filed Quarterly Report for the period ended 2010-03-31.
Landauer Inc. has a market cap of $601.6 million; its shares were traded at around $64.14 with a P/E ratio of 23.2 and P/S ratio of 6.4. The dividend yield of Landauer Inc. stocks is 3.4%. Landauer Inc. had an annual average earning growth of 4.8% over the past 10 years. GuruFocus rated Landauer Inc. the business predictability rank of 3.5-star.LDR is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, First Pacific Advisors of First Pacific Advisors, LLC.
$7.8 million, or $0.83 per diluted share, compared with $5.4 million, or
$0.58 per diluted share, for the same quarter in fiscal 2009. Excluding
the effect of the pension curtailment and transition costs and the
reorganization charges of $2.7 million ($1.8 million after-tax), net income
for the second fiscal quarter of 2009 was $7.2 million, or $0.77 per
diluted share.
Revenues for the first six months of the fiscal year were $59.0
million, a 24.6% increase compared to revenues of $47.4 million for the
same period in fiscal 2009. The increase in revenue was driven by the
contribution from the Medical Physics segment of $5.6 million and growth in
the Radiation Monitoring segment of $6.0 million, or 12.8%. Domestic
Radiation Monitoring revenue increased for the first six months of the
fiscal year by $0.2 million and International Radiation Monitoring revenue
increased $5.8 million, or 52.7% driven by: contributions from GDM and PDM
of $3.1 million; the sale of badges and service to Nagase-Landauer to
support its fiscal 2010 transition of the Japanese service market from the
current Luxel badge to a next generation badge based upon the InLight
platform of $1.5 million; and the impact of the strengthening of most
foreign currencies against the dollar of $1.1 million.
Selling, general and administrative expense for the first six months
of fiscal 2010 was $16.2 million, an increase of $3.0 million, or 23.0%,
compared with expense of $13.2 million reported for the same period in
fiscal 2009. The increase in selling general and administrative costs was
driven by the addition of the Medical Physics segment of $1.9 million and
$1.1 million, or 8.7%, increase in the Radiation Monitoring segment. The
primary factors contributing to the increase in selling, general and
administrative expense for the Radiation Monitoring segment include $0.7
million related to GDM and PDM, which were acquired during the first
quarter, and $0.4 million from the impact of the strengthening of most
foreign currencies against the dollar.
Resulting net income for the six months ended March 31, 2010 amounted
to $12.9 million, or $1.38 per diluted share, compared with $11.6 million,
or $1.24 per diluted share, for the same period in fiscal 2009. Excluding
the effect of acquisition and reorganization costs of $1.7 million ($1.2
million, after-tax), net income for the first six months ended March 31,
2010 was $14.2 million, or $1.52 per diluted share. Excluding the effect
of the pension curtailment and transition costs and the reorganization
charges of $2.7 million ($1.8 million after-tax), net income for the first
six months of fiscal 2009 was $13.4 million, or $1.43 per diluted share.
Investing activities included $29.8 million for acquisitions, as
described in Note 2, "Business Combinations". In addition, the Company had
acquisitions of property, plant and equipment in the amounts of $9.0
million and $2.4 million for the six months ended March 31, 2010 and 2009,
respectively. Approximately $4.8 million of the increase was capital
spending for the Company's systems initiative. Capital expenditures for
the remainder of fiscal 2010 are expected to be approximately $3.0 million
to $4.0 million. The Company anticipates that funds for these capital
improvements will be provided from operations.
The Company funded its fiscal 2010 first quarter acquisitions through
borrowings under its credit agreement of $18.0 million, with the remainder
paid from the Company's cash on hand. As described in Note 9, "Credit
Facility", to the financial statements, the Company amended its credit
agreement in June 2009, which originally had an expiration date of
October 31, 2009 and permitted borrowings up to $15.0 million. The
amendment, among other changes to the original terms, extended the maturity
date to June 16, 2011 and increased the aggregate amount of funds available
to $30.0 million subject, with respect to amounts borrowed in excess of
$20.0 million, to certain criteria outlined in the credit agreement. Under
the credit agreement, the Company elects to pay an annualized interest rate
based on LIBOR plus 2.9%, rather than the agreement's alternative rate of
prime plus 0.47%. At March 31, 2010 the applicable interest rate was 2.35%
per annum. In addition, the Company must maintain a fixed charge coverage
ratio, as calculated pursuant to the terms of the amended credit agreement,
as of the end of each calendar quarter of not less than 1.35 to 1.00, and a
funded debt to EBITDA ratio less than or equal to 1.5 to 1.00. As of
March 31, 2010, the Company was in compliance with the covenants contained
in the credit agreement. The debt is classified as current. The Company
projects currently to retire the debt from cash provided by operations
within the next twelve months. As of March 31, 2010, the Company had
reduced the $18.0 million borrowed during the first quarter of fiscal 2010
by $1.3 million.
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Landauer Inc. has a market cap of $601.6 million; its shares were traded at around $64.14 with a P/E ratio of 23.2 and P/S ratio of 6.4. The dividend yield of Landauer Inc. stocks is 3.4%. Landauer Inc. had an annual average earning growth of 4.8% over the past 10 years. GuruFocus rated Landauer Inc. the business predictability rank of 3.5-star.LDR is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, First Pacific Advisors of First Pacific Advisors, LLC.
Highlight of Business Operations:
Resulting net income for the quarter ended March 31, 2010 amounted to$7.8 million, or $0.83 per diluted share, compared with $5.4 million, or
$0.58 per diluted share, for the same quarter in fiscal 2009. Excluding
the effect of the pension curtailment and transition costs and the
reorganization charges of $2.7 million ($1.8 million after-tax), net income
for the second fiscal quarter of 2009 was $7.2 million, or $0.77 per
diluted share.
Revenues for the first six months of the fiscal year were $59.0
million, a 24.6% increase compared to revenues of $47.4 million for the
same period in fiscal 2009. The increase in revenue was driven by the
contribution from the Medical Physics segment of $5.6 million and growth in
the Radiation Monitoring segment of $6.0 million, or 12.8%. Domestic
Radiation Monitoring revenue increased for the first six months of the
fiscal year by $0.2 million and International Radiation Monitoring revenue
increased $5.8 million, or 52.7% driven by: contributions from GDM and PDM
of $3.1 million; the sale of badges and service to Nagase-Landauer to
support its fiscal 2010 transition of the Japanese service market from the
current Luxel badge to a next generation badge based upon the InLight
platform of $1.5 million; and the impact of the strengthening of most
foreign currencies against the dollar of $1.1 million.
Selling, general and administrative expense for the first six months
of fiscal 2010 was $16.2 million, an increase of $3.0 million, or 23.0%,
compared with expense of $13.2 million reported for the same period in
fiscal 2009. The increase in selling general and administrative costs was
driven by the addition of the Medical Physics segment of $1.9 million and
$1.1 million, or 8.7%, increase in the Radiation Monitoring segment. The
primary factors contributing to the increase in selling, general and
administrative expense for the Radiation Monitoring segment include $0.7
million related to GDM and PDM, which were acquired during the first
quarter, and $0.4 million from the impact of the strengthening of most
foreign currencies against the dollar.
Resulting net income for the six months ended March 31, 2010 amounted
to $12.9 million, or $1.38 per diluted share, compared with $11.6 million,
or $1.24 per diluted share, for the same period in fiscal 2009. Excluding
the effect of acquisition and reorganization costs of $1.7 million ($1.2
million, after-tax), net income for the first six months ended March 31,
2010 was $14.2 million, or $1.52 per diluted share. Excluding the effect
of the pension curtailment and transition costs and the reorganization
charges of $2.7 million ($1.8 million after-tax), net income for the first
six months of fiscal 2009 was $13.4 million, or $1.43 per diluted share.
Investing activities included $29.8 million for acquisitions, as
described in Note 2, "Business Combinations". In addition, the Company had
acquisitions of property, plant and equipment in the amounts of $9.0
million and $2.4 million for the six months ended March 31, 2010 and 2009,
respectively. Approximately $4.8 million of the increase was capital
spending for the Company's systems initiative. Capital expenditures for
the remainder of fiscal 2010 are expected to be approximately $3.0 million
to $4.0 million. The Company anticipates that funds for these capital
improvements will be provided from operations.
The Company funded its fiscal 2010 first quarter acquisitions through
borrowings under its credit agreement of $18.0 million, with the remainder
paid from the Company's cash on hand. As described in Note 9, "Credit
Facility", to the financial statements, the Company amended its credit
agreement in June 2009, which originally had an expiration date of
October 31, 2009 and permitted borrowings up to $15.0 million. The
amendment, among other changes to the original terms, extended the maturity
date to June 16, 2011 and increased the aggregate amount of funds available
to $30.0 million subject, with respect to amounts borrowed in excess of
$20.0 million, to certain criteria outlined in the credit agreement. Under
the credit agreement, the Company elects to pay an annualized interest rate
based on LIBOR plus 2.9%, rather than the agreement's alternative rate of
prime plus 0.47%. At March 31, 2010 the applicable interest rate was 2.35%
per annum. In addition, the Company must maintain a fixed charge coverage
ratio, as calculated pursuant to the terms of the amended credit agreement,
as of the end of each calendar quarter of not less than 1.35 to 1.00, and a
funded debt to EBITDA ratio less than or equal to 1.5 to 1.00. As of
March 31, 2010, the Company was in compliance with the covenants contained
in the credit agreement. The debt is classified as current. The Company
projects currently to retire the debt from cash provided by operations
within the next twelve months. As of March 31, 2010, the Company had
reduced the $18.0 million borrowed during the first quarter of fiscal 2010
by $1.3 million.
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