Landauer Inc. (LDR, Financial) filed Quarterly Report for the period ended 2010-12-31.
Landauer Inc. has a market cap of $542.7 million; its shares were traded at around $58.62 with a P/E ratio of 21.6 and P/S ratio of 4.7. The dividend yield of Landauer Inc. stocks is 3.8%. Landauer Inc. had an annual average earning growth of 4% over the past 10 years. GuruFocus rated Landauer Inc. the business predictability rank of 4.5-star.Hedge Fund Gurus that owns LDR: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns LDR: Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors, First Pacific Advisors of First Pacific Advisors, LLC.
an increase of $0.9 million, or 9.1%, compared with cost of sales of $10.2
million for the same quarter in fiscal 2010. The Medical Physics segment
contributed an increase of $1.9 million, offset by a decline in the
Radiation Monitoring segment of $1.0 million. Gross margins were 61.0% for
the first fiscal quarter of 2011, compared with 62.7% for the same period
in fiscal 2010. The decline in gross margin rate was primarily due to the
increased contribution of lower margin Medical Physics revenue, which had a
gross margin of 21.7%.
Radiation Monitoring gross margin for the first fiscal quarter of
2011 increased to 68.5% from 66.0% in the year ago period, primarily due to
the decline in lower margin sales to Nagase Landauer. Selling, general and
administrative costs in the Radiation Monitoring segment for the first
fiscal quarter of 2011 increased 8.3%, or $0.6 million, to $7.7 million.
The increase is due primarily to $0.2 million in costs to replace the
Company's IT systems and $0.2 million of increased spending to support
international revenue growth. Radiation Monitoring operating income,
inclusive of the impact of acquisition related transaction and
reorganization costs, for the first fiscal quarter of 2011 increased 8.3%,
or $0.7 million, to $8.6 million compared with operating income of $7.9
million for the same period in fiscal 2010.
Medical Physics revenue for the first fiscal quarter of 2011
increased 111.4%, or $2.4 million, to $4.5 million on $0.7 million of
organic growth and $1.7 million due to the annualized impact of acquired
companies. Medical Physics gross margin declined to 21.7% from 24.8% in
the year ago period, primarily due to the investment in additional
headcount to support future growth opportunities. Selling, general and
administrative costs in the Medical Physics segment for the first fiscal
quarter of 2011 increased 104.5%, or $0.7 million, to $1.4 million. The
increase is due to the annualized impact of acquired companies of $0.5
million and investments to support organic growth. Medical Physics
operating loss for the first fiscal quarter of 2011 was $0.5 million,
compared with an operating loss of $0.2 million for the same period in
fiscal 2010.
Cash used by investing activities for the first fiscal quarter of
2011 included $0.2 million for the acquisition of businesses, compared to
$29.8 million used in fiscal 2010 for the Company's acquisitions, as
described under the footnote "Business Combinations" herein. Investing
activities during the fiscal 2011 quarter also included $1.8 million for
the purchase of trading securities, primarily related to the Company's
funding of its deferred compensation program in a Rabbi Trust arrangement.
The Company's acquisitions of property, plant and equipment during the
first quarter of fiscal 2011 and 2010 were $2.8 million and $4.5 million,
respectively. Included in the acquisitions of property, plant and
equipment were costs of $2.1 million and $2.7 million in the first quarter
of fiscal 2011 and 2010, respectively, for the Company's initiative to
replace various business processes and replace components of its
information technology systems that support customer relationship
management and the order-to-cash cycle. The total project cost is
estimated currently to be approximately $40.0 million to $44.0 million and
the first phase was implemented in the first quarter of fiscal 2011. Total
capital expenditures for fiscal 2011 are expected to be approximately $10.0
million to $12.0 million principally for the project to replace the
Company's information systems. The Company anticipates that funds for
these capital improvements will be provided from operations.
Financing activities were comprised primarily of net borrowings on
the Company's credit facility and payments of cash dividends to
shareholders. During the first quarter of fiscal 2011, the Company funded
cash dividends for the quarter of $5.1 million, or $0.55 per share. During
the first quarter of fiscal 2010, the Company paid cash dividends of
$0.5375 per share for the quarter and $0.525 per share for the fourth
quarter of fiscal 2009, due to timing, of $10.0 million. Such amounts were
provided from operations.
Landauer's current business plan for fiscal 2011 anticipates
consolidated net revenue for the year to be in the range of $120 to $126
million, including $4 to $8 million in sales to the U.S military and first
responder markets. Military and first responder market sales are dependent
on military and other governmental appropriations and approvals which have
yet to be obtained. The business plan anticipates spending of $10 to $12
million to support the completion of the Company's systems initiative and
the related post implementation support, with $2 to $3 million being
expensed in the current fiscal year. Based upon the above assumptions, the
Company anticipates reported net income for fiscal 2011 in the range of $24
to $26 million.
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Landauer Inc. has a market cap of $542.7 million; its shares were traded at around $58.62 with a P/E ratio of 21.6 and P/S ratio of 4.7. The dividend yield of Landauer Inc. stocks is 3.8%. Landauer Inc. had an annual average earning growth of 4% over the past 10 years. GuruFocus rated Landauer Inc. the business predictability rank of 4.5-star.Hedge Fund Gurus that owns LDR: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns LDR: Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors, First Pacific Advisors of First Pacific Advisors, LLC.
Highlight of Business Operations:
Cost of sales for the first fiscal quarter of 2011 was $11.1 million,an increase of $0.9 million, or 9.1%, compared with cost of sales of $10.2
million for the same quarter in fiscal 2010. The Medical Physics segment
contributed an increase of $1.9 million, offset by a decline in the
Radiation Monitoring segment of $1.0 million. Gross margins were 61.0% for
the first fiscal quarter of 2011, compared with 62.7% for the same period
in fiscal 2010. The decline in gross margin rate was primarily due to the
increased contribution of lower margin Medical Physics revenue, which had a
gross margin of 21.7%.
Radiation Monitoring gross margin for the first fiscal quarter of
2011 increased to 68.5% from 66.0% in the year ago period, primarily due to
the decline in lower margin sales to Nagase Landauer. Selling, general and
administrative costs in the Radiation Monitoring segment for the first
fiscal quarter of 2011 increased 8.3%, or $0.6 million, to $7.7 million.
The increase is due primarily to $0.2 million in costs to replace the
Company's IT systems and $0.2 million of increased spending to support
international revenue growth. Radiation Monitoring operating income,
inclusive of the impact of acquisition related transaction and
reorganization costs, for the first fiscal quarter of 2011 increased 8.3%,
or $0.7 million, to $8.6 million compared with operating income of $7.9
million for the same period in fiscal 2010.
Medical Physics revenue for the first fiscal quarter of 2011
increased 111.4%, or $2.4 million, to $4.5 million on $0.7 million of
organic growth and $1.7 million due to the annualized impact of acquired
companies. Medical Physics gross margin declined to 21.7% from 24.8% in
the year ago period, primarily due to the investment in additional
headcount to support future growth opportunities. Selling, general and
administrative costs in the Medical Physics segment for the first fiscal
quarter of 2011 increased 104.5%, or $0.7 million, to $1.4 million. The
increase is due to the annualized impact of acquired companies of $0.5
million and investments to support organic growth. Medical Physics
operating loss for the first fiscal quarter of 2011 was $0.5 million,
compared with an operating loss of $0.2 million for the same period in
fiscal 2010.
Cash used by investing activities for the first fiscal quarter of
2011 included $0.2 million for the acquisition of businesses, compared to
$29.8 million used in fiscal 2010 for the Company's acquisitions, as
described under the footnote "Business Combinations" herein. Investing
activities during the fiscal 2011 quarter also included $1.8 million for
the purchase of trading securities, primarily related to the Company's
funding of its deferred compensation program in a Rabbi Trust arrangement.
The Company's acquisitions of property, plant and equipment during the
first quarter of fiscal 2011 and 2010 were $2.8 million and $4.5 million,
respectively. Included in the acquisitions of property, plant and
equipment were costs of $2.1 million and $2.7 million in the first quarter
of fiscal 2011 and 2010, respectively, for the Company's initiative to
replace various business processes and replace components of its
information technology systems that support customer relationship
management and the order-to-cash cycle. The total project cost is
estimated currently to be approximately $40.0 million to $44.0 million and
the first phase was implemented in the first quarter of fiscal 2011. Total
capital expenditures for fiscal 2011 are expected to be approximately $10.0
million to $12.0 million principally for the project to replace the
Company's information systems. The Company anticipates that funds for
these capital improvements will be provided from operations.
Financing activities were comprised primarily of net borrowings on
the Company's credit facility and payments of cash dividends to
shareholders. During the first quarter of fiscal 2011, the Company funded
cash dividends for the quarter of $5.1 million, or $0.55 per share. During
the first quarter of fiscal 2010, the Company paid cash dividends of
$0.5375 per share for the quarter and $0.525 per share for the fourth
quarter of fiscal 2009, due to timing, of $10.0 million. Such amounts were
provided from operations.
Landauer's current business plan for fiscal 2011 anticipates
consolidated net revenue for the year to be in the range of $120 to $126
million, including $4 to $8 million in sales to the U.S military and first
responder markets. Military and first responder market sales are dependent
on military and other governmental appropriations and approvals which have
yet to be obtained. The business plan anticipates spending of $10 to $12
million to support the completion of the Company's systems initiative and
the related post implementation support, with $2 to $3 million being
expensed in the current fiscal year. Based upon the above assumptions, the
Company anticipates reported net income for fiscal 2011 in the range of $24
to $26 million.
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