LANDAUER INC

CIK:0000825410|SEC Filings

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Service revenues	$ 34,609	$ 32,344	$ 101,571	$ 97,051
Product revenues	5,279	5,510	15,011	15,415
Total revenues	39,888	37,854	116,582	112,466
Costs and expenses:
Service costs	16,939	16,032	49,692	48,708
Product costs	1,862	2,304	5,851	5,970
Total cost of sales	18,801	18,336	55,543	54,678
Gross profit	21,087	19,518	61,039	57,788
Selling, general and administrative expense	12,504	11,805	37,205	36,606
Operating income	8,583	7,713	23,834	21,182
Equity in income of joint ventures	1,206	244	3,015	797
Interest expense, net	(695)	(703)	(2,098)	(2,765)
Other income (expense), net	15	3,550	(242)	3,493
Income before taxes	9,109	10,804	24,509	22,707
Income tax expense	2,509	3,382	7,976	7,074
Net income	6,600	7,422	16,533	15,633
Less: Net income attributed to noncontrolling interest	200	157	557	446
Net income attributed to Landauer, Inc.	$ 6,400	$ 7,265	$ 15,976	$ 15,187
Net income per share attributable to Landauer, Inc. shareholders:
Basic	$ 0.67	$ 0.76	$ 1.67	$ 1.59
Weighted average basic shares outstanding	9,585	9,531	9,562	9,523
Diluted	$ 0.66	$ 0.76	$ 1.66	$ 1.58
Weighted average diluted shares outstanding	9,606	9,564	9,595	9,555

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 16,533	$ 15,633
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,047	8,461
Equity in income of joint ventures	(3,015)	(797)
Dividends from joint ventures	1,341	1,195
Stock-based compensation and related net tax benefits	2,449	2,048
Current and long-term deferred taxes, net	10,568	3,639
Gain on disposition of business		(3,904)
Loss on sale, disposal and abandonment of fixed assets	23	368
Gain on investments	(411)	(558)
Changes in operating assets and liabilities:
Increase in accounts receivable, net	(1,582)	(1,771)
(Increase) decrease in prepaid taxes	(4,064)	39
Decrease (increase) in other operating assets, net	607	(298)
Increase (decrease) in accounts payable and other accrued liabilities	1,564	(1,083)
Decrease in other operating liabilities, net	(47)	(753)
Net cash provided by operating activities	32,013	22,219
Cash flows from investing activities:
Acquisition of property, plant and equipment	(6,989)	(6,845)
Proceeds from disposition of business		10,089
Other investing activities, net	(511)	551
Net cash (used in) provided by investing activities	(7,500)	3,795
Cash flows from financing activities:
Long-term borrowings - loan	3,500	13,500
Long-term borrowings - repayment	(12,000)	(34,585)
Dividends paid to stockholders	(7,979)	(7,933)
Other financing activities, net	(231)	(417)
Net cash used in financing activities	(16,710)	(29,435)
Effects of foreign currency translation	(24)	82
Net increase (decrease) in cash and cash equivalents	7,779	(3,339)
Opening balance - cash and cash equivalents	13,285	15,314
Ending balance - cash and cash equivalents	21,064	11,975
Accrued capital spending included in accounts payable and other accrued liabilities	$ 730	$ 477

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
Assets
Cash and cash equivalents	$ 21,064	$ 13,285
Receivables, net of allowances of $1,324 at June 30, 2017 and $1,296 at September 30, 2016	33,618	31,998
Inventories	5,229	5,670
Deferred income tax assets - current	4,470	2,098
Prepaid income taxes	5,692	764
Prepaid expenses and other current assets	3,186	2,187
Total current assets	73,259	56,002
Property, plant and equipment, at cost	111,994	105,237
Less accumulated depreciation and amortization	(64,768)	(58,820)
Property, plant and equipment, net	47,226	46,417
Equity in joint ventures	26,488	26,174
Goodwill	33,916	33,807
Intangible assets, net of accumulated amortization of $12,704 at June 30, 2017 and $11,772 at September 30, 2016	8,602	9,297
Dosimetry devices, net of accumulated depreciation of $6,845 at June 30, 2017 and $6,197 at September 30, 2016	2,638	3,162
Deferred income tax assets	74	9,104
Other assets	5,963	6,853
Total assets	198,166	190,816
Liabilities
Accounts payable	3,158	3,012
Dividends payable	2,911	2,815
Deferred contract revenue	14,910	13,932
Accrued compensation and related costs	9,464	9,256
Accrued severance	64	302
Other accrued expenses	5,800	5,181
Total current liabilities	36,307	34,498
Long-term debt	100,600	109,100
Pension and postretirement obligations	25,184	24,833
Deferred income tax liabilities	4,450	86
Uncertain income tax liabilities	518	1,495
Other non-current liabilities	222	205
Total liabilities	167,281	170,217
Commitments and Contingencies
Stockholders’ equity:
Preferred stock, $0.10 par value per share, authorized 1,000,000 shares; none issued
Common stock, $0.10 par value per share, authorized 20,000,000 shares; 9,811,668 and 9,727,264 shares issued and outstanding at June 30, 2017 and September 30, 2016, respectively	981	973
Additional paid in capital	46,842	43,982
Accumulated other comprehensive loss	(15,780)	(15,266)
Accumulated deficit	(2,611)	(10,511)
Landauer, Inc. stockholders' equity	29,432	19,178
Noncontrolling interest	1,453	1,421
Total stockholders' equity	30,885	20,599
Total Liabilities and Stockholders' Equity	$ 198,166	$ 190,816