Landauer Inc. announced that its Board of Directors declared, at its meeting on May 16, 2013, a regular quarterly cash dividend of $0.55 per share for the third quarter of fiscal 2013. The dividend will be paid on July 3, 2013, to shareholders of record on June 7, 2013.

Landauer Inc. announced unaudited consolidated earnings results for the second quarter and six months ended March 31, 2013. For the quarter, the company reported net revenues of $37,082,000 against $39,094,000 a year ago. Operating income was $7,154,000 against $10,149,000 a year ago. Income before taxes income taxes was $6,853,000 against $10,344,000 a year ago. Net income was $5,233,000 against $7,240,000 a year ago. Net income attributed to company was $5,153,000 against $7,110,000 a year ago. Net income per share attributable to company was $0.54 against $0.75 a year ago. Adjusted EBITDA was $11,984,000 against $14,901,000 a year ago. EBITDA was $11,275,000 against $13,659,000 a year ago. Adjusted net income was $5,695,000 against $7,979,000 a year ago. Adjusted net income per diluted share was $0.60 against $0.85 a year ago. Operating income, adjusted for non-recurring acquisition and reorganization expenses, IT platform stabilization related expenses, and non-cash stock based compensation expenses, for the second fiscal quarter of 2013 was $7.8 million, a 31%, compared with adjusted operating income on a relative basis of $11.3 million for the second fiscal quarter of 2012. The decrease in net income was due to reduced sales of $2.0 million, increased IT platform enhancement related expenses of $1.9 million, decreased equity earnings of $0.5 million and additional international costs of $0.4 million. Additionally, this decrease was offset by an effective tax rate reduction of $1.5 million, and other decreased costs of $1.0 million. For the six months, the company reported net revenues of $73,763,000 against $75,763,000 a year ago. Operating income was $13,881,000 against $17,702,000 a year ago. Income before taxes income taxes was $14,170,000 against $18,170,000 a year ago. Net income was $10,276,000 against $12,324,000 a year ago. Net income attributed to company was $10,030,000 against $12,035,000 a year ago. Net income per share attributable to company was $1.05 against $1.27 a year ago. Adjusted EBITDA was $24,379,000 against $28,413,000 a year ago. EBITDA was $22,808,000 against $24,210,000 a year ago. Adjusted net income was $11,169,000 against $14,885,000 a year ago. Adjusted net income per diluted share was $1.18 against $1.59 a year ago. Capital expenditures were $4,611,000 against $7,358,000 a year ago. Net cash provided by operating activities was $7,473,000 against $18,558,000 a year ago. The decrease in operating income was due to reduced Medical Products operating income of $1.4 million, the impact of reduced Radiation Measurement revenue of $0.7 million, increased IT platform enhancement related expenses of $3.2 million, additional manufacturing and international costs of $0.6 million additional customer service support of $0.8 million, and acquisition costs of $0.3 million, offset by prior fiscal year first six months acquisition costs of $2.2 million and prior year IT platform expense of $0.6 million. The decrease in net income was due to reduced Medical Products operating income, reduced Radiation Measurement revenue, increased IT platform enhancement related expenses of $3.2 million, additional manufacturing and international costs of $0.6 million, additional customer service support of $0.8 million and additional other expense of $0.2 million, offset by effective tax rate reduction decreasing taxes by $1.9 million and the prior fiscal year first six months acquisition costs of $2.2 million, less current year acquisition costs of $0.3 million and service costs reductions of $0.5 million and prior year IT platform expense of $0.6 million. The company announced that as a result, it is lowering revenue guidance expectations for the full year 2013 to reflect year to date performance and the current pricing and demand environment. The company's business plan for fiscal 2013 currently anticipates aggregate revenues for the year to be in the range of $150 to $155 million. The business plan also anticipates a blended effective tax rate for the full fiscal year to be within a range of 28% to 30%. Based upon the above assumptions, the company anticipates reported net income for fiscal 2013 in the range of $21 to $23 million and adjusted EBITDA expected for fiscal 2013 in the range of $51 to $53 million. The company anticipates that 2013's dividend payout will be at the same level as fiscal 2012.

Landauer Inc., Q2 2013 Earnings Call, May 07, 2013