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Landauer, Inc. (NYSE:LDR)

Q2 2008 Earnings Call Transcript

April 29, 2008 2:00 pm ET

Executives

Jon Singer - SVP and CFO

Bill Saxelby - President and CEO

Craig Yoder - SVP, Marketing and Technology

Analysts

Tom Lamb – Weybosset Research

Jason Rodgers – Great Lakes Review

Operator

Good afternoon ladies and gentlemen. Thank you for standing by. Welcome to the Landauer Inc. 2008 earnings conference call. During today's presentation, all participants will be in a listen-only mode. Following the presentation, the conference will be open for questions. (Operator instructions) This conference is being recorded today Tuesday, April 29, 2008.

Now I would like to turn the conference over to Mr. Jon Singer, Senior VP and CFO. Please go ahead, sir.

Jon Singer

Thank you, operator. Good afternoon, I'm Jon Singer, the Chief Financial Officer for Landauer. On behalf of the Company, I am pleased to welcome everyone to the second quarter fiscal 2008 conference call. With us today on the line we have Bill Saxelby, President and Chief Executive Officer; and Craig Yoder, Senior Vice President of Marketing and Technology.

By now, you should have all received a copy of the press release. If not, please contact Rebecca Wormis [ph] 708-441-8311 and she will send one to you immediately. Alternatively, you can visit the Company's Web site at www.landauerinc.com under the Investors heading. This conference call will follow standard format with a review of the results followed by Q&A session.

As always, before I turn the call other to Bill, I need to remind you that certain statements made in the press release and on this conference call that are not historical may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Landauer believes the expectations reflected in any forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained.

Please refer to the complete Safe Harbor statement within the press release. Additional information may be obtained by reviewing the significant Risk Factors section in the company's annual report on Form 10-K for the year ended September 30, 2007 and other reports filed by the company from time to time with the SEC.

Additionally, we wanted to let people know that the information and statements made during the call are made as of the date of the call, April 29, 2008. Listeners to any replay should understand that the passage of time by itself would diminish the quality of the statements. Also, the contents of the call are the property of the company and any replay or transmission of the call may be done only with the consent of Landauer Inc.

At this time, I would like to turn the call over to Bill.

Bill Saxelby

Thank you, John. Good afternoon everyone and thank you for joining us for our earnings conference call. We are pleased to report Landauer's fiscal second quarter 2008 results. As you can see in this mornings release, our fiscal second quarter was another record quarter for Landauer which we believe is a reflection of our continued focus on financial discipline as well as a continued commitment to executing on our strategic growth initiatives.

Our revenues for the quarter ended March 31, 2008 were $23.7 million, which is 10% higher than the same quarter last year. This resulted in strong profitability as our net income grew to $6.4 million during the quarter, which is up 8% from what we earned in the year ago period. Another important benchmark for the health of our business is the operating cash flow, which grew 12% over the year ago period to $8.5 million.

Internal initiatives continue to yield improvements in both our gross margin and gross profit which enables us to ensure future growth by continuously reinvesting in our business and pursuing our growth initiatives. Jon will discuss the financial results in more detail during his portion of the call.

We believe the results that we reported this quarter reflect a consistent and successful execution of our three strategic growth initiatives, which are optimizing the core business, driving competitive growth, and pursuing strategic expansion. Our first strategic priority is to continue to optimize the core business. Asset investments and fostering a culture of productivity improvements and strengthening our core infrastructure began to pay dividends as we continue to make progress towards the completion of our systems initiative.

As you may recall, in 2007, we laid the ground work for implementing our new ERP system. We undertook a complete review of our order to cash business processes with the goal of reengineering inefficient practices to not only reduce cost but also improve our time to market and shorten our response to customer and market requirements.

In order to achieve these goals, as well as improve productivity and increase cash flows, we determined that we needed to make the investment to transform our customer facing systems. This investment is important to future growth as our legacy systems have limited ability to handle new products. Our new ERP system will rectify this by using a highly flexible design which facilitates easy support for new products and customer additions. We also believe that the scalability of this model will allow us to continue the momentum we have generated in growing our core business.

We continue to make progress with the implementation of our new system and are currently in the middle of system testing, data migration and training. As we transition our personnel and customers to the new ERP platform, we will be focused on ensuring that the transition is as smooth as possible with zero impact to our core service. We continue to expect the integration and stabilization of the new system to be complete within fiscal 2008 with the new platform going live in fiscal 2009.

Our second strategic priority of driving competitive growth is centered around leveraging our best-in-class OSL technology and the InLight family of products. The InLight family of products is a flexible solution that offers the choice of acquiring our proprietary OSL technology, either as a traditional service or as equipment and badges to manage their own monitoring programs. The application of OSL technology through the InLight platform has proven to be simple and reliable with outstanding performance.

In previous quarters, you have seen this technology make inroads both domestically and globally as we seek to make this technology available through a variety of applications such as nuclear facilities, the military, Homeland Security and first responder applications. We now currently serve customers in 32 states domestically and 14 countries worldwide.

Our focus on international expansion remains strong, as the InLight product platform continues to be adopted around the globe. The second quarter saw us close to the single largest order in Landauer's history as we signed an agreement to provide our InLight dosimetry equipment to the National Dosimetry Services of Health Canada. The InLight products will be used by NDS and Health Canada to support Canada's nationwide emergency response strategy.

Health Canada is the lead federal department responsible for coordinating the response to a nuclear or radiological emergency under the federal nuclear emergency plan. NDS plans to introduce InLight into its core occupational radiation monitoring services following product licensing. The NDS has purchased approximately $2 million of product in the fiscal quarter ended March 31, 2008 of which Landauer will recognize $750,000. This will assist the NDS and health Canada in meeting its emergency response strategy mandate over the next year. The remainder of the order will be delivered based on the implementation plan NDS and Health Canada have developed.

We are extremely pleased by this agreement and are confident that InLight's OSL technology will meet the quality and wide ranging flexibility requirements of a national dosimetry provider such as NDS and Health Canada. Furthermore this opportunity with Health Canada reflects the capacity of this company to execute an order of this size which speaks to the scalability of the business model. We look forward to building on this relationship in the future.

The agreement with Health Canada is just one of many recent examples of how past investments in our infrastructure and upgrades to our management team particularly on the sales and marketing front have begun to yield results. Recent ventures into Australia, Brazil, China, and Mexico as well as product sales into Italy and now Canada affirm both the superiority of the OSL technology and InLight platform -- product platform as well as the company's commitment to international growth. We will expand our revenues and representation in these markets over the next several years as well as develop similar opportunities in other markets around the world.

Just as InLight has been the cornerstone of our continued international expansion, it has also provided penetration into the domestic nuclear market. Recent sales to major domestic operators of nuclear facilities underscores the importance of this technology as well as the ability of InLight to meet the needs of the nuclear power industry.

As with nuclear power, we believe that the InLight family of products offers a superior alternative for the military. Military has an ongoing need for radiation monitoring capabilities and we are pursuing several long-term initiatives in a well-planned manner in this market segment. Finally, emergency response applications are also being investigated under the competitive growth initiative.

Our long-term strategic priority is to evaluate opportunities in which to facilitate strategic expansion. We believe that our core technologies and competencies can be applied to broader monitoring markets in areas such as patient dose monitoring, chain of custody analysis and high volume testing. We will continue to evaluate peripheral markets and technologies that can be leveraged within our existing infrastructure. Based upon available opportunities, we will also evaluate whether we want to supplement organic growth with strategic acquisitions.

For years, Landauer has been the industry leader in medical and industrial monitoring. While we are seeing weakness in the broad overall economy, our product offerings are relatively elastic and our customer base is less exposed to the economic headwinds of many industries. That said, we have worked hard and will continue to work hard to secure our position as the leading provider of dosimetry services while making the necessary investments in our core business to ensure steady growth going forward.

In evaluating growth opportunities, we are assessing global trends that we have identified as potential areas in which we could leverage our business offerings. We continue to see favorable industry trends for our business, particularly the growing global awareness of the risks and the threat of radiation exposure. This is reflected in our international InLight sales, which have been bolstered as a result of recent regulatory standardization in developing economies relating to go employee safety. As the leading provider of monitoring services, we are poised to increase penetration of this growing demographic.

Worldwide momentum is growing in favor of nuclear power as an appropriate energy alternative with accelerating global construction plan. Nuclear power is in an equipment renewal cycle in existing facilities and is currently investigating monitoring alternatives in new facilities. The increased focus within the military and Homeland Security relative to the need for robust and cost effective monitoring solutions for field deployment is another market trend.

In the military, there are needs for occupational monitoring of military workers who operate in an environment where they could be exposed to radiation, tactical monitoring of troops in the field and military medical facilities. As with nuclear power, we believe that the InLight family of products offers a superior alternative for the military to support their occupational monitoring needs.

In conclusion, we are pleased with the success we have achieved in the second quarter and believe that the market opportunities that exist currently will continue present us with attractive prospects to grow and expand our business. The results for this most recent quarter demonstrate the balanced approach we are taking in the pursuit of new growth opportunities and we continue to manage resources to ensure progress against all three strategic initiatives.

We believe that the commitment to our shareholders best interests, the strength of our product offering, and our position as the market leader in the global dosimetry services space will continue to drive the growth and development of Landauer over the long term. We are excited about these opportunities and we will continue to execute our strategic initiatives in 2008 and beyond.

With that, I would like to turn the call over to Jon Singer for a review of our financials and our outlook for the remainder of 2008.

Jon Singer

Thanks, Bill. Jumping right in, revenues for the second quarter of fiscal 2008 were $23.7 million, a 9.8% increase compared to revenues of $21.6 million for the same quarter in fiscal 2007. Domestic revenue growth for the second quarter increased $939,000 or 5.5% for moderate gains in the core radiation monitoring business and increases in InLight product revenue.

International revenue increased $1.2 million or 26.2% supported by growth in volume in most regions led by InLight badges and equipment, favorable currency exchange rates, which contributed approximately $660,000 of the increase and the addition of a new 56.25% owned subsidiary in Mexico. The domestic InLight equipment increase was driven primarily by a sale to an agency of the Canadian Government as Bill discussed above.

The Company completed the $2 million contract during the quarter ended March 31, 2008 with the agency under which approximately $1.9 million of product was shipped and billed. Approximately $1.1 million of the product required additional processing by Landauer to be fully utilized for its intended purpose. These are essentially bad raw material components.

For the terms of the agreement, the Canadian Government has the option to obtain the additional processing of the dosimeter material at a predetermined price or they may exchange the material for finished product. Consistent with staff accounting (inaudible) 104 which guides revenue recognition, the company recorded $1.1 million of deferred revenue on the balance sheet and $750,000 of revenue within the income statement as of March 31, 2008 for this transaction.

Total cost of revenue for the second quarter of fiscal 2008 were $7.5 million, an increase of $385,000 or 5.4% compared with cost of revenue of $7.1 million for the same quarter in fiscal 2007. Gross margins were 68.3% of revenues for the second quarter of fiscal 2008 compared with the 67% reported for the same period in fiscal 2007. The improvement is primarily a result of increased operating leverage combined with lower depreciation.

Selling, general and administrative expenses for the second quarter of fiscal 2008 were $6.3 million, an increase of $709,000 or 12.8% compared with an expense of $5.6 million for the second quarter of fiscal 2007. Factors contributing to the increase in selling, general and administrative costs include $260,000 for sale and marketing resources, $300,000 increased cost for incentive compensation programs, and $275,000 increased cost to foreign operations primarily related to increased foreign exchange rates and the addition of a new subsidiary in Mexico.

These increases were partially offset by $254,000 in reduced expense spending for our project to reengineer business processes and to replace the company's information technology systems to support improved business relationship management in the order to cash cycle. The decrease in expense is primarily due to the fact that we are in a phase of the project in which a higher percentage of the overall spending is being capitalized.

As part of the IT initiative begun in fiscal 2007, management completed an evaluation of the usefulness of investments made in legacy information systems hardware and software. During the third quarter of fiscal 2007, approximately $2.2 million was determined to be impaired and approximately $690,000 of assets was subject to accelerated depreciation.

During the quarter, the company recorded $188,000 of accelerated depreciation relating to these assets. These assets are now fully depreciated as of March 31, 2008. Resulting operating income for the quarter ended March 30, 2008 was $9.8 million, an increase of 9.2% compared with $9 million reported in the same quarter a year ago. Net other income for the quarter was $74,000, higher than a year ago reflecting higher net interest income.

Equity earnings in the (inaudible) Landauer, a component of other income contributed $362,000 for the second quarter of 2008 compared with $340,000 in 2007. The effective tax rate for the second quarter of both fiscal 2008 and 2007 was 37.3%. Resulting net income for the quarter ended March 31, 2008 amounted to $6.4 million or $0.69 per diluted share, compared with $5.9 million or $0.65 per diluted share for the same quarter of fiscal 2007.

Moving to results of operations for the six months ended March 31, 2008, also known as year-to-date results, revenue for the six months over the fiscal year were $45.6 million, a 9% increase compared to revenue of $41.8 million for the same period in fiscal 2007. Domestic revenue growth was $1.5 million or 4.6%. International increased $2.2 million or 24.9%, of which $1.2 million is attributed to currency gains.

Gross margins were 67.7% of revenues for first half of the fiscal 2008 compared with 66% reported for the same period in fiscal 2007. The improvement is primarily a result of increased operating leverage combined with lower depreciation expense for the six months ended March 31, 2008.

Selling, general and administrative expenses for the first six months of fiscal 2008 were $12.9 million, an increase of $1.5 million or 13.6% compared with the expense of $11.3 million reported for the same period in fiscal 2007. Net other income for the first six months was $233,000 higher than a year ago primarily reflecting higher net interest income. Equity earnings in (inaudible) Landauer contributed $748,000 for the first half of 2008 compared with $687,000 in 2007. Effective income tax rate for the first half of both years was 37.3%.

Resulting net income for the six months ended March 31, 2008 amounted to $11.7 million or $1.27 per diluted share compared with $10.8 million or $1.18 per diluted share for the same period in fiscal 2007. Landauer generated approximately $6 million in cash during the six months ended March 31, 2008, resulting in cash on hand of $27 million.

Cash flow provided by operating activities for the first half of 2008 were actually $15.2 million, an increase of $4.7 million or 45.4% from the same period in 2007. The increase is due primarily to an increase in net income, dividends received from the (inaudible) Landauer and contribution from the change in the components of working capital, primarily a reduction in prepaid taxes.

One thing you note when you study the balance sheet for the period ended March 31, 2008 is the increase from receivables from prior fiscal year end. We shipped the Canadian order discussed earlier at the end of the quarter, which increased the receivable balance by approximately $2 million. When you adjust for this large balance, which was collected last week, the remaining balance is actually down year-over-year by approximately $300,000.

Investing activities, including acquisition of property plant and equipment in the amount of $2.4 million and $1.9 million for the six months ended March 31, 2008 and 2007 respectively include $1.3 million in 2008 and $630,000 in 2007 for our systems initiative. Capital expenditures for the remainder of fiscal 2008 are expected to be approximately $3 million to $4 million, principally for the development and implementation of supporting software systems. Company anticipates that funds for these capital improvements will be provided from operations for our existing pool of cash.

Moving to go the outlook for the balance of fiscal 2008, Landauer's business plan for the fiscal 2008 forecasted aggregate revenue growth for the year to be in the range of 4% to 5%. Company planned a net income increase in the range of 6% to 8% excluding the $2.9 million or $1.7 million after tax impact of the fiscal 2007 accelerated depreciation impairment charges. Based on the performance in the first half of the fiscal year, the company anticipates performance on the upper end of the planned ranges for revenue and net income.

We will now open the call for questions.

Question-and-Answer Session

Operator

Thank you, sir. (Operator instructions) Our first question is from the line of Tom Lamb at Weybosset Research. Please go ahead.

Tom Lamb – Weybosset Research

Good afternoon, gentlemen.

Bill Saxelby

Hi, how are you?

Tom Lamb – Weybosset Research

Good, good. My question was just regarding your SG&A, and I was curious, you mentioned some of the factors contributing to the increase, and I was wondering if these factors, which you say are going in to support growth, will this -- these are incremental expenditures but will there be further incremental expenditures on top of these to support growth, or is there a point at which these further increases will not occur?

Bill Saxelby

I think, Tom, it is a good question. We did make several investments into the SG&A infrastructure over the past 12 months that our -- now when you look at period over period comparison, causes increases. We haven't done next year's operating plans, so I can't give you in affirmative, but when you look at these, they're going to be in the run rate of the business at this stage and based upon where we have invested the dollars and what we believe are the opportunities going forward, we are not going to need to continue to make increases of this nature. There were certain areas in which we needed to bolster the organization, either from a competency or quite candidly a compensation philosophy perspective, that we felt we could afford to do this year relative to the overall operating plan, and you're seeing them reflected.

Tom Lamb – Weybosset Research

Okay, great. So I would -- one would expect these to at some point not recur and although there may be others that take their place, who knows.

Bill Saxelby

Well, the cost will incur but the increase won't incur.

Tom Lamb – Weybosset Research

Okay, thank you very much. Great quarter, appreciate it.

Bill Saxelby

Thank you, Tom.

Operator

Our next question is from the line of Jason Rodgers with the Great Lakes Review. Please go ahead.

Jason Rodgers – Great Lakes Review

Good afternoon. Just had a question on your guidance, it was nice to see you guys increase or at least look at the top end of the guidance. But just looking at the sales side of things, even at the top end of your guidance for the year, that implies a good amount of slowing in the second half, and I was just wondering if that is just based on a level of conservatism or is there something else going on there.

Bill Saxelby

Jason, if you look at it, I think the guidance correlates to somewhere around 4% year-over-year growth in the back half of the year, and when you look at what our guidance was predicated on, it was a combination of continued growth in the service revenue and certain equipment opportunities and we have been fortunate in where we have been able to drive those opportunities to closure in the first half of the year. So, a lot of what has occurred we anticipated in the initial guidance, and the equipment side of the business, we kind of look at it on the 12-month running forecasted process, but we don't have the same degree of specificity relative to when they are going to close. So I think that's what the guidance is reflecting at this point in time. Also, there's -- it is difficult to forecast what FX is going to do in the back half of the year. So, we are probably, so we are kind of balancing all of those equations in the guidance.

Jason Rodgers – Great Lakes Review

Okay. And what is the foreign, as a percentage of sales currently?

Jon Singer

25%.

Jason Rodgers – Great Lakes Review

Okay.

Jon Singer

Yes, 25%, Jason.

Jason Rodgers – Great Lakes Review

And looking at some of the newer products like microStar or the CT dosimeter, any recent developments there?

Bill Saxelby

We have just upgraded the microStar with some software enhancements that are geared toward some features that we needed in order to pursue the patient in kind of the hospital monitoring market that we have talked about in the past. And so that is being rolled out as we speak right now. We continue to get good reception to the microStar in the marketplace, both in the hospital market and in the emergency preparedness marketplaces in particular. So we continue to see progress with that product and it is represented in the run rate of the business.

Jason Rodgers – Great Lakes Review

Okay. And in the past or at least last quarter you talked about how many nuclear facilities out of the 65 around that you are doing business with. Just wondering if that number has changed at all.

Jon Singer

No, Jason, that number has stayed the same for this quarter. So we are now in 20 of 65 plants and 28 of 104 actual units. That's all consistent with what we had said last quarter, no change.

Jason Rodgers – Great Lakes Review

Okay, thank you.

Operator

Thank you. (Operator instructions) We do have a follow up question from the line of Tom Lamb. Please go ahead.

Tom Lamb – Weybosset Research

Hello again. Two questions, is there any sort of FDA regulatory or equipment clearance that you need to get before pursuing the microStar opportunity or have you been through that? And then I have a follow up.

Craig Yoder

This is Craig Yoder. We have done the analysis. This is really not a direct patient-related product. It is more of a secondary measurement. So, the issues regarding FDA are a little different than more traditional medical devices.

Tom Lamb – Weybosset Research

So you don't -- you wouldn't have the same I guess in-depth review of the product.

Craig Yoder

No.

Tom Lamb – Weybosset Research

I guess that's what I am asking.

Craig Yoder

No.

Tom Lamb – Weybosset Research

Okay. And could you talk a little bit about what you might have sold into Italy and how that might have come about?

Bill Saxelby

Yes. We sold an InLight reader and badges into Italy and it came about really through our French subsidiary who is really, for lack of a better explanation, a representative of the InLight family of products in Europe. So, the marketplace is becoming increasingly aware of this solution, both through the experiences of existing users and our active participation in a variety of forums. So people are beginning to seek us out for the solution and that is how this came to us.

Tom Lamb – Weybosset Research

Was this part of an emergency response operation or is it sold into the general health system in Italy?

Craig Yoder

This was just sold to a small service. Italy has a large number of small services that provide dosimetry equipment and so they just elected to upgrade their technology to ours.

Tom Lamb – Weybosset Research

So there's a lot of additional opportunities.

Bill Saxelby

Yes, absolutely. And Tom, actually the only thing I would add to that is that we do an assessment on a geographical basis, country by country to take a look at where we think it is to our advantage to sell, for instance, equipment and badges, and where we want to actually participate from an ownership perspective in terms of the service. So as an example, this particular service, as Craig described, was a smaller service in Italy. We would contrast that with an opportunity like Mexico for instance where our partner is the lead dosimetry provider in country, approximately 8,000 participants, where we think there's an opportunity longer-term to grow that business substantially not unlike we have done with our subsidiary in Brazil. And also potentially utilize that Mexican location to work as a platform for other countries outside of Mexico but utilizing that as a base platform for growth.

We didn't have that same opportunity with this particular provider. So that is really where -- in my comments about the flexibility of the InLight system, our ability to either participate in what we would call traditional service and/or where we would sell equipment and badges. Mexico, we participate in the service. In the case of Italy, the decision was to sell equipment and badges.

Tom Lamb – Weybosset Research

Great. And then finally, has the -- what we see here in America, a slowdown in any number of areas affected your business at all and do you see anything like that occurring in Europe? Is there -- is the sales procedure or process any longer than it used to be or our people -- do you find potential customers perhaps not returning your calls immediately or putting you off for another month or so?

Craig Yoder

No. Actually, in many cases, because the InLight and the microStar family are much more entrenched, we are getting in some cases you might want to call it more inquiries. You do have developing countries that do have needs for regulatory and occupational monitoring and we are well positioned around the world to take advantages of those growth areas.

Bill Saxelby

And Tom, I think the only thing I would add to that as well is that the regulatory environment is a little bit different country by country. We actually -- in Europe for instance, we actually are starting to see some things that may even require increased badge-ing and regulations around managing exposure to radiation more so even than we do here in the States. But the answer is we are fortunate at this point that our base business is stable and because of the technology as well as changing requirements by country we have some interesting new opportunities to pursue.

Tom Lamb – Weybosset Research

Great, fantastic. Thank you very much.

Operator

Thank you. Mr. Singer, there are no further questions at this time. I will turn it back to you for any closing remarks.

Jon Singer

We appreciate your continued interest in Landauer and look forward to speaking with you next quarter.

Operator

Thank you. Ladies and gentlemen, if you would like to listen to a replay of today's conference, please dial 1-800-405-2236 or 303-590-3000 using the access code of 11113068 followed by the pound key. That does conclude our conference for today. Thank you for your participation and for using ACT. You may now disconnect.

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