Landauer, Inc. (LDR) has reported a 20.81 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $4.40 million, or $0.46 a share in the quarter, compared with $3.64 million, or $0.38 a share for the same period last year.
Revenue during the quarter went up marginally by 2.85 percent to $37.57 million from $36.53 million in the previous year period. Gross margin for the quarter expanded 158 basis points over the previous year period to 52.26 percent. Total expenses were 80.19 percent of quarterly revenues, down from 82.89 percent for the same period last year. This has led to an improvement of 269 basis points in operating margin to 19.81 percent.
Operating income for the quarter was $7.44 million, compared with $6.25 million in the previous year period.
Mike Kaminski, president and chief executive officer of Landauer stated, "We are pleased with our fiscal 2017 first quarter financial results, which were in line with our expectations and demonstrate continued execution on our key initiatives. During the quarter, we continued to see strong demand in imaging physics and solid growth in our international business in addition to benefitting from a large military shipment in the period. At the same time, we remain on schedule and are highly focused on delivering a successful launch of our Verifii digital dosimetry platform. We are off to a good start in fiscal 2017 and we remain on track with the full year guidance we provided in December."
Operating cash flow improves
Landauer, Inc. has generated cash of $6.49 million from operating activities during the quarter, up 9.24 percent or $0.55 million, when compared with the last year period.
The company has spent $2.42 million cash to meet investing activities during the quarter as against cash outgo of $2.93 million in the last year period.
The company has spent $4.55 million cash to carry out financing activities during the quarter as against cash outgo of $8.51 million in the last year period.
Cash and cash equivalents stood at $12.44 million as on Dec. 31, 2016, up 30.42 percent or $2.90 million from $9.54 million on Dec. 31, 2015.
Working capital increases
Landauer, Inc. has recorded an increase in the working capital over the last year. It stood at $24.06 million as at Dec. 31, 2016, up 20.63 percent or $4.11 million from $19.95 million on Dec. 31, 2015. Current ratio was at 1.73 as on Dec. 31, 2016, up from 1.55 on Dec. 31, 2015.
Days sales outstanding went down to 79 days for the quarter compared with 81 days for the same period last year.
Days inventory outstanding has decreased to 15 days for the quarter compared with 36 days for the previous year period.
Debt comes down
Landauer, Inc. has recorded a decline in total debt over the last one year. It stood at $107.60 million as on Dec. 31, 2016, down 15.73 percent or $20.09 million from $127.68 million on Dec. 31, 2015. Landauer has recorded a decline in long-term debt over the last one year. It stood at $107.60 million as on Dec. 31, 2016, down 15.73 percent or $20.09 million from $127.68 million on Dec. 31, 2015. Total debt was 57.31 percent of total assets as on Dec. 31, 2016, compared with 63.31 percent on Dec. 31, 2015. Debt to equity ratio was at 5.27 as on Dec. 31, 2016, down from 9.59 as on Dec. 31, 2015.
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