Landauer Inc (LDR) has reported a marginal increase of 0.08 percent in profit for the quarter ended Sep. 30, 2016. The company has earned $2.57 million, or $0.26 a share, compared with $2.56 million or $0.27 a share, a year ago. On an adjusted basis, earnings per share were at $0.44 for the quarter compared with $0.41 in the same period last year.
Revenue during the quarter dropped 8.44 percent to $36.77 million from $40.16 million in the previous year period. Gross margin for the quarter contracted 358 basis points over the previous year period to 48.11 percent. Total expenses were 85.15 percent of quarterly revenues, up from 83.03 percent for the same period last year. That has resulted in a contraction of 213 basis points in operating margin to 14.85 percent.
Operating income for the quarter was $5.46 million, compared with $6.82 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $9.36 million compared with $11.96 million in the prior year period. At the same time, adjusted EBITDA margin contracted 431 basis points in the quarter to 25.46 percent from 29.77 percent in the last year period.
Mike Kaminski, president and chief executive officer of Landauer stated, "Our Fiscal 2016 results continue to demonstrate the strong progress and transformation occurring at Landauer. Throughout the year, we successfully streamlined our core business and made significant progress on the development of our Verifii digital dosimetry platform, passing a number of key technical milestones and beginning our initial rollout of customer field testing. Looking ahead to 2017, we expect demand for our imaging physics and informatics solutions to drive increased recurring revenue and we will continue to be squarely focused on executing our strategic growth plan by making the investments in R&D and marketing necessary to support the launch of our Verifii platform."
Landauer forecasts revenue to be in the range of $149 million to $154 million for fiscal year 2017. For fiscal year 2017, the company expects diluted earnings per share to be in the range of $1.65 to $1.71.
Operating cash flow improves
Landauer Inc has generated cash of $31.54 million from operating activities during the year, up 11.63 percent or $3.29 million, when compared with the last year.
Cash flow from investing activities was $1.78 million from investing activities during the year as against cash outgo of $2.28 million in the last year.
The company has spent $35.28 million cash to carry out financing activities during the year as against cash outgo of $16.52 million in the last year period.
Cash and cash equivalents stood at $13.28 million as on Sep. 30, 2016, down 13.25 percent or $2.03 million from $15.31 million on Sep. 30, 2015.
Working capital declines
Landauer Inc has witnessed a decline in the working capital over the last year. It stood at $21.50 million as at Sep. 30, 2016, down 7.55 percent or $1.76 million from $23.26 million on Sep. 30, 2015. Current ratio was at 1.62 as on Sep. 30, 2016, up from 1.60 on Sep. 30, 2015.
Days sales outstanding went up to 40 days for the quarter compared with 37 days for the same period last year.
Days inventory outstanding has decreased to 14 days for the quarter compared with 17 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 $109.10 million as on Sep. 30, 2016, down 18.21 percent or $24.28 million from $133.38 million on Sep. 30, 2015. Landauer has recorded a decline in long-term debt over the last one year. It stood at $109.10 million as on Sep. 30, 2016, down 18.21 percent or $24.28 million from $133.38 million on Sep. 30, 2015. Total debt was 57.18 percent of total assets as on Sep. 30, 2016, compared with 63.90 percent on Sep. 30, 2015. Debt to equity ratio was at 5.30 as on Sep. 30, 2016, down from 10.82 as on Sep. 30, 2015.
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