Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Dec. 31, 2014 | Feb. 24, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 | |
Entity Registrant Name | LANDAUER INC | |
Trading Symbol | ldr | |
Entity Central Index Key | 825410 | |
Current Fiscal Year End Date | -21 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 9,560,674 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $8,397 | $6,761 |
Receivables, net of allowances of $1,742 at December 31, 2014 and $1,872 at September 30, 2014 | 29,565 | 34,707 |
Inventories | 7,077 | 6,687 |
Deferred income tax asset - current | 2,362 | 2,369 |
Prepaid income taxes | 2,736 | 1,836 |
Prepaid expenses and other current assets | 4,284 | 1,973 |
Current assets | 54,421 | 54,333 |
Property, plant and equipment, at cost | 104,792 | 104,010 |
Accumulated depreciation and amortization | -59,065 | -57,253 |
Net property, plant and equipment | 45,727 | 46,757 |
Equity in joint ventures | 22,477 | 23,835 |
Goodwill | 42,226 | 43,218 |
Intangible assets, net of accumulated amortization of $37,769 at December 31, 2014 and $37,579 at September 30, 2014 | 13,764 | 14,077 |
Dosimetry devices, net of accumulated depreciation of $4,584 at December 31, 2014 and $4,353 at September 30, 2014 | 3,570 | 3,958 |
Deferred income tax assets | 18,467 | 18,374 |
Other assets | 10,195 | 12,034 |
ASSETS | 210,847 | 216,586 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 5,681 | 6,248 |
Dividends payable | 5,302 | 5,329 |
Deferred contract revenue | 14,724 | 14,750 |
Accrued compensation and related costs | 6,950 | 7,132 |
Accrued severance | 807 | 2,731 |
Other accrued expenses | 8,412 | 8,538 |
Current liabilities | 41,876 | 44,728 |
Non-current liabilities: | ||
Long-term debt | 133,585 | 133,585 |
Pension and postretirement obligations | 19,366 | 19,475 |
Deferred income taxes | 484 | 509 |
Uncertain income tax liabilities | 3,379 | 3,284 |
Other non-current liabilities | 960 | 1,271 |
Non-current liabilities | 157,774 | 158,124 |
Stockholders’ equity: | ||
Preferred stock, $.10 par value per share, authorized 1,000,000 shares; none issued | ||
Common stock, $.10 par value per share, authorized 20,000,000 shares; 9,637,186 and 9,577,874 shares issued and outstanding at December 31, 2014 and September 30, 2014, respectively | 952 | 958 |
Additional paid in capital | 40,729 | 40,317 |
Accumulated other comprehensive loss | -11,882 | -10,148 |
(Accumulated deficit) retained earnings | -19,800 | -18,873 |
Landauer, Inc. stockholders' equity | 9,999 | 12,254 |
Noncontrolling interest | 1,198 | 1,480 |
Stockholders' equity | 11,197 | 13,734 |
LIABILITIES AND STOCKHOLDERS' EQUITY | $210,847 | $216,586 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ||
Receivables, allowances | $1,742 | $1,872 |
Intangible assets, accumulated amortization | 37,769 | 37,579 |
Dosimetry devices, accumulated depreciation | $4,584 | $4,353 |
Preferred stock, par value | $0.10 | $0.10 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 9,637,186 | 9,577,874 |
Common stock, shares outstanding | 9,637,186 | 9,577,874 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Consolidated Statements Of Operations [Abstract] | ||
Service revenues | $32,057 | $31,745 |
Product revenues | 5,490 | 6,402 |
Net revenues | 37,547 | 38,147 |
Costs and expenses: | ||
Service costs | 15,634 | 15,010 |
Product costs | 2,117 | 3,375 |
Total cost of sales | 17,751 | 18,385 |
Gross Profit | 19,796 | 19,762 |
Selling, general, and administrative | 13,655 | 14,226 |
Acquisition, reorganization and nonrecurring costs | 111 | |
Operating income | 6,141 | 5,425 |
Equity in income of joint ventures | 696 | 1,281 |
Interest expense, net | -953 | -937 |
Other (expense) income, net | 251 | 159 |
Income before taxes | 6,135 | 5,928 |
Income tax expense | 1,610 | 1,899 |
Net loss | 4,525 | 4,029 |
Less: Net income attributed to noncontrolling interest | 148 | 208 |
Net loss attributed to Landauer, Inc. | $4,377 | $3,821 |
Net loss per share attributable to Landauer, Inc. shareholders: | ||
Basic | $0.46 | $0.40 |
Weighted average basic shares outstanding | 9,446 | 9,422 |
Diluted | $0.46 | $0.40 |
Weighted average diluted shares outstanding | 9,474 | 9,467 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Net (loss) income | $4,525 | $4,029 |
Other comprehensive income: | ||
Defined benefit pension and postretirement plans activity, net of tax | 72 | 45 |
Unrealized gains (losses) on available-for-sale securities, net of taxes | -35 | -79 |
Foreign currency translation adjustment | -1,870 | -324 |
Comprehensive (loss) income | 2,692 | 3,671 |
Landauer, Inc. [Member] | ||
Net (loss) income | 4,377 | 3,821 |
Other comprehensive income: | ||
Defined benefit pension and postretirement plans activity, net of tax | 72 | 45 |
Unrealized gains (losses) on available-for-sale securities, net of taxes | -35 | -79 |
Foreign currency translation adjustment | -1,771 | -256 |
Comprehensive (loss) income | 2,643 | 3,531 |
Non-Controlling Interest [Member] | ||
Net (loss) income | 148 | 208 |
Other comprehensive income: | ||
Foreign currency translation adjustment | -99 | -68 |
Comprehensive (loss) income | $49 | $140 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
Defined benefit pension and postretirement plans activity, tax | $0 | $0 |
Unrealized gains/(losses) on available-for-sale securities, tax | 0 | 0 |
Foreign currency translation adjustment, tax | $954 | $0 |
Consolidated_Statement_Of_Stoc
Consolidated Statement Of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Non-Controlling Interest [Member] | Total |
In Thousands, except Share data | ||||||
Balance at Sep. 30, 2014 | $958 | $40,317 | ($10,148) | ($18,873) | $1,480 | $13,734 |
Balance, shares at Sep. 30, 2014 | 9,577,874 | 9,577,874 | ||||
Stock-based compensation arrangements | -6 | 412 | 406 | |||
Stock-based compensation arrangements, shares | 59,312 | |||||
Dividends | -5,304 | -331 | -5,635 | |||
Net (loss) income | 4,377 | 148 | 4,525 | |||
Foreign currency translation adjustment, net of tax | -1,771 | -99 | -1,870 | |||
Unrealized gains (losses) on available-for-sale securities, net of tax | -35 | -35 | ||||
Defined benefit pension and postretirement plans activity, net of tax | 72 | 72 | ||||
Balance at Dec. 31, 2014 | $952 | $40,729 | ($11,882) | ($19,800) | $1,198 | $11,197 |
Balance, shares at Dec. 31, 2014 | 9,637,186 | 9,637,186 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities: | ||
Net income | $4,525 | $4,029 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,078 | 3,732 |
Equity in income of joint ventures | -696 | -1,281 |
Dividends from joint ventures | 1,139 | 1,340 |
Stock-based compensation and related net tax benefits | 437 | 282 |
Current and long-term deferred taxes, net | -1,195 | 260 |
Gain on sale, disposal and abandonment of fixed assets | -3 | |
Gain on investments | -111 | -268 |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable, net | 4,985 | 4,482 |
(Increase) decrease in prepaid taxes | -214 | 901 |
(Increase) decrease in other operating assets, net | -1,437 | 102 |
Decrease in accounts payable and other accrued liabilities | -971 | -3,840 |
(Decrease) increase in other operating liabilities, net | -53 | 200 |
Net cash provided by operating activities | 9,484 | 9,939 |
Cash flows used by investing activities: | ||
Acquisition of property, plant and equipment | -1,384 | -1,245 |
Acquisition of joint ventures and businesses, net of cash acquired | -1,800 | |
Other investing activities, net | -315 | 97 |
Net cash used by investing activities | -1,699 | -2,948 |
Cash flows (used) provided by financing activities: | ||
Net borrowings on revolving credit facility | -21 | |
Long-term borrowings - loan | 8,800 | 14,000 |
Long-term borrowings - repayment | -8,800 | -13,000 |
Dividends paid to stockholders | -5,347 | -5,274 |
Other financing activities, net | -331 | 49 |
Net cash used by financing activities | -5,678 | -4,246 |
Effects of foreign currency translation | -471 | 49 |
Net increase in cash and cash equivalents | 1,636 | 2,794 |
Opening balance - cash and cash equivalents | 6,761 | 8,672 |
Ending balance - cash and cash equivalents | 8,397 | 11,466 |
Accrued capital spending included in accounts payable and other accrued liabilities | $205 | $174 |
Basis_Of_Presentation_And_Cons
Basis Of Presentation And Consolidation | 3 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Basis Of Presentation And Consolidation [Abstract] | |||||||
Basis Of Presentation And Consolidation | (1)Basis of Presentation and Consolidation | ||||||
As used herein, the “Company” or “Landauer” refers to Landauer, Inc. and its subsidiaries. | |||||||
The consolidated financial statements include the accounts of the Company, its subsidiaries and variable interest entities in which the Company has a controlling financial interest. All inter-company balances and transactions are eliminated in consolidation. Entities in which the Company does not have a controlling financial interest, but is considered to have significant influence, are accounted for on the equity method. | |||||||
The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2014 and other financial information filed with the Securities and Exchange Commission (the “SEC”). The September 30, 2014 balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). | |||||||
The accounting policies followed by the Company are set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2014. There have been no changes to the accounting policies for the three month period ended December 31, 2014. | |||||||
The results of operations for the three month period ended December 31, 2014 are not necessarily indicative of the results to be expected for the full fiscal year. | |||||||
Restatement of Prior Period Financial Statements | |||||||
In connection with the preparation of the consolidated financial statements for the fiscal year ended September 30, 2014, the Company identified errors in its previously issued financial statements for the interim period ended December 31, 2013. In accordance with accounting guidance presented in ASC 250-10 and SEC Staff Accounting Bulletin No. 99, Materiality, management assessed the materiality of these errors and concluded that they were material to the Company’s financial statements for the three months ended December 31, 2013. The Company is restating its financial statements for the interim period ended December 31, 2013 to correct for these errors. Following is a description of the corrections: | |||||||
Income taxes – The Company did not properly allocate income between taxing jurisdictions for certain items. This resulted in the misstatement of income tax expense (benefit), prepaid taxes, current and deferred tax assets and liabilities, other accrued expenses and accumulated other comprehensive income. | |||||||
Revenue and accounts receivable – The Company identified the following errors related to revenue recognition and its accounting for receivables: | |||||||
· | The Company did not properly defer revenue for the portion of the badge wear period remaining at the end of each month. This resulted in the misstatement of revenue and the deferred revenue liability. | ||||||
· | The Company did not recognize revenue for certain customers in accordance with contractually established terms and conditions. This resulted in the misstatement of revenue, cost of sales, inventory and the deferred revenue liability. | ||||||
· | Revenue was recognized for certain product sales prior to the transfer of the risk of loss to customers. This resulted in the misstatement of revenue, cost of sales, inventory and the deferred revenue liability. | ||||||
· | Credit memos were recorded to customers’ accounts prior to recognition of the related revenue. This resulted in the misstatement of revenue and receivables, net of allowances. | ||||||
· | The Company did not properly record an allowance for credit memos to be issued to customers in the same periods as the related revenue. This resulted in the misstatement of revenue and receivables, net of allowances. | ||||||
· | The Company utilized a methodology at one of its foreign subsidiaries to record an allowance for doubtful accounts that did not properly estimate future bad debts based on the subsidiary’s historical experience. As a result, the Company did not record an allowance for certain significantly aged receivables and bad debt expense was not recorded in the proper periods. This resulted in the misstatement of selling, general and administrative expenses and receivables, net of allowances. | ||||||
Dosimetry devices – The Company did not properly account for certain dosimetry devices, based on the expected useful life of the devices as determined by the wear period of the related badges. This resulted in a misstatement of cost of sales and dosimetry devices, net of accumulated depreciation. | |||||||
Long-term investments - The Company recorded fixed income mutual fund investments held by one of its foreign subsidiaries as cash, instead of properly classifying them as available-for-sale securities. As a result, both realized and unrealized gains were incorrectly recorded as interest income. This resulted in the misstatement of interest expense, net, other income (expense), net, net income attributed to noncontrolling interest, comprehensive income, cash, other assets, accumulated other comprehensive income, and noncontrolling interest. | |||||||
Sales taxes – The Company did not collect and remit sales taxes to the proper taxing jurisdictions. This resulted in the misstatement of selling, general and administrative expenses and other accrued expenses. | |||||||
Intangible assets – The Company’s intangible assets include purchased customer lists, licenses, patents, trademarks and tradenames. These assets are recorded at fair value and assigned estimated useful lives at the time of acquisition. The Company did not properly amortize certain customer lists and trademarks based on their assigned useful lives and, therefore, did not record amortization expense in the proper periods. This resulted in a misstatement of selling, general and administrative expenses and intangible assets, net of accumulated amortization. | |||||||
Equity in joint ventures – The Company identified the following errors related to accounting for its joint ventures: | |||||||
· | During fiscal 2012 and 2013, the Company did not properly record its share of equity income from certain joint ventures in the proper periods. | ||||||
· | The Company did not properly eliminate intra-entity profit on sales to one of its joint ventures accounted for on the equity method. This resulted in the misstatement of equity in income of joint ventures and equity in joint ventures (investment account). | ||||||
· | Revenue was recorded at one of the Company’s joint ventures on equipment sales prior to transfer of the risk of loss to the customer. As a result, the Company did not record its share of equity income from the joint venture in the proper periods. | ||||||
The following table summarizes the impact of the restatement on net income (loss) and diluted net income (loss) per share attributed to Landauer, Inc. for the three months ended December 31, 2013: | |||||||
(Dollars in Thousands, Except per Share Amounts) | Three Months Ended | ||||||
31-Dec-13 | |||||||
(Unaudited) | |||||||
Net Income (Loss) | Diluted Net Income (Loss) Per Share | ||||||
As previously reported | $ | 3,051 | $ | 0.32 | |||
Revenue and accounts receivable | 252 | ||||||
Dosimetry devices | 12 | ||||||
Long-term investments | 79 | ||||||
Sales taxes | -16 | ||||||
Intangible assets | 150 | ||||||
Equity in joint ventures | 708 | ||||||
Total adjustments | 1,185 | 0.12 | |||||
Income tax expense (benefit) | 403 | 0.04 | |||||
Less amounts attributed to noncontrolling interest | 12 | - | |||||
Net impact of adjustments | 770 | 0.08 | |||||
As restated | $ | 3,821 | $ | 0.40 | |||
The effect of the restatement on the previously issued Consolidated Statement of Operations for the three months ended December 31, 2013 is as follows: | |||||||
Three Months Ended | |||||||
31-Dec-13 | |||||||
(Unaudited) | |||||||
(Dollars in Thousands, Except per Share) | Previously Reported | As Restated | |||||
Service revenues | $ | 31,894 | $ | 31,745 | |||
Product revenues | 5,811 | 6,402 | |||||
Net revenues | 37,705 | 38,147 | |||||
Costs and expenses: | |||||||
Service costs | 15,049 | 15,010 | |||||
Product costs | 3,158 | 3,375 | |||||
Total cost of sales | 18,207 | 18,385 | |||||
Gross profit | 19,498 | 19,762 | |||||
Selling, general, and administrative | 14,362 | 14,226 | |||||
Acquisition, reorganization and nonrecurring costs | 111 | 111 | |||||
Operating income | 5,025 | 5,425 | |||||
Equity in income of joint ventures | 573 | 1,281 | |||||
Interest expense, net | -892 | -937 | |||||
Other income (expense), net | 37 | 159 | |||||
Income before taxes | 4,743 | 5,928 | |||||
Income tax (benefit) expense | 1,496 | 1,899 | |||||
Net income | 3,247 | 4,029 | |||||
Less: Net income attributed to noncontrolling interest | 196 | 208 | |||||
Net income attributed to Landauer, Inc. | $ | 3,051 | $ | 3,821 | |||
Net income per share attributed to Landauer, Inc. shareholders: | |||||||
Basic | $ | 0.32 | $ | 0.40 | |||
Weighted average basic shares outstanding | 9,422 | 9,422 | |||||
Diluted | $ | 0.32 | $ | 0.40 | |||
Weighted average diluted shares outstanding | 9,467 | 9,467 | |||||
The effect of the restatement on the previously issued Consolidated Statement of Cash Flows for the three months ended December 31, 2013 is as follows: | |||||||
Three Months Ended | |||||||
31-Dec-13 | |||||||
(Unaudited) (a) | |||||||
(Dollars in Thousands) | Previously Reported | As Restated | |||||
Cash flows provided from operating activities: | |||||||
Net income | $ | 3,247 | $ | 4,029 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 3,894 | 3,732 | |||||
Gain on investments | -146 | -268 | |||||
Equity in income of joint ventures | -573 | -1,281 | |||||
Dividends from joint ventures | 1,340 | 1,340 | |||||
Stock-based compensation and related net tax benefits | 282 | 282 | |||||
Current and long-term deferred taxes, net | 292 | 260 | |||||
Changes in operating assets and liabilities: | |||||||
Decrease in accounts receivable, net | 4,396 | 4,482 | |||||
Decrease in prepaid taxes | 466 | 901 | |||||
(Increase) decrease in other operating assets, net | -88 | 102 | |||||
Decrease in accounts payable and other accrued liabilities | -3,328 | -3,840 | |||||
Increase in other operating liabilities, net | 200 | 200 | |||||
Net cash provided by operating activities | 9,982 | 9,939 | |||||
Cash flows used by investing activities: | |||||||
Acquisition of property, plant & equipment | -1,245 | -1,245 | |||||
Acquisition of joint ventures and businesses, net of cash acquired | -1,800 | -1,800 | |||||
Other investing activities, net | -573 | 97 | |||||
Net cash used by investing activities | -3,618 | -2,948 | |||||
Cash flows (used) provided by financing activities: | |||||||
Net borrowings on revolving credit facility | -21 | -21 | |||||
Long–term borrowings - loan | 14,000 | 14,000 | |||||
Long–term borrowings - repayment | -13,000 | -13,000 | |||||
Dividends paid to stockholders | -5,274 | -5,274 | |||||
Other financing activities, net | 49 | 49 | |||||
Net cash used by financing activities | -4,246 | -4,246 | |||||
Effects of foreign currency translation | -30 | 49 | |||||
Net increase in cash and cash equivalents | 2,088 | 2,794 | |||||
Opening balance – cash and cash equivalents | 11,184 | 8,672 | |||||
Ending balance – cash and cash equivalents | $ | 13,272 | $ | 11,466 | |||
(a) | As reported in the Company's 2014 third fiscal quarter Form 10-Q (filed on August 11, 2014), certain errors were identified in the Consolidated Statement of Cash Flows that impacted prior periods. The errors related to the following: treatment of accrued additions for property, plant and equipment, classification of debt financing fees and classification of unrealized gains or losses on investments in the Consolidated Statements of Cash Flows. The prior period consolidated statements of cash flows were revised in the 2014 third fiscal quarter Form 10-Q to correct for these errors and the impacts of the corrections are reflected within the 'Previously Reported' columns above. | ||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Dec. 31, 2014 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | (2)Recent Accounting Pronouncements |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued new guidance to reduce the diversity in presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. This requires an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with certain exceptions listed in the guidance. This guidance was adopted by the Company in the first quarter of fiscal 2015. The adoption did not have a material impact on the Company’s consolidated financial statements. | |
In May 2014, the FASB issued new guidance for recognizing revenue from contracts with customers, which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. This guidance is effective for the Company in the first quarter of fiscal 2018. Early adoption is not permitted. The Company is currently evaluating the impact that adoption of this guidance will have on its consolidated financial statements. | |
In June 2014, the FASB issued new guidance on accounting for share-based payments requiring a specific performance target to be achieved in order for employees to become eligible to vest in the awards when that performance target may be achieved after the requisite service period for the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period for which the requisite service has already been rendered. This guidance is effective for the Company in the first quarter of fiscal 2017. Early adoption is permitted. The Company is currently evaluating the impact that adoption of this guidance will have on its consolidated financial statements. | |
In August 2014, the FASB issued new guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of doubt about the entity’s ability to continue as a going concern. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. This guidance is effective for the Company in the first quarter of fiscal 2017, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |
In November 2014, the FASB issued new guidance on accounting for pushdown accounting in the event of a business combination. This update provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. This guidance was adopted by the Company in the first quarter of fiscal 2015. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. | |
In January 2015, the FASB issued new guidance on accounting for unusual and infrequently occurring items, which eliminates the concept of extraordinary items. An unusual and infrequently occurring item will no longer be classified as an extraordinary item and segregated from ordinary operations in the income statement, but will be shown as a component of income from continuing operations or separately disclosed in notes to the financial statements. This guidance is effective for the Company in the first quarter of fiscal 2017, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |
In February 2015, the FASB issued amended guidance on the model used to evaluate whether certain legal entities should be consolidated. This guidance is effective for the Company in the first quarter of fiscal 2017. Early adoption is permitted. The Company is currently evaluating the impact that adoption of this guidance will have on its consolidated financial statements. | |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Fair Value Measurements [Abstract] | |||||||||
Fair Value Measurements | (3)Fair Value Measurements | ||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. A fair value hierarchy with three tiers has been established to prioritize the inputs to valuation techniques used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. Level 1 inputs include quoted prices in active markets for identical assets and liabilities. Level 2 inputs consist of observable inputs other than quoted prices in active markets or indirectly observable through corroboration with observable market data. Level 3 inputs are not observable in the market and include management’s own judgments about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. | |||||||||
Financial assets measured at fair value on a recurring basis are summarized below: | |||||||||
Fair Value Measurements at December 31, 2014 Using | |||||||||
(Dollars in Thousands) | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||
(Level 1) | (Level 3) | ||||||||
Asset Category | |||||||||
Cash equivalents | $ | 167 | $ | - | $ | - | |||
Mutual funds | 3,845 | - | - | ||||||
Available-for-sale securities | - | 2,179 | - | ||||||
Total financial assets at fair value | $ | 4,012 | $ | 2,179 | $ | - | |||
Fair Value Measurements at September 30, 2014 Using | |||||||||
(Dollars in Thousands) | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||
(Level 1) | (Level 3) | ||||||||
Asset Category | |||||||||
Cash equivalents | $ | 105 | $ | - | $ | - | |||
Mutual funds | 3,629 | - | - | ||||||
Available-for-sale securities | - | 2,382 | - | ||||||
Total financial assets at fair value | $ | 3,734 | $ | 2,382 | $ | - | |||
Following is a description of each category in the fair value hierarchy and the financial assets and liabilities of the Company that were included in each category at December 31, 2014 and September 30, 2014, measured on a recurring basis. | |||||||||
The Level 1 financial assets were comprised of investments in trading securities, which are reported in other long-term assets. The investments are held in a Rabbi trust for benefits under the Company’s deferred compensation plan. Under the plan, participants designate investment options to serve as the basis for measurement of the notional value of their accounts. The investments include a money market fund and mutual funds that are publicly traded. The fair values of the shares or underlying securities of these funds are based on quoted market prices. | |||||||||
The Level 2 financial assets are long-term investments consisting primarily of fixed income mutual funds, classified as available-for-sale securities. These are reported in other long-term assets. The investments in fixed income mutual funds are valued based on the net asset value of the underlying securities as provided by the investment account manager. The investments are not restricted or subject to a lockup and may be redeemed on demand. Notice within a certain period of time prior to redemption is not required. | |||||||||
The Company’s long term debt is classified as Level 2. The carrying amount of the Company’s long-term debt approximated fair value as the stated interest rates were variable in relation to prevailing market rates. | |||||||||
The Company recorded a liability for contingent consideration during the second quarter of fiscal 2014 related to the acquisition of ilumark GmbH and the launch of its new medical products. The liability was recorded at fair value, which was determined using a discounted cash flow model based on assumptions and projections relevant to revenues. A discount rate of 11% was used and payments are projected to occur in fiscal 2016 and 2017. The fair value of the contingent consideration was $699 as of December 31, 2014, and is reported in other non-current liabilities. The contingent consideration liability is classified as Level 3. | |||||||||
There were no transfers between fair value hierarchy levels during the period. | |||||||||
Income_Per_Common_Share
Income Per Common Share | 3 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Income Per Common Share [Abstract] | |||||||
Income Per Common Share | (4)Income per Common Share | ||||||
Basic net income per share was computed by dividing net income available to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share was computed by dividing net income available to common stockholders for the period by the weighted average number of shares of common stock that would have been outstanding assuming dilution from stock-based compensation awards during the period. | |||||||
The following table sets forth the computation of net income per share: | |||||||
Three Months Ended | |||||||
December 31, | |||||||
(Dollars in Thousands, Except per Share) | 2014 | 2013 | |||||
(As Restated) | |||||||
Basic Net Income per Share: | |||||||
Net income attributed to Landauer, Inc. | $ | 4,377 | $ | 3,821 | |||
Less: Income allocated to unvested restricted stock | 29 | 46 | |||||
Net income available to common stockholders | $ | 4,348 | $ | 3,775 | |||
Basic weighted average shares outstanding | 9,446 | 9,422 | |||||
Net income per share - Basic | $ | 0.46 | $ | 0.40 | |||
Diluted Net Income per Share: | |||||||
Net income attributed to Landauer, Inc. | $ | 4,377 | $ | 3,821 | |||
Less: Income allocated to unvested restricted stock | 29 | 46 | |||||
Net income available to common stockholders | $ | 4,348 | $ | 3,775 | |||
Basic weighted average shares outstanding | 9,446 | 9,422 | |||||
Effect of dilutive securities | 28 | 45 | |||||
Diluted weighted averages shares outstanding | 9,474 | 9,467 | |||||
Net income per share - Diluted | $ | 0.46 | $ | 0.40 | |||
Dividends paid per share | $ | 0.55 | $ | 0.55 | |||
On March 9, 2015, the Company declared a reduction in dividend to $0.275 per share, compared to $0.55 per share in the previous quarter. | |||||||
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | |||||
Dec. 31, 2014 | ||||||
Employee Benefit Plans [Abstract] | ||||||
Employee Benefit Plans | (5)Employee Benefit Plans | |||||
The components of net periodic benefit cost for pension and other benefits were as follows: | ||||||
Pension Benefits | Three Months Ended | |||||
December 31, | ||||||
(Dollars in Thousands) | 2014 | 2013 | ||||
Interest cost | $ | 364 | $ | 375 | ||
Expected return on plan assets | -396 | -377 | ||||
Amortization of net loss | 84 | 48 | ||||
Net periodic benefit cost | $ | 52 | $ | 46 | ||
Other Benefits | Three Months Ended | |||||
December 31, | ||||||
(Dollars in Thousands) | 2014 | 2013 | ||||
Service cost | $ | 13 | $ | 15 | ||
Interest cost | 8 | 13 | ||||
Amortization of net gain | -12 | -3 | ||||
Net periodic benefit cost | $ | 9 | $ | 25 | ||
The Company, under the IRS minimum funding standards, has no required contributions to make to its defined benefit pension plan during fiscal 2015. | ||||||
The Company maintains 401(k) Retirement Savings Plans for certain employees, which may provide for employer matching contributions, and a supplemental defined contribution plan for certain executives, which provides for employer contributions at the discretion of the Company. Amounts expensed for Company contributions under these plans during the three months ended December 31, 2014 and 2013 were $407 and $458, respectively. | ||||||
Goodwill
Goodwill | 3 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill [Abstract] | |||||||||||||
Goodwill | (6)Goodwill and Intangible Assets | ||||||||||||
Changes in the carrying amount of goodwill by reportable segment for the three months ended December 31, 2014 were as follows: | |||||||||||||
(Dollars in Thousands) | Radiation Measurement | Medical | Medical | Total | |||||||||
Physics | Products | ||||||||||||
Balance as of September 30, 2014 | |||||||||||||
Goodwill | $ | 18,961 | $ | 22,611 | $ | 65,714 | $ | 107,286 | |||||
Accumulated impairment losses | - | - | -64,068 | -64,068 | |||||||||
Balance as of September 30, 2014 | $ | 18,961 | $ | 22,611 | $ | 1,646 | $ | 43,218 | |||||
Effects of foreign currency | -923 | - | -69 | -992 | |||||||||
Balance as of December 31, 2014 | |||||||||||||
Goodwill | $ | 18,038 | $ | 22,611 | $ | 65,645 | $ | 106,294 | |||||
Accumulated impairment losses | - | - | -64,068 | -64,068 | |||||||||
Balance as of December 31, 2014 | $ | 18,038 | $ | 22,611 | $ | 1,577 | $ | 42,226 | |||||
Intangible assets consisted of the following: | |||||||||||||
31-Dec-14 | |||||||||||||
(Dollars in Thousands) | Gross | Accumulated | Net | Intangibles Impairment Charge | |||||||||
Carrying | Amortization | Carrying Amount | |||||||||||
Amount | |||||||||||||
Customer lists | $ | 43,756 | $ | 33,053 | $ | 10,703 | $ | 18,657 | |||||
Trademarks and tradenames | 2,176 | 2,051 | 125 | 1,498 | |||||||||
Licenses and patents | 5,024 | 2,108 | 2,916 | 665 | |||||||||
Other intangibles | 577 | 557 | 20 | - | |||||||||
Intangible assets | $ | 51,533 | $ | 37,769 | $ | 13,764 | $ | 20,820 | |||||
30-Sep-14 | |||||||||||||
(Dollars in Thousands) | Gross | Accumulated | Net | Intangibles Impairment Charge | |||||||||
Carrying | Amortization | Carrying Amount | |||||||||||
Amount | |||||||||||||
Customer lists | $ | 44,138 | $ | 32,934 | $ | 11,204 | $ | 18,657 | |||||
Trademarks and tradenames | 2,176 | 2,051 | 125 | 1,498 | |||||||||
Licenses and patents | 4,765 | 2,037 | 2,728 | 665 | |||||||||
Other intangibles | 577 | 557 | 20 | - | |||||||||
Intangible assets | $ | 51,656 | $ | 37,579 | $ | 14,077 | $ | 20,820 | |||||
Identifiable intangible assets with finite lives are amortized over their estimated useful lives. Intangible asset amortization expense was $563 and $1,056 for the three months ended December 31, 2014 and 2013, respectively. | |||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ||||||||||||
Accumulated Other Comprehensive Loss | (7)Accumulated Other Comprehensive Loss | |||||||||||
Accumulated elements of other comprehensive loss, net of tax, are included in the stockholders’ equity section of the condensed consolidated balance sheets. Changes in each component for the three months ended December 31 are as follows: | ||||||||||||
(Dollars in Thousands) | Foreign Currency Translation Adjustments | Unrealized Gains and Losses on Available-for-Sale Securities | Pension and Postretirement Plans | Comprehensive (Loss) Income | ||||||||
Balance at September 30, 2014 | $ | -2,493 | $ | 166 | $ | -7,821 | $ | -10,148 | ||||
Other comprehensive income before reclassifications | -1,771 | 57 | - | -1,714 | ||||||||
Amounts reclassified from accumulated other comprehensive income | - | -92 | 72 | -20 | ||||||||
Net current period other comprehensive income | -1,771 | -35 | 72 | -1,734 | ||||||||
Balance at December 31, 2014 | $ | -4,264 | $ | 131 | $ | -7,749 | $ | -11,882 | ||||
(Dollars in Thousands) | Foreign Currency Translation Adjustments | Unrealized Gains and Losses on Available-for-Sale Securities | Pension and Postretirement Plans | Comprehensive (Loss) Income | ||||||||
Balance at September 30, 2013 (As Restated) | $ | -383 | $ | 132 | $ | -4,157 | $ | -4,408 | ||||
Other comprehensive income before reclassifications | -256 | 43 | - | -213 | ||||||||
Amounts reclassified from accumulated other comprehensive income | - | -122 | 45 | -77 | ||||||||
Net current period other comprehensive income | -256 | -79 | 45 | -290 | ||||||||
Balance at December 31, 2013 (As Restated) | $ | -639 | $ | 53 | $ | -4,112 | $ | -4,698 | ||||
The tables below present the impact on net income of significant amounts reclassified out of each component of accumulated other comprehensive loss: | ||||||||||||
Pension and Postretirement Plans (1) | Three Months Ended | |||||||||||
December 31, | ||||||||||||
(Dollars in Thousands) | 2014 | 2013 | ||||||||||
(As Restated) | ||||||||||||
Amortization of net loss | $ | 72 | $ | 45 | ||||||||
Total before tax | 72 | 45 | ||||||||||
Provision for income taxes | - | - | ||||||||||
Total net of tax | $ | 72 | $ | 45 | ||||||||
(1)These accumulated other comprehensive loss components are included in the computation of net periodic benefit costs (refer to Note 5 of the Notes to Consolidated Financial Statements for additional details regarding employee benefit plans). | ||||||||||||
Unrealized Gains and Losses on Available-for-Sale Securities | Three Months Ended | |||||||||||
December 31, | ||||||||||||
(Dollars in Thousands) | 2014 | 2013 | ||||||||||
(As Restated) | ||||||||||||
Realized gains on available-for-sale securities into earnings (1) | $ | -92 | $ | -122 | ||||||||
Total before tax | -92 | -122 | ||||||||||
Provision for income taxes (2) | - | - | ||||||||||
Total net of tax | $ | -92 | $ | -122 | ||||||||
(1)This amount is reported in Interest Expense, net on the Consolidated Statements of Operations | ||||||||||||
(2)This amount is reported in Income Tax Expense on the Consolidated Statements of Operations | ||||||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2014 | |
Income Taxes [Abstract] | |
Income Taxes | (8)Income Taxes |
The effective tax rates for the first fiscal quarter of 2015 and 2014 were 26.2% and 32.0%, respectively. The decrease in the effective tax rate was due primarily to the enactment of the research and development credit for calendar year 2014 in the first fiscal quarter of 2015. | |
Segment_Information
Segment Information | 3 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Segment Information [Abstract] | |||||||
Segment Information | (9)Segment Information | ||||||
The following tables summarize financial information for each reportable segment: | |||||||
Three Months Ended | |||||||
December 31, | |||||||
(Dollars in Thousands) | 2014 | 2013 | |||||
(As Restated) | |||||||
Revenues by segment: | |||||||
Radiation Measurement | $ | 26,491 | $ | 28,183 | |||
Medical Physics | 8,484 | 7,739 | |||||
Medical Products | 2,572 | 2,225 | |||||
Consolidated revenues | $ | 37,547 | $ | 38,147 | |||
Three Months Ended | |||||||
December 31, | |||||||
(Dollars in Thousands) | 2014 | 2013 | |||||
(As Restated) | |||||||
Operating income (loss) by segment: | |||||||
Radiation Measurement | $ | 9,384 | $ | 8,829 | |||
Medical Physics | 618 | 433 | |||||
Medical Products | 334 | -288 | |||||
Corporate | -4,195 | -3,549 | |||||
Consolidated operating income | $ | 6,141 | $ | 5,425 | |||
(Dollars in Thousands) | December 31, | September 30, | |||||
2014 | 2014 | ||||||
Segment assets: | |||||||
Radiation Measurement | $ | 142,577 | $ | 148,151 | |||
Medical Physics | 39,295 | 38,851 | |||||
Medical Products | 48,337 | 48,164 | |||||
Eliminations | -19,362 | -18,580 | |||||
Consolidated assets | $ | 210,847 | $ | 216,586 | |||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Related Party Transactions [Abstract] | |||||||
Related Party Transactions | (10)Related Party Transactions | ||||||
The Company has a minority interest in Yamasato, Fujiwara, Higa & Associates, Inc. doing business as Aquila. The Company provides dosimetry parts to Aquila for its military contract. The sales to and purchases from Aquila were as follows for the periods ended: | |||||||
Three Months Ended | |||||||
December 31, | |||||||
(Dollars in Thousands) | 2014 | 2013 | |||||
Sales to Aquila | $ | 1,743 | $ | 2,076 | |||
Purchases from Aquila | 8 | - | |||||
Balance sheet items were as follows for the periods ended: | |||||||
(Dollars in Thousands) | December 31, | September 30, | |||||
2014 | 2014 | ||||||
Amounts in accounts receivable | $ | 1,812 | $ | 3,799 | |||
Amounts in accounts payable | - | 227 | |||||
The Company has a 50% equity interest in Nagase-Landauer, Ltd. (“Nagase”), a radiation measurement company in Japan. The sales to and purchases from Nagase were as follows for the periods ended: | |||||||
Three Months Ended | |||||||
December 31, | |||||||
(Dollars in Thousands) | 2014 | 2013 | |||||
Sales to Nagase | $ | 30 | $ | 169 | |||
Purchases from Nagase | 266 | 857 | |||||
Balance sheet items were as follows for the periods ended: | |||||||
(Dollars in Thousands) | December 31, | September 30, | |||||
2014 | 2014 | ||||||
Amounts in accounts receivable | $ | 11 | $ | 27 | |||
Amounts in accounts payable | 41 | 60 | |||||
Basis_Of_Presentation_And_Cons1
Basis Of Presentation And Consolidation (Tables) | 3 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Basis Of Presentation And Consolidation [Abstract] | |||||||
Schedule Of Corrections | The following table summarizes the impact of the restatement on net income (loss) and diluted net income (loss) per share attributed to Landauer, Inc. for the three months ended December 31, 2013: | ||||||
(Dollars in Thousands, Except per Share Amounts) | Three Months Ended | ||||||
31-Dec-13 | |||||||
(Unaudited) | |||||||
Net Income (Loss) | Diluted Net Income (Loss) Per Share | ||||||
As previously reported | $ | 3,051 | $ | 0.32 | |||
Revenue and accounts receivable | 252 | ||||||
Dosimetry devices | 12 | ||||||
Long-term investments | 79 | ||||||
Sales taxes | -16 | ||||||
Intangible assets | 150 | ||||||
Equity in joint ventures | 708 | ||||||
Total adjustments | 1,185 | 0.12 | |||||
Income tax expense (benefit) | 403 | 0.04 | |||||
Less amounts attributed to noncontrolling interest | 12 | - | |||||
Net impact of adjustments | 770 | 0.08 | |||||
As restated | $ | 3,821 | $ | 0.40 | |||
The effect of the restatement on the previously issued Consolidated Statement of Operations for the three months ended December 31, 2013 is as follows: | |||||||
Three Months Ended | |||||||
31-Dec-13 | |||||||
(Unaudited) | |||||||
(Dollars in Thousands, Except per Share) | Previously Reported | As Restated | |||||
Service revenues | $ | 31,894 | $ | 31,745 | |||
Product revenues | 5,811 | 6,402 | |||||
Net revenues | 37,705 | 38,147 | |||||
Costs and expenses: | |||||||
Service costs | 15,049 | 15,010 | |||||
Product costs | 3,158 | 3,375 | |||||
Total cost of sales | 18,207 | 18,385 | |||||
Gross profit | 19,498 | 19,762 | |||||
Selling, general, and administrative | 14,362 | 14,226 | |||||
Acquisition, reorganization and nonrecurring costs | 111 | 111 | |||||
Operating income | 5,025 | 5,425 | |||||
Equity in income of joint ventures | 573 | 1,281 | |||||
Interest expense, net | -892 | -937 | |||||
Other income (expense), net | 37 | 159 | |||||
Income before taxes | 4,743 | 5,928 | |||||
Income tax (benefit) expense | 1,496 | 1,899 | |||||
Net income | 3,247 | 4,029 | |||||
Less: Net income attributed to noncontrolling interest | 196 | 208 | |||||
Net income attributed to Landauer, Inc. | $ | 3,051 | $ | 3,821 | |||
Net income per share attributed to Landauer, Inc. shareholders: | |||||||
Basic | $ | 0.32 | $ | 0.40 | |||
Weighted average basic shares outstanding | 9,422 | 9,422 | |||||
Diluted | $ | 0.32 | $ | 0.40 | |||
Weighted average diluted shares outstanding | 9,467 | 9,467 | |||||
The effect of the restatement on the previously issued Consolidated Statement of Cash Flows for the three months ended December 31, 2013 is as follows: | |||||||
Three Months Ended | |||||||
31-Dec-13 | |||||||
(Unaudited) (a) | |||||||
(Dollars in Thousands) | Previously Reported | As Restated | |||||
Cash flows provided from operating activities: | |||||||
Net income | $ | 3,247 | $ | 4,029 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 3,894 | 3,732 | |||||
Gain on investments | -146 | -268 | |||||
Equity in income of joint ventures | -573 | -1,281 | |||||
Dividends from joint ventures | 1,340 | 1,340 | |||||
Stock-based compensation and related net tax benefits | 282 | 282 | |||||
Current and long-term deferred taxes, net | 292 | 260 | |||||
Changes in operating assets and liabilities: | |||||||
Decrease in accounts receivable, net | 4,396 | 4,482 | |||||
Decrease in prepaid taxes | 466 | 901 | |||||
(Increase) decrease in other operating assets, net | -88 | 102 | |||||
Decrease in accounts payable and other accrued liabilities | -3,328 | -3,840 | |||||
Increase in other operating liabilities, net | 200 | 200 | |||||
Net cash provided by operating activities | 9,982 | 9,939 | |||||
Cash flows used by investing activities: | |||||||
Acquisition of property, plant & equipment | -1,245 | -1,245 | |||||
Acquisition of joint ventures and businesses, net of cash acquired | -1,800 | -1,800 | |||||
Other investing activities, net | -573 | 97 | |||||
Net cash used by investing activities | -3,618 | -2,948 | |||||
Cash flows (used) provided by financing activities: | |||||||
Net borrowings on revolving credit facility | -21 | -21 | |||||
Long–term borrowings - loan | 14,000 | 14,000 | |||||
Long–term borrowings - repayment | -13,000 | -13,000 | |||||
Dividends paid to stockholders | -5,274 | -5,274 | |||||
Other financing activities, net | 49 | 49 | |||||
Net cash used by financing activities | -4,246 | -4,246 | |||||
Effects of foreign currency translation | -30 | 49 | |||||
Net increase in cash and cash equivalents | 2,088 | 2,794 | |||||
Opening balance – cash and cash equivalents | 11,184 | 8,672 | |||||
Ending balance – cash and cash equivalents | $ | 13,272 | $ | 11,466 | |||
As reported in the Company's 2014 third fiscal quarter Form 10-Q (filed on August 11, 2014), certain errors were identified in the Consolidated Statement of Cash Flows that impacted prior periods. The errors related to the following: treatment of accrued additions for property, plant and equipment, classification of debt financing fees and classification of unrealized gains or losses on investments in the Consolidated Statements of Cash Flows. The prior period consolidated statements of cash flows were revised in the 2014 third fiscal quarter Form 10-Q to correct for these errors and the impacts of the corrections are reflected within the 'Previously Reported' columns above. | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Fair Value Measurements [Abstract] | |||||||||
Financial Assets Measured At Fair Value On A Recurring Basis | |||||||||
Fair Value Measurements at December 31, 2014 Using | |||||||||
(Dollars in Thousands) | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||
(Level 1) | (Level 3) | ||||||||
Asset Category | |||||||||
Cash equivalents | $ | 167 | $ | - | $ | - | |||
Mutual funds | 3,845 | - | - | ||||||
Available-for-sale securities | - | 2,179 | - | ||||||
Total financial assets at fair value | $ | 4,012 | $ | 2,179 | $ | - | |||
Fair Value Measurements at September 30, 2014 Using | |||||||||
(Dollars in Thousands) | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||
(Level 1) | (Level 3) | ||||||||
Asset Category | |||||||||
Cash equivalents | $ | 105 | $ | - | $ | - | |||
Mutual funds | 3,629 | - | - | ||||||
Available-for-sale securities | - | 2,382 | - | ||||||
Total financial assets at fair value | $ | 3,734 | $ | 2,382 | $ | - | |||
Income_Per_Common_Share_Tables
Income Per Common Share (Tables) | 3 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Income Per Common Share [Abstract] | |||||||
Computation Of Net Income (Loss) Per Share | |||||||
Three Months Ended | |||||||
December 31, | |||||||
(Dollars in Thousands, Except per Share) | 2014 | 2013 | |||||
(As Restated) | |||||||
Basic Net Income per Share: | |||||||
Net income attributed to Landauer, Inc. | $ | 4,377 | $ | 3,821 | |||
Less: Income allocated to unvested restricted stock | 29 | 46 | |||||
Net income available to common stockholders | $ | 4,348 | $ | 3,775 | |||
Basic weighted average shares outstanding | 9,446 | 9,422 | |||||
Net income per share - Basic | $ | 0.46 | $ | 0.40 | |||
Diluted Net Income per Share: | |||||||
Net income attributed to Landauer, Inc. | $ | 4,377 | $ | 3,821 | |||
Less: Income allocated to unvested restricted stock | 29 | 46 | |||||
Net income available to common stockholders | $ | 4,348 | $ | 3,775 | |||
Basic weighted average shares outstanding | 9,446 | 9,422 | |||||
Effect of dilutive securities | 28 | 45 | |||||
Diluted weighted averages shares outstanding | 9,474 | 9,467 | |||||
Net income per share - Diluted | $ | 0.46 | $ | 0.40 | |||
Dividends paid per share | $ | 0.55 | $ | 0.55 | |||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | |||||
Dec. 31, 2014 | ||||||
Employee Benefit Plans [Abstract] | ||||||
Schedule Of Net Periodic Benefit Costs | ||||||
Pension Benefits | Three Months Ended | |||||
December 31, | ||||||
(Dollars in Thousands) | 2014 | 2013 | ||||
Interest cost | $ | 364 | $ | 375 | ||
Expected return on plan assets | -396 | -377 | ||||
Amortization of net loss | 84 | 48 | ||||
Net periodic benefit cost | $ | 52 | $ | 46 | ||
Other Benefits | Three Months Ended | |||||
December 31, | ||||||
(Dollars in Thousands) | 2014 | 2013 | ||||
Service cost | $ | 13 | $ | 15 | ||
Interest cost | 8 | 13 | ||||
Amortization of net gain | -12 | -3 | ||||
Net periodic benefit cost | $ | 9 | $ | 25 | ||
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill [Abstract] | |||||||||||||
Changes In The Carrying Amount Of Goodwill, By Reportable Segment | |||||||||||||
(Dollars in Thousands) | Radiation Measurement | Medical | Medical | Total | |||||||||
Physics | Products | ||||||||||||
Balance as of September 30, 2014 | |||||||||||||
Goodwill | $ | 18,961 | $ | 22,611 | $ | 65,714 | $ | 107,286 | |||||
Accumulated impairment losses | - | - | -64,068 | -64,068 | |||||||||
Balance as of September 30, 2014 | $ | 18,961 | $ | 22,611 | $ | 1,646 | $ | 43,218 | |||||
Effects of foreign currency | -923 | - | -69 | -992 | |||||||||
Balance as of December 31, 2014 | |||||||||||||
Goodwill | $ | 18,038 | $ | 22,611 | $ | 65,645 | $ | 106,294 | |||||
Accumulated impairment losses | - | - | -64,068 | -64,068 | |||||||||
Balance as of December 31, 2014 | $ | 18,038 | $ | 22,611 | $ | 1,577 | $ | 42,226 | |||||
Other Intangible Assets | |||||||||||||
31-Dec-14 | |||||||||||||
(Dollars in Thousands) | Gross | Accumulated | Net | Intangibles Impairment Charge | |||||||||
Carrying | Amortization | Carrying Amount | |||||||||||
Amount | |||||||||||||
Customer lists | $ | 43,756 | $ | 33,053 | $ | 10,703 | $ | 18,657 | |||||
Trademarks and tradenames | 2,176 | 2,051 | 125 | 1,498 | |||||||||
Licenses and patents | 5,024 | 2,108 | 2,916 | 665 | |||||||||
Other intangibles | 577 | 557 | 20 | - | |||||||||
Intangible assets | $ | 51,533 | $ | 37,769 | $ | 13,764 | $ | 20,820 | |||||
30-Sep-14 | |||||||||||||
(Dollars in Thousands) | Gross | Accumulated | Net | Intangibles Impairment Charge | |||||||||
Carrying | Amortization | Carrying Amount | |||||||||||
Amount | |||||||||||||
Customer lists | $ | 44,138 | $ | 32,934 | $ | 11,204 | $ | 18,657 | |||||
Trademarks and tradenames | 2,176 | 2,051 | 125 | 1,498 | |||||||||
Licenses and patents | 4,765 | 2,037 | 2,728 | 665 | |||||||||
Other intangibles | 577 | 557 | 20 | - | |||||||||
Intangible assets | $ | 51,656 | $ | 37,579 | $ | 14,077 | $ | 20,820 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ||||||||||||
Changes In Each Component Of AOCI | ||||||||||||
(Dollars in Thousands) | Foreign Currency Translation Adjustments | Unrealized Gains and Losses on Available-for-Sale Securities | Pension and Postretirement Plans | Comprehensive (Loss) Income | ||||||||
Balance at September 30, 2014 | $ | -2,493 | $ | 166 | $ | -7,821 | $ | -10,148 | ||||
Other comprehensive income before reclassifications | -1,771 | 57 | - | -1,714 | ||||||||
Amounts reclassified from accumulated other comprehensive income | - | -92 | 72 | -20 | ||||||||
Net current period other comprehensive income | -1,771 | -35 | 72 | -1,734 | ||||||||
Balance at December 31, 2014 | $ | -4,264 | $ | 131 | $ | -7,749 | $ | -11,882 | ||||
(Dollars in Thousands) | Foreign Currency Translation Adjustments | Unrealized Gains and Losses on Available-for-Sale Securities | Pension and Postretirement Plans | Comprehensive (Loss) Income | ||||||||
Balance at September 30, 2013 (As Restated) | $ | -383 | $ | 132 | $ | -4,157 | $ | -4,408 | ||||
Other comprehensive income before reclassifications | -256 | 43 | - | -213 | ||||||||
Amounts reclassified from accumulated other comprehensive income | - | -122 | 45 | -77 | ||||||||
Net current period other comprehensive income | -256 | -79 | 45 | -290 | ||||||||
Balance at December 31, 2013 (As Restated) | $ | -639 | $ | 53 | $ | -4,112 | $ | -4,698 | ||||
Summary Of Reclassifications Out Of Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Pension and Postretirement Plans (1) | Three Months Ended | |||||||||||
December 31, | ||||||||||||
(Dollars in Thousands) | 2014 | 2013 | ||||||||||
(As Restated) | ||||||||||||
Amortization of net loss | $ | 72 | $ | 45 | ||||||||
Total before tax | 72 | 45 | ||||||||||
Provision for income taxes | - | - | ||||||||||
Total net of tax | $ | 72 | $ | 45 | ||||||||
(1)These accumulated other comprehensive loss components are included in the computation of net periodic benefit costs (refer to Note 5 of the Notes to Consolidated Financial Statements for additional details regarding employee benefit plans). | ||||||||||||
Unrealized Gains and Losses on Available-for-Sale Securities | Three Months Ended | |||||||||||
December 31, | ||||||||||||
(Dollars in Thousands) | 2014 | 2013 | ||||||||||
(As Restated) | ||||||||||||
Realized gains on available-for-sale securities into earnings (1) | $ | -92 | $ | -122 | ||||||||
Total before tax | -92 | -122 | ||||||||||
Provision for income taxes (2) | - | - | ||||||||||
Total net of tax | $ | -92 | $ | -122 | ||||||||
(1)This amount is reported in Interest Expense, net on the Consolidated Statements of Operations | ||||||||||||
(2)This amount is reported in Income Tax Expense on the Consolidated Statements of Operations | ||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Segment Information [Abstract] | |||||||
Financial Information For Each Reportable Segment | |||||||
Three Months Ended | |||||||
December 31, | |||||||
(Dollars in Thousands) | 2014 | 2013 | |||||
(As Restated) | |||||||
Revenues by segment: | |||||||
Radiation Measurement | $ | 26,491 | $ | 28,183 | |||
Medical Physics | 8,484 | 7,739 | |||||
Medical Products | 2,572 | 2,225 | |||||
Consolidated revenues | $ | 37,547 | $ | 38,147 | |||
Three Months Ended | |||||||
December 31, | |||||||
(Dollars in Thousands) | 2014 | 2013 | |||||
(As Restated) | |||||||
Operating income (loss) by segment: | |||||||
Radiation Measurement | $ | 9,384 | $ | 8,829 | |||
Medical Physics | 618 | 433 | |||||
Medical Products | 334 | -288 | |||||
Corporate | -4,195 | -3,549 | |||||
Consolidated operating income | $ | 6,141 | $ | 5,425 | |||
(Dollars in Thousands) | December 31, | September 30, | |||||
2014 | 2014 | ||||||
Segment assets: | |||||||
Radiation Measurement | $ | 142,577 | $ | 148,151 | |||
Medical Physics | 39,295 | 38,851 | |||||
Medical Products | 48,337 | 48,164 | |||||
Eliminations | -19,362 | -18,580 | |||||
Consolidated assets | $ | 210,847 | $ | 216,586 | |||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Related Party Transactions [Abstract] | |||||||
Schedule Of Related Party Transactions | |||||||
Three Months Ended | |||||||
December 31, | |||||||
(Dollars in Thousands) | 2014 | 2013 | |||||
Sales to Aquila | $ | 1,743 | $ | 2,076 | |||
Purchases from Aquila | 8 | - | |||||
(Dollars in Thousands) | December 31, | September 30, | |||||
2014 | 2014 | ||||||
Amounts in accounts receivable | $ | 1,812 | $ | 3,799 | |||
Amounts in accounts payable | - | 227 | |||||
Three Months Ended | |||||||
December 31, | |||||||
(Dollars in Thousands) | 2014 | 2013 | |||||
Sales to Nagase | $ | 30 | $ | 169 | |||
Purchases from Nagase | 266 | 857 | |||||
(Dollars in Thousands) | December 31, | September 30, | |||||
2014 | 2014 | ||||||
Amounts in accounts receivable | $ | 11 | $ | 27 | |||
Amounts in accounts payable | 41 | 60 | |||||
Basis_Of_Presentation_And_Cons2
Basis Of Presentation And Consolidation (Net Income (Loss) And Diluted Net Income (Loss) Per Share) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Equity in joint ventures | $696 | $1,281 |
Income before taxes | 6,135 | 5,928 |
Income tax expense (benefit) | 1,610 | 1,899 |
Less amounts attributed to noncontrolling interest | 148 | 208 |
Net loss attributed to Landauer, Inc. | 4,377 | 3,821 |
Earnings Per Share, Diluted, Total | $0.46 | $0.40 |
As Previously Reported [Member] | ||
Equity in joint ventures | 573 | |
Income before taxes | 4,743 | |
Income tax expense (benefit) | 1,496 | |
Less amounts attributed to noncontrolling interest | 196 | |
Net loss attributed to Landauer, Inc. | 3,051 | |
Total adjustments, Diluted Net Income (Loss) Per Share | $0.32 | |
Earnings Per Share, Diluted, Total | $0.32 | |
Adjustment [Member] | ||
Revenue and accounts receivable | 252 | |
Dosimetry devices | 12 | |
Long-term investments | 79 | |
Sales taxes | -16 | |
Intangible assets | 150 | |
Equity in joint ventures | 708 | |
Income before taxes | 1,185 | |
Income tax expense (benefit) | 403 | |
Less amounts attributed to noncontrolling interest | 12 | |
Net loss attributed to Landauer, Inc. | $770 | |
Total adjustments, Diluted Net Income (Loss) Per Share | $0.12 | |
Income tax expense (benefit), Diluted Net Income (Loss) Per Share | $0.04 | |
Less amounts attributed to noncontrolling interest, Diluted Net Income (Loss) Per Share | ||
Earnings Per Share, Diluted, Total | $0.08 |
Basis_Of_Presentation_And_Cons3
Basis Of Presentation And Consolidation (Consolidated Statements Of Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Service revenues | $32,057 | $31,745 |
Product revenues | 5,490 | 6,402 |
Net revenues | 37,547 | 38,147 |
Costs and expenses: | ||
Cost of Services | 15,634 | 15,010 |
Cost of Goods Sold | 2,117 | 3,375 |
Total cost of sales | 17,751 | 18,385 |
Gross profit | 19,796 | 19,762 |
Selling, general, and administrative | 13,655 | 14,226 |
Acquisition, reorganization and nonrecurring costs | 111 | |
Operating income | 6,141 | 5,425 |
Equity in income of joint ventures | 696 | 1,281 |
Interest expense, net | -953 | -937 |
Other (expense) income, net | 251 | 159 |
Income before taxes | 6,135 | 5,928 |
Income tax expense | 1,610 | 1,899 |
Net loss | 4,525 | 4,029 |
Less: Net income attributed to noncontrolling interest | 148 | 208 |
Net loss attributed to Landauer, Inc. | 4,377 | 3,821 |
Net loss per share attributable to Landauer, Inc. shareholders: | ||
Basic | $0.46 | $0.40 |
Weighted average basic shares outstanding | 9,446 | 9,422 |
Diluted | $0.46 | $0.40 |
Weighted average diluted shares outstanding | 9,474 | 9,467 |
As Previously Reported [Member] | ||
Service revenues | 31,894 | |
Product revenues | 5,811 | |
Net revenues | 37,705 | |
Costs and expenses: | ||
Cost of Services | 15,049 | |
Cost of Goods Sold | 3,158 | |
Total cost of sales | 18,207 | |
Gross profit | 19,498 | |
Selling, general, and administrative | 14,362 | |
Acquisition, reorganization and nonrecurring costs | 111 | |
Operating income | 5,025 | |
Equity in income of joint ventures | 573 | |
Interest expense, net | -892 | |
Other (expense) income, net | 37 | |
Income before taxes | 4,743 | |
Income tax expense | 1,496 | |
Net loss | 3,247 | |
Less: Net income attributed to noncontrolling interest | 196 | |
Net loss attributed to Landauer, Inc. | 3,051 | |
Net loss per share attributable to Landauer, Inc. shareholders: | ||
Basic | $0.32 | |
Weighted average basic shares outstanding | 9,422 | |
Diluted | $0.32 | |
Weighted average diluted shares outstanding | 9,467 | |
Adjustment [Member] | ||
Costs and expenses: | ||
Equity in income of joint ventures | 708 | |
Income before taxes | 1,185 | |
Income tax expense | 403 | |
Less: Net income attributed to noncontrolling interest | 12 | |
Net loss attributed to Landauer, Inc. | $770 | |
Net loss per share attributable to Landauer, Inc. shareholders: | ||
Diluted | $0.08 |
Basis_Of_Presentation_And_Cons4
Basis Of Presentation And Consolidation (Consolidated Statement Of Cash Flows) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities: | ||
Net (loss) income | $4,525 | $4,029 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,078 | 3,732 |
Gain on investments | -111 | -268 |
Equity in income of joint ventures | -696 | -1,281 |
Dividends from joint ventures | 1,139 | 1,340 |
Stock-based compensation and related net tax benefits | 437 | 282 |
Current and long-term deferred taxes, net | -1,195 | 260 |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable, net | 4,985 | 4,482 |
(Increase) decrease in prepaid taxes | -214 | 901 |
(Increase) decrease in other operating assets, net | -1,437 | 102 |
Decrease in accounts payable and other accrued liabilities | -971 | -3,840 |
(Decrease) increase in other operating liabilities, net | -53 | 200 |
Net cash provided by operating activities | 9,484 | 9,939 |
Cash flows used by investing activities: | ||
Acquisition of property, plant and equipment | -1,384 | -1,245 |
Acquisition of joint ventures and businesses, net of cash acquired | -1,800 | |
Other investing activities, net | -315 | 97 |
Net cash used by investing activities | -1,699 | -2,948 |
Cash flows (used) provided by financing activities: | ||
Net borrowings on revolving credit facility | -21 | |
Long-term borrowings - loan | 8,800 | 14,000 |
Long-term borrowings - repayment | -8,800 | -13,000 |
Dividends paid to stockholders | -5,347 | -5,274 |
Other financing activities, net | -331 | 49 |
Net cash used by financing activities | -5,678 | -4,246 |
Effects of foreign currency translation | -471 | 49 |
Net increase in cash and cash equivalents | 1,636 | 2,794 |
Opening balance - cash and cash equivalents | 6,761 | 8,672 |
Ending balance - cash and cash equivalents | 8,397 | 11,466 |
As Previously Reported [Member] | ||
Cash flows from operating activities: | ||
Net (loss) income | 3,247 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,894 | |
Gain on investments | -146 | |
Equity in income of joint ventures | -573 | |
Dividends from joint ventures | 1,340 | |
Stock-based compensation and related net tax benefits | 282 | |
Current and long-term deferred taxes, net | 292 | |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable, net | 4,396 | |
(Increase) decrease in prepaid taxes | 466 | |
(Increase) decrease in other operating assets, net | -88 | |
Decrease in accounts payable and other accrued liabilities | -3,328 | |
(Decrease) increase in other operating liabilities, net | 200 | |
Net cash provided by operating activities | 9,982 | |
Cash flows used by investing activities: | ||
Acquisition of property, plant and equipment | -1,245 | |
Acquisition of joint ventures and businesses, net of cash acquired | -1,800 | |
Other investing activities, net | -573 | |
Net cash used by investing activities | -3,618 | |
Cash flows (used) provided by financing activities: | ||
Net borrowings on revolving credit facility | -21 | |
Long-term borrowings - loan | 14,000 | |
Long-term borrowings - repayment | -13,000 | |
Dividends paid to stockholders | -5,274 | |
Other financing activities, net | 49 | |
Net cash used by financing activities | -4,246 | |
Effects of foreign currency translation | -30 | |
Net increase in cash and cash equivalents | 2,088 | |
Opening balance - cash and cash equivalents | 11,184 | |
Ending balance - cash and cash equivalents | $13,272 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended |
Dec. 31, 2014 | |
Fair Value Measurements [Abstract] | |
Discount rate | 11.00% |
Transfers between fair value hierarchy levels | $0 |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Assets Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $167 | $105 |
Mutual funds | 3,845 | 3,629 |
Total financial assets at fair value | 4,012 | 3,734 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,179 | 2,382 |
Total financial assets at fair value | $2,179 | $2,382 |
Income_Per_Common_Share_Comput
Income Per Common Share (Computation Of Net Income (Loss) Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 09, 2015 |
Earnings Per Share [Line Items] | ||||
Net income attributed to Landauer, Inc. | $4,377 | $3,821 | ||
Less: Income allocated to unvested restricted stock | 29 | 46 | ||
Net income available to common stockholders | 4,348 | 3,775 | ||
Basic weighted average shares outstanding | 9,446 | 9,422 | ||
Net income per share - Basic | $0.46 | $0.40 | ||
Effect of dilutive securities | $28 | $45 | ||
Diluted weighted averages shares outstanding | 9,474 | 9,467 | ||
Net income per share - Diluted | $0.46 | $0.40 | ||
Dividends paid per share | $0.55 | $0.55 | $0.55 | |
Subsequent Event [Member] | ||||
Earnings Per Share [Line Items] | ||||
Dividends declared | $0.28 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Employee Benefit Plans [Abstract] | ||
Employer contribution for defined contribution plans | $407 | $458 |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans (Schedule Of Net Periodic Benefit Costs) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $364 | $375 |
Expected return on plan assets | -396 | -377 |
Amortization of net gain | 84 | 48 |
Net periodic benefit cost | 52 | 46 |
Other Postretirement Benefit Plans Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 13 | 15 |
Interest cost | 8 | 13 |
Amortization of net gain | -12 | -3 |
Net periodic benefit cost | $9 | $25 |
Goodwill_Narrative_Details
Goodwill (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Abstract] | ||
Amortization expense | $563 | $1,056 |
Goodwill_Changes_In_The_Carryi
Goodwill (Changes In The Carrying Amount Of Goodwill, By Reportable Segment) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2014 |
Goodwill [Line Items] | ||
Goodwill | $107,286 | $106,294 |
Accumulated goodwill impairment | -64,068 | -64,068 |
Goodwill | 43,218 | 42,226 |
Effects of foreign currency | -992 | |
Radiation Measurement [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 18,961 | 18,038 |
Goodwill | 18,961 | 18,038 |
Effects of foreign currency | -923 | |
Medical Physics [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 22,611 | 22,611 |
Goodwill | 22,611 | 22,611 |
Medical Products [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 65,714 | 65,645 |
Accumulated goodwill impairment | -64,068 | -64,068 |
Goodwill | 1,646 | 1,577 |
Effects of foreign currency | ($69) |
Goodwill_Other_Intangible_Asse
Goodwill (Other Intangible Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $51,533 | $51,656 |
Accumulated Amortization | 37,769 | 37,579 |
Net Carrying Amount | 13,764 | 14,077 |
Intangibles Impairment Charge | 20,820 | 20,820 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 43,756 | 44,138 |
Accumulated Amortization | 33,053 | 32,934 |
Net Carrying Amount | 10,703 | 11,204 |
Intangibles Impairment Charge | 18,657 | 18,657 |
Trademarks And Tradenames [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,176 | 2,176 |
Accumulated Amortization | 2,051 | 2,051 |
Net Carrying Amount | 125 | 125 |
Intangibles Impairment Charge | 1,498 | 1,498 |
Licenses And Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,024 | 4,765 |
Accumulated Amortization | 2,108 | 2,037 |
Net Carrying Amount | 2,916 | 2,728 |
Intangibles Impairment Charge | 665 | 665 |
Other Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 577 | 577 |
Accumulated Amortization | 557 | 557 |
Net Carrying Amount | $20 | $20 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Changes In Each Component Of AOCI) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | ($10,148) | ($4,408) |
Other comprehensive income before reclassifications | -1,714 | -213 |
Amounts reclassified from accumulated other comprehensive income | -20 | -77 |
Net current period other comprehensive income | -1,734 | -290 |
Balance | -11,882 | -4,698 |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | -2,493 | -383 |
Other comprehensive income before reclassifications | -1,771 | -256 |
Net current period other comprehensive income | -1,771 | -256 |
Balance | -4,264 | -639 |
Unrealized Gains and Losses on Available-for-Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 166 | 132 |
Other comprehensive income before reclassifications | 57 | 43 |
Amounts reclassified from accumulated other comprehensive income | -92 | -122 |
Net current period other comprehensive income | -35 | -79 |
Balance | 131 | 53 |
Pension And Postretirement Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | -7,821 | -4,157 |
Amounts reclassified from accumulated other comprehensive income | 72 | 45 |
Net current period other comprehensive income | 72 | 45 |
Balance | ($7,749) | ($4,112) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Summary Of Reclassifications Out Of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Provision for income taxes | $0 | $0 |
Total net of tax | -72 | -45 |
Total net of tax | -35 | -79 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension And Postretirement Plans [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of net gain | 72 | 45 |
Provision for income taxes | ||
Total net of tax | 72 | 45 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains and Losses on Available-for-Sale Securities [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Realized gains on available-for-sale securities into earnings | -92 | -122 |
Provision for income taxes | ||
Total net of tax | ($92) | ($122) |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | ||
Effective tax rate | 26.20% | 32.00% |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Consolidated revenues | $37,547 | $38,147 | |
Consolidated operating income | 6,141 | 5,425 | |
Consolidated Assets | 210,847 | 216,586 | |
Radiation Measurement [Member] | |||
Consolidated revenues | 26,491 | 28,183 | |
Consolidated operating income | 9,384 | 8,829 | |
Consolidated Assets | 142,577 | 148,151 | |
Medical Physics [Member] | |||
Consolidated revenues | 8,484 | 7,739 | |
Consolidated operating income | 618 | 433 | |
Consolidated Assets | 39,295 | 38,851 | |
Medical Products [Member] | |||
Consolidated revenues | 2,572 | 2,225 | |
Consolidated operating income | 334 | -288 | |
Consolidated Assets | 48,337 | 48,164 | |
Eliminations [Member] | |||
Consolidated Assets | -19,362 | -18,580 | |
Corporate [Member] | |||
Consolidated operating income | ($4,195) | ($3,549) |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (Nagase-Landauer, Ltd. [Member]) | Dec. 31, 2014 |
Nagase-Landauer, Ltd. [Member] | |
Related Party Transaction [Line Items] | |
Equity interest | 50.00% |
Related_Party_Transactions_Sch
Related Party Transactions (Schedule Of Related Party Transactions) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Aquila [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related party | $1,743 | $2,076 | |
Purchases from related party | 8 | ||
Amounts in accounts receivable | 1,812 | 3,799 | |
Amounts in accounts payable | 227 | ||
Nagase-Landauer, Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related party | 30 | 169 | |
Purchases from related party | 266 | 857 | |
Amounts in accounts receivable | 11 | 27 | |
Amounts in accounts payable | $41 | $60 |