Landauer (LDR) has reported 20.94 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $5.18 million, or $0.54 a share in the quarter, compared with $4.28 million, or $0.45 a share for the same period last year.
Revenue during the quarter went up marginally by 2.73 percent to $39.12 million from $38.08 million in the previous year period. Gross margin for the quarter expanded 6 basis points over the previous year period to 51.93 percent. Total expenses were 80.04 percent of quarterly revenues, down from 81.05 percent for the same period last year. This has led to an improvement of 101 basis points in operating margin to 19.96 percent.
Operating income for the quarter was $7.81 million, compared with $7.22 million in the previous year period.
However, the adjusted operating income for the quarter stood at $7.81 million compared to $6.78 million in the prior year period. At the same time, adjusted operating margin improved 214 basis points in the quarter to 19.96 percent from 17.82 percent in the last year period.
Mike Kaminski, president and chief executive officer of Landauer stated, "Our second quarter results continue to demonstrate our strong positioning in the marketplace and the progress we are making against our growth and lean initiatives. During the quarter we continued to see strong demand for our core recurring revenue services and benefitted from a large military shipment in the period. In addition, testing and refinement of our Verifii digital dosimetry platform remains on schedule for a controlled commercial launch in the second half of calendar 2017."
Operating cash flow improvesLandauer has generated cash of $13.94 million from operating activities during the first half, up 8.81 percent or $1.13 million, when compared with the last year period. The company has spent $5.11 million cash to meet investing activities during the first six months as against cash outgo of $5.98 million in the last year period.
The company has spent $9.40 million cash to carry out financing activities during the first six months as against cash outgo of $12.84 million in the last year period.
Cash and cash equivalents stood at $12.88 million as on Mar. 31, 2017, up 39.75 percent or $3.66 million from $9.21 million on Mar. 31, 2016.
Working capital increases sharply
Landauer has recorded an increase in the working capital over the last year. It stood at $28.31 million as at Mar. 31, 2017, up 34.93 percent or $7.33 million from $20.98 million on Mar. 31, 2016. Current ratio was at 1.85 as on Mar. 31, 2017, up from 1.58 on Mar. 31, 2016.
Days sales outstanding went up to 79 days for the quarter compared with 77 days for the same period last year.
Days inventory outstanding has decreased to 14 days for the quarter compared with 35 days for the previous year period.
Debt comes downLandauer has recorded a decline in total debt over the last one year. It stood at $105.10 million as on Mar. 31, 2017, down 16.58 percent or $20.89 million from $125.98 million on Mar. 31, 2016. Landauer has recorded a decline in long-term debt over the last one year. It stood at $105.10 million as on Mar. 31, 2017, down 16.58 percent or $20.89 million from $125.98 million on Mar. 31, 2016. Total debt was 55.17 percent of total assets as on Mar. 31, 2017, compared with 62.18 percent on Mar. 31, 2016. Debt to equity ratio was at 4.19 as on Mar. 31, 2017, down from 7.53 as on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
