10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2015

Commission File Number 1-9788

LANDAUER, INC. (Exact Name of registrant as specified in its charter)
Delaware	06-1218089
(State or other jurisdiction of Incorporation or organization)	(I.R.S. Employer Identification Number)
2 Science Road, Glenwood, IL  60425 (Address of principal executive offices and zip code)
Registrant’s telephone number, including area code:  (708) 755-7000

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes [ X ]    No [    ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes [ X ]    No [    ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	[    ]	Accelerated filer	[ X ]
Non-accelerated filer	[    ]	Smaller reporting company	[    ]
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes [     ]    No [  X  ]

As of May 4, 2015, 9,578,618 shares of common stock, par value $0.10 per share, of the registrant were outstanding.

1

TABLE OF CONTENTS

PART I    FINANCIAL INFORMATION
Item 1.	Financial Statements
		Consolidated Balance Sheets (Unaudited)	3
		Consolidated Statements of Operations (Unaudited)	4
		Consolidated Statements of Comprehensive Income (Unaudited)	5
		Consolidated Statement of Stockholders’ Equity (Unaudited)	6
		Consolidated Statements of Cash Flows (Unaudited)	7
		Notes to Consolidated Financial Statements (Unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		26
Item 4.	Controls and Procedures		26
PART II    OTHER INFORMATION
Item 1.	Legal Proceedings		29
Item 1A.	Risk Factors		29
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		30
Item 3.	Defaults Upon Senior Securities		30
Item 4.	Mine Safety Disclosures		30
Item 5.	Other Information		30
Item 6.	Exhibits		31
SIGNATURE			32

2

PART I  FINANCIAL INFORMATION

Item 1.Financial Statements

LANDAUER, INC. AND SUBSIDIARIES

Consolidated Balance Sheets (Unaudited)

(Dollars in Thousands)	March 31, 2015		September 30, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	8,424	$	6,761
Receivables, net of allowances of $1,703 at March 31, 2015 and $1,872 at September 30, 2014		30,756		34,707
Inventories		6,689		6,687
Deferred income tax asset - current		2,348		2,369
Prepaid income taxes		2,131		1,836
Prepaid expenses and other current assets		2,562		1,973
Current assets		52,910		54,333
Property, plant and equipment, at cost		107,404		104,010
Accumulated depreciation and amortization		(60,431)		(57,253)
Net property, plant and equipment		46,973		46,757
Equity in joint ventures		23,137		23,835
Goodwill		40,432		43,218
Intangible assets, net of accumulated amortization of $37,624 at March 31, 2015 and $37,579 at September 30, 2014		13,369		14,077
Dosimetry devices, net of accumulated depreciation of $4,734 at March 31, 2015 and $4,353 at September 30, 2014		3,595		3,958
Deferred income tax assets		19,619		18,374
Other assets		8,922		12,034
ASSETS	$	208,957	$	216,586
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	6,880	$	6,248
Dividends payable		2,700		5,329
Deferred contract revenue		15,178		14,750
Accrued compensation and related costs		7,098		7,132
Accrued severance		557		2,731
Other accrued expenses		7,182		8,538
Current liabilities		39,595		44,728
Non-current liabilities:
Long-term debt		134,585		133,585
Pension and postretirement obligations		19,101		19,475
Deferred income taxes		431		509
Uncertain income tax liabilities		3,391		3,284
Other non-current liabilities		1,260		1,271
Non-current liabilities		158,768		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; 9,657,625 and 9,577,874 shares issued and outstanding at March 31, 2015 and September 30, 2014, respectively		966		958
Additional paid in capital		41,064		40,317
Accumulated other comprehensive loss		(13,753)		(10,148)
Accumulated deficit		(18,916)		(18,873)
Landauer, Inc. stockholders' equity		9,361		12,254
Noncontrolling interest		1,233		1,480
Stockholders' equity		10,594		13,734
LIABILITIES AND STOCKHOLDERS' EQUITY	$	208,957	$	216,586

The accompanying notes are an integral part of these consolidated financial statements.

3

LANDAUER, INC. AND SUBSIDIARIES

Consolidated Statements of Operations (Unaudited)

		Three Months Ended March 31,				Six Months Ended March 31,
(Dollars in Thousands, Except per Share)	2015		2014 (As Restated)		2015		2014 (As Restated)
Service revenues	$	32,242	$	32,870	$	64,299	$	64,615
Product revenues		5,897		6,184		11,387		12,586
Net revenues		38,139		39,054		75,686		77,201
Costs and expenses:
Service costs		16,158		15,155		31,792		30,165
Product costs		2,453		3,177		4,570		6,552
Total cost of sales		18,611		18,332		36,362		36,717
Gross profit		19,528		20,722		39,324		40,484
Selling, general and administrative		13,898		13,750		27,553		27,976
Acquisition, reorganization and nonrecurring costs		-		109		-		220
Operating income		5,630		6,863		11,771		12,288
Equity in income of joint ventures		680		535		1,376		1,816
Interest expense, net		(964)		(1,014)		(1,917)		(1,951)
Other (expense) income, net		(485)		5		(234)		164
Income before taxes		4,861		6,389		10,996		12,317
Income tax expense		1,180		1,913		2,790		3,812
Net income		3,681		4,476		8,206		8,505
Less:  Net income (loss) attributed to noncontrolling interest		134		(38)		282		170
Net income attributed to Landauer, Inc.	$	3,547	$	4,514	$	7,924	$	8,335
Net income per share attributable to Landauer, Inc. shareholders:
Basic	$	0.37	$	0.47	$	0.83	$	0.87
Weighted average basic shares outstanding		9,493		9,460		9,464		9,441
Diluted	$	0.37	$	0.47	$	0.83	$	0.87
Weighted average diluted shares outstanding		9,520		9,501		9,492		9,485

The accompanying notes are an integral part of theseconsolidated financial statements.

4

LANDAUER, INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended March 31, 2015						Six Months Ended March 31, 2015
(Dollars in Thousands)	Landauer, Inc.		Noncontrolling Interest		Total		Landauer, Inc.		Noncontrolling Interest		Total
Net income	$	3,547	$	134	$	3,681	$	7,924	$	282	$	8,206
Other comprehensive income:
Defined benefit pension and postretirement plans activity, net of taxes of $53		19		-		19		91		-		91
Unrealized gains (losses) on available-for-sale securities, net of taxes of $0		37		-		37		2		-		2
Foreign currency translation adjustment, net of taxes of $1,103, and $2,057, respectively		(1,927)		(99)		(2,026)		(3,698)		(198)		(3,896)
Comprehensive income	$	1,676	$	35	$	1,711	$	4,319	$	84	$	4,403
	Three Months Ended March 31, 2014						Six Months Ended March 31, 2014
	(As Restated)						(As Restated)
(Dollars in Thousands)	Landauer, Inc.		Noncontrolling Interest		Total		Landauer, Inc.		Noncontrolling Interest		Total
Net income	$	4,514	$	(38)	$	4,476	$	8,335	$	170	$	8,505
Other comprehensive income:
Defined benefit pension and postretirement plans activity, net of taxes of $0		46				46		91				91
Unrealized gains (losses) on available-for-sale securities, net of taxes of $0		25				25		(54)				(54)
Foreign currency translation adjustment, net of taxes of $0		409		19		428		153		(49)		104
Comprehensive income	$	4,994	$	(19)	$	4,975	$	8,525	$	121	$	8,646

The accompanying notes are an integral part of theseconsolidated financial statements.

5

LANDAUER, INC. AND SUBSIDIARIES

Consolidated Statement of Stockholders’ Equity (Unaudited)

	Landauer, Inc. Stockholders' Equity
(Dollars in Thousands)	Common Stock Shares		Common Stock		Addi- tional Paid in Capital		Accumulated Other Compre-hensive (Loss) Income		(Accumulated Deficit) Retained Earnings		Non- Controlling Interest		Total Stock- holders' Equity
September 30, 2014		9,577,874	$	958	$	40,317	$	(10,148)	$	(18,873)	$	1,480	$	13,734
Stock-based compensation arrangements		79,751		8		747		-		-		-		755
Dividends		-		-		-		-		(7,967)		(331)		(8,298)
Net income		-		-		-		-		7,924		282		8,206
Foreign currency translation adjustment, net of tax		-		-		-		(3,698)		-		(198)		(3,896)
Unrealized gains (losses) on available-for-sale securities, net of tax		-		-		-		2		-		-		2
Defined benefit pension and postretirement plans activity, net of tax		-		-		-		91		-		-		91
March 31, 2015		9,657,625	$	966	$	41,064	$	(13,753)	$	(18,916)	$	1,233	$	10,594

The accompanying notes are an integral part of theseconsolidated financial statements.

6

LANDAUER, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows (Unaudited)

	Six Months Ended March 31,
(Dollars in Thousands)		2015		2014 (As Restated)
Cash flows from operating activities:
Net income		$	8,206	$	8,505
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			6,092		7,487
Equity in income of joint ventures			(1,376)		(1,816)
Dividends from joint ventures			1,144		1,340
Stock-based compensation and related net tax benefits			873		453
Current and long-term deferred taxes, net			(1,792)		847
Loss on sale, disposal and abandonment of fixed assets			124		-
Gain on investments			(189)		(338)
Changes in operating assets and liabilities:
Decrease in accounts receivable, net			2,923		3,205
(Increase) decrease in prepaid taxes			(385)		1,027
Decrease in other operating assets, net			347		761
Decrease in accounts payable and other accrued liabilities			(1,002)		(2,021)
(Decrease) increase in other operating liabilities, net			(108)		430
Net cash provided by operating activities			14,857		19,880
Cash flows used by investing activities:
Acquisition of property, plant and equipment			(3,063)		(2,415)
Acquisition of joint ventures and businesses, net of cash acquired			-		(1,800)
Other investing activities, net			147		(114)
Net cash used by investing activities			(2,916)		(4,329)
Cash flows (used) provided by financing activities:
Net borrowings on revolving credit facility			-		(43)
Long-term borrowings - loan			16,300		20,000
Long-term borrowings - repayment			(15,300)		(24,500)
Dividends paid to stockholders			(10,599)		(10,520)
Other financing activities, net			(321)		(347)
Net cash used by financing activities			(9,920)		(15,410)
Effects of foreign currency translation			(358)		109
Net increase in cash and cash equivalents			1,663		250
Opening balance - cash and cash equivalents			6,761		8,672
Ending balance - cash and cash equivalents		$	8,424	$	8,922
Accrued capital spending included in accounts payable and other accrued liabilities		$	2,272	$	258

The accompanying notes are an integral part of theseconsolidated financial statements.

7

LANDAUER, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

March  31, 2015

(Dollars in thousands)

(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 Form10-K for the fiscal year ended September 30, 2014.  There have been no changes to the accounting policies for the six month period ended March  31, 2015.

The results of operations for the three and six month periods ended March  31, 2015  are not necessarily indicative of the results to be expected for the full fiscal year.

Restatement and Revision 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 periods ended March 31, 2014.  In accordance with accounting guidance presented in ASC 250-10 and SEC Staff Accounting Bulletin No. 99, Materiality, (“SAB 99”) management assessed the materiality of these errors and concluded that they were material to the Company’s financial statements for the three and six months ended March 31, 2014.  The Company restated its financial statements for the three and six month periods ended March 31, 2014 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.

8

· 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.

9

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 and six months ended March 31, 2014:

(Dollars in Thousands, Except per Share Amounts)	Three Months Ended March 31, 2014 (Unaudited)				Six Months Ended March 31, 2014 (Unaudited)
	Net Income (Loss)		Diluted Net Income (Loss) Per Share		Net Income (Loss)		Diluted Net Income (Loss) Per Share
As previously reported	$	4,997	$	0.52	$	8,048	$	0.84
Revenue and accounts receivable		(500)				(248)
Dosimetry devices		13				25
Long-term investments		(25)				54
Sales taxes		(16)				(32)
Intangible assets		-				150
Equity in joint ventures		-				708
Total adjustments		(528)		(0.05)		657		0.07
Income tax expense (benefit)		(41)		-		362		0.04
Less amounts attributed to noncontrolling interest		(4)		-		8		-
Net impact of adjustments		(483)		(0.05)		287		0.03
As restated	$	4,514	$	0.47	$	8,335	$	0.87

The effect of the restatement on the previously issued Consolidated Statement of Operations for the three and six months ended March 31, 2014 is as follows:

	Three Months Ended March 31, 2014 (Unaudited)				Six Months Ended March 31, 2014 (Unaudited)
(Dollars in Thousands, Except per Share)	Previously Reported		As Restated		Previously Reported		As Restated
Service revenues	$	32,983	$	32,870	$	64,877	$	64,615
Product revenues		6,571		6,184		12,382		12,586
Net revenues		39,554		39,054		77,259		77,201
Costs and expenses:
Service costs		15,195		15,155		30,244		30,165
Product costs		3,150		3,177		6,308		6,552
Total cost of sales		18,345		18,332		36,552		36,717
Gross profit		21,209		20,722		40,707		40,484
Selling, general, and administrative		13,735		13,750		28,097		27,976
Acquisition, reorganization and nonrecurring costs		109		109		220		220
Operating income		7,365		6,863		12,390		12,288
Equity in income of joint ventures		535		535		1,108		1,816
Interest expense, net		(975)		(1,014)		(1,867)		(1,951)
Other income (expense), net		(8)		5		29		164
Income before taxes		6,917		6,389		11,660		12,317
Income tax (benefit) expense		1,954		1,913		3,450		3,812
Net income		4,963		4,476		8,210		8,505
Less:  Net income attributed to noncontrolling interest		(34)		(38)		162		170
Net income attributed to Landauer, Inc.		4,997		4,514		8,048		8,335
Net income per share attributed to Landauer, Inc. shareholders:
Basic		0.52		0.47		0.84		0.87
Weighted average basic shares outstanding		9,460		9,460		9,441		9,441
Diluted		0.52		0.47		0.84		0.87
Weighted average diluted shares outstanding		9,501		9,501		9,485		9,485

10

The effect of the restatement on the previously issued Consolidated Statement of Cash Flows for the six months ended March 31, 2014 is as follows:

	Six Months Ended March 31, 2014 (Unaudited) (a)
(Dollars in Thousands)	Previously Reported		As Restated
Cash flows provided from operating activities:
Net income		8,210		8,505
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		7,662		7,487
Gain on investments		(203)		(338)
Equity in income of joint ventures		(1,108)		(1,816)
Dividends from joint ventures		1,340		1,340
Stock-based compensation and related net tax benefits		453		453
Current and long-term deferred taxes, net		791		847
Changes in operating assets and liabilities:
Decrease in accounts receivable, net		3,119		3,205
Decrease in prepaid taxes		721		1,027
Decrease in other operating assets, net		571		761
Decrease in accounts payable and other accrued liabilities		(2,025)		(2,021)
Increase in other operating liabilities, net		430		430
Net cash provided by operating activities		19,961		19,880
Cash flows used by investing activities:
Acquisition of property, plant & equipment		(2,415)		(2,415)
Acquisition of joint ventures and businesses, net of cash acquired		(1,800)		(1,800)
Other investing activities, net		(637)		(114)
Net cash used by investing activities		(4,852)		(4,329)
Cash flows (used) provided by financing activities:
Net borrowings on revolving credit facility		(43)		(43)
Long–term borrowings - loan		20,000		20,000
Long–term borrowings - repayment		(24,500)		(24,500)
Dividends paid to stockholders		(10,520)		(10,520)
Other financing activities, net		(347)		(347)
Net cash used by financing activities		(15,410)		(15,410)
Effects of foreign currency translation		108		109
Net (decrease) increase in cash and cash equivalents		(193)		250
Opening balance – cash and cash equivalents		11,184		8,672
Ending balance – cash and cash equivalents		10,991		8,922

^(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.

11

In connection with the preparation of the consolidated financial statements for the interim periods ended March 31, 2015, the Company identified errors in its previously issued financial statements for the interim periods ended March 31, 2014.  The Company did not properly report sales and purchases to related parties in its Related Party Transactions footnote.  As a result of these errors, the Company understated sales to Aquila by $284 and $2,360 for the three and six months ended March 31, 2014, respectively, and understated sales to Nagase by $31 and $99 for the three and six months ended March 31, 2014, respectively.  Further, the Company understated sales to Aquila by $2,360 for the nine months ended June 30, 2014, understated sales to Nagase by $80 and $179 for the three and nine months ended June 30, 2014, respectively, understated sales to Nagase by $616 for the three months ended December 31, 2014, understated sales to Aquila by $215 for the fiscal year ended September 30, 2014 and understated sales to Nagase by $271 for the fiscal year ended September 30, 2014.  In accordance with accounting guidance presented in SAB 99, management assessed the materiality of these errors and concluded that they were not material to the Company’s financial statements for the three and six months ended March 31, 2014.  The Company is revising its financial statements for the three and six month periods ended March 31, 2014 to correct for these errors. 

(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.  In April 2015, the FASB proposed a one year deferral of the effective date of the new revenue standard for the new revenue standard.  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

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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.

(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:

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	Fair Value Measurements at March 31, 2015 Using
(Dollars in Thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset Category
Cash equivalents	$	115	$	-	$	-
Mutual funds		3,616		-		-
Available-for-sale securities		-		1,524		-
Total financial assets at fair value	$	3,731	$	1,524	$	-
	Fair Value Measurements at September 30, 2014 Using
(Dollars in Thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (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 March 31, 2015 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 $774 as of March 31, 2015 and is reported in other accrued expenses and other non-current liabilities at $131 and $643, respectively.  The contingent consideration liability is classified as Level 3.

There were no transfers between fair value hierarchy levels during the period.

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(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 March 31,				Six Months Ended March 31,
(Dollars in Thousands, Except per Share)	2015		2014 (As Restated)		2015		2014 (As Restated)
Basic Net Income per Share:
Net income attributed to Landauer, Inc.	$	3,547	$	4,514	$	7,924	$	8,335
Less:  Income allocated to unvested restricted stock		18		46		47		91
Net income available to common stockholders	$	3,529	$	4,468	$	7,877	$	8,244
Basic weighted average shares outstanding		9,493		9,460		9,464		9,441
Net income per share - Basic	$	0.37	$	0.47	$	0.83	$	0.87
Diluted Net Income per Share:
Net income attributed to Landauer, Inc.	$	3,547	$	4,514	$	7,924	$	8,335
Less:   Income allocated to unvested restricted stock		18		46		47		91
Net income available to common stockholders	$	3,529	$	4,468	$	7,877	$	8,244
Basic weighted average shares outstanding		9,493		9,460		9,464		9,441
Effect of dilutive securities		27		41		28		44
Diluted weighted averages shares outstanding		9,520		9,501		9,492		9,485
Net income per share - Diluted	$	0.37	$	0.47	$	0.83	$	0.87
Dividends paid per share	$	0.275	$	0.55	$	0.825	$	1.10

(5)Employee Benefit Plans

The components of net periodic benefit cost for pension and other benefits were as follows:

Pension Benefits	Three Months Ended March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014		2015		2014
Interest cost	$	364	$	375	$	728	$	750
Expected return on plan assets		(396)		(377)		(792)		(754)
Amortization of net loss		84		49		168		97
Net periodic benefit cost	$	52	$	47	$	104	$	93
Other Benefits	Three Months Ended March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014		2015		2014
Service cost	$	12	$	16	$	25	$	31
Interest cost		8		12		16		25
Amortization of net gain		(12)		(3)		(24)		(6)
Net periodic benefit cost	$	8	$	25	$	17	$	50

The Company, under the IRS minimum funding standards, has no required contributions to make to its defined benefit pension plan during fiscal 2015.

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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 March 31, 2015 and 2014 were $442 and $401, respectively.  Amounts expensed during the six months ended March 31, 2015 and 2014 were $849 and $859, respectively. 

(6)Goodwill and Intangible Assets

Changes in the carrying amount of goodwill by reportable segment for the six months ended March 31, 2015 were as follows:

(Dollars in Thousands)	Radiation Measurement		Medical Physics		Medical Products		Total
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		(2,548)		-		(238)		(2,786)
Balance as of March 31, 2015
Goodwill	$	16,413	$	22,611	$	65,476	$	104,500
Accumulated impairment losses		-		-		(64,068)		(64,068)
Balance as of March 31, 2015	$	16,413	$	22,611	$	1,408	$	40,432

Intangible assets consisted of the following: 

	March 31, 2015
(Dollars in Thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Accumulated Intangibles Impairment Charge
Customer lists	$	42,942	$	32,833	$	10,109	$	18,657
Trademarks and tradenames		2,181		2,051		130		1,498
Licenses and patents		5,293		2,183		3,110		665
Other intangibles		577		557		20		-
Intangible assets	$	50,993	$	37,624	$	13,369	$	20,820

	September 30, 2014
(Dollars in Thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Accumulated Intangibles Impairment Charge
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 $558 and $1,121 for the three and six months ended March 31, 2015 and $1,037 and $2,222 for the three and six months ended March 31, 2014.

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(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 six months ended March 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		(3,698)		101		-		(3,597)
Amounts reclassified from accumulated other comprehensive income		-		(99)		91		(8)
Net current period other comprehensive income		(3,698)		2		91		(3,605)
Balance at March 31, 2015	$	(6,191)	$	168	$	(7,730)	$	(13,753)

(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		153		81		-		234
Amounts reclassified from accumulated other comprehensive income		-		(135)		91		(44)
Net current period other comprehensive income		153		(54)		91		190
Balance at March 31, 2014 (As Restated)	$	(230)	$	78	$	(4,066)	$	(4,218)

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 March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014 (As Restated)		2015		2014 (As Restated)
Amortization of net loss	$	72	$	46		144		91
Total before tax		72		46		144		91
Provision for income taxes		53		-		53		-
Total net of tax	$	19	$	46	$	91	$	91

(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).

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Unrealized Gains and Losses on Available-for-Sale Securities	Three Months Ended March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014 (As Restated)		2015		2014 (As Restated)
Realized gains on available-for-sale securities into earnings (1)	$	(7)	$	(13)	$	(99)	$	(135)
Total before tax		(7)		(13)		(99)		(135)
Provision for income taxes (2)		-		-		-		-
Total net of tax	$	(7)	$	(13)	$	(99)	$	(135)

(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

(8)Income Taxes

The effective tax rates for the three months ended March 31, 2015 and 2014 were24.3% and 29.9%, respectively. The decrease in the effective tax rate was due primarily to the mix of earnings between jurisdictions with differing tax rates.  The effective tax rates for the six months ended March 31, of 2015 and 2014 were25.4% and 31.0%, 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 and the mix of earnings between jurisdictions with differing tax rates.  The Company believes it is reasonably possible that $946 of unrecognized tax benefits will be realized in the coming year.

(9)Segment Information

The following tables summarize financial information for each reportable segment:

	Three Months Ended March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014 (As Restated)		2015		2014 (As Restated)
Revenues by segment:
Radiation Measurement	$	27,246	$	28,684	$	53,737	$	56,867
Medical Physics		8,561		8,029		17,045		15,768
Medical Products		2,332		2,341		4,904		4,566
Consolidated revenues	$	38,139	$	39,054	$	75,686	$	77,201
	Three Months Ended March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014 (As Restated)		2015		2014 (As Restated)
Operating income (loss) by segment:
Radiation Measurement	$	9,414	$	9,800	$	18,798	$	18,629
Medical Physics		321		599		939		1,032
Medical Products		244		(174)		578		(462)
Corporate		(4,349)		(3,362)		(8,544)		(6,911)
Consolidated operating income	$	5,630	$	6,863	$	11,771	$	12,288

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(Dollars in Thousands)	March 31, 2015		September 30, 2014
Segment assets:
Radiation Measurement	$	144,505	$	148,151
Medical Physics		39,860		38,851
Medical Products		48,192		48,164
Eliminations		(23,600)		(18,580)
Consolidated assets	$	208,957	$	216,586

(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. Certain amounts reported in the tables below for the three and six months ended March 31, 2014 have been corrected for an error discussed in Note 1.The sales to and purchases from Aquila were as follows for the periods ended:

	Three Months Ended March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014		2015		2014
Sales to Aquila	$	1,870	$	965	$	3,673	$	3,041
Purchases from Aquila		23		253		31		253

Balance sheet items were as follows for the periods ended:

(Dollars in Thousands)	March 31, 2015		September 30, 2014
Amounts in accounts receivable	$	1,905	$	3,799
Amounts in accounts payable		147		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 March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014		2015		2014
Sales to Nagase	$	109	$	315	$	755	$	720
Purchases from Nagase		196		319		462		801

Balance sheet items were as follows for the periods ended:

(Dollars in Thousands)	March 31, 2015		September 30, 2014
Amounts in accounts receivable	$	35	$	27
Amounts in accounts payable		-		60

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Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of the Company’s unaudited consolidated financial condition and results of operations should be read in conjunction with the annual audited consolidated financial statements and related notes thereto. The following discussion includes forward-looking statements that involve certain risks and uncertainties. For additional information regarding forward-looking statements and risk factors, see “Forward-Looking Statements” herein and Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2014.

The preparation of financial statements in conformity with U.S. GAAP requires that management make assumptions and estimates that affect the results of operations and the amounts of assets and liabilities reported in the financial statements as well as related disclosures.  Critical accounting policies are those that are most important to the portrayal of a company’s financial condition and results of operations, and that require management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain.  The Company bases its estimates, judgments and assumptions on historical experience and other relevant factors that are believed to be reasonable under the circumstances. In any given reporting period, the Company’s actual results may differ from the estimates, judgments and assumptions used in preparing the consolidated financial statements.

Results of Operations

Comparison of the second fiscal quarter ended March 31, 2015 and the second fiscal quarter ended March 31, 2014

Revenues for the second fiscal quarter of 2015 were $38.1 million, a decrease of $1.0 million, or 2.6%, compared with revenues of $39.1 million for the second fiscal quarter of 2014. Revenues in the Radiation Measurement segment decreased $1.5 million which was primarily due to an unfavorable foreign currency impact of $1.6 million. Revenues in the Medical Physics segment increased $0.6 million, due to increased imaging services.  Revenues in the Medical Products segment were flat.

Gross margin was 51.2% for the second fiscal quarter of 2015, compared with 53.1% for the second fiscal quarter of 2014.  The $1.5 million decrease in revenues in the high-margin Radiation Measurement segment reduced the consolidated gross margin by 1.4%.  Consolidated gross margins declined by 0.3% due to increased staffing expenses in the Medical Physics segment to support additional contracts in the imaging and therapy divisions.  Spherz price pressure in the Medical Products segment reduced consolidated gross margins by 0.2%. 

Selling, general and administrative expenses for the second fiscal quarter of 2015 were $13.9 million, essentially flat compared with $13.8 million for the second fiscal quarter of 2014. Audit, legal and other professional fees increased $1.1 million, offset by a decrease in expenses of $0.4 million due to foreign currency rates and a $0.5 million decrease in amortization expense as a result of adjustments recorded during the third fiscal quarter of 2014 to reduce the carrying value of intangible assets.

Operating income for the second fiscal quarter of 2015 was $5.6 million, a decrease of $1.3 million, or 18.8%, compared with operating income of $6.9 million for the second fiscal quarter of 2014. The decrease in operating income was driven by lower gross profit of $1.2 million, resulting from unfavorable foreign currency rates. 

Equity in income of joint ventures for the second fiscal quarter of 2015 was $0.7 million compared with $0.5 million for the second fiscal quarter of 2014.  The increase was due primarily to the timing of product sales to our joint venture in Japan.

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The effective tax rates for the second fiscal quarter of 2015 and 2014 were 24.3% and 29.9%, respectively.  The decrease in the effective tax rate was due primarily to the mix of earnings between jurisdictions with differing tax rates.

Net income attributed to Landauer for the second fiscal quarter of 2015 was $3.5 million, a decrease of $1.0 million, or 22.2%, compared with net income of $4.5 million in the second fiscal quarter of 2014.  The decrease in net income was driven by the impact of unfavorable foreign currency rates on revenues, partially offset by favorable effective tax rates.

Radiation Measurement Segment

Radiation Measurement revenues for the second fiscal quarter of 2015 were $27.2 million, a decrease of $1.5 million, or 5.2%, compared with $28.7 million for the second fiscal quarter of 2014. The decrease in revenues was due primarily to the unfavorable impact of changes in foreign currency exchange rates of $1.6 million and a decrease in product sales in Europe of $1.0 million, partially offset by an increase in military product sales of $1.1 million.

Operating income for the second fiscal quarter of 2015 was $9.4 million, a decrease of $0.4 million, or 4.1%, compared with operating income of $9.8 million for the second fiscal quarter of 2014. The decrease in operating income was due to the net impact of unfavorable foreign currency exchange rates on revenues and operating expenses.

Medical Physics Segment

Medical Physics revenues for the second fiscal quarter of 2015 were $8.6 million, an increase of $0.6 million, or 7.5%, compared with $8.0 million for the second fiscal quarter of 2014.  Imaging services revenue increased by $0.5 million, driven by new customer contracts for outsourced enterprise radiation safety solutions. 

Operating income for the second fiscal quarter of 2015 was $0.3 million, compared to $0.6 million for the second fiscal quarter of 2014.  The decrease in operating income is due primarily to increased staffing expenses to support additional imaging contracts.

Medical Products Segment

Medical Products revenues were $2.3 million for the second fiscal quarters of 2015 and 2014.  Revenue increases driven by volume growth were offset by the impact of continued pressure on Spherz product pricing.

Medical Products had operating income of $0.2 million for the second fiscal quarter of 2015 versus an operating loss of $0.2 million for the second fiscal quarter of 2014.  The change was primarily due to a $0.5 million decrease in amortization expense as a result of adjustments recorded during the third fiscal quarter of 2014 to reduce the carrying value of intangible assets.

Corporate Selling, General and Administrative Expenses

Corporate selling, general and administrative expenses for the second fiscal quarter of 2015 were $4.3 million, an increase of $0.9 million, or 26.5%, compared to $3.4 million for the second fiscal quarter of 2014.  The increase was due primarily to higher legal, audit and other professional fees of $1.1 million.

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Comparison of the six months ended March 31, 2015 and the six months ended March 31, 2014

Revenues for the first six months of fiscal 2015 were $75.7 million, a decrease of $1.5 million, or 1.9%, compared with revenues of $77.2 million for the first six months of fiscal 2014. Revenues in the Radiation Measurement segment decreased $3.2 million which was primarily due to an unfavorable foreign currency impact of $2.4 million and a decrease in product sales in Europe of $1.0 million. Revenues in the Medical Physics segment increased $1.3 million, driven by increased imaging services of $0.9 million.  Revenues in the Medical Products segment increased $0.3 million due to the full-period impact of a modest acquisition in December 2013.

Gross margin was 52.0% for the first six months of fiscal 2015, compared with 52.4% for the first six months of fiscal 2014.  Consolidated gross margins declined by 0.4% due primarily to the decrease in revenues in the high-margin Radiation Measurement segment. 

Selling, general and administrative expenses for the first six months of fiscal 2015 were $27.6 million, a decrease of $0.4 million, or 1.4%, compared with $28.0 million for the first six months of fiscal 2014. Audit, legal and other professional fees increased $1.8 million, offset by a $1.3 million decrease in research and development expenses and a $1.2 million decrease in amortization expense as a result of adjustments recorded during the third fiscal quarter of 2014 to reduce the carrying value of intangible assets.

Operating income for the first six months of fiscal 2015 was $11.8 million, a decrease of $0.5 million, or 4.1%, compared with operating income of $12.3 million for the first six months of fiscal 2014. The decrease in operating income was driven by lower gross profit of $1.2 million, resulting from unfavorable foreign currency rates, and higher audit, legal and other professional fees, partially offset by lower research and development expenses and lower intangible assets amortization expense. 

Equity in income of joint ventures for the first six months of fiscal 2015 was $1.4 million compared with $1.8 million for the first six months of fiscal 2014.  The decrease was due primarily to a higher volume of military product sales during the first quarter of fiscal 2014.

The effective tax rates for the first six months of fiscal 2015 and 2014 were 25.4% and 31.0%, 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 fiscal 2015and the mix of earnings between jurisdictions with differing tax rates.

Net income attributed to Landauer for the first six months of fiscal 2015 was $7.9 million, a decrease of $0.4 million, or 4.8%, compared with net income of $8.3 million in the first six months of fiscal 2014.  The decrease in net income was driven by a decrease in gross profit, partially offset by favorable effective tax rates.

Radiation Measurement Segment

Radiation Measurement revenues for the first six months of fiscal 2015 were $53.7 million, a decrease of $3.2 million, or 5.6%, compared with $56.9 million for the first six months of fiscal 2014. The decrease in revenues was due primarily to the unfavorable impact of changes in foreign currency exchange rates of $2.4 million and a decrease in product sales in Europe of $1.0 million, partially offset by an increase in military product sales of $0.4 million.  

Operating income for the first six months of fiscal 2015 was $18.8 million, an increase of $0.2 million, or 1.1%, compared with operating income of $18.6 million for the first six months of fiscal 2014. The increase in operating income was due to lower research and development expenses, partially offset by the net impact of unfavorable foreign currency exchange rates on revenues and operating expenses.

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Medical Physics Segment

Medical Physics revenues for the first six months of fiscal 2015 were $17.0 million, an increase of $1.2 million, or 7.6%, compared with $15.8 million for the first six months of fiscal 2014.  Imaging services revenue increased by $0.9 million, driven by new customer contracts for outsourced enterprise radiation safety solutions, and commissioning revenue increased by $0.4 million due to a higher volume of services. 

Operating income for the first six months of fiscal 2015 was $0.9 million, compared to $1.0 million for the first six months of fiscal 2014.  The decrease in operating income is due primarily to increased staffing expenses to support additional imaging contracts.

Medical Products Segment

Medical Products revenues were $4.9 million for the first six months of fiscal 2015, compared to $4.6 million for the first six months of fiscal 2014.  Revenue increased $0.3 million due to the full-period impact of a modest acquisition in December 2013.

Medical Products had operating income of $0.6 million for the first six months of fiscal 2015 versus an operating loss of $0.5 million for the first six months of fiscal 2014.  The change was primarily due to a $1.2 million decrease in amortization expense as a result of adjustments recorded during the third fiscal quarter of 2014 to reduce the carrying value of intangible assets.

Corporate Selling, General and Administrative Expenses

Corporate selling, general and administrative expenses for the first six months of fiscal 2015 were $8.5 million, an increase of $1.6 million, or 23%, compared to $6.9 million for the first six months of fiscal 2014.  The increase was due primarily to higher legal, audit and other professional fees of $1.8 million.

Liquidity and Capital Resources

The Company’s principal source of liquidity is operating cash flows supplemented by borrowings for major acquisitions and other significant transactions.  The Company’s cash-generating capability is one of its fundamental strengths and provides it with substantial financial flexibility in meeting operating and investing needs.

The following table sets forth a summary of the Company’s cash flows:

	Six Months Ended March 31,
(Dollars in Thousands)	2015		2014 (As Restated)
Net cash provided by (used by):
Operating activities	$	14,857	$	19,880
Investing activities		(2,916)		(4,329)
Financing activities		(9,920)		(15,410)
Effect of foreign currency translation		(358)		109
Net increase in cash and cash equivalents	$	1,663	$	250

23

Cash provided by operating activities for the first six months of fiscal 2015 was $14.9 million, a decrease of $5.0 million over the same fiscal period in 2014.  The decrease was primarily due to an increase in cash paid for income taxes of $2.2 millionand a decrease in gross profit of $1.2 million.  In addition, audit, legal and professional fees increased $1.8 million and other selling, general and administrative expenses increased $0.3 million, partially offset by a decrease in research and development spending of $1.3 million.

Cash used by investing activities for the first six months of fiscal 2015 was $2.9 million, a decrease of $1.4 million over the same fiscal period of 2014.  The difference was primarily due to the acquisition of a small German distributor for $1.8 million in the first fiscal quarter of 2014.

Cash used by financing activities for the first six months of fiscal 2015 was $9.9 million, as compared to $15.4 million over the same fiscal period of 2014.  The decrease was primarily due to lower repayments of debt primarily due to the $5.0 milliondecrease in the operating cash flows.  As of March 31, 2015, the Company had $40.4 million of unused availability under its current $175.0 million credit facility, which provides adequate liquidity to meet its current and anticipated obligations.  During the first six months of fiscal 2015 and 2014, the Company paid cash dividends of $10.6 million and $10.5 million, respectively.  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.  The dividend was paid on April 3, 2015.

The Company expects to meet short-term liquidity requirements (including capital expenditures) through net cash from operating activities and cash on hand. As of March 31, 2015, long-term liquidity requirements consist primarily of obligations under the long-term debt obligations.  The Company does not have any required debt repayments until August 2, 2018, when the debt facility expires.  The Company was in compliance with all covenants as of March 31, 2015.

Recent Accounting Pronouncements

See Note 2 to the Consolidated Financial Statements in Item 1 of Part I of this Form 10-Q.

24

Contractual Obligations

There have been no material changes, outside of the ordinary course of business, in the Company’s outstanding contractual obligations since the end of fiscal year 2014 through March 31, 2015.

Forward-Looking Statements

Certain matters contained in this reportconstitute forward-looking statements that are based on certain assumptions and involve certain risks and uncertainties.  These include the following, without limitation: assumptions, risks and uncertainties associated with the Company’s future performance, the Company’s development and introduction of new technologies in general; the ability to protect and utilize the Company’s intellectual property; events or circumstances which result in an impairment of assets, including but not limited to, goodwill and identifiable intangible assets; continued customer acceptance of the InLight technology; the adaptability of optically stimulated luminescence (“OSL”) technology to new platforms and formats; military and other government funding for the purchase of certain of the Company’s equipment and services; the impact on sales and pricing of certain customer group purchasing arrangements; changes in spending or reimbursement for medical products or services; the costs associated with the Company’s research and business development efforts; the usefulness of older technologies and related licenses and intellectual property; the effectiveness of and costs associated with the Company’s IT platform enhancements; the anticipated results of operations of the Company and its subsidiaries or joint ventures; valuation of the Company’s long-lived assets or business units relative to future cash flows; changes in pricing of services and products; changes in postal and delivery practices; the Company’s business plans; anticipated revenue and cost growth; the ability to integrate the operations of acquired businesses and to realize the expected benefits of acquisitions; the risks associated with conducting business internationally; costs incurred for potential acquisitions or similar transactions; other anticipated financial events; the effects of changing economic and competitive conditions, including instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; foreign exchange rates; government regulations; accreditation requirements; changes in the trading market that affect the costs of obligations under the Company’s benefit plans; and pending accounting pronouncements.  These assumptions may not materialize to the extent assumed, and risks and uncertainties may cause actual results to be different from what is anticipated today.  These risks and uncertainties also may result in changes to the Company’s business plans and prospects, and could create the need from time to time to write down the value of assets or otherwise cause the Company to incur unanticipated expenses.  Additional information may be obtained by reviewing the information set forth in Item 1A “Risk Factors” and Item 7A “Quantitative and Qualitative Disclosures about Market Risk” of the Company's Annual Report on Form 10-K for the year ended September 30, 2014  and information contained in other reports filed by the Company, from time to time, with the SEC. The Company does not undertake, and expressly disclaims, any duty to update any forward-looking statement whether as a result of new information, future events or changes in the Company’s expectations, except as required by law.

25

Item 3.quantitative and Qualitative Disclosures About Market Risk

The Company is exposed to market risk, including changes in foreign currency exchange rates and is subject to interest rate risk related to borrowings under its existing credit facility.  These risks are set forth in Item 7A “Quantitative and Qualitative Disclosures about Market Risk” of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2014.  The Company believes there have been no material changes in the information provided from the end of the preceding fiscal year through March 31, 2015.

Item 4.Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of March 31, 2015, an evaluation was performed under the supervision and with the participation of our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) (the Company’s principal executive officer and principal financial officer, respectively), of the effectiveness of the design and operation of the Company’s “disclosure controls and procedures” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended.

Based upon that evaluation, our CEO and CFO concluded that the Company’s disclosure controls and procedures were not effective as a result of the material weaknesses that existed in our internal control over financial reporting described below. 

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

We previously identified and reported the following material weaknesses in the Company’s internal control over financial reporting, which still exist as of March 31, 2015:

Control Environment - We did not maintain an effective control environment as we did not maintain a sufficient complement of personnel with an appropriate level of knowledge of accounting, experience and training commensurate with our financial reporting requirements. Additionally, we did not consistently establish appropriate authorities and responsibilities in pursuit of our financial reporting objectives.  These material weaknesses contributed to the following control deficiencies, each of which is considered to be a material weakness:

· Consolidated Statement of Cash Flows:  We did not design effective controls over the preparation and review of our Consolidated Statement of Cash Flows.  Specifically, controls were not designed to evaluate whether transactions were properly classified within the Consolidated Statement of Cash Flows, including nonrecurring transactions and adjustments pertaining to purchases of property, plant and equipment.  This material weakness resulted in errors in our historical financial statements.  The Company recorded adjustments to correct these errors as follows:

o Revising its fiscal 2013 Statement of Consolidated Cash Flows reflecting adjustments in cash flows from investing and operating activities

26

· IT general controls and segregation of duties:  We did not design and maintain processes and procedures that restrict access to key financial systems and records to appropriate users and evaluate whether appropriate segregation of duties is maintained. Specifically, certain personnel had access to financial application, programs and data beyond that needed to perform their individual job responsibilities without independent monitoring. This material weakness did not result in a material misstatement of the consolidated financial statements. 

Risk Assessment - We did not design and implement effective risk assessment with regard to our processes and procedures commensurate with our financial reporting requirements. Specifically, we did not design and implement controls in response to risks of misstatement of the financial statements.  This material weakness contributed to the following control deficiencies, each of which is considered to be a material weakness:

· Revenue: We did not maintain processes and procedures that were adequately designed, documented and executed to support the accurate and timely reporting of revenue and the related receivables.      Specifically, we did not design and maintain effective controls to evaluate whether revenue was recognized in accordance with agreed-upon terms and conditions, including customer order entry, pricing, customer acceptance provisions, and recorded in the proper period. This material weakness resulted in errors in our historical financial statements.  The Company recorded adjustments to correct these errors as follows:

o Restating its fiscal 2013 financial statements reflecting adjustments in net sales, accounts receivable, deferred revenue, cost of sales and inventory.

o Revising its fiscal 2012 financial statements reflecting adjustments in net sales, accounts receivable, deferred revenue, cost of sales and inventory.

The risk assessment and revenue material weaknesses also resulted in  revisions to second and third quarter fiscal 2014, annual fiscal 2014 and first quarter fiscal 2015 financial statement disclosures related to sales to its equity investees. Management has determined that these revisions, first disclosed in the second quarter of fiscal 2015, are additional effects of the material weaknesses related to risk assessment and revenue described above.

· Foreign affiliate cash and investments: We did not design effective controls to evaluate whether cash and investments held by foreign affiliates were appropriately accounted for and classified.  This material weakness resulted in errors in our historical financial statements.  The Company recorded adjustments to correct these errors as follows:

o Restating its fiscal 2013 financial statements reflecting adjustments in cash, investments, accumulated other comprehensive income, interest expense and other income (expense).

o Revising its fiscal 2012 financial statements reflecting adjustments in cash, investments, accumulated other comprehensive income, interest expense and other income (expense).

Notwithstanding the identified material weaknesses, management believes the consolidated financial statements included in this Quarterly Report on Form 10-Q fairly state in all material respects our financial condition, results of operations and cash flows at and for the periods presented in accordance with U.S. GAAP.

27

Remediation Plan and Activities

In response to the identified material weaknesses, our management, with oversight from our audit committee, has dedicated significant resources and efforts to improve our control environment and risk assessment and to remedy the identified material weaknesses. We are currently evaluating the impact of the material weaknesses and are in the process of taking the following actions:

· Commencing a comprehensive risk assessment process to assess risks and identify, design, implement, and re-evaluate our control activities to address the risks identified, including implementation of monitoring controls related to the design and operating effectiveness of control activities; 

· Establishing appropriate roles and responsibilities within our world-wide finance and accounting departments to support the improvement of knowledge and experience over financial reporting;

· Evaluating our training programs and developing additional training programs for our world-wide finance and accounting personnel; and

· Strengthening our policies and procedures and determining guidelines for documentation of controls throughout our domestic and international locations for consistency of design and operation.

We believe that the foregoing actions will support the improvement of our internal control over financial reporting, and through our efforts to identify, design and implement the necessary control activities. We will continue to devote significant time and attention to these remediation efforts. As we continue to evaluate and work to improve our internal control over financial reporting, management may determine to take additional measures to address the material weaknesses or determine to modify the remediation plan described above. Until the remediation steps set forth above, including the efforts to implement and test the necessary control activities we identify, are fully completed, the material weaknesses described above will continue to exist.

Changes in Internal Control Over Financial Reporting

The Following are considered changes in our internal control over financial reporting during the quarter ended March 31, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

We have improved our process over the preparation and review of our Consolidated Statement of Cash Flows to ensure completeness and accuracy over the transactions reported.  We created new templates and supporting schedules that facilitate the preparation of the Consolidated Statement of Cash Flows.  We also enhanced our cash flow checklist to identify the most common elements of operating, investing and financing activities, including nonrecurring transactions and adjustments.

We have improved our processes and procedures to ensure the accurate and timely reporting of revenue and the related receivables, including the following:

· Implementing procedures to identify and evaluate customer contracts with nonstandard terms

· Implementing quarterly processes to ensure the proper cut-off of revenue recognition

· Establishing a methodology and process to estimate a reserve for credit memos

· Enhancing calculations to improve the accuracy of deferred revenue estimates

We have implemented processes to evaluate the classification of cash and investments held by foreign affiliates.  We also designed processes to monitor the establishment of new cash and investment accounts.

28

PART II  OTHER INFORMATION

Item 1.Legal Proceedings

The Company is a party, from time to time, to various legal proceedings, lawsuits and other claims arising in the ordinary course of its business.  The Company does not believe that any such litigation pending as of March 31, 2015, if adversely determined, would have a material effect on its business, financial position, results of operations, or cash flows.

Item 1A.Risk Factors

Information regarding risk factors is set forth in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2014.  The Company believes there have been no material changes in the information provided from the end of the preceding fiscal year through March 31, 2015.

29

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

The Company’s purchases of its equity securities from the end of the preceding fiscal year through March 31, 2015 includes the deemed surrender of existing shares of Landauer common stock to the Company by stock-based compensation plan participants to satisfy the exercise price or tax liability of employee stock awards at the time of exercise or vesting.  These surrendered shares are not part of any publicly announced share repurchase program.

Period	Total Number of Shares Purchased		Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs
October 1 - October 31, 2014	490	$	32.74	-	-
November 1 - November 30, 2014	-		-	-	-
December 1 - December 31, 2014	-		-	-	-
Quarter ended  December 31, 2014	490	$	32.74	-	-
January 1 - January 31, 2015	-	$	-	-	-
February 1 - February 28, 2015	-		-	-	-
March 1 - March 31, 2015	-		-	-	-
Quarter ended March 31, 2015	-	$	-	-	-

Item 3.Defaults Upon Senior Securities

Not Applicable 

Item 4.Mine Safety Disclosures

Not Applicable 

Item 5.Other Information

Not Applicable

30

Item 6.Exhibits

		Cer
3.1		Certificate of Incorporation of the Registrant, as amended through March 6, 2015 is incorporated by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q for the quarter ended December 31, 2014.
10.1		Second Amendment to Employment Agreement dated February 6, 2015 between the Registrant and R. Craig Yoder is incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K dated February 6, 2015.
31.1*		Certification of Michael T. Leatherman, President and Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Daniel J. Fujii, Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*		Certification of Michael T. Leatherman, President and Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*		Certification of Daniel J. Fujii, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS**		XBRL INSTANCE FILE
101.SCH**		XBRL SCHEMA FILE
101.CAL**		XBRL CALCULATION FILE
101.DEF**		XBRL DEFINITION FILE
101.LAB**		XBRL LABEL FILE
101.PRE**		XBRL PRESENTATION FILE
	* Filed herewith
	** Furnished with the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March  31, 2015.

31

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

8
11
	LANDAUER, INC.
Date:  May11, 2015	/s/ Daniel J. Fujii
	Daniel J. Fujii
	Chief Financial Officer

32

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Michael T. Leatherman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Landauer, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: May 11, 2015	/s/ Michael T. Leatherman
	Michael T. Leatherman
	President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Daniel J. Fujii, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Landauer, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: May11, 2015	/s/ Daniel J. Fujii
	Daniel J. Fujii
	Chief Financial Officer

1

EX-32.1

Exhibit 32.1

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Landauer, Inc. (the “Company”) on Form 10-Q for the period ended March31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael T. Leatherman, President and Chief Executive Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

i. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

ii.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to Landauer, Inc. and will be retained by Landauer, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

Date: May11, 2015	/s/ Michael T. Leatherman
	Michael T. Leatherman
	President and Chief Executive Officer

1

EX-32.2

Exhibit 32.2

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Landauer, Inc. (the “Company”) on Form 10-Q for the period ended March31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Daniel J. Fujii,Chief Financial Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

i.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

ii.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to Landauer, Inc. and will be retained by Landauer, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

Date: May11, 2015	/s/ Daniel J. Fujii
	Daniel J. Fujii
	Chief Financial Officer

1

XML

Accumulated Other Comprehensive Loss (Changes In Each Component Of AOCI) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ (10,148)	$ (4,408)
Other comprehensive income before reclassifications	(3,597)	234
Amounts reclassified from accumulated other comprehensive income	(8)	(44)
Net current period other comprehensive income	(3,605)	190
Balance	(13,753)	(4,218)
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(2,493)	(383)
Other comprehensive income before reclassifications	(3,698)	153
Net current period other comprehensive income	(3,698)	153
Balance	(6,191)	(230)
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	101	81
Amounts reclassified from accumulated other comprehensive income	(99)	(135)
Net current period other comprehensive income	2	(54)
Balance	168	78
Pension And Postretirement Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(7,821)	(4,157)
Amounts reclassified from accumulated other comprehensive income	91	91
Net current period other comprehensive income	91	91
Balance	$ (7,730)	$ (4,066)

XML

Income Per Common Share (Computation Of Net Income (Loss) Per Share) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended			6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014		Mar. 31, 2015	Mar. 31, 2014
Income Per Common Share [Abstract]
Net income attributed to Landauer, Inc.	$ 3,547	$ 4,514	[1]	$ 7,924	$ 8,335	[1]
Less: Income allocated to unvested restricted stock	18	46	[1]	47	91	[1]
Net income available to common stockholders	3,529	4,468	[1]	7,877	8,244	[1]
Basic weighted average shares outstanding	9,493	9,460	[1]	9,464	9,441	[1]
Net income per share - Basic	$ 0.37	$ 0.47	[1]	$ 0.83	$ 0.87	[1]
Effect of dilutive securities	$ 27	$ 41	[1]	$ 28	$ 44	[1]
Diluted weighted averages shares outstanding	9,520	9,501	[1]	9,492	9,485	[1]
Net income per share - Diluted	$ 0.37	$ 0.47	[1]	$ 0.83	$ 0.87	[1]
Dividends paid per share	$ 0.275	$ 0.55	[1]	$ 0.825	$ 1.10	[1]

[1] As Restated

XML

Segment Information (Tables)

6 Months Ended

Mar. 31, 2015

Segment Information [Abstract]

Financial Information For Each Reportable Segment

	Three Months Ended March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014 (As Restated)		2015		2014 (As Restated)
Revenues by segment:
Radiation Measurement	$	27,246	$	28,684	$	53,737	$	56,867
Medical Physics		8,561		8,029		17,045		15,768
Medical Products		2,332		2,341		4,904		4,566
Consolidated revenues	$	38,139	$	39,054	$	75,686	$	77,201
	Three Months Ended March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014 (As Restated)		2015		2014 (As Restated)
Operating income (loss) by segment:
Radiation Measurement	$	9,414	$	9,800	$	18,798	$	18,629
Medical Physics		321		599		939		1,032
Medical Products		244		(174)		578		(462)
Corporate		(4,349)		(3,362)		(8,544)		(6,911)
Consolidated operating income	$	5,630	$	6,863	$	11,771	$	12,288

(Dollars in Thousands)	March 31, 2015		September 30, 2014
Segment assets:
Radiation Measurement	$	144,505	$	148,151
Medical Physics		39,860		38,851
Medical Products		48,192		48,164
Eliminations		(23,600)		(18,580)
Consolidated assets	$	208,957	$	216,586

XML

Segment Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended			6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014		Mar. 31, 2015	Mar. 31, 2014		Sep. 30, 2014
Segment Reporting Information [Line Items]
Consolidated revenues	$ 38,139	$ 39,054	[1]	$ 75,686	$ 77,201	[1]
Consolidated operating income	5,630	6,863	[1]	11,771	12,288	[1]
Consolidated Assets	208,957			208,957			216,586
Radiation Measurement [Member]
Segment Reporting Information [Line Items]
Consolidated revenues	27,246	28,684	[1]	53,737	56,867	[1]
Consolidated operating income	9,414	9,800	[1]	18,798	18,629	[1]
Consolidated Assets	144,505			144,505			148,151
Medical Physics [Member]
Segment Reporting Information [Line Items]
Consolidated revenues	8,561	8,029	[1]	17,045	15,768	[1]
Consolidated operating income	321	599	[1]	939	1,032	[1]
Consolidated Assets	39,860			39,860			38,851
Medical Products [Member]
Segment Reporting Information [Line Items]
Consolidated revenues	2,332	2,341	[1]	4,904	4,566	[1]
Consolidated operating income	244	(174)	[1]	578	(462)	[1]
Consolidated Assets	48,192			48,192			48,164
Eliminations [Member]
Segment Reporting Information [Line Items]
Consolidated Assets	(23,600)			(23,600)			(18,580)
Corporate [Member]
Segment Reporting Information [Line Items]
Consolidated operating income	$ (4,349)	$ (3,362)	[1]	$ (8,544)	$ (6,911)	[1]

[1] As Restated

XML

Goodwill And Intangible Assets (Changes In The Carrying Amount Of Goodwill, By Reportable Segment) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Mar. 31, 2015	Sep. 30, 2014
Goodwill [Line Items]
Goodwill	$ 104,500	$ 107,286
Accumulated goodwill impairment	(64,068)	(64,068)
Goodwill	40,432	43,218
Effects of foreign currency	(2,786)
Radiation Measurement [Member]
Goodwill [Line Items]
Goodwill	16,413	18,961
Goodwill	16,413	18,961
Effects of foreign currency	(2,548)
Medical Physics [Member]
Goodwill [Line Items]
Goodwill	22,611	22,611
Goodwill	22,611	22,611
Medical Products [Member]
Goodwill [Line Items]
Goodwill	65,476	65,714
Accumulated goodwill impairment	(64,068)	(64,068)
Goodwill	1,408	1,646
Effects of foreign currency	$ (238)

XML

Basis Of Presentation And Consolidation

6 Months Ended

Mar. 31, 2015

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 Form10-K for the fiscal year ended September 30, 2014.  There have been no changes to the accounting policies for the six month period ended March  31, 2015.

The results of operations for the threeand six month periods ended March  31, 2015are not necessarily indicative of the results to be expected for the full fiscal year.

Restatement and Revision 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 periods ended March 31, 2014.  In accordance with accounting guidance presented in ASC 250-10 and SEC Staff Accounting Bulletin No. 99, Materiality, (“SAB 99”) management assessed the materiality of these errors and concluded that they were material to the Company’s financial statements for the three and six months ended March 31, 2014.  The Company restated its financial statements for the three and six month periods ended March 31, 2014 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 and six months ended March 31, 2014:

(Dollars in Thousands, Except per Share Amounts)	Three Months Ended March 31, 2014 (Unaudited)				Six Months Ended March 31, 2014 (Unaudited)
	Net Income (Loss)		Diluted Net Income (Loss) Per Share		Net Income (Loss)		Diluted Net Income (Loss) Per Share
As previously reported	$	4,997	$	0.52	$	8,048	$	0.84
Revenue and accounts receivable		(500)				(248)
Dosimetry devices		13				25
Long-term investments		(25)				54
Sales taxes		(16)				(32)
Intangible assets		-				150
Equity in joint ventures		-				708
Total adjustments		(528)		(0.05)		657		0.07
Income tax expense (benefit)		(41)		-		362		0.04
Less amounts attributed to noncontrolling interest		(4)		-		8		-
Net impact of adjustments		(483)		(0.05)		287		0.03
As restated	$	4,514	$	0.47	$	8,335	$	0.87

The effect of the restatement on the previously issued Consolidated Statement of Operations for the three and six months ended March 31, 2014 is as follows:

	Three Months Ended March 31, 2014 (Unaudited)				Six Months Ended March 31, 2014 (Unaudited)
(Dollars in Thousands, Except per Share)	Previously Reported		As Restated		Previously Reported		As Restated
Service revenues	$	32,983	$	32,870	$	64,877	$	64,615
Product revenues		6,571		6,184		12,382		12,586
Net revenues		39,554		39,054		77,259		77,201
Costs and expenses:
Service costs		15,195		15,155		30,244		30,165
Product costs		3,150		3,177		6,308		6,552
Total cost of sales		18,345		18,332		36,552		36,717
Gross profit		21,209		20,722		40,707		40,484
Selling, general, and administrative		13,735		13,750		28,097		27,976
Acquisition, reorganization and nonrecurring costs		109		109		220		220
Operating income		7,365		6,863		12,390		12,288
Equity in income of joint ventures		535		535		1,108		1,816
Interest expense, net		(975)		(1,014)		(1,867)		(1,951)
Other income (expense), net		(8)		5		29		164
Income before taxes		6,917		6,389		11,660		12,317
Income tax (benefit) expense		1,954		1,913		3,450		3,812
Net income		4,963		4,476		8,210		8,505
Less:  Net income attributed to noncontrolling interest		(34)		(38)		162		170
Net income attributed to Landauer, Inc.		4,997		4,514		8,048		8,335
Net income per share attributed to Landauer, Inc. shareholders:
Basic		0.52		0.47		0.84		0.87
Weighted average basic shares outstanding		9,460		9,460		9,441		9,441
Diluted		0.52		0.47		0.84		0.87
Weighted average diluted shares outstanding		9,501		9,501		9,485		9,485

The effect of the restatement on the previously issued Consolidated Statement of Cash Flows for the six months ended March 31, 2014 is as follows:

	Six Months Ended March 31, 2014 (Unaudited) (a)
(Dollars in Thousands)	Previously Reported		As Restated
Cash flows provided from operating activities:
Net income		8,210		8,505
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		7,662		7,487
Gain on investments		(203)		(338)
Equity in income of joint ventures		(1,108)		(1,816)
Dividends from joint ventures		1,340		1,340
Stock-based compensation and related net tax benefits		453		453
Current and long-term deferred taxes, net		791		847
Changes in operating assets and liabilities:
Decrease in accounts receivable, net		3,119		3,205
Decrease in prepaid taxes		721		1,027
Decrease in other operating assets, net		571		761
Decrease in accounts payable and other accrued liabilities		(2,025)		(2,021)
Increase in other operating liabilities, net		430		430
Net cash provided by operating activities		19,961		19,880
Cash flows used by investing activities:
Acquisition of property, plant & equipment		(2,415)		(2,415)
Acquisition of joint ventures and businesses, net of cash acquired		(1,800)		(1,800)
Other investing activities, net		(637)		(114)
Net cash used by investing activities		(4,852)		(4,329)
Cash flows (used) provided by financing activities:
Net borrowings on revolving credit facility		(43)		(43)
Long–term borrowings - loan		20,000		20,000
Long–term borrowings - repayment		(24,500)		(24,500)
Dividends paid to stockholders		(10,520)		(10,520)
Other financing activities, net		(347)		(347)
Net cash used by financing activities		(15,410)		(15,410)
Effects of foreign currency translation		108		109
Net (decrease) increase in cash and cash equivalents		(193)		250
Opening balance – cash and cash equivalents		11,184		8,672
Ending balance – cash and cash equivalents		10,991		8,922

^(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.

In connection with the preparation of the consolidated financial statements for the interim periods ended March 31, 2015, the Company identified errors in its previously issued financial statements for the interim periods ended March 31, 2014.  The Company did not properly report sales and purchases to related parties in its Related Party Transactions footnote.  As a result of these errors, the Company understated sales to Aquila by $284 and $2,360 for the three and six months ended March 31, 2014, respectively, and understated sales to Nagase by $31 and $99 for the three and six months ended March 31, 2014, respectively.  Further, the Company understated sales to Aquila by $2,360 for the nine months ended June 30, 2014, understated sales to Nagase by $80 and $179 for the three and nine months ended June 30, 2014, respectively, understated sales to Nagase by $616 for the three months ended December 31, 2014, understated sales to Aquila by $215 for the fiscal year ended September 30, 2014 and understated sales to Nagase by $271 for the fiscal year ended September 30, 2014.  In accordance with accounting guidance presented in SAB 99, management assessed the materiality of these errors and concluded that they were not material to the Company’s financial statements for the three and six months ended March 31, 2014.  The Company is revising its financial statements for the three and six month periods ended March 31, 2014 to correct for these errors. 

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Related Party Transactions (Narrative) (Details) (Nagase-Landauer, Ltd. [Member])	Mar. 31, 2015
Nagase-Landauer, Ltd. [Member]
Related Party Transaction [Line Items]
Equity interest	50.00%

XML

Basis Of Presentation And Consolidation (Consolidated Statements Of Income) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended			6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014		Mar. 31, 2015	Mar. 31, 2014
Service revenues	$ 32,242	$ 32,870	[1]	$ 64,299	$ 64,615	[1]
Product revenues	5,897	6,184	[1]	11,387	12,586	[1]
Net revenues	38,139	39,054	[1]	75,686	77,201	[1]
Costs and expenses:
Cost of Services	16,158	15,155	[1]	31,792	30,165	[1]
Cost of Goods Sold	2,453	3,177	[1]	4,570	6,552	[1]
Total cost of sales	18,611	18,332	[1]	36,362	36,717	[1]
Gross profit	19,528	20,722	[1]	39,324	40,484	[1]
Selling, general, and administrative	13,898	13,750	[1]	27,553	27,976	[1]
Acquisition, reorganization and nonrecurring costs		109	[1]		220	[1]
Operating income	5,630	6,863	[1]	11,771	12,288	[1]
Equity in income of joint ventures	680	535	[1]	1,376	1,816	[1]
Interest expense, net	(964)	(1,014)	[1]	(1,917)	(1,951)	[1]
Other (expense) income, net	(485)	5	[1]	(234)	164	[1]
Income before taxes	4,861	6,389	[1]	10,996	12,317	[1]
Income tax expense	1,180	1,913	[1]	2,790	3,812	[1]
Net loss	3,681	4,476	[1]	8,206	8,505	[1],[2]
Less: Net income (loss) attributed to noncontrolling interest	134	(38)	[1]	282	170	[1]
Net loss attributed to Landauer, Inc.	3,547	4,514	[1]	7,924	8,335	[1]
Net loss per share attributable to Landauer, Inc. shareholders:
Basic	$ 0.37	$ 0.47	[1]	$ 0.83	$ 0.87	[1]
Weighted average basic shares outstanding	9,493	9,460	[1]	9,464	9,441	[1]
Diluted	$ 0.37	$ 0.47	[1]	$ 0.83	$ 0.87	[1]
Weighted average diluted shares outstanding	9,520	9,501	[1]	9,492	9,485	[1]
As Previously Reported [Member]
Service revenues		32,983			64,877
Product revenues		6,571			12,382
Net revenues		39,554			77,259
Costs and expenses:
Cost of Services		15,195			30,244
Cost of Goods Sold		3,150			6,308
Total cost of sales		18,345			36,552
Gross profit		21,209			40,707
Selling, general, and administrative		13,735			28,097
Acquisition, reorganization and nonrecurring costs		109			220
Operating income		7,365			12,390
Equity in income of joint ventures		535			1,108
Interest expense, net		(975)			(1,867)
Other (expense) income, net		(8)			29
Income before taxes		6,917			11,660
Income tax expense		1,954			3,450
Net loss		4,963			8,210	[2]
Less: Net income (loss) attributed to noncontrolling interest		(34)			162
Net loss attributed to Landauer, Inc.		$ 4,997			$ 8,048
Net loss per share attributable to Landauer, Inc. shareholders:
Basic		$ 0.52			$ 0.84
Weighted average basic shares outstanding		9,460			9,441
Diluted		$ 0.52			$ 0.84
Weighted average diluted shares outstanding		9,501			9,485

[1] As Restated

[2] 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.

XML

Basis Of Presentation And Consolidation (Net Income (Loss) And Diluted Net Income (Loss) Per Share) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended			6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014		Mar. 31, 2015	Mar. 31, 2014
Equity in joint ventures	$ 680	$ 535	[1]	$ 1,376	$ 1,816	[1]
Income before taxes	4,861	6,389	[1]	10,996	12,317	[1]
Income tax expense (benefit)	1,180	1,913	[1]	2,790	3,812	[1]
Less amounts attributed to noncontrolling interest	134	(38)	[1]	282	170	[1]
Net loss attributed to Landauer, Inc.	3,547	4,514	[1]	7,924	8,335	[1]
Earnings Per Share, Diluted, Total	$ 0.37	$ 0.47	[1]	$ 0.83	$ 0.87	[1]
As Previously Reported [Member]
Equity in joint ventures		535			1,108
Income before taxes		6,917			11,660
Income tax expense (benefit)		1,954			3,450
Less amounts attributed to noncontrolling interest		(34)			162
Net loss attributed to Landauer, Inc.		4,997			8,048
Total adjustments, Diluted Net Income (Loss) Per Share		$ 0.52			$ 0.84
Earnings Per Share, Diluted, Total		$ 0.52			$ 0.84
Adjustment [Member]
Revenue and accounts receivable		(500)			(248)
Dosimetry devices		13			25
Long-term investments		(25)			54
Sales taxes		(16)			(32)
Intangible assets					150
Equity in joint ventures					708
Income before taxes		(528)			657
Income tax expense (benefit)		(41)			362
Less amounts attributed to noncontrolling interest		(4)			8
Net loss attributed to Landauer, Inc.		$ (483)			$ 287
Total adjustments, Diluted Net Income (Loss) Per Share		$ (0.05)			$ 0.07
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		$ (0.05)			$ 0.03

[1] As Restated

XML

Related Party Transactions (Schedule Of Related Party Transactions) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014
Aquila [Member]
Related Party Transaction [Line Items]
Sales to related party	$ 1,870	$ 965	$ 3,673	$ 3,041
Purchases from related party	23	253	31	253
Amounts in accounts receivable	1,905		1,905		3,799
Amounts in accounts payable	147		147		227
Nagase-Landauer, Ltd. [Member]
Related Party Transaction [Line Items]
Sales to related party	109	315	755	720
Purchases from related party	196	319	462	801
Amounts in accounts receivable	35		35		27
Amounts in accounts payable					$ 60

XML

Basis Of Presentation And Consolidation (Consolidated Statement Of Cash Flows) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net (loss) income	$ 8,206	$ 8,505	[1],[2]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,092	7,487	[1],[2]
Gain on investments	(189)	(338)	[1],[2]
Equity in income of joint ventures	(1,376)	(1,816)	[1],[2]
Dividends from joint ventures	1,144	1,340	[1],[2]
Stock-based compensation and related net tax benefits	873	453	[1],[2]
Current and long-term deferred taxes, net	(1,792)	847	[1],[2]
Changes in operating assets and liabilities:
Decrease in accounts receivable, net	2,923	3,205	[1],[2]
(Increase) decrease in prepaid taxes	(385)	1,027	[1],[2]
Decrease in other operating assets, net	347	761	[1],[2]
Decrease in accounts payable and other accrued liabilities	(1,002)	(2,021)	[1],[2]
(Decrease) increase in other operating liabilities, net	(108)	430	[1],[2]
Net cash provided by operating activities	14,857	19,880	[1],[2]
Cash flows used by investing activities:
Acquisition of property, plant and equipment	(3,063)	(2,415)	[1],[2]
Acquisition of joint ventures and businesses, net of cash acquired		(1,800)	[1],[2]
Other investing activities, net	147	(114)	[1],[2]
Net cash used by investing activities	(2,916)	(4,329)	[1],[2]
Cash flows (used) provided by financing activities:
Net borrowings on revolving credit facility		(43)	[1],[2]
Long-term borrowings - loan	16,300	20,000	[1],[2]
Long-term borrowings - repayment	(15,300)	(24,500)	[1],[2]
Dividends paid to stockholders	(10,599)	(10,520)	[1],[2]
Other financing activities, net	(321)	(347)	[1],[2]
Net cash used by financing activities	(9,920)	(15,410)	[1],[2]
Effects of foreign currency translation	(358)	109	[1],[2]
Net increase in cash and cash equivalents	1,663	250	[1],[2]
Opening balance - cash and cash equivalents	6,761	8,672	[1],[2]
Ending balance - cash and cash equivalents	8,424	8,922	[1],[2]
As Previously Reported [Member]
Cash flows from operating activities:
Net (loss) income		8,210	[1]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		7,662	[1]
Gain on investments		(203)	[1]
Equity in income of joint ventures		(1,108)	[1]
Dividends from joint ventures		1,340	[1]
Stock-based compensation and related net tax benefits		453	[1]
Current and long-term deferred taxes, net		791	[1]
Changes in operating assets and liabilities:
Decrease in accounts receivable, net		3,119	[1]
(Increase) decrease in prepaid taxes		721	[1]
Decrease in other operating assets, net		571	[1]
Decrease in accounts payable and other accrued liabilities		(2,025)	[1]
(Decrease) increase in other operating liabilities, net		430	[1]
Net cash provided by operating activities		19,961	[1]
Cash flows used by investing activities:
Acquisition of property, plant and equipment		(2,415)	[1]
Acquisition of joint ventures and businesses, net of cash acquired		(1,800)	[1]
Other investing activities, net		(637)	[1]
Net cash used by investing activities		(4,852)	[1]
Cash flows (used) provided by financing activities:
Net borrowings on revolving credit facility		(43)	[1]
Long-term borrowings - loan		20,000	[1]
Long-term borrowings - repayment		(24,500)	[1]
Dividends paid to stockholders		(10,520)	[1]
Other financing activities, net		(347)	[1]
Net cash used by financing activities		(15,410)	[1]
Effects of foreign currency translation		108	[1]
Net increase in cash and cash equivalents		(193)	[1]
Opening balance - cash and cash equivalents		11,184	[1]
Ending balance - cash and cash equivalents		$ 10,991	[1]

[1] 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.

[2] As Restated

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Fair Value Measurements (Narrative) (Details) (USD $)	6 Months Ended
	Mar. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	11.00%
Contingent consideration	$ 774,000
Transfers between fair value hierarchy levels	0
Accrued Expenses [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	131,000
Liabilities, Non-Current [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 643,000

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Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$ 8,206	$ 8,505	[1],[2]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,092	7,487	[1],[2]
Equity in income of joint ventures	(1,376)	(1,816)	[1],[2]
Dividends from joint ventures	1,144	1,340	[1],[2]
Stock-based compensation and related net tax benefits	873	453	[1],[2]
Current and long-term deferred taxes, net	(1,792)	847	[1],[2]
Loss on sale, disposal and abandonment of fixed assets	124
Gain on investments	(189)	(338)	[1],[2]
Changes in operating assets and liabilities:
Decrease in accounts receivable, net	2,923	3,205	[1],[2]
(Increase) decrease in prepaid taxes	(385)	1,027	[1],[2]
Decrease in other operating assets, net	347	761	[1],[2]
Decrease in accounts payable and other accrued liabilities	(1,002)	(2,021)	[1],[2]
(Decrease) increase in other operating liabilities, net	(108)	430	[1],[2]
Net cash provided by operating activities	14,857	19,880	[1],[2]
Cash flows used by investing activities:
Acquisition of property, plant and equipment	(3,063)	(2,415)	[1],[2]
Acquisition of joint ventures and businesses, net of cash acquired		(1,800)	[1],[2]
Other investing activities, net	147	(114)	[1],[2]
Net cash used by investing activities	(2,916)	(4,329)	[1],[2]
Cash flows (used) provided by financing activities:
Net borrowings on revolving credit facility		(43)	[1],[2]
Long-term borrowings - loan	16,300	20,000	[1],[2]
Long-term borrowings - repayment	(15,300)	(24,500)	[1],[2]
Dividends paid to stockholders	(10,599)	(10,520)	[1],[2]
Other financing activities, net	(321)	(347)	[1],[2]
Net cash used by financing activities	(9,920)	(15,410)	[1],[2]
Effects of foreign currency translation	(358)	109	[1],[2]
Net increase in cash and cash equivalents	1,663	250	[1],[2]
Opening balance - cash and cash equivalents	6,761	8,672	[1],[2]
Ending balance - cash and cash equivalents	8,424	8,922	[1],[2]
Accrued capital spending included in accounts payable and other accrued liabilities	$ 2,272	$ 258	[2]

[1] 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.

[2] As Restated

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Fair Value Measurements (Financial Assets Measured At Fair Value On A Recurring Basis) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Sep. 30, 2014
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	$ 115	$ 105
Mutual funds	3,616	3,629
Total financial assets at fair value	3,731	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	1,524	2,382
Total financial assets at fair value	$ 1,524	$ 2,382

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Accumulated Other Comprehensive Loss (Summary Of Reclassifications Out Of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended				6 Months Ended
	Mar. 31, 2015		Mar. 31, 2014		Mar. 31, 2015		Mar. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Provision for income taxes	$ 53		$ 0		$ 53		$ 0
Total net of tax	(19)		(46)	[1]	(91)		(91)	[1]
Total net of tax	37		25	[1]	2		(54)	[1]
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 loss	72	[2]	46	[2]	144	[2]	91	[2]
Total before tax	72	[2]	46	[2]	144	[2]	91	[2]
Provision for income taxes	53	[2]		[2]	53	[2]		[2]
Total net of tax	19	[2]	46	[2]	91	[2]	91	[2]
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	(7)	[3]	(13)	[1],[3]	(99)	[3]	(135)	[1],[3]
Total before tax	(7)		(13)	[1]	(99)		(135)	[1]
Provision for income taxes		[4]		[1],[4]		[4]		[1],[4]
Total net of tax	$ (7)		$ (13)	[1]	$ (99)		$ (135)	[1]

[1] As Restated

[2] 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).

[3] This amount is reported in Interest Expense, net on the Consolidated Statements of Operations

[4] This amount is reported in Income Tax Expense on the Consolidated Statements of Operations

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Sep. 30, 2014
ASSETS
Cash and cash equivalents	$ 8,424	$ 6,761
Receivables, net of allowances of $1,703 at March 31, 2015 and $1,872 at September 30, 2014	30,756	34,707
Inventories	6,689	6,687
Deferred income tax asset - current	2,348	2,369
Prepaid income taxes	2,131	1,836
Prepaid expenses and other current assets	2,562	1,973
Current assets	52,910	54,333
Property, plant and equipment, at cost	107,404	104,010
Accumulated depreciation and amortization	(60,431)	(57,253)
Net property, plant and equipment	46,973	46,757
Equity in joint ventures	23,137	23,835
Goodwill	40,432	43,218
Intangible assets, net of accumulated amortization of $37,624 at March 31, 2015 and $37,579 at September 30, 2014	13,369	14,077
Dosimetry devices, net of accumulated depreciation of $4,734 at March 31, 2015 and $4,353 at September 30, 2014	3,595	3,958
Deferred income tax assets	19,619	18,374
Other assets	8,922	12,034
ASSETS	208,957	216,586
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	6,880	6,248
Dividends payable	2,700	5,329
Deferred contract revenue	15,178	14,750
Accrued compensation and related costs	7,098	7,132
Accrued severance	557	2,731
Other accrued expenses	7,182	8,538
Current liabilities	39,595	44,728
Non-current liabilities:
Long-term debt	134,585	133,585
Pension and postretirement obligations	19,101	19,475
Deferred income taxes	431	509
Uncertain income tax liabilities	3,391	3,284
Other non-current liabilities	1,260	1,271
Non-current liabilities	158,768	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; 9,657,625 and 9,577,874 shares issued and outstanding at March 31, 2015 and September 30, 2014, respectively	966	958
Additional paid in capital	41,064	40,317
Accumulated other comprehensive loss	(13,753)	(10,148)
Accumulated deficit	(18,916)	(18,873)
Landauer, Inc. stockholders' equity	9,361	12,254
Noncontrolling interest	1,233	1,480
Stockholders' equity	10,594	13,734
LIABILITIES AND STOCKHOLDERS' EQUITY	$ 208,957	$ 216,586

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Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements Of Comprehensive Income [Abstract]
Defined benefit pension and postretirement plans activity, tax	$ 53	$ 0	$ 53	$ 0
Unrealized gains/(losses) on available-for-sale securities, tax	0	0	0	0
Foreign currency translation adjustment, tax	$ 1,103	$ 0	$ 2,057	$ 0

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Employee Benefit Plans (Schedule Of Net Periodic Benefit Costs) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 364	$ 375	$ 728	$ 750
Expected return on plan assets	(396)	(377)	(792)	(754)
Amortization of net gain (loss)	84	49	168	97
Net periodic benefit cost	52	47	104	93
Other Postretirement Benefit Plans Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	12	16	25	31
Interest cost	8	12	16	25
Amortization of net gain (loss)	(12)	(3)	(24)	(6)
Net periodic benefit cost	$ 8	$ 25	$ 17	$ 50

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Employee Benefit Plans (Tables)

6 Months Ended

Mar. 31, 2015

Employee Benefit Plans [Abstract]

Schedule Of Net Periodic Benefit Costs

Pension Benefits	Three Months Ended March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014		2015		2014
Interest cost	$	364	$	375	$	728	$	750
Expected return on plan assets		(396)		(377)		(792)		(754)
Amortization of net loss		84		49		168		97
Net periodic benefit cost	$	52	$	47	$	104	$	93
Other Benefits	Three Months Ended March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014		2015		2014
Service cost	$	12	$	16	$	25	$	31
Interest cost		8		12		16		25
Amortization of net gain		(12)		(3)		(24)		(6)
Net periodic benefit cost	$	8	$	25	$	17	$	50

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Goodwill And Intangible Assets (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Goodwill And Intangible Assets [Abstract]
Amortization expense	$ 558	$ 1,037	$ 1,121	$ 2,222

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Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Mar. 31, 2015

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		(3,698)		101		-		(3,597)
Amounts reclassified from accumulated other comprehensive income		-		(99)		91		(8)
Net current period other comprehensive income		(3,698)		2		91		(3,605)
Balance at March 31, 2015	$	(6,191)	$	168	$	(7,730)	$	(13,753)

(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		153		81		-		234
Amounts reclassified from accumulated other comprehensive income		-		(135)		91		(44)
Net current period other comprehensive income		153		(54)		91		190
Balance at March 31, 2014 (As Restated)	$	(230)	$	78	$	(4,066)	$	(4,218)

Summary Of Reclassifications Out Of Accumulated Other Comprehensive Income (Loss)

Pension and Postretirement Plans (1)	Three Months Ended March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014 (As Restated)		2015		2014 (As Restated)
Amortization of net loss	$	72	$	46		144		91
Total before tax		72		46		144		91
Provision for income taxes		53		-		53		-
Total net of tax	$	19	$	46	$	91	$	91

(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 March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014 (As Restated)		2015		2014 (As Restated)
Realized gains on available-for-sale securities into earnings (1)	$	(7)	$	(13)	$	(99)	$	(135)
Total before tax		(7)		(13)		(99)		(135)
Provision for income taxes (2)		-		-		-		-
Total net of tax	$	(7)	$	(13)	$	(99)	$	(135)

(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

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Consolidated Statement Of Stockholders' Equity (USD $) In Thousands, except Share data	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Non-Controlling Interest [Member]	Total
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	8	747				755
Stock-based compensation arrangements, shares	79,751
Dividends				(7,967)	(331)	(8,298)
Net income				7,924	282	8,206
Foreign currency translation adjustment, net of tax			(3,698)		(198)	(3,896)
Unrealized gains (losses) on available-for-sale securities, net of tax			2			2
Defined benefit pension and postretirement plans activity, net of tax			91			91
Balance at Mar. 31, 2015	966	41,064	(13,753)	(18,916)	1,233	10,594
Balance, shares at Mar. 31, 2015	9,657,625					9,657,625
Balance at Dec. 31, 2014
Net income					134	3,681
Foreign currency translation adjustment, net of tax					(99)	(2,026)
Unrealized gains (losses) on available-for-sale securities, net of tax						37
Defined benefit pension and postretirement plans activity, net of tax						19
Balance at Mar. 31, 2015					$ 1,233	$ 10,594
Balance, shares at Mar. 31, 2015						9,657,625

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Sep. 30, 2014
Consolidated Balance Sheets [Abstract]
Receivables, allowances	$ 1,703	$ 1,872
Intangible assets, accumulated amortization	37,624	37,579
Dosimetry devices, accumulated depreciation	$ 4,734	$ 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	9,657,625	9,577,874
Common stock, shares outstanding	9,657,625	9,577,874

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Segment Information

6 Months Ended

Mar. 31, 2015

Segment Information [Abstract]

Segment Information

(9)Segment Information

The following tables summarize financial information for each reportable segment:

	Three Months Ended March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014 (As Restated)		2015		2014 (As Restated)
Revenues by segment:
Radiation Measurement	$	27,246	$	28,684	$	53,737	$	56,867
Medical Physics		8,561		8,029		17,045		15,768
Medical Products		2,332		2,341		4,904		4,566
Consolidated revenues	$	38,139	$	39,054	$	75,686	$	77,201
	Three Months Ended March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014 (As Restated)		2015		2014 (As Restated)
Operating income (loss) by segment:
Radiation Measurement	$	9,414	$	9,800	$	18,798	$	18,629
Medical Physics		321		599		939		1,032
Medical Products		244		(174)		578		(462)
Corporate		(4,349)		(3,362)		(8,544)		(6,911)
Consolidated operating income	$	5,630	$	6,863	$	11,771	$	12,288

(Dollars in Thousands)	March 31, 2015		September 30, 2014
Segment assets:
Radiation Measurement	$	144,505	$	148,151
Medical Physics		39,860		38,851
Medical Products		48,192		48,164
Eliminations		(23,600)		(18,580)
Consolidated assets	$	208,957	$	216,586

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Document And Entity Information	6 Months Ended
	Mar. 31, 2015	May 04, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2015
Entity Registrant Name	LANDAUER INC
Trading Symbol	ldr
Entity Central Index Key	0000825410
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		9,578,618

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Related Party Transactions

6 Months Ended

Mar. 31, 2015

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. Certain amounts reported in the tables below for the three and six months ended March 31, 2014 have been corrected for an error discussed in Note 1.The sales to and purchases from Aquila were as follows for the periods ended:

	Three Months Ended March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014		2015		2014
Sales to Aquila	$	1,870	$	965	$	3,673	$	3,041
Purchases from Aquila		23		253		31		253

Balance sheet items were as follows for the periods ended:

(Dollars in Thousands)	March 31, 2015		September 30, 2014
Amounts in accounts receivable	$	1,905	$	3,799
Amounts in accounts payable		147		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 March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014		2015		2014
Sales to Nagase	$	109	$	315	$	755	$	720
Purchases from Nagase		196		319		462		801

Balance sheet items were as follows for the periods ended:

(Dollars in Thousands)	March 31, 2015		September 30, 2014
Amounts in accounts receivable	$	35	$	27
Amounts in accounts payable		-		60

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Consolidated Statements Of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended			6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014		Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements Of Operations [Abstract]
Service revenues	$ 32,242	$ 32,870	[1]	$ 64,299	$ 64,615	[1]
Product revenues	5,897	6,184	[1]	11,387	12,586	[1]
Net revenues	38,139	39,054	[1]	75,686	77,201	[1]
Costs and expenses:
Service costs	16,158	15,155	[1]	31,792	30,165	[1]
Product costs	2,453	3,177	[1]	4,570	6,552	[1]
Total cost of sales	18,611	18,332	[1]	36,362	36,717	[1]
Gross Profit	19,528	20,722	[1]	39,324	40,484	[1]
Selling, general, and administrative	13,898	13,750	[1]	27,553	27,976	[1]
Acquisition, reorganization and nonrecurring costs		109	[1]		220	[1]
Operating income	5,630	6,863	[1]	11,771	12,288	[1]
Equity in income of joint ventures	680	535	[1]	1,376	1,816	[1]
Interest expense, net	(964)	(1,014)	[1]	(1,917)	(1,951)	[1]
Other (expense) income, net	(485)	5	[1]	(234)	164	[1]
Income before taxes	4,861	6,389	[1]	10,996	12,317	[1]
Income tax expense	1,180	1,913	[1]	2,790	3,812	[1]
Net loss	3,681	4,476	[1]	8,206	8,505	[1],[2]
Less: Net income (loss) attributed to noncontrolling interest	134	(38)	[1]	282	170	[1]
Net loss attributed to Landauer, Inc.	$ 3,547	$ 4,514	[1]	$ 7,924	$ 8,335	[1]
Net loss per share attributable to Landauer, Inc. shareholders:
Basic	$ 0.37	$ 0.47	[1]	$ 0.83	$ 0.87	[1]
Weighted average basic shares outstanding	9,493	9,460	[1]	9,464	9,441	[1]
Diluted	$ 0.37	$ 0.47	[1]	$ 0.83	$ 0.87	[1]
Weighted average diluted shares outstanding	9,520	9,501	[1]	9,492	9,485	[1]

[1] As Restated

[2] 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.

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Income Per Common Share

6 Months Ended

Mar. 31, 2015

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 March 31,				Six Months Ended March 31,
(Dollars in Thousands, Except per Share)	2015		2014 (As Restated)		2015		2014 (As Restated)
Basic Net Income per Share:
Net income attributed to Landauer, Inc.	$	3,547	$	4,514	$	7,924	$	8,335
Less:  Income allocated to unvested restricted stock		18		46		47		91
Net income available to common stockholders	$	3,529	$	4,468	$	7,877	$	8,244
Basic weighted average shares outstanding		9,493		9,460		9,464		9,441
Net income per share - Basic	$	0.37	$	0.47	$	0.83	$	0.87
Diluted Net Income per Share:
Net income attributed to Landauer, Inc.	$	3,547	$	4,514	$	7,924	$	8,335
Less:   Income allocated to unvested restricted stock		18		46		47		91
Net income available to common stockholders	$	3,529	$	4,468	$	7,877	$	8,244
Basic weighted average shares outstanding		9,493		9,460		9,464		9,441
Effect of dilutive securities		27		41		28		44
Diluted weighted averages shares outstanding		9,520		9,501		9,492		9,485
Net income per share - Diluted	$	0.37	$	0.47	$	0.83	$	0.87
Dividends paid per share	$	0.275	$	0.55	$	0.825	$	1.10

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Fair Value Measurements

6 Months Ended

Mar. 31, 2015

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 March 31, 2015 Using
(Dollars in Thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset Category
Cash equivalents	$	115	$	-	$	-
Mutual funds		3,616		-		-
Available-for-sale securities		-		1,524		-
Total financial assets at fair value	$	3,731	$	1,524	$	-
	Fair Value Measurements at September 30, 2014 Using
(Dollars in Thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (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 March 31, 2015 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 $774 as of March 31, 2015 and is reported in other accrued expenses and other non-current liabilities at $131 and $643, respectively.  The contingent consideration liability is classified as Level 3.

There were no transfers between fair value hierarchy levels during the period.

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Goodwill And Intangible Assets (Tables)

6 Months Ended

Mar. 31, 2015

Goodwill And Intangible Assets [Abstract]

Changes In The Carrying Amount Of Goodwill, By Reportable Segment

(Dollars in Thousands)	Radiation Measurement		Medical Physics		Medical Products		Total
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		(2,548)		-		(238)		(2,786)
Balance as of March 31, 2015
Goodwill	$	16,413	$	22,611	$	65,476	$	104,500
Accumulated impairment losses		-		-		(64,068)		(64,068)
Balance as of March 31, 2015	$	16,413	$	22,611	$	1,408	$	40,432

Other Intangible Assets

	March 31, 2015
(Dollars in Thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Accumulated Intangibles Impairment Charge
Customer lists	$	42,942	$	32,833	$	10,109	$	18,657
Trademarks and tradenames		2,181		2,051		130		1,498
Licenses and patents		5,293		2,183		3,110		665
Other intangibles		577		557		20		-
Intangible assets	$	50,993	$	37,624	$	13,369	$	20,820

	September 30, 2014
(Dollars in Thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Accumulated Intangibles Impairment Charge
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

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Basis Of Presentation And Consolidation (Tables)

6 Months Ended

Mar. 31, 2014

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 and six months ended March 31, 2014:

(Dollars in Thousands, Except per Share Amounts)	Three Months Ended March 31, 2014 (Unaudited)				Six Months Ended March 31, 2014 (Unaudited)
	Net Income (Loss)		Diluted Net Income (Loss) Per Share		Net Income (Loss)		Diluted Net Income (Loss) Per Share
As previously reported	$	4,997	$	0.52	$	8,048	$	0.84
Revenue and accounts receivable		(500)				(248)
Dosimetry devices		13				25
Long-term investments		(25)				54
Sales taxes		(16)				(32)
Intangible assets		-				150
Equity in joint ventures		-				708
Total adjustments		(528)		(0.05)		657		0.07
Income tax expense (benefit)		(41)		-		362		0.04
Less amounts attributed to noncontrolling interest		(4)		-		8		-
Net impact of adjustments		(483)		(0.05)		287		0.03
As restated	$	4,514	$	0.47	$	8,335	$	0.87

The effect of the restatement on the previously issued Consolidated Statement of Operations for the three and six months ended March 31, 2014 is as follows:

	Three Months Ended March 31, 2014 (Unaudited)				Six Months Ended March 31, 2014 (Unaudited)
(Dollars in Thousands, Except per Share)	Previously Reported		As Restated		Previously Reported		As Restated
Service revenues	$	32,983	$	32,870	$	64,877	$	64,615
Product revenues		6,571		6,184		12,382		12,586
Net revenues		39,554		39,054		77,259		77,201
Costs and expenses:
Service costs		15,195		15,155		30,244		30,165
Product costs		3,150		3,177		6,308		6,552
Total cost of sales		18,345		18,332		36,552		36,717
Gross profit		21,209		20,722		40,707		40,484
Selling, general, and administrative		13,735		13,750		28,097		27,976
Acquisition, reorganization and nonrecurring costs		109		109		220		220
Operating income		7,365		6,863		12,390		12,288
Equity in income of joint ventures		535		535		1,108		1,816
Interest expense, net		(975)		(1,014)		(1,867)		(1,951)
Other income (expense), net		(8)		5		29		164
Income before taxes		6,917		6,389		11,660		12,317
Income tax (benefit) expense		1,954		1,913		3,450		3,812
Net income		4,963		4,476		8,210		8,505
Less:  Net income attributed to noncontrolling interest		(34)		(38)		162		170
Net income attributed to Landauer, Inc.		4,997		4,514		8,048		8,335
Net income per share attributed to Landauer, Inc. shareholders:
Basic		0.52		0.47		0.84		0.87
Weighted average basic shares outstanding		9,460		9,460		9,441		9,441
Diluted		0.52		0.47		0.84		0.87
Weighted average diluted shares outstanding		9,501		9,501		9,485		9,485

The effect of the restatement on the previously issued Consolidated Statement of Cash Flows for the six months ended March 31, 2014 is as follows:

	Six Months Ended March 31, 2014 (Unaudited) (a)
(Dollars in Thousands)	Previously Reported		As Restated
Cash flows provided from operating activities:
Net income		8,210		8,505
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		7,662		7,487
Gain on investments		(203)		(338)
Equity in income of joint ventures		(1,108)		(1,816)
Dividends from joint ventures		1,340		1,340
Stock-based compensation and related net tax benefits		453		453
Current and long-term deferred taxes, net		791		847
Changes in operating assets and liabilities:
Decrease in accounts receivable, net		3,119		3,205
Decrease in prepaid taxes		721		1,027
Decrease in other operating assets, net		571		761
Decrease in accounts payable and other accrued liabilities		(2,025)		(2,021)
Increase in other operating liabilities, net		430		430
Net cash provided by operating activities		19,961		19,880
Cash flows used by investing activities:
Acquisition of property, plant & equipment		(2,415)		(2,415)
Acquisition of joint ventures and businesses, net of cash acquired		(1,800)		(1,800)
Other investing activities, net		(637)		(114)
Net cash used by investing activities		(4,852)		(4,329)
Cash flows (used) provided by financing activities:
Net borrowings on revolving credit facility		(43)		(43)
Long–term borrowings - loan		20,000		20,000
Long–term borrowings - repayment		(24,500)		(24,500)
Dividends paid to stockholders		(10,520)		(10,520)
Other financing activities, net		(347)		(347)
Net cash used by financing activities		(15,410)		(15,410)
Effects of foreign currency translation		108		109
Net (decrease) increase in cash and cash equivalents		(193)		250
Opening balance – cash and cash equivalents		11,184		8,672
Ending balance – cash and cash equivalents		10,991		8,922

^(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.

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Accumulated Other Comprehensive Loss

6 Months Ended

Mar. 31, 2015

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 six months ended March 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		(3,698)		101		-		(3,597)
Amounts reclassified from accumulated other comprehensive income		-		(99)		91		(8)
Net current period other comprehensive income		(3,698)		2		91		(3,605)
Balance at March 31, 2015	$	(6,191)	$	168	$	(7,730)	$	(13,753)

(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		153		81		-		234
Amounts reclassified from accumulated other comprehensive income		-		(135)		91		(44)
Net current period other comprehensive income		153		(54)		91		190
Balance at March 31, 2014 (As Restated)	$	(230)	$	78	$	(4,066)	$	(4,218)

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 March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014 (As Restated)		2015		2014 (As Restated)
Amortization of net loss	$	72	$	46		144		91
Total before tax		72		46		144		91
Provision for income taxes		53		-		53		-
Total net of tax	$	19	$	46	$	91	$	91

(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 March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014 (As Restated)		2015		2014 (As Restated)
Realized gains on available-for-sale securities into earnings (1)	$	(7)	$	(13)	$	(99)	$	(135)
Total before tax		(7)		(13)		(99)		(135)
Provision for income taxes (2)		-		-		-		-
Total net of tax	$	(7)	$	(13)	$	(99)	$	(135)

(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

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Employee Benefit Plans

6 Months Ended

Mar. 31, 2015

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 March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014		2015		2014
Interest cost	$	364	$	375	$	728	$	750
Expected return on plan assets		(396)		(377)		(792)		(754)
Amortization of net loss		84		49		168		97
Net periodic benefit cost	$	52	$	47	$	104	$	93
Other Benefits	Three Months Ended March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014		2015		2014
Service cost	$	12	$	16	$	25	$	31
Interest cost		8		12		16		25
Amortization of net gain		(12)		(3)		(24)		(6)
Net periodic benefit cost	$	8	$	25	$	17	$	50

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 March 31, 2015 and 2014 were $442 and $401, respectively.  Amounts expensed during the six months ended March 31, 2015 and 2014 were $849 and $859, respectively. 

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Goodwill And Intangible Assets

6 Months Ended

Mar. 31, 2015

Goodwill And Intangible Assets [Abstract]

Goodwill And Intangible Assets

(6)Goodwill and Intangible Assets

Changes in the carrying amount of goodwill by reportable segment for the six months ended March 31, 2015 were as follows:

(Dollars in Thousands)	Radiation Measurement		Medical Physics		Medical Products		Total
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		(2,548)		-		(238)		(2,786)
Balance as of March 31, 2015
Goodwill	$	16,413	$	22,611	$	65,476	$	104,500
Accumulated impairment losses		-		-		(64,068)		(64,068)
Balance as of March 31, 2015	$	16,413	$	22,611	$	1,408	$	40,432

Intangible assets consisted of the following: 

	March 31, 2015
(Dollars in Thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Accumulated Intangibles Impairment Charge
Customer lists	$	42,942	$	32,833	$	10,109	$	18,657
Trademarks and tradenames		2,181		2,051		130		1,498
Licenses and patents		5,293		2,183		3,110		665
Other intangibles		577		557		20		-
Intangible assets	$	50,993	$	37,624	$	13,369	$	20,820

	September 30, 2014
(Dollars in Thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Accumulated Intangibles Impairment Charge
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 $558 and $1,121 for the three and six months ended March 31, 2015 and $1,037 and $2,222 for the three and six months ended March 31, 2014.

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Income Taxes

6 Months Ended

Mar. 31, 2015

Income Taxes [Abstract]

Income Taxes

(8)Income Taxes

The effective tax rates for the three months ended March 31, 2015 and 2014 were 24.3% and 29.9%, respectively. The decrease in the effective tax rate was due primarily to the mix of earnings between jurisdictions with differing tax rates.  The effective tax rates for the six months ended March 31, of 2015 and 2014 were 25.4% and 31.0%, 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 and the mix of earnings between jurisdictions with differing tax rates.  The Company believes it is reasonably possible that $946 of unrecognized tax benefits will be realized in the coming year.

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Employee Benefit Plans (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Employee Benefit Plans [Abstract]
Employer contribution for defined contribution plans	$ 442	$ 401	$ 849	$ 859

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Income Per Common Share (Tables)

6 Months Ended

Mar. 31, 2015

Income Per Common Share [Abstract]

Computation Of Net Income (Loss) Per Share

	Three Months Ended March 31,				Six Months Ended March 31,
(Dollars in Thousands, Except per Share)	2015		2014 (As Restated)		2015		2014 (As Restated)
Basic Net Income per Share:
Net income attributed to Landauer, Inc.	$	3,547	$	4,514	$	7,924	$	8,335
Less:  Income allocated to unvested restricted stock		18		46		47		91
Net income available to common stockholders	$	3,529	$	4,468	$	7,877	$	8,244
Basic weighted average shares outstanding		9,493		9,460		9,464		9,441
Net income per share - Basic	$	0.37	$	0.47	$	0.83	$	0.87
Diluted Net Income per Share:
Net income attributed to Landauer, Inc.	$	3,547	$	4,514	$	7,924	$	8,335
Less:   Income allocated to unvested restricted stock		18		46		47		91
Net income available to common stockholders	$	3,529	$	4,468	$	7,877	$	8,244
Basic weighted average shares outstanding		9,493		9,460		9,464		9,441
Effect of dilutive securities		27		41		28		44
Diluted weighted averages shares outstanding		9,520		9,501		9,492		9,485
Net income per share - Diluted	$	0.37	$	0.47	$	0.83	$	0.87
Dividends paid per share	$	0.275	$	0.55	$	0.825	$	1.10

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Related Party Transactions (Tables)

6 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

Schedule Of Related Party Transactions

	Three Months Ended March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014		2015		2014
Sales to Aquila	$	1,870	$	965	$	3,673	$	3,041
Purchases from Aquila		23		253		31		253

(Dollars in Thousands)	March 31, 2015		September 30, 2014
Amounts in accounts receivable	$	1,905	$	3,799
Amounts in accounts payable		147		227

	Three Months Ended March 31,				Six Months Ended March 31,
(Dollars in Thousands)	2015		2014		2015		2014
Sales to Nagase	$	109	$	315	$	755	$	720
Purchases from Nagase		196		319		462		801

(Dollars in Thousands)	March 31, 2015		September 30, 2014
Amounts in accounts receivable	$	35	$	27
Amounts in accounts payable		-		60

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Income Taxes (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Income Taxes [Abstract]
Effective tax rate	24.30%	29.90%	25.40%	31.00%
Unrecognized tax benefits expected to reverse within the next 12 months	$ 946		$ 946

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Consolidated Statements Of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended			6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014		Mar. 31, 2015	Mar. 31, 2014
Net income	$ 3,681	$ 4,476	[1]	$ 8,206	$ 8,505	[1],[2]
Other comprehensive income:
Defined benefit pension and postretirement plans activity, net of taxes	19	46	[1]	91	91	[1]
Unrealized gains (losses) on available-for-sale securities, net of taxes	37	25	[1]	2	(54)	[1]
Foreign currency translation adjustment , net of taxes	(2,026)	428	[1]	(3,896)	104	[1]
Comprehensive income	1,711	4,975	[1]	4,403	8,646	[1]
Landauer, Inc. [Member]
Net income	3,547	4,514	[1]	7,924	8,335	[1]
Other comprehensive income:
Defined benefit pension and postretirement plans activity, net of taxes	19	46	[1]	91	91	[1]
Unrealized gains (losses) on available-for-sale securities, net of taxes	37	25	[1]	2	(54)	[1]
Foreign currency translation adjustment , net of taxes	(1,927)	409	[1]	(3,698)	153	[1]
Comprehensive income	1,676	4,994	[1]	4,319	8,525	[1]
Non-Controlling Interest [Member]
Net income	134	(38)	[1]	282	170	[1]
Other comprehensive income:
Foreign currency translation adjustment , net of taxes	(99)	19	[1]	(198)	(49)	[1]
Comprehensive income	$ 35	$ (19)	[1]	$ 84	$ 121	[1]

[1] As Restated

[2] 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.

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Recent Accounting Pronouncements

6 Months Ended

Mar. 31, 2015

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.  In April 2015, the FASB proposed a one year deferral of the effective date of the new revenue standard for the new revenue standard.  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.

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Basis Of Presentation And Consolidation (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended		9 Months Ended	12 Months Ended	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2014	Sep. 30, 2014	Dec. 31, 2014	Jun. 30, 2014
Aquila [Member]
Sales to related party	$ 1,870	$ 965	$ 3,673	$ 3,041
Aquila [Member] | Adjustment [Member]
Sales to related party		284		2,360	2,360	215
Nagase-Landauer, Ltd. [Member]
Sales to related party	109	315	755	720
Nagase-Landauer, Ltd. [Member] | Adjustment [Member]
Sales to related party		$ 31		$ 99	$ 179	$ 271	$ 616	$ 80

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Goodwill And Intangible Assets (Other Intangible Assets) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended	12 Months Ended
	Mar. 31, 2015	Sep. 30, 2014
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 50,993	$ 51,656
Accumulated Amortization	37,624	37,579
Net Carrying Amount	13,369	14,077
Accumulated Intangibles Impairment Charge	20,820	20,820
Customer Lists [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	42,942	44,138
Accumulated Amortization	32,833	32,934
Net Carrying Amount	10,109	11,204
Accumulated Intangibles Impairment Charge	18,657	18,657
Trademarks And Tradenames [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,181	2,176
Accumulated Amortization	2,051	2,051
Net Carrying Amount	130	125
Accumulated Intangibles Impairment Charge	1,498	1,498
Licenses And Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,293	4,765
Accumulated Amortization	2,183	2,037
Net Carrying Amount	3,110	2,728
Accumulated 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

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Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2015

Fair Value Measurements [Abstract]

Financial Assets Measured At Fair Value On A Recurring Basis

	Fair Value Measurements at March 31, 2015 Using
(Dollars in Thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset Category
Cash equivalents	$	115	$	-	$	-
Mutual funds		3,616		-		-
Available-for-sale securities		-		1,524		-
Total financial assets at fair value	$	3,731	$	1,524	$	-
	Fair Value Measurements at September 30, 2014 Using
(Dollars in Thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (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	$	-