SECURITIES AND EXCHANGE COMMISSION                     FORM 10-K
          WASHINGTON, DC 20549

          ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d)
          OF THE SECURITIES EXCHANGE ACT OF 1934

          For the fiscal year ended September 30, 1995

          Commission File Number 1-9788

          LANDAUER, INC.
          (Exact name of registrant as specified in its charter)


                DELAWARE                            06-1218089
          (State or other jurisdiction            (I.R.S. Employer 
           of incorporation or                 Identification Number)
           organization)


          2 SCIENCE ROAD, GLENWOOD, ILLINOIS 60425
          (Address of principal executive offices and zip code)

          Registrant's telephone number, including area code:
          (708) 755-7000

          Securities registered pursuant to Section 12(b) of the Act:

          COMMON STOCK WITH PAR VALUE OF $.10     AMERICAN STOCK EXCHANGE
          (Title of each class)    (Name    of     exchange    on     which
                         registered)

            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 if  disclosure  of  delinquent filers
          pursuant to Item  405 of Regulation S-K is  not contained herein,
          and will not be contained, to the best of registrant's knowledge,
          in  definitive proxy  or information  statements incorporated  by
          reference in Part III of this Form  10-K or any amendment to this
          Form 10-K.  [X]

            As  of  December   12,  1995,  8,477,285  common   shares  were
          outstanding, and  the aggregate market value of the common shares
          (based upon  the closing  price on  the American  Stock Exchange)
          held by non-affiliates was approximately $158,000,000.

            Certain portions of the registrant's definitive Proxy Statement
          in  connection  with the  February  7,  1996  Annual  meeting  of
          Stockholders  (the   "Proxy  Statement")   are  incorporated   by
          reference into Part III of this Annual Report on Form 10-K.

          INDEX

          Item                                                        Page

          PART I







            1.   Business
                    General Description                                   6
                    Marketing and Sales                                   6
                    Patents                                               6
                    Raw Materials                                         6
                    Competition                                           6
                    Research and Development                              7
                    Environmental Regulations                             7
                    Employees and Labor Relations                         7
            2.   Properties                                               7
            3.   Legal Proceedings                                        7
            4.   Submission of Matters to a Vote of Security Holders      7
            4A.  Executive Officers of the Registrant                     7

            PART II

            5.   Market for Registrant's Common Stock
                 and Related Stockholder Matters                          8
            6.   Selected Financial Data                                  8
            7.   Management's Discussion and Analysis of
                 Financial Condition and Results of Operations            8
            8.   Financial Statements and Supplementary Data
                    Consolidated Balance Sheets                          10
                    Consolidated Statements of Income                    11
                    Consolidated Statements of Stockholders' Investment  11
                    Consolidated Statements of Cash Flows                12
                    Notes to Financial Statements                        13
                    Report of Independent Public Accountants             17
            9.   Changes in and Disagreements With Accountants
                 on Accounting and Financial Disclosure                  17

            PART III

            10.  Directors and Executive Officers of the Registrant      17
            11.  Executive Compensation                                  17
            12.  Security Ownership of Certain Beneficial
                 Owners and Management                                   17
            13.  Certain Relationships and Related Transactions          17

            PART IV

            14.  Exhibits, Financial Statement Schedules, and
                 Reports on Form 8-K                                     18
                    Financial Statements                                 18
                    Financial Statement Schedules                        18
                    List of Exhibits                                     18
                    Reports on Form 8-K                                  18
                    Signatures of Registrant and Directors               19

          PART I

          ITEM 1.     BUSINESS

          GENERAL DESCRIPTION
          GENERAL DESCRIPTION

             Landauer, Inc. is a Delaware  corporation organized on December
          22, 1987 to carry on the radiation monitoring business previously
          carried on  by Tech/Ops, Inc.  (Tech/Ops).  On February  6, 1991,
          the  Company  changed its  name from  Tech/Ops Landauer,  Inc. to
          Landauer, Inc.
             The Company offers a service  for measuring, primarily  through







          film and thermoluminescent  badges worn by client  personnel, the
          dosages  of x-ray, gamma radiation and other penetrating ionizing
          radiations to which  the wearer has been exposed.   While most of
          the  Company s revenues are domestic, these services are marketed
          in the United Kingdom and Canada.
             Landauer's  operations also  include  a service  for  detecting
          radon gas.  Landauer also offers personnel dosimetry services for
          monitoring nitrous  oxide anesthetic  gases.   At present,  these
          services make up a small part of revenues.
             Landauer's   wholly-owned  subsidiary,  HomeBuyer's  Preferred,
          Inc., offers a  radon protection service agreement  to purchasers
          of  personal residences.   The  service is targeted  to corporate
          employee relocation programs which  have generally regarded radon
          as a serious environmental hazard.
             Landauer's  activities also  include the  operations of  a 50%-
          owned subsidiary  in Japan  involved in  radiation monitoring  in
          that country.
             The  Company's  shares  are  listed   on  the  American   Stock
          Exchange.  As of September  30, 1995, there were 8,477,285 shares
          outstanding.
             As  used  herein,  the  "Company"   or  "Landauer"  refers   to
          Landauer, Inc. and its wholly-owned subsidiary.

          MARKETING AND SALES

             Landauer's  personnel dosimetry services are marketed primarily
          by full-time  Company personnel located in  Illinois, California,
          New Jersey, South Carolina, Texas, West Virginia,  and the United
          Kingdom.   U.S. sales  personnel  also market  these services  in
          Canada.   Other  concerns,  market the  Company's  services on  a
          commission basis.
             The Company  has more than  40,000 customers  representing over
          800,000  individuals who  use  the Company's  services.   No  one
          customer  represents  as   much  as  one  percent   of  revenues.
          Typically,  a  client will  contract  for  a  year's  service  in
          advance,  representing  twelve  monthly  badges,  readings,   and
          reports.  Sales are made  principally on a subscription basis and
          deferred income as shown on the balance sheet represents  backlog
          data.   At  September  30,  1995 and  1994,  deferred income  was
          $7,599,000 and $6,602,000, respectively.
             Radon   gas   detection  kits   are   marketed   primarily   to
          institutional  customers and  to  retail customers  through  some
          major  retail  chains  and   wholesale  distributors  to  smaller
          retailers.
             The  HomeBuyer's  Preferred   Radon  Protection   Plan  service
          agreement  is  marketed  to  companies  and  to  their  corporate
          relocation service  providers for  the benefit  of purchasers  of
          residences incident to transfers of personnel.

          PATENTS

             The  Company  holds  exclusive world-wide  licenses  to  patent
          rights for  certain technologies which measure radiation exposure
          to  crystalline  materials  when stimulated  with  light.   These
          licenses  were acquired  by the  Company  from Battelle  Memorial
          Institute in 1994 as part of a  collaborative effort to develop a
          new generation of radiation dosimetry technology.
             Additionally, the  Company holds  certain  patent rights  which
          relate to various designs of alpha-track radon detection devices.
          These patents expire from the years 2000 through 2010.
             The Company believes that its  business is primarily  dependent







          upon  the   Company's  technical  competence,  the   quality  and
          reliability  of its  services,  and  its  prompt  and  responsive
          performance.   However, patent protection plays an important role
          in  differentiating the  Company  from  its  competitors  through
          technological leadership.
             Rights to  inventions of  employees  working  for Landauer  are
          assigned to the Company.

          RAW MATERIALS

             The Company  has many  sources for  most of  its materials  and
          supplies, such  as chemicals,  and believes  that  the number  of
          sources  and  availability  of  items  are  adequate.    Landauer
          internally  produces certain of its requirements, such as plastic
          film   badge  holders.    The  Company   purchases  most  of  its
          photographic  film from a single supplier.   While it has not yet
          identified  a  second   source  for  its  film,  the  Company  is
          continuing its  efforts to  identify alternate  suppliers and  to
          develop alternative technologies.

          COMPETITION

             The Company  believes that  it is  the largest  company in  the
          field  of personnel radiation monitoring.   There are three major
          competitors as well  as a number of small  companies that operate
          in limited markets. 
             With the exception  of Japan and the United Kingdom,  radiation
          monitoring  activities  in  most  major  foreign  countries   are
          generally conducted  by government agencies.  In  early 1995, the
          Company began offering radiation monitoring services to customers
          in Canada following approval of the Company's devices by Canadian
          authorities.     In   the   United   States,   major   government
          installations, such  as  Oak Ridge  National  Laboratories,  have
          their own in-house radiation  monitoring services.  Additionally,
          many large private  nuclear power plants also have  their own in-
          house  radiation monitoring  services.    As  stated  above,  the
          Company  competes on  the  basis  of  technical  competence,  the
          quality  and  reliability of  its  services, and  its  prompt and
          responsive performance.
             Radon  gas  detection  services  represent  a  market  in which
          Landauer has many  large and small competitors, many  of whom use
          short-term charcoal  detectors rather than  the Company's  alpha-
          track detectors.   Charcoal  radon detection  technology measures
          gamma radiation  (the radioactive  decay products  of radon  gas)
          which has been adsorbed in charcoal after a period of from two to
          five days.    Alpha-track technology  measures  the damage  to  a
          specially formulated  plastic  chip caused  by radioactive  decay
          products of radon gas over periods of from two weeks to one year.
          In recent  years, the  major source of  revenue for the radon gas
          detection  market has been  in institutional sales  to government
          agencies.     Competition  occurs   based   on  the   alternative
          technologies available and is usually subject to a bid process.
             While Landauer believes that  it has a strong position in  this
          field,  the demand  for  radon gas  detection  services has  been
          declining  in  recent  years.    This  trend  has  resulted  from
          significantly diminished consumer concern about radon as a health
          hazard  and reduced  funding  for  radon  testing  in  government
          facilities.  The  Company believes that a reversal  of this trend
          is beyond  its control and  that these services will  represent a
          smaller portion of its activities in the future. 
             The HomeBuyer's  Preferred Radon  Protection Plan represents  a







          new product in a market  where other, more traditional methods of
          detection   and  remediation  of  radon  gas  hazards  have  been
          employed.    Competition   has  emerged  from  existing   service
          providers as well as from start-up firms.  

          RESEARCH AND DEVELOPMENT

             The  Company's technological  expertise has  been an  important
          factor  in its  growth.   The Company  regularly pursues  product
          improvements to maintain its technical position.  The development
          of  optically-stimulated luminescence  dosimetry, announced  last
          year, was funded by the  Company in its collaborative effort with
          Battelle Memorial Institute to commercialize a new technology for
          radiation  dosimetry.    The  Company  plans  to  introduce  this
          technology to a small group of customers during 1996.
             The Company  also participates  regularly in  several technical
          professional societies, both domestic and international, that are
          active in the  fields of health physics,  radiation detection and
          monitoring.

          ENVIRONMENTAL REGULATIONS

             The  Company believes that  it complies with federal, state and
          local  provisions which have  been enacted or  adopted regulating
          the  discharge of  materials into  the  environment or  otherwise
          protecting the environment.  This  compliance has not had, nor is
          it  expected   to  have,  a   material  effect  on   the  capital
          expenditures, earnings, or competitive position of Landauer.

          EMPLOYEES AND LABOR RELATIONS

             As of  September 30, 1995,  the Company  employed approximately
          260  full-time employees.   Landauer believes its  relations with
          its employees are good.

          ITEM 2.     PROPERTIES

             Landauer  owns three  buildings totalling  approximately 60,000
          square  feet  in  Glenwood, Illinois,  about  30  miles  south of
          Chicago.    The  properties and equipment  of the  Company are in
          good condition and,  in the opinion  of management, are  suitable
          and adequate for the Company's operations.

          ITEM 3.     LEGAL PROCEEDINGS

             Landauer   is  involved  in  various   legal  proceedings,  but
          believes that  these matters will be resolved  without a material
          effect on its financial position.

          ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

             None.

          ITEM 4A.    EXECUTIVE OFFICERS OF THE REGISTRANT

             The executive officers of the Company are as follows:

          Name of Officer       Age               Position    
          _______________       ___               ________

          Thomas M. Fulton    62         President and Chief Executive
                                         Officer







          James M. O'Connell  48         Vice President, Finance,
                                         Treasurer, Secretary, and Chief
                                         Financial Officer

          Brent A. Latta      52         Vice President - Marketing

          R. Craig Yoder      42         Vice President - Operations

             Mr. Fulton had for ten years been the General Manager of the
          R. S. Landauer Jr. & Company division of Tech/Ops, Inc., the
          former parent of Landauer, and was elected to his current
          positions at the inception of the Company on December 22, 1987. 
          Mr. O'Connell, Mr. Latta, and Dr. Yoder were elected to their
          positions on November 7, 1990, November 15, 1988, and February 2,
          1994, respectively.  Mr. O'Connell, prior to joining the Company
          in September 1990, was, for two years, Vice President and Chief
          Financial Officer of Darome, Inc., a telecommunications service
          and equipment manufacturing company.  Mr. Latta, who joined the
          Company in June, 1987, had for more than five years previously
          been Vice President, Marketing of Sherwood Medical Company, a
          manufacturer and distributor of medical products.  Dr. Yoder was
          elected to his position after serving as the Company's Technology
          Manager since 1983.  Prior to this he was a member of the senior
          technical staff at Pennsylvania Power and Light, and at Battelle
          Pacific Northwest Laboratory.
             There are no family relationships between any director or
          executive officer and any other director or executive officer of
          the Company.

          PART II

          ITEM 5.     MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED
          STOCKHOLDER MATTERS

             The  Company's Common  Stock has  been traded  on  the American
          Stock  Exchange since 1988.   A summary  of market prices  of the
          Company's Common Stock  is set forth in  the table on page  20 of
          this Annual Report  on Form  10-K.  At  December 12, 1995,  there
          were approximately 600 shareholders of record.
             The  Company has  paid regular  quarterly cash  dividends since
          January, 1990.  The Company  has also paid special cash dividends
          in 1990 and 1992.  A summary of cash dividends paid for  the last
          two years  is set forth in  the table on  page 20 of  this Annual
          Report on Form 10-K.

          ITEM 6.     SELECTED FINANCIAL DATA.

             A summary of selected financial data for  the last six years is
          set  forth in  the inside  front  cover of  the Company's  Annual
          Report  to Stockholders accompanying  this Annual Report  on Form
          10-K.

          ITEM 7.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
          CONDITION AND RESULTS OF OPERATIONS

          RESULTS OF OPERATIONS:

          FISCAL 1995 COMPARED TO FISCAL 1994

             Net revenues for  fiscal 1995 were  $34,032,000, an increase of
          $2,379,000, or  7.5%, over fiscal  1994.  The growth  in revenues







          primarily  resulted  from  increased  unit  sales  for  personnel
          dosimetry   services,  which  accounted  for  more  than  95%  of
          revenues, as well  as higher pricing for those  services.  Radon-
          related services increased slightly compared with fiscal 1994. 
             Cost of  sales as  a percentage  of net  revenues decreased  to
          29.1%  in fiscal  1995  compared  with 29.4%  a  year  ago.   The
          decrease in costs was primarily attributable to overhead costs.
             Selling, general  and administrative expenses  for fiscal  1995
          increased $437,000,  or 4.8%,  compared with fiscal  1994.   As a
          percentage of net revenues, such  expenses decreased to 27.8%  in
          fiscal 1995 from 28.5% a year ago.
             Other  income for  fiscal  1995  increased  to $1,381,000  from
          $913,000 in  fiscal 1994.   Higher interest  and income  from the
          Company's Japanese venture contributed to most of the increase.
             Income tax  expense for  fiscal  1995  was $5,985,000  compared
          with $5,334,000  in fiscal 1994.   The fiscal 1995  effective tax
          rate was 37.3% compared with 37.5% for fiscal 1994.  
             As a result,  net income for fiscal 1995 increased  $1,158,000,
          or 13%, to $10,061,000.  Income per share increased from $1.05 in
          fiscal 1994 to $1.19 in fiscal 1995.

          FISCAL 1994 COMPARED TO FISCAL 1993

             Net revenues for  fiscal 1994 were  $31,653,000, an increase of
          $2,247,000, or  7.6%, over fiscal  1993.  The growth  in revenues
          resulted  from  increased  unit  sales  for  personnel  dosimetry
          services, which accounted for more  than 95% of revenues, as well
          as  higher  pricing  for  those services.    Radon  gas detection
          services declined compared with fiscal 1993. 
             Cost of  sales as  a percentage  of net  revenues decreased  to
          29.4% in  fiscal  1994  compared with  29.8%  a year  ago.    The
          decrease  in costs  was primarily  attributable  to lower  direct
          labor costs.
             Selling, general  and administrative expenses  for fiscal  1994
          increased $462,000,  or 5.4%,  compared with fiscal  1993.   As a
          percentage of net  revenues, such expenses decreased  to 28.5% in
          fiscal 1994 from 29.1% a year ago.
             Other  income  for  fiscal  1994  increased  to  $913,000  from
          $752,000 in  fiscal 1993.   Higher interest  and income  from the
          Company's Japanese venture contributed to most of the increase.
             Income tax  expense for  fiscal  1994  was $5,334,000  compared
          with $4,796,000  in fiscal 1993.   The fiscal 1994  effective tax
          rate was 37.5% compared with 37.4% for fiscal 1993.  
             As a result, net income for fiscal 1994 increased $880,000,  or
          11.0%, to  $8,903,000 in 1994.   Income per share  increased from
          $.95 in fiscal 1993 to $1.05 in fiscal 1994.

          FOURTH QUARTER RESULTS OF OPERATIONS

             Revenues   in  the   fourth  quarter   of  fiscal   1995  were
          $8,779,000,  or 10% higher than $7,958,000  reported for the same
          period in fiscal 1994.  The increase is primarily attributable to
          personnel  dosimetry revenues.   Net  income for  the  quarter of
          $2,679,000  represented a  15% increase  compared  with the  same
          period in 1994.  Income per share for the fourth quarters of 1995
          and 1994 was $.32 and $.27, respectively.
             Revenues   in  the   fourth  quarter   of  fiscal   1994  were
          $7,958,000, or 7.8% higher than  $7,382,000 reported for the same
          period in fiscal 1993.  The increase is attributable to personnel
          dosimetry  revenues offsetting  continued declines  in  radon gas
          detection revenues.   Net  income for the  quarter of  $2,329,000







          represented  a 16.6% increase  compared with  the same  period in
          1993.  Income per share for the  fourth quarters of 1994 and 1993
          was $.27 and $.24, respectively.

          LIQUIDITY AND CAPITAL RESOURCES

             Landauer's cash  flows,  as shown  in  the statement  of  cash
          flows, can differ significantly from year to year as a  result of
          the Company's investment  and financing activities.   Investments
          in short-term instruments with a  maturity of greater than  three
          months are classified  separately from cash and  cash equivalents
          in current assets and investments with maturities of greater than
          one year are classified as non-current assets.
             Investing activities relating  to acquisitions of U.S. treasury
          securities amounted  to $1,337,000 and  $2,409,000, respectively,
          in  fiscal  1995 and  1994.    Investing  activities relating  to
          acquisition  of  property,   plant  and  equipment  amounted   to
          $2,062,000  and $1,534,000 respectively, in fiscal 1995 and 1994.
          The Company's  financing activities  are limited  to payments  of
          regular and special  cash dividends, offset  by small amounts  of
          foreign dividends received.
             The Company  has no significant  long-term liabilities  and its
          requirement  for cash  flow to  support  investing activities  is
          generally  limited.   Capital expenditures  for  fiscal 1996  are
          expected to amount to $2,500,000, principally for equipment.  The
          Company anticipates  that  funds for  these capital  improvements
          will be provided from operations.
             The  Company  presently   maintains  no  external   sources  of
          liquidity,  and,  in  the opinion  of  management,  resources are
          adequate  for projected operations and capital spending programs,
          as well as continuation of the regular cash dividend program.
             Landauer requires limited  working capital  for its  operations
          since many of  its customers pay for annual  services in advance.
          Such  advance  payments  amounted to  $7,599,000  and  $6,602,000
          respectively, as of September 30, 1995 and 1994, and are included
          in deferred contract revenue.  While these amounts represent more
          than one-half of  current liabilities, such amounts  generally do
          not represent a cash requirement.
             Landauer  offers radiation  monitoring services  in  the United
          Kingdom and Canada.  The Company's operations in these markets do
          not depend on significant capital resources.

          INFLATION

             From time to time the Company tries to reflect the
          inflationary impact of materials, labor and other operating costs
          and expenses in its prices.  The market for the services which
          the Company offers, however, is highly competitive, and in some
          cases has limited the ability of the Company to offset any
          inflationary cost increases.


















          ITEM 8.     CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY
          DATA

                             CONSOLIDATED BALANCE SHEETS
                            LANDAUER, INC. AND SUBSIDIARY

   <TABLE>
   <CAPTION>
                                          (dollars in thousands)
   As of September 30,                                    Notes     1995       1994
   <S>                                                     <C>       <C>        <C>
   ASSETS
   Current assets:
      Cash and cash equivalents                             1   $  1,915   $  2,178
      Short-term investments                                1      6,456      3,976
      Receivables, net of allowances for doubtful accounts
        of $151,000 in 1995 and $138,000 in 1994                   6,972      6,253
      Inventories                                           1        955        799
      Prepaid expenses                                               280         78
      Deferred taxes on income                              3        746        824
   Total current assets                                           17,324     14,108
   --------------------------------------------------------------------------------
   Property, plant and equipment, at cost:                  1
      Land and improvements                                          567        547
      Buildings and improvements                                   3,187      3,228
      Equipment                                                   13,104     11,160
                                                                  16,858     14,935
        Less: accumulated depreciation and amortization            9,104      7,856
   Net property, plant and equipment                               7,754      7,079
   --------------------------------------------------------------------------------
   Investment in U.S. Treasury Securities                   1      3,978      5,121
   Cost of purchased businesses in excess of 
     net assets acquired                                    1      2,946      3,113
   Equity in joint venture                                  2      4,104      3,688
   Other assets                                                    2,643      2,531
   TOTAL ASSETS                                                 $ 38,749   $ 35,640
   ================================================================================
   LIABILITIES AND STOCKHOLDERS' INVESTMENT
   Current liabilities:
      Accounts payable                                          $    638   $    218
      Dividends payable                                            2,119      1,865
      Deferred contract revenue                             1      7,599      6,602
      Accrued compensation and related costs                       1,098        880
      Accrued pension costs                                 5        704        839
      Accrued taxes on income                             1 & 3    1,587      1,527
      Other accrued expenses                                       1,219      1,178
   Total current liabilities                                      14,964     13,109
   --------------------------------------------------------------------------------
   Commitments and contingencies                            6
   STOCKHOLDERS' INVESTMENT                               4 & 6
   Preferred Stock                                                    --         --
   Common Stock                                                      848        848
   Premium paid in on common stock                                 7,561      7,831
   Cumulative translation adjustments                                819        879
   Retained earnings                                              14,557     12,973
        Total stockholders' investment                            23,785     22,531
   TOTAL LIABILITIES AND STOCKHOLDERS' INVESTMENT               $ 38,749   $ 35,640
   ================================================================================
   </TABLE>
          The accompanying notes are an integral part of these financial
          statements.







                          CONSOLIDATED STATEMENTS OF INCOME
                            LANDAUER, INC. AND SUBSIDIARY

   <TABLE>
   <CAPTION>
                                                                       
                                           (dollars in thousands, except per share)

   For the years ended September 30,        Notes        1995      1994        1993
   <S>                                       <C>          <C>       <C>         <C>
   Net revenues                                      $ 34,032  $ 31,653    $ 29,406
   --------------------------------------------------------------------------------
   Costs and expenses
      Cost of sales                                     9,901     9,300       8,772
      Selling, general, and administrative    1         9,466     9,029       8,567
                                                       19,367    18,329      17,339
   --------------------------------------------------------------------------------
   Operating income                                    14,665    13,324      12,067
   Other income                               2         1,381       913         752
   --------------------------------------------------------------------------------
   Income before taxes                                 16,046    14,237      12,819
   Income taxes                             1 & 3     (5,985)   (5,334)     (4,796)
   --------------------------------------------------------------------------------
   Net Income                                        $ 10,061  $  8,903    $  8,023
   ================================================================================
   Net income per common and common equivalent share $   1.19  $   1.05    $   0.95
   ================================================================================
   </TABLE>









































                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' INVESTMENT

   <TABLE>
   <CAPTION>
                                                                     
                                                             (dollars in thousands)
                                        Premium
                                           Paid
                                          in on  Cumulative                   Total
                                Common   Common Translation  Retained Stockholders'
                                 Stock    Stock Adjustments  Earnings    Investment
   <S>                             <C>      <C>         <C>       <C>           <C>
   Balance September 30, 1992  $ 8,471  $   170          --  $ 10,289      $ 18,930
   Options exercised,
     net of repurchases              6       25          --        --            31
   Change in par value
     to $.10 per share         (7,629)    7,629          --        --            --
   Net income                       --       --          --     8,023         8,023
   Dividends                        --       --          --   (6,782)       (6,782)
   Compensatory effect of
     stock options                  --      (7)          --        --           (7)
   --------------------------------------------------------------------------------
   Balance September 30, 1993  $   848  $ 7,817          --  $ 11,530      $ 20,195
   Net income                       --       --          --     8,903         8,903
   Foreign currency 
     translation adjustment         --       --         879        --           879
   Dividends                        --       --          --   (7,460)       (7,460)
   Compensatory effect
     of stock options               --       14          --        --            14
   --------------------------------------------------------------------------------
   Balance September 30, 1994  $   848  $ 7,831         879  $ 12,973      $ 22,531
   Options exercised,
     net of repurchases             --    (313)          --        --         (313)
   Net income                       --       --          --    10,061        10,061
   Foreign currency
     translation adjustment         --       --        (60)        --          (60)
   Dividends                        --       --          --   (8,477)       (8,477)
   Compensatory effect
     of stock options               --       43          --        --            43
   --------------------------------------------------------------------------------
   Balance September 30, 1995  $   848  $ 7,561      $  819  $ 14,557      $ 23,785
   ================================================================================
   </TABLE>
          The accompanying notes are an integral part of these financial
          statements.
























                        CONSOLIDATED STATEMENTS OF CASH FLOWS
                            LANDAUER, INC. AND SUBSIDIARY

   <TABLE>
   <CAPTION>
                                                                       
                                                             (dollars in thousands)

   For the years ended September 30,                     1995      1994        1993
   <S>                                                    <C>       <C>         <C>
   Cash flow from operating activities:
      Net income                                     $ 10,061   $ 8,903     $ 8,023

      Non-cash expenses, revenues, and gains
      reported in income
         Depreciation and amortization                  2,369     2,115       1,884
         Equity in income of joint venture              (830)     (594)       (499)
         Exercise of stock options - net                (270)        14          25
         Deferred income taxes                             78      (66)          --
   --------------------------------------------------------------------------------
                                                        1,347     1,469       1,410
   --------------------------------------------------------------------------------
      Net increase in other current assets            (1,077)     (295)       (608)
      Net increase in current liabilities               1,601     1,161         445
      Net increase in net long-term assets              (927)   (1,009)     (1,358)
   --------------------------------------------------------------------------------
                                                        (403)     (143)     (1,521)
   --------------------------------------------------------------------------------
      Net cash generated from operating activities     11,008    10,229       7,912

   Cash flow from investing activities:
      (Acquisition) disposition of investments - net  (1,337)   (2,409)         729
      Acquisition of property, plant and equipment    (2,062)   (1,534)     (2,655)
   --------------------------------------------------------------------------------
      Net cash used by investing activities           (3,399)   (3,943)     (1,926)

   Cash flow from financing activities:
      Dividend received from foreign affiliate            354       321         159
      Dividends paid                                  (8,223)   (7,291)     (6,781)
   --------------------------------------------------------------------------------
      Net cash used by financing activities           (7,869)   (6,970)     (6,622)
   --------------------------------------------------------------------------------
   Net decrease in cash                                 (263)     (684)       (636)
   Opening balance - cash and cash equivalents          2,178     2,862       3,498
   --------------------------------------------------------------------------------
   Ending balance - cash and cash equivalents         $ 1,915   $ 2,178     $ 2,862
   ================================================================================
   Supplemental Disclosure of Cash Flow Information:
      Cash paid for income taxes                      $ 5,897   $ 4,884     $ 4,471
   ================================================================================
   Supplemental Disclosure of Non-cash Financing Activity:
      Dividend declared                               $ 2,119   $ 1,865    $  1,696
      Foreign currency translation adjustment            (60)       879          --
   ================================================================================
   </TABLE>

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











          NOTES TO FINANCIAL STATEMENTS, LANDAUER, INC. AND SUBSIDIARY

          1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

          BASIS OF PRESENTATION

               The accompanying financial statements include the accounts
          of Landauer, Inc. and HomeBuyer s Preferred, Inc. its wholly-
          owned subsidiary (Landauer or the Company).  Nagase-Landauer,
          Ltd. (50%-owned), is a Japanese corporation which is accounted
          for on the equity basis.  All material intercompany transactions
          have been eliminated.
               The cost of purchased businesses included in the
          accompanying financial statements exceeded the fair value of net
          assets at the date of acquisition in the amount of $3,865,000 and
          has been charged to "Cost of purchased business in excess of net
          assets acquired."  The excess is being amortized on a straight-
          line basis over fifteen years, except for an acquisition
          initiated prior to 1971 ($942,000), where in the opinion of
          management there has been no diminution in value.  As of
          September 30, 1995 and 1994, accumulated amortization was
          $919,000 and $752,000, respectively. 

          CASH EQUIVALENTS

               Cash equivalents include investments with an original
          maturity of three months or less.

          INVESTMENT IN U.S. TREASURY SECURITIES

               Investments in U.S. Treasury Securities having an original
          maturity of longer than three months but less than one year are
          classified as current assets.  Those having an original maturity
          of longer than one year are classified as non-current assets. 
               The Company's policy is to hold investments until maturity
          and accordingly are carried at cost, adjusted for accretion of
          discount and amortization of premium in accordance with the
          provisions of Statement of Financial Accounting Standards
          ("SFAS") No. 115, "Accounting for Certain Investments in Debt and
          Equity Securities."

          INVENTORIES

               Inventories are priced at the lower of cost or market, and
          costs are relieved from inventory on a first-in, first-out basis.

          REVENUES AND DEFERRED CONTRACT REVENUE

               The Company recognizes revenues and the related costs for
          its radiation monitoring services in the period for which such
          services are provided.  Many customers pay for these services in
          advance.  The Company defers recognition of a portion of revenues
          from sales of radon gas detection monitors until such time as the
          analysis of the monitors and reporting of exposure findings have
          been completed.
               Revenues from sales of HomeBuyer's Preferred Radon
          Protection Plan service agreements are substantially deferred
          until the Company's obligation under the terms of the agreement,
          generally one year or less, is completed.
               Advance payments from radiation monitoring services and the
          unrecognized portion of revenues from radon gas monitoring and







          radon plan revenues are recorded as deferred contract revenue in
          the Company's balance sheet.

          RESEARCH AND DEVELOPMENT

               The cost of research and development programs is charged to
          selling, general and administrative expense as incurred and
          amounted to approximately $1,460,000 in 1995, $1,585,000 in 1994,
          and $1,529,000 in 1993.

          DEPRECIATION AND MAINTENANCE

               Plant and equipment are depreciated on a straight-line basis
          over their estimated useful lives, which are primarily thirty
          years for buildings and five to eight years for equipment. 
          Maintenance and repairs are charged to expense, and renewals and
          betterments are capitalized.

          INCOME TAXES

               Landauer files income tax returns in the jurisdictions in
          which it operates.  For financial statement purposes, provisions
          for federal and state income taxes have been computed in
          accordance with the provisions of Statement of Financial
          Accounting Standards (SFAS) No. 109 entitled "Accounting for
          Income Taxes."

          INCOME PER COMMON AND COMMON EQUIVALENT SHARE

               The weighted average number of outstanding common and common
          equivalent shares for Landauer during 1995 and 1994 was
          8,477,285, and in 1993 was 8,476,282.

          2.   EQUITY IN JOINT VENTURE

               The 50% interest in the common stock of Nagase-Landauer,
          Ltd., a Japanese corporation located in Tokyo and engaged in
          providing radiation monitoring services in Japan, is accounted
          for on the equity basis. The related equity in earnings of this
          joint venture and fees earned therefrom are included in other
          income in the accompanying Statement of Income.
               Condensed unaudited results of operations for Nagase-
          Landauer, Ltd. For the three years ended September 30, 1995 are
          as follows, converted into U.S. dollars at the then-current rate
          of exchange:
          ----------------------------------------------------
          (DOLLARS IN THOUSANDS)    1995       1994       1993
          ----------------------------------------------------
          REVENUES              $ 12,390   $ 11,030   $ 10,073
          INCOME BEFORE 
           INCOME TAXES            3,523      2,911      2,561
          NET INCOME               1,661      1,188        998
          FEE INCOME AND LANDAUER
           SHARE OF EQUITY IN 
           EARNINGS (50%)       $  1,136    $   751    $   640
                                ========    =======    =======

               Condensed unaudited balance sheets for the years ended
          September 30, 1995 and 1994 are as follows:
          ----------------------------------------------------
          (DOLLARS IN THOUSANDS)               1995       1994







          ----------------------------------------------------
          CURRENT ASSETS                   $ 11,942   $ 10,062
          OTHER ASSETS                        1,681      1,905
          TOTAL ASSETS                     $ 13,623   $ 11,967
                                           ========   ========
          LIABILITIES                      $  5,414   $  4,592
          STOCKHOLDERS' INVESTMENT            8,209      7,375
                                           --------   --------
          TOTAL LIABILITIES AND
           STOCKHOLDERS' INVESTMENT        $ 13,623   $ 11,967
                                           ========   ========

          3.   INCOME TAXES

               The components of the provision for income taxes for the
          years ended September 30, 1995, 1994 and 1993 are as follows:

          ----------------------------------------------------
          (DOLLARS IN THOUSANDS)               1995
          ----------------------------------------------------
                                 CURRENT   DEFERRED      TOTAL
          FEDERAL                $ 4,759    $    64    $ 4,823
          STATE                    1,148         14      1,162
                                 -------    -------    -------
          TOTAL                  $ 5,907    $    78    $ 5,985
                                 =======    =======    =======
          ----------------------------------------------------
                                    1994
          ----------------------------------------------------
                                 CURRENT   DEFERRED      TOTAL
          FEDERAL                $ 4,330   $   (55)    $ 4,275
          STATE                    1,070       (11)      1,059
                                 -------    -------    -------
          TOTAL                  $ 5,400   $   (66)    $ 5,334
                                 =======    =======    =======
          ----------------------------------------------------
                                    1993
          ----------------------------------------------------
                                 CURRENT   DEFERRED      TOTAL
          FEDERAL                $ 3,783    $    69    $ 3,852
          STATE                      927         17        944
                                 -------    -------    -------
          TOTAL                  $ 4,710    $    86    $ 4,796
                                 =======    =======    =======

               The provision for taxes on income in each period differs
          from that which would be computed by applying the statutory U.S.
          federal income tax rate to the income before taxes.  The
          following is a summary of the major items affecting the
          provision:

          ----------------------------------------------------
          (DOLLARS IN THOUSANDS)    1995       1994       1993
          ----------------------------------------------------
          STATUTORY FEDERAL
           INCOME TAX RATE           34%        34%        34%

          COMPUTED TAX PROVISION
           AT STATUTORY RATE     $ 5,456    $ 4,841    $ 4,358

          INCREASES(DECREASES)







           RESULTING FROM:
            STATE INCOME TAX PROVISION,
            NET OF FEDERAL BENEFIT   764        696        622
          OTHER                    (235)      (203)      (184)

          INCOME TAX PROVISION IN THE
           STATEMENT OF INCOME   $ 5,985    $ 5,334    $ 4,796
                                 =======    =======    =======

               During 1993 the Company adopted SFAS No. 109, "Accounting
          For Income Taxes".  Accordingly, the Company recognizes certain
          income and expense items in different years for financial and tax
          reporting purposes.  Temporary differences are primarily
          attributable to (a) utilization of accelerated depreciation
          methods for tax purposes, (b) amortization of badge holder and
          software development costs, (c) limitations on deductibility of
          pension costs, (d) reserves for self-insurance claims, vacation
          pay, and other compensation-related costs, and (e) reserves for
          obsolete inventory.
               Significant components of deferred taxes are as follows:

          ----------------------------------------------------
          (DOLLARS IN THOUSANDS)               1995       1994
          ----------------------------------------------------
          DEFERRED TAX ASSETS:
           BADGE HOLDER AMORTIZATION        $   688   $    626
           PENSION ACCRUAL                      436        417
           COMPENSATION EXPENSE                 360        365
           INVENTORY RESERVE                     60         66
           OTHER                                  1          5
                                            -------   --------
                                            $ 1,545    $ 1,479
                                           ========   ========

          DEFERRED TAX LIABILITIES:
           DEPRECIATION                     $   464    $   415
           SOFTWARE DEVELOPMENT                 335        240
                                           --------   --------
                                            $   799    $   655
                                           ========   ========

               Management does not believe that a valuation allowance is
          required for the net deferred tax asset.

          4.   CAPITAL STOCK

               Landauer has two classes of capital stock, preferred and
          common.  During 1993, the shareholders voted to change the par
          value of both classes of stock from no-par to a par value of $.10
          per share.  The change in par value did not affect any of the
          existing rights of shareholders.  As of September 30, 1995 and
          1994 there were 8,477,285 shares of common stock issued and
          outstanding (20,000,000 shares are authorized).  There are no
          shares of preferred stock issued (1,000,000 are authorized).
               Landauer has reserved 600,000 shares of common stock for
          grants under its Key Employee Stock Bonus and Option Plan. 
          Recipients of grants or options must execute a standard form of
          noncompetition agreement.  As of September 30, 1995, there have
          been no bonus shares issued.  Options granted under this plan may
          be either incentive stock options or non-qualified options. 
          Options granted become exercisable over a four-year period at a







          price not less than fair market value on the date of grant.  The
          options expire ten years from the date of grant.  
               During fiscal 1995, options for 40,000 shares were exercised
          at from $6.39 to $13.25 per share.  In connection with the
          exercise of these options, the Company simultaneously repurchased
          40,000 shares at an average price of $19.00 per share.  As of
          September 30, 1995, non-qualified options for 525,000 shares had
          been granted at prices from $6.39 to $19.31 per share.  At year-
          end, 332,330 shares were exercisable.  This plan also provides
          for the grant of stock appreciation rights, either separately or
          in relation to options granted.  As of September 30, 1995, no
          stock appreciation rights had been granted.
               On February 22, 1989, the Company entered into an agreement
          with its President under which options to purchase up to 100,000
          shares of the Company's common stock were granted, at a price of
          $10.50 per share, exercisable over a ten-year period subject to
          the attainment of certain financial goals.  For the years ended
          September 30, 1995, 1994, and 1993, options for the purchase of
          5,520, 3,150 and 2,290 shares, respectively, became exercisable
          under this agreement.
               The Company has paid regular quarterly cash dividends since
          January, 1990.  Summaries of cash dividends paid are set forth in
          the tables on the inside front cover and on page 20 of this
          report.  It is the Company's intention to continue the regular
          quarterly cash dividend policy under currently foreseeable
          circumstances.

          5.   EMPLOYEE BENEFIT PLANS

             Landauer  maintains a  noncontributory defined  benefit pension
          and   retirement  plan   covering  substantially   all  full-time
          employees.  The  following table sets forth the  funded status of
          the plan at  September 30, 1995 and 1994 in  accordance with SFAS
          No.87:

          ----------------------------------------------------
          (DOLLARS IN THOUSANDS)               1995       1994
          ----------------------------------------------------
          ACTUARIAL PRESENT VALUE OF BENEFIT OBLIGATIONS
           VESTED BENEFITS                  $ 2,428    $ 2,180
           UNVESTED BENEFITS                     46         51
                                            -------    -------
          ACCUMULATED BENEFIT OBLIGATION      2,474      2,231
          EFFECT OF PROJECTED FUTURE COMPENSATION
           LEVELS                             2,130      1,888
                                            -------   --------
          PROJECTED BENEFIT OBLIGATION        4,604      4,119
          PLAN ASSETS AT FAIR VALUE           3,160      2,998
                                            -------    -------
          PLAN ASSETS LESS THAN PROJECTED
           BENEFIT OBLIGATION               (1,444)    (1,121)
          UNRECOGNIZED NET LOSS                 819        368
          UNRECOGNIZED TRANSITION AMOUNT       (79)       (86)
                                            -------    -------
          ACCRUED PENSION COST              $ (704)    $ (839)
                                           ========   ========

               The Landauer net pension expense  for 1995 and 1994 included
          the following components as defined by SFAS No. 87:

          ----------------------------------------------------





          (DOLLARS IN THOUSANDS)               1995       1994
          ----------------------------------------------------
          SERVICE COSTS/BENEFITS EARNED
           DURING THE YEAR                  $   343   $    335
          INTEREST COST ON PROJECTED 
           BENEFIT OBLIGATION                   299        265
          ACTUAL RETURN ON PLAN ASSETS        (225)      (217)
          NET AMORTIZATION AND DEFERRED ITEMS    --        (6)
                                            -------   --------
          NET PENSION EXPENSE               $   417    $   377
                                            =======    =======
               Plan assets include marketable equity securities,  corporate
          and  government   debt  securities,   and  cash   and  short-term
          investments.  The  average discount rate and rate  of increase in
          future  compensation  levels used  in  determining  the actuarial
          present value of the projected  benefit obligation were 7.5%  and
          5.5%, respectively, and the expected long-term rate of return  on
          assets was 8%.
               During 1993, Landauer adopted a 401(k) savings plan covering
          substantially all full-time  employees.  Qualified  contributions
          made  by employees  to  the  plan are  partially  matched by  the
          Company.   $79,000 and  $92,000 was provided  to expense  for the
          years ended September 30, 1995 and 1994, respectively, under this
          plan.
               During 1993, Landauer adopted SFAS  No. 106, "Accounting for
          Postretirement Benefits Other  than Pensions" to account  for the
          Company's unfunded  retiree medical  expense reimbursement  plan.
          Under the  terms of  the plan which  covers retirees with  ten or
          more years of  service, the Company  will reimburse retirees  for
          (i)  a portion  of the  cost of  coverage under  the then-current
          medical and  dental insurance plans  if the retiree is  under age
          65,  or  (ii)  all or  a  portion  of the  cost  of  Medicare and
          supplemental coverages if the retiree is over age 64.  The amount
          of  the Company's  unrecognized  transition obligation  resulting
          from the adoption of SFAS No. 106 is $385,000 as of September 30,
          1995.   The  effect of  the  adoption  of this  standard  on  the
          Company's financial  position and  results of  operation was  not
          material.
               In 1994  the Company  adopted a  Supplemental Key  Executive
          Retirement Plan  which provides for  certain retirement  benefits
          payable to key officers and managers.  While charges for the plan
          are expensed annually, the plan is not separately funded, and the
          maximum  liability  under  the  plan at  September  30,  1995 was
          $637,000.

          6.   COMMITMENTS AND CONTINGENCIES

               The Company is  involved in  various legal proceedings,  but
          believes that  the outcome of  these proceedings will not  have a
          materially adverse effect on its financial condition.
               Landauer  has entered  into an  Employment  and Compensation
          Agreement with its President providing for his employment in that
          capacity through September 30, 1997, renewable thereafter through
          December  31,  1998  subject  to  certain  financial  performance
          standards.  Under the Agreement, a non-qualified stock option for
          100,000  shares  (included in  the  options described  in  Note 5
          above) was granted to the President which becomes exercisable for
          up to 10,000 shares per year on each December 1 from 1989 through
          1998 under a  formula reflecting average return  on stockholders'
          investment  and earnings  per  share  over successive  three-year
          periods.   The  Agreement also  provides  that, in  the event  of
          termination of  employment, under  certain circumstances,  within
          two years after a change in control (as defined) of Landauer that





          is not  approved by the  Board of Directors, the  President would
          receive specified benefits as defined in the Agreement.
               In  connection  with  the  1988  transfer of  the  personnel
          dosimetry  business to Landauer,  the Company has  entered into a
          Liability Assumption  and Sharing Agreement  with Tech/Ops,  Inc.
          (Tech/Ops) providing for,  among other things, (i)  assumption by
          Landauer of  all  determinable  and  contingent  liabilities  and
          obligations of Tech/Ops  relating to the personnel  dosimetry and
          radon detection  business, (ii)  assumption by  the other  former
          subsidiary of  all  determinable and  contingent liabilities  and
          obligations  of Tech/Ops  relating to  its electronic  controller
          business, (iii) joint and several assumption by Landauer  and the
          other former subsidiary of all contingent liabilities of Tech/Ops
          and  (iv)  the  allocation  of   other  liabilities  jointly  and
          severally assumed  to the  business in which  they relate  or, if
          they relate to neither business, in ratios reflective of relative
          profit contributions of  the respective  businesses for the  five
          years ended September  30, 1987.  As a result  of this Agreement,
          $22,000,  $42,000,  and  $57,000  of  expenses  were  charged  to
          operations for the years ended September 30, 1995, 1994 and 1993,
          respectively.
               The  Company  maintains a  directors' retirement  plan which
          provides for certain retirement  benefits payable to  nonemployee
          directors.  While charges for the plan are expensed annually, the
          plan  is not separately  funded, and the  maximum liability under
          the plan at September 30, 1995 was $380,000.

          REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

          To the Stockholders and Directors of Landauer, Inc.
               We have audited the consolidated balance sheets of Landauer,
          Inc. and Subsidiary,  a Delaware corporation (see Note  1), as of
          September  30,  1995  and  1994   and  the  related  consolidated
          statements of  income, stockholders'  investment, and  cash flows
          for each  of the three  years in  the period ended  September 30,
          1995.  These financial  statements are the responsibility of  the
          Company's  management.    Our  responsibility  is to  express  an
          opinion on these financial statements based on our audits.
               We  conducted  our  audits   in  accordance  with  generally
          accepted auditing  standards.   Those standards  require that  we
          plan  and perform the audit  to obtain reasonable assurance about
          whether   the   financial  statements   are   free  of   material
          misstatement.   An  audit includes  examining, on  a test  basis,
          evidence supporting the amounts and  disclosures in the financial
          statements.    An audit  also  includes assessing  the accounting
          principles used and significant estimates  made by management, as
          well as evaluating the overall financial statement  presentation.
          We believe  that our  audits provide a  reasonable basis  for our
          opinion.
               In our opinion,  the financial statements referred  to above
          present  fairly,  in  all  material  respects,  the  consolidated
          financial  position  of  Landauer,  Inc.  and  Subsidiary  as  of
          September 30, 1995 and 1994,  and the consolidated results of its
          operations, and the changes in  stockholders' investment and cash
          flows for each of the  three years in the period  ended September
          30,   1995  in  conformity  with  generally  accepted  accounting
          principles.

          ARTHUR ANDERSEN LLP


          Chicago, Illinois,
          November 9, 1995





          ITEM 9.   CHANGES  IN  AND   DISAGREEMENTS  WITH  ACCOUNTANTS  ON
          ACCOUNTING AND FINANCIAL DISCLOSURE

          None.

          PART III
          ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

                    The information  contained under the  headings Election
          of   Directors  and  Beneficial   Ownership  of   Certain  Voting
          Securities in the  Proxy Statement relating  to the directors  of
          the Company is incorporated herein by reference.  The information
          contained in Item 4A hereof relating to the executive officers of
          the registrant is incorporated herein by reference.

          ITEM 11.  EXECUTIVE COMPENSATION

               Except for  the information relating  to Item 13  hereof and
          except  for  information   referred  to  in  Item   402(a)(8)  of
          Regulation  S-K, the  information  contained  under the  headings
          Executive   Compensation,  Compensation   Committee  Report   and
          Approval  of  1996   Equity  Plan  in  the  Proxy   Statement  is
          incorporated herein by reference.













































          ITEM 12.  SECURITY  OWNERSHIP OF  CERTAIN  BENEFICIAL OWNERS  AND
          MANAGEMENT

               The  information  contained  under  the  heading  Beneficial
          Ownership of Certain  Voting Securities in the Proxy Statement is
          incorporated herein by reference.

          ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

               Except for  the information relating  to Item 11  hereof and
          except  for  information   referred  to  in  Item   402(a)(8)  of
          Regulation  S-K, the  information  contained under  the  headings
          Election  of Directors,  and  Certain  Relationships and  Related
          Transactions in  the Proxy  Statement is  incorporated herein  by
          reference.

          PART IV

          ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
          FORM 8-K

          A-1. FINANCIAL STATEMENTS

               The financial statements of Landauer,  Inc. filed as part of
          this Annual Report on Form 10-K are indexed at page 5.

          A-2. FINANCIAL STATEMENT SCHEDULES

               The  Financial  statement schedules  filed  as part  of this
          Annual Report  on Form 10-K  have been included elsewhere  in the
          financial statements or the notes thereto.

          A-3. List of Exhibits

          (3) (a)   Certificate  of  Incorporation  of  the Registrant,  as
          amended through February 4, 1993, is incorporated by reference to
          Exhibit (3) (a) to the Annual Report on Form 10-K for  the fiscal
          year ended September 30, 1993.

          (3) (b)   By-laws of the Registrant are incorporated by reference
          to Exhibit (3)  (b) to  the Annual  Report on Form  10-K for  the
          fiscal year ended September 30, 1992.

          (4) (a)   Specimen  common  stock certificate  of  the Registrant
          incorporated by reference to Exhibit (4) (a) to the Annual Report
          for the fiscal year ended September 30, 1991.

          (10) (a)  Landauer,  Inc. Key  Employee  Stock  Bonus and  Option
          Plan,  as  amended through  June  17,  1992,  is incorporated  by
          reference to Exhibit (10) (a) to  the Annual Report on Form  10-K
          for the fiscal year ended September 30, 1992.

          (10) (b)  Liability  and   Assumption  Sharing   Agreement  among
          Tech/Ops,  Inc.,  Tech/Ops Sevcon,  Inc.,  and the  Registrant is
          incorporated  by reference  to  Exhibit (10)  (d)  to the  Annual
          Report on Form 10-K for the fiscal year ended September 30, 1993.

          (10) (c)  Form   of   Indemnification   Agreement   between   the
          Registrant and each of its directors is incorporated by reference
          to Exhibit  (10) (e) to  the Annual Report  on Form 10-K  for the
          fiscal year ended September 30, 1993.

          (10) (d)  Employment  and Compensation  Agreement dated  February





          22, 1989 between the Registrant  and Thomas M. Fulton, as amended
          through June 17,  1992, is incorporated  by reference to  Exhibit
          (10) (f) to  the Annual Report on  Form 10-K for the  fiscal year
          ended September 30, 1992.

          (10) (e)  Landauer, Inc.  Directors' Retirement Plan  dated March
          21, 1990, incorporated by reference to Exhibit (10) (g) to Annual
          Report for the fiscal year ended September 30, 1990.

          (10) (f)  Form  of Supplemental Key  Executive Retirement Plan is
          incorporated  by  reference to  Exhibit  (10) (h)  to  the Annual
          Report on Form 10-K for the fiscal year ended September 30, 1993.


          (10) (g)  The Landauer,  Inc.  Incentive  Compensation  Plan  for
          Executive Officers is attached hereto as Exhibit 10(g).

          (21) Subsidiaries of the registrant are incorporated by reference
          to Exhibit (22) to the Annual Report on Form 10-K for  the fiscal
          year ended September 30, 1993.

               Exhibits 10(a), 10(d), 10(e), 10(f),  and 10(g) listed above
          are   the  management   contracts  and   compensatory   plans  or
          arrangements required to be filed  as exhibits hereto pursuant to
          the requirements of Item 601 of Regulation S-K.

          B.   Reports on Form 8-K

               The Company  did not file  a Report  on Form 8-K  during the
          fiscal quarter ended September 30, 1995.






































          SIGNATURES OF REGISTRANT AND DIRECTORS


               Pursuant to the  requirements of Section 13 or  15(d) 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.

                                   LANDAUER, INC.


                                   By/s/ Thomas M. Fulton December 13, 1995
                                   ----------------------
                                   Thomas M. Fulton
                                   President and Chief
                                     Executive Officer

            Pursuant to  the requirements of the Securities Exchange Act of
          1934, this report has been  signed below by the following persons
          on behalf  of the registrant  and in  the capacities  and on  the
          dates indicated:

          Signature                Title                  Date

          /s/ Thomas M. Fulton     President and          December 13, 1995
          --------------------      Director
          Thomas M. Fulton         (Principal Executive Officer)

          /s/ James M. O'Connell   Vice President,        December 13, 1995
          ----------------------    Finance
          James M. O'Connell       Treasurer and Secretary
                                   (Principal Financial and 
                                   Accounting Officer)

          /s/ Gary D. Eppen        Director               December 13, 1995
          ------------------
          Gary D. Eppen

          /s/ Richard H. Leet      Director               December 13, 1995
          --------------------
          Richard H. Leet

          /s/ Paul B. Rosenberg    Director               December 13, 1995
          ---------------------
          Paul B. Rosenberg

          /s/ Herbert Roth, Jr.    Director               December 13, 1995
          ---------------------
          Herbert Roth, Jr.

          /s/ Marvin G. Schorr     Director               December 13, 1995
          --------------------
          Marvin G. Schorr

          /s/ C. Vincent Vappi     Director               December 13, 1995
          ---------------------
          C. Vincent Vappi

          /s/ Michael D. Winfield  Director               December 13, 1995
          -----------------------
          Michael D. Winfield







          QUARTERLY FINANCIAL DATA (UNAUDITED)

   <TABLE>
   <CAPTION>

                                                                        
                                           (dollars in thousands, except per share)
   --------------------------------------------------------------------------------
                                       First    Second    Third   Fourth      Total
                                     Quarter   Quarter  Quarter  Quarter       Year
   --------------------------------------------------------------------------------
   <S>                    <C>            <C>       <C>      <C>      <C>        <C>
   Net revenues           1995       $ 8,013   $ 8,673  $ 8,567  $ 8,779   $ 34,032
                          1994         7,487     8,347    7,861    7,958     31,653
   --------------------------------------------------------------------------------
   Operating income       1995       $ 3,316   $ 3,854  $ 3,608  $ 3,887   $ 14,665
                          1994         3,013     3,581    3,268    3,462     13,324
   --------------------------------------------------------------------------------
   Net income             1995       $ 2,260   $ 2,635  $ 2,487  $ 2,679   $ 10,061
                          1994         2,014     2,364    2,196    2,329      8,903
   ================================================================================
   Net income per
    share (a)             1995        $  .27    $  .31   $  .29   $  .32     $ 1.19
                          1994           .24       .28      .26      .27       1.05
   ================================================================================
   Cash dividends
    per share - regular   1995         $ .25     $ .25    $ .25    $ .25    $  1.00
                          1994           .22       .22      .22      .22        .88
   ================================================================================
   Common stock price
    per share             1995 high  $ 17.00   $ 18.25  $ 19.00  $ 19.38    $ 19.38
                               low     16.13     16.25    17.50    17.63      16.13
   --------------------------------------------------------------------------------
                          1994 high  $ 16.50   $ 16.38  $ 15.50  $ 16.63    $ 16.63
                               low     14.63     14.25    13.38    13.13      13.13
   ================================================================================
   </TABLE>
          (a)   Based upon  a weighted average  of 8,477,285  common shares
          outstanding for 1995 and 1994.