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, 1996

          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,  1996,  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 $168,000,000.

            Certain portions of the registrant's definitive Proxy Statement
          in  connection  with the  January  29,  1997  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                                       7
                    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

               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 monitoring  service  and  when warranted,
          remediation  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,  1996, 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,
          Michigan, California, New Hampshire, New Jersey, Georgia,  Texas,
          and the United  Kingdom. U.S. sales  personnel also market  these
          services  in Canada.  Other  firms  and  individuals  market  the
          Company's  services on  a commission  basis,  primarily to  small
          customers.
               The Company  has  more than  45,000  customers  representing
          almost  900,000  individuals  who  use  the  Company's  services.
          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  advance
          payment for  services to be  rendered. At September 30,  1996 and
          1995,   deferred   income    was   $8,375,000   and   $7,599,000,
          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.
               At   this  time  the  Company  is  developing  a  commercial
          radiation dosimetry service offering which utilizes the optically








          stimulated technology. The  importance of the licenses  cannot be
          determined  until   the  technology   is   fully  developed   and
          implemented as a commercial service.
               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.
               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

          There are  two major  competitors as  well as  a number  of small
          companies  that  operate  in limited  markets.  During  1996, the
          Company's  two  largest  competitors merged  to  form  the second
          largest personnel dosimetry service in the U.S.
               With   the  exception  of  Japan  and  the  United  Kingdom,
          radiation  monitoring activities in  most major foreign countries
          are  generally conducted  by  government  agencies. The  Japanese
          market  is  served by  the  Company through  its  50%-owned joint
          venture, Nagase-Landauer,  Ltd. Customers  in the  United Kingdom
          are served  by the Company's  facility in Oxford. 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.
          Competition  occurs   based  on   the  alternative   technologies
          available and is usually subject to a bid process.
               The HomeBuyer's Preferred Radon Protection Plan represents a
          relatively  new  product  sold   exclusively  to  the   corporate








          relocation  market.  In  the past,  more  traditional  methods of
          detection   and  remediation  of  radon  gas  hazards  have  been
          employed.  Competition  has emerged  from  existing  providers of
          environmental testing 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  in
          1994, 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 continue  its gradual
          introduction of this technology during 1997.
               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,   financial   condition,  liquidity,   results   of
          operation, or competitive position of Landauer.

          Employees and Labor Relations

               As of September 30, 1996, the Company employed approximately
          260 full-time employees. Landauer believes its relations with its
          employees are good.

          Item 2.   Properties

               Landauer   owns    three   adjacent    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  liquidity, results  of  operation,  or 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              63        President and 
                                                  Chief Executive Officer

          James M. O'Connell            49        Vice President, Finance,
                                                  Treasurer, Secretary, and
                                                  Chief Financial Officer 

          Brent A. Latta                53        Vice President - 
                                                  Marketing

          R. Craig Yoder                44        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, 1996, there were
          approximately 600 shareholders  of record. There were no sales of
          unregistered securities during fiscal 1996.
               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 1996 Compared to Fiscal 1995

               Net revenues for  fiscal 1996 were $36,516,000,  an increase
          of $2,484,000, or 7.3%, over  fiscal 1995. The growth in revenues
          resulted  from increased  unit sales  and  pricing for  personnel
          dosimetry services and  from increased sales of  radon protection
          service agreements.
               Cost of sales  as a percentage of net  revenues increased to
          30.1% in fiscal 1996 compared with 29.1% a year ago. The increase
          in  costs was primarily  attributable to higher  costs associated
          with the increase in radon protection service agreement revenues.
               Selling, general and administrative expenses for fiscal 1996
          increased  $210,000, or  2.2%,  compared with  fiscal 1995.  As a
          percentage of net  revenues, such expenses decreased to  26.5% in
          fiscal 1996 from 27.8% a year ago.
               Other  income for fiscal  1996 increased to  $1,579,000 from
          $1,381,000  in fiscal 1995.  Higher interest and  income from the
          Company's Japanese venture contributed to most of the increase.
               Income tax expense  for fiscal 1996 was  $6,518,000 compared
          with $5,985,000  in fiscal  1995. The  fiscal 1996  effective tax
          rate was 37.4% compared with 37.3% for fiscal 1995.
               As a result, net income for fiscal 1996  increased $838,000,
          or 8.3%, to $10,899,000. Income per share increased from $1.19 in
          fiscal 1995 to $1.29 in fiscal 1996.

          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
          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 13.0%, to $10,061,000. Income per share increased
          from $1.05 in fiscal 1994 to $1.19 in fiscal 1995.

          Fourth Quarter Results of Operations

               Revenues  in  the   fourth  quarter  of  fiscal   1996  were
          $9,328,000, or 6.3% higher than $8,779,000 reported for the  same
          period in fiscal  1995. The increase is attributable  to gains in
          personnel  dosimetry revenues  and radon-related  activities. Net
          income for the quarter of $2,882,000  represented a 7.6% increase
          compared  with the same period in 1995.  Income per share for the








          fourth quarters of 1996 and 1995 was $.34 and $.32, respectively.
               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.

          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.
               Net dispositions  of  U.S. treasury  securities amounted  to
          $387,000 and $1,337,000,  respectively, in fiscal 1996  and 1995.
          Investing activities  relating to acquisition  of property, plant
          and equipment amounted to $1,383,000 and $2,062,000 respectively,
          in fiscal 1996 and  1995. 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  1997 are
          expected to amount  to $2,500,000, principally for  equipment and
          software  development.  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 $8,375,000  and  $7,599,000
          respectively, as of September 30, 1996 and 1995, 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.

          Computer Software Modifications

               Many  of  the   Company's  computer  systems   will  require
          modification or replacement over the next three years in order to
          render these  systems compliant with  the year  2000. Earlier  in








          1996, the Emerging Issues Task Force of  the Financial Accounting
          Standards Board reached a consensus that the cost associated with
          modifying  internal use  software  for the  year  2000 should  be
          expensed as incurred.
               At this  time, the  Company has not  determined the  cost of
          modifying  or replacing its internal use  software to become year
          2000 compliant. Management does not believe that these costs will
          materially  impact   the  Company's  results  of   operations  or
          financial condition through the end of fiscal 1999.

          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     1996       1995
   <S>                                                     <C>       <C>        <C>

   ASSETS
   Current assets:
      Cash and cash equivalents                             1    $ 3,359    $ 1,915
      Short-term investments                                1      7,885      6,456
      Receivables, net of allowances for doubtful accounts
        of $161,000 in 1996 and $151,000 in 1995                   7,545      6,972
      Inventories                                           1        879        955
      Prepaid expenses                                               152        280
      Deferred taxes on income                              3      1,499        746
   Total current assets                                           21,319     17,324

   Property, plant and equipment, at cost:                  1
      Land and improvements                                          567        567
      Buildings and improvements                                   3,187      3,187
      Equipment                                                   14,311     13,104
                                                                  18,065     16,858
        Less: accumulated depreciation and amortization           10,340      9,104
   Net property, plant and equipment                               7,725      7,754

   Investment in U.S. Treasury Securities                   1      2,936      3,978
   Cost of purchased businesses in excess of
    net assets acquired                                     1      2,779      2,946
   Equity in joint venture                                  2      4,069      4,104
   Other assets                                                    2,775      2,643
   TOTAL ASSETS                                                 $ 41,603   $ 38,749

   LIABILITIES AND STOCKHOLDERS' INVESTMENT
   Current liabilities:
      Accounts payable                                        $      422  $     638
      Dividends payable                                            2,331      2,119
      Deferred contract revenue                             1      8,375      7,599
      Accrued compensation and related costs                       1,235      1,098
      Accrued pension costs                                 5      1,265        704
      Accrued taxes on income                             1 & 3    1,335      1,587
      Other accrued expenses                                       1,781      1,219
   Total current liabilities                                      16,744     14,964

   Commitments and contingencies                            6








   STOCKHOLDERS' INVESTMENT                               4 & 6
   Preferred Stock                                                    --         --
   Common Stock                                                      848        848
   Premium paid in on common stock                                 7,642      7,561
   Cumulative translation adjustments                                238        819
   Retained earnings                                              16,131     14,557
        Total stockholders' investment                            24,859     23,785
   TOTAL LIABILITIES AND STOCKHOLDERS' INVESTMENT               $ 41,603   $ 38,749
   </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        1996      1995        1994
   <S>                                       <C>          <C>       <C>         <C>

   Net revenues                                      $ 36,516  $ 34,032    $ 31,653
   Costs and expenses
      Cost of sales                                    11,002     9,901       9,300
      Selling, general, and administrative    1         9,676     9,466       9,029
                                                       20,678    19,367      18,329
   Operating income                                    15,838    14,665      13,324
   Equity in income of joint venture          2           781       830         594
   Other income                                           798       551         319
   Income before taxes                                 17,417    16,046      14,237
   Income taxes                             1 & 3     (6,518)   (5,985)     (5,334)
   Net Income                                        $ 10,899  $ 10,061    $  8,903
   Net income per common and 
   common equivalent share                           $   1.29  $   1.19    $   1.05

   </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, 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
   Net income                       --       --          --    10,899        10,899
   Foreign currency translation
    adjustment                      --       --       (581)        --         (581)
   Dividends                        --       --          --   (9,325)       (9,325)
   Compensatory effect of
    stock options                   --       81          --        --            81
   Balance September 30, 1996   $  848  $ 7,642      $  238  $ 16,131      $ 24,859
   </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,                     1996      1995        1994
   <S>                                                    <C>       <C>         <C>

   Cash flow from operating activities:
   Net income                                        $ 10,899  $ 10,061    $  8,903
   Non-cash expenses, revenues, and gains
      reported in income
         Depreciation and amortization                  2,469     2,369       2,115
         Equity in income of joint venture              (781)     (830)       (594)
         Compensatory effect of stock options              81        43          14
         Deferred income taxes                          (753)        78        (66)
                                                        1,016     1,660       1,469

      Net increase in other current assets              (369)   (1,077)       (295)
      Net increase in current liabilities               1,568     1,601       1,161
      Net increase in net long-term assets            (1,173)     (927)     (1,009)

                                                          26      (403)       (143)

      Net cash generated from operating activities     11,941    11,318      10,229

   Cash flow from investing activities:
      Disposition of investments                       10,873     5,521       3,039
      Acquisition of investments                     (11,260)   (6,858)     (5,448)
      Acquisition of property, plant and equipment    (1,383)   (2,062)     (1,534)

      Net cash used by investing activities           (1,770)   (3,399)     (3,943)

   Cash flow from financing activities:
      Exercise of stock options - net                      --     (313)          --
      Dividend received from foreign affiliate            386       354         321
      Dividends paid                                  (9,113)   (8,223)     (7,291)

      Net cash used by financing activities           (8,727)   (8,182)     (6,970)









   Net increase (decrease) in cash                      1,444     (263)       (684)
   Opening balance - cash and cash equivalents          1,915     2,178       2,862

   Ending balance - cash and cash equivalents         $ 3,359   $ 1,915     $ 2,178

   Supplemental Disclosure of Cash Flow Information:
      Cash paid for income taxes                      $ 7,523   $ 5,897     $ 4,884

   Supplemental Disclosure of Non-cash Financing Activity:
      Dividend declared                               $ 2,331   $ 2,119     $ 1,865
      Foreign currency translation adjustment           (581)      (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, 1996 and 1995, accumulated amortization was $1,086,000 and
          $919,000, 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 services in the periods for which such services are provided.
          Many customers pay for these services in advance. The amounts
          recorded as deferred contract revenue in the balance sheet
          represent customer deposits invoiced in advance during the
          preceding twelve months for services to be rendered over the
          succeeding twelve months and are net of services rendered through
          the respective balance sheet date. Management believes that the
          amount of deferred contract revenue shown at the respective
          balance sheet date fairly represents the level of business
          activity it expects to conduct with customers invoiced under this
          arrangement.

          Research and Development

               The cost of research and development programs is charged to
          selling, general and administrative expense as incurred and
          amounted to approximately $1,534,000 in 1996, $1,460,000 in 1995,
          and $1,585,000 in 1994.

          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 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 1996, 1995, and 1994 was
          8,477,285.

          Use of Estimates

               Management has made certain estimates and assumptions that
          affect the reported amount of assets and liabilities during the
          preparation of the financial statements. Actual results could
          differ from these estimates. However, management does not believe
          they would have a material effect on operating results.

          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 Statements of Income.

               Condensed unaudited results of operations for Nagase-
          Landauer, Ltd. for the three years ended September 30, 1996 are
          as follows, converted into U.S. dollars at the then-current rate
          of exchange:

          ----------------------------------------------------
          (DOLLARS IN THOUSANDS)    1996       1995       1994
          ----------------------------------------------------
          REVENUES              $ 12,116   $ 12,390   $ 11,030
          INCOME BEFORE 
           INCOME TAXES            3,234      3,523      2,911
          NET INCOME               1,563      1,661      1,188
          AVERAGE EXCHANGE
           RATE (YEN/$)            108.3       94.7       98.4
                                ========    =======    =======

               Condensed unaudited balance sheets for the years ended
          September 30, 1996 and 1995 are as follows:

          ----------------------------------------------------
          (DOLLARS IN THOUSANDS)               1996       1995
          ----------------------------------------------------
          CURRENT ASSETS                   $ 11,721   $ 11,942
          OTHER ASSETS                        1,244      1,681
          TOTAL ASSETS                     $ 12,965   $ 13,623
                                           ========   ========
          LIABILITIES                      $  4,826   $  5,414
          STOCKHOLDERS' INVESTMENT            8,139      8,209
                                           --------   --------
          TOTAL LIABILITIES AND
           STOCKHOLDERS' INVESTMENT        $ 12,965   $ 13,623
                                           ========   ========
          3. Income Taxes

               The components of the provision for income taxes for the
          years ended September 30, 1996, 1995 and 1994 are as follows:

          ----------------------------------------------------
          (DOLLARS IN THOUSANDS)               1996
          ----------------------------------------------------
                                 CURRENT   DEFERRED      TOTAL
          FEDERAL                $ 5,843    $ (605)    $ 5,238
          STATE                    1,428      (148)      1,280
                                 -------    -------    -------
          TOTAL                  $ 7,271    $ (753)    $ 6,518
                                 =======    =======    =======
          ----------------------------------------------------
                                               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
                                 =======    =======    =======

               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)    1996       1995       1994
          ----------------------------------------------------
          STATUTORY FEDERAL
           INCOME TAX RATE           34%        34%        34%

          COMPUTED TAX PROVISION
           AT STATUTORY RATE     $ 5,922    $ 5,456    $ 4,841

          INCREASES(DECREASES)
           RESULTING FROM:
            STATE INCOME TAX PROVISION,
            NET OF FEDERAL BENEFIT   833        764        696
          OTHER                    (237)      (235)      (203)

          INCOME TAX PROVISION IN THE
           STATEMENT OF INCOME   $ 6,518    $ 5,985    $ 5,334
                                 =======    =======    =======


               The Company has 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) accrued
          benefit 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)               1996       1995
          ----------------------------------------------------
          DEFERRED TAX ASSETS:
           BADGE HOLDER AMORTIZATION        $   809    $   688
           PENSION ACCRUAL                      555        436
           COMPENSATION EXPENSE                 452        360
           INVENTORY RESERVE                     64         60
           OTHER                                362          1
                                            -------   --------
                                            $ 2,242    $ 1,545
                                           ========   ========

          DEFERRED TAX LIABILITIES:








           DEPRECIATION                     $   279    $   464
           SOFTWARE DEVELOPMENT                 464        335
                                           --------   --------
                                            $   743    $   799
                                           ========   ========

               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, with a par value of $.10 per share for each class. As of
          September 30, 1996 and 1995 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 800,000 shares of common stock for
          grants under its stock bonus and option plans. Recipients of
          grants or options must execute a standard form of noncompetition
          agreement. As of September 30, 1996, there have been no bonus
          shares issued. Options granted under these plans may be either
          incentive stock options or non-qualified options. Options granted
          through fiscal 1996 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 1996, no options were exercised. As of
          September 30, 1996, non-qualified options for 535,000 shares had
          been granted at prices from $6.39-$21.06 per share. At year-end,
          370,350 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, 1996, 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, 1996, 1995, and 1994, options for the purchase of
          9,870, 5,520 and 3,150 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, 1996 and 1995 in accordance with SFAS
          No.87:

          ----------------------------------------------------
          (DOLLARS IN THOUSANDS)               1996       1995
          ----------------------------------------------------
          ACTUARIAL PRESENT VALUE OF BENEFIT OBLIGATIONS








           VESTED BENEFITS                  $ 3,061    $ 2,428
           UNVESTED BENEFITS                     19         46
                                            -------    -------
          ACCUMULATED BENEFIT OBLIGATION      3,080      2,474
          EFFECT OF PROJECTED FUTURE COMPENSATION
           LEVELS                             2,087      2,130
                                            -------   --------
          PROJECTED BENEFIT OBLIGATION        5,167      4,604
          PLAN ASSETS AT FAIR VALUE           4,378      3,160
                                            -------    -------
          PLAN ASSETS LESS THAN PROJECTED
           BENEFIT OBLIGATION                 (789)    (1,444)
          UNRECOGNIZED NET LOSS                 338        819
          UNRECOGNIZED TRANSITION AMOUNT       (73)       (79)
                                            -------    -------
          ACCRUED PENSION COST              $ (524)    $ (704)
                                           ========   ========

               The Landauer net pension expense for 1996 and 1995 included
          the following components as defined by SFAS No. 87:

          ----------------------------------------------------
          (DOLLARS IN THOUSANDS)               1996       1995
          ----------------------------------------------------
          SERVICE COSTS/BENEFITS EARNED
           DURING THE YEAR                  $   308   $    343
          INTEREST COST ON PROJECTED 
           BENEFIT OBLIGATION                   344        299
          ACTUAL RETURN ON PLAN ASSETS        (290)      (225)
          NET AMORTIZATION AND DEFERRED ITEMS   (7)         --
                                            -------   --------
          NET PENSION EXPENSE               $   355    $   417
                                            =======    =======

               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 8.0%.
               Landauer maintains 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. $74,000 and $79,000 was provided to expense for the
          years ended September 30, 1996 and 1995, respectively, under this
          plan.
               Landauer has 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 $363,000 as of September 30,
          1996. This liability is included in "Other accrued expenses".
               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
          accrued liability under the plan at September 30, 1996 was
          $339,000. This liability is included in "Accrued compensation and
          related costs".

          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 December 31, 1998. 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, $22,000, and $42,000 of expenses were charged to
          operations for the years ended September 30, 1996, 1995 and 1994,
          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, 1996 was $354,000. This liability is
          included in "Other accrued expenses".

          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, 1996 and 1995 and the related consolidated
          statements of income, stockholders' investment, and cash flows








          for each of the three years in the period ended September 30,
          1996.  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, 1996 and 1995, 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, 1996 in conformity with generally accepted accounting
          principles.

          ARTHUR ANDERSEN LLP


          Chicago, Illinois,
          November 6, 1996

          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 and Compensation Committee Report 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 Relationship 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 is
          attached hereto as Exhibit (4)(a).

          (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)  The Landauer, Inc. 1996 Equity Plan is attached hereto
          as Exhibit (10)(b).

          (10) (c)  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) (d)  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) (e)  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) (f)  Landauer, Inc. Directors' Retirement Plan dated March
          21, 1990, is attached hereto as Exhibit (10)(f).

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

          (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(b), 10(e), 10(f), 10(g) and 10(h) 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, 1996.

          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 18,
          1996
                                   ----------------------
                                   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 18, 1996
          --------------------      Director
          Thomas M. Fulton         (Principal Executive Officer)

          /s/ James M. O'Connell   Vice President,        December 18, 1996
          ----------------------    Finance
          James M. O'Connell       Treasurer and Secretary








                                   (Principal Financial and 
                                   Accounting Officer)

          /s/ Gary D. Eppen        Director               December 18, 1996
          ------------------
          Gary D. Eppen

          /s/ Paul B. Rosenberg    Director               December 18, 1996
          ---------------------
          Paul B. Rosenberg

          /s/ Herbert Roth, Jr.    Director               December 18, 1996
          ---------------------
          Herbert Roth, Jr.

          /s/ Marvin G. Schorr     Director               December 18, 1996
          --------------------
          Marvin G. Schorr

          /s/ Michael D. Winfield  Director               December 18, 1996
          -----------------------
          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           1996       $ 8,686   $ 9,492  $ 9,010  $ 9,328   $ 36,516
                          1995       $ 8,013   $ 8,673  $ 8,567  $ 8,779   $ 34,032
   --------------------------------------------------------------------------------
   Operating income       1996       $ 3,621   $ 4,202  $ 3,821  $ 4,194   $ 15,838
                          1995       $ 3,316   $ 3,854  $ 3,608  $ 3,887   $ 14,665
   --------------------------------------------------------------------------------
   Net income             1996       $ 2,506   $ 2,902  $ 2,609  $ 2,882   $ 10,899
                          1995       $ 2,260   $ 2,635  $ 2,487  $ 2,679   $ 10,061
   ================================================================================
   Net income per
    share (a)             1996        $  .30    $  .34   $  .31   $  .34     $ 1.29
                          1995        $  .27    $  .31   $  .29   $  .32     $ 1.19
   ================================================================================
   Cash dividends
    per share - regular   1996         $ .275    $ .275   $ .275   $ .275   $  1.10
                          1995         $ .25     $ .25    $ .25    $ .25    $  1.00
   ================================================================================
   Common stock price
    per share             1996 high  $ 22.13   $ 21.50  $ 22.00  $ 21.88    $ 22.13
                               low     18.75     19.75    20.00    19.13      18.75
   --------------------------------------------------------------------------------
                          1995 high  $ 17.00   $ 18.25  $ 19.00  $ 19.38    $ 19.38
                               low     16.13     16.25    17.50    17.63      16.13
   ================================================================================
   </TABLE>
          (a)  Based upon a weighted average of 8,477,285 common shares








          outstanding for 1996 and 1995.