UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION
                           Washington, DC 20549


                                 FORM 10-Q

      [ X ]  QUARTERLY REPORT pursuant to Section 13 or 15(d)
                  of the Securities Exchange Act of 1934


              For the quarterly period ended June 30, 2004 or


      [   ]  TRANSITION REPORT pursuant to Section 13 or 15(d)
                  of the Securities Exchange Act of 1934


           For the transition from ____________  to  ___________



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


                       Commission File Number 1-9788


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


                 2 Science Road, Glenwood, Illinois 60425
           ----------------------------------------------------
           (Address of principal executive offices and Zip Code)


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

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

Indicate by check mark whether the registrant is an accelerated filer as
defined in Rule 12b.2 of the Exchange Act.  Yes [ X ]   No [  ]

Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.

                  Class                  Outstanding at August 12, 2004
      ----------------------------       ------------------------------
      Common stock, $.10 par value                   8,903,592












                                     1


<PAGE>


PART I.  FINANCIAL INFORMATION

      ITEM 1.  FINANCIAL STATEMENTS

                      LANDAUER, INC. AND SUBSIDIARIES

              Condensed Consolidated Unaudited Balance Sheets
                       (000's except share amounts)



                                A S S E T S
                                -----------

                                                June 30,  September 30,
                                                  2004        2003
                                               ---------- -------------
Current assets:
  Cash and cash equivalents . . . . . . . . .    $  6,843      $ 10,572
  Short-term investments. . . . . . . . . . .         505           440
  Accounts receivable, less allowances
    of $630 and $583. . . . . . . . . . . . .      15,886        13,770
  Inventories . . . . . . . . . . . . . . . .       3,462         3,513
  Prepaid expenses. . . . . . . . . . . . . .         694           967
  Prepaid income taxes. . . . . . . . . . . .       3,103         1,687
  Deferred income taxes . . . . . . . . . . .       --              289
                                                 --------      --------
        Current assets. . . . . . . . . . . .      30,493        31,238

Property, plant and equipment, at cost. . . .      42,480        38,937
  Less: Accumulated depreciation
    and amortization. . . . . . . . . . . . .      24,107        21,711
                                                 --------      --------

Net property, plant and equipment . . . . . .      18,373        17,226

Goodwill & other intangible assets
  net of amortization . . . . . . . . . . . .      19,647         8,056
Equity in joint venture . . . . . . . . . . .       3,685         3,402
Dosimetry devices, net of amortization. . . .       4,393         4,121
Other assets. . . . . . . . . . . . . . . . .         106           195
                                                 --------      --------

                                                 $ 76,697      $ 64,238
                                                 ========      ========























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

                                     2


<PAGE>


                      LANDAUER, INC. AND SUBSIDIARIES

         Condensed Consolidated Unaudited Balance Sheets (Cont'd.)
                       (000's, except share amounts)



                 LIABILITIES AND STOCKHOLDERS' INVESTMENT
                 ----------------------------------------

                                                June 30,  September 30,
                                                  2004        2003
                                               ---------- -------------

Current liabilities:
  Accounts payable. . . . . . . . . . . . . .    $    994      $  1,548
  Deferred contract revenue . . . . . . . . .      13,274        12,464
  Dividend payable. . . . . . . . . . . . . .       3,561         3,316
  Notes Payable . . . . . . . . . . . . . . .       5,946         --
  Accrued compensation and related costs. . .       2,055         1,459
  Accrued pension costs . . . . . . . . . . .       2,791         2,675
  Accrued taxes on income . . . . . . . . . .       1,288           507
  Deferred income taxes . . . . . . . . . . .       1,122          --
  Accrued expenses. . . . . . . . . . . . . .       3,213         2,860
                                                 --------      --------
        Current liabilities . . . . . . . . .      34,244        24,829

Minority interest in subsidiary . . . . . . .          60           984
                                                 --------      --------

Stockholders' investment:
  Preferred stock, $.10 par value per share -
    Authorized - 1,000,000 shares
    Outstanding - None. . . . . . . . . . . .       --            --
  Common stock, $.10 par value per share -
    Authorized - 20,000,000 shares
    Outstanding - 8,903,592 shares at
    6/30/04 and 8,843,723 shares at 9/30/03 .         890           884
  Premium paid in on common stock . . . . . .      13,625        12,207
  Cumulative translation adjustments. . . . .        (120)         (100)
  Retained earnings . . . . . . . . . . . . .      27,998        25,434
                                                 --------      --------
        Stockholders' investment. . . . . . .      42,393        38,425
                                                 --------      --------

                                                 $ 76,697      $ 64,238
                                                 ========      ========





















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

                                     3


<PAGE>


                      LANDAUER, INC. AND SUBSIDIARIES

           Condensed Consolidated Unaudited Statements of Income
                     (000's, except per share amounts)


                               Three Months Ended    Nine Months Ended
                              -------------------  --------------------
                              June 30,   June 30,   June 30,   June 30,
                                2004       2003       2004       2003
                              --------   --------   --------   --------

Net Revenues. . . . . . . .   $ 17,203   $ 15,925   $ 52,242   $ 48,162

Cost and expenses:
  Cost of revenues. . . . .      6,436      6,097     18,938     17,542
  Selling, general and
    administrative. . . . .      4,050      3,690     12,561     10,875
  Impairment in value of
    assets. . . . . . . . .      --         --         --         2,750
                              --------   --------   --------   --------
                                10,486      9,787     31,499     31,167
                              --------   --------   --------   --------

Operating Income. . . . . .      6,717      6,138     20,743     16,995

Equity in income of
  joint venture . . . . . .        300        213        818        608

Other income, net . . . . .         (3)        42         64        102
                              --------   --------   --------   --------

Income before income taxes
  and minority interest . .      7,014      6,393     21,625     17,705

Income taxes. . . . . . . .      2,615      2,367      8,115      6,550
                              --------   --------   --------   --------

Income before minority
  interest. . . . . . . . .      4,399      4,026     13,510     11,155

Minority interest
  expense . . . . . . . . .          5        198        272        488
                              --------   --------   --------   --------

Net income. . . . . . . . .   $  4,394   $  3,828   $ 13,238   $ 10,667
                              ========   ========   ========   ========

Net income per common share:
  Basic . . . . . . . . . .   $   0.49   $   0.43   $   1.49   $   1.21
                              ========   ========   ========   ========
  Based on average shares
    outstanding . . . . . .      8,903      8,820      8,884      8,797
                              ========   ========   ========   ========

  Diluted . . . . . . . . .   $   0.49   $   0.43   $   1.48   $   1.20
                              ========   ========   ========   ========
  Based on average shares
    outstanding . . . . . .      8,976      8,910      8,961      8,881
                              ========   ========   ========   ========








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

                                     4


<PAGE>


                      LANDAUER, INC. AND SUBSIDIARIES

         Condensed Consolidated Unaudited Statements of Cash Flows
                                  (000's)


                                                    Nine Months Ended
                                                  ---------------------
                                                   June 30,    June 30,
                                                     2004        2003
                                                   --------    --------
Cash flows from operating activities:
  Net income. . . . . . . . . . . . . . . . . .    $ 13,238    $ 10,667
  Adjustments to reconcile net income to
   net cash provided by operating activities:
    Asset impairment charge . . . . . . . . . .       --          2,750
    Depreciation. . . . . . . . . . . . . . . .       3,837       3,537
    Amortization. . . . . . . . . . . . . . . .         338         294
    Bad debt expense. . . . . . . . . . . . . .         140         196
    Equity in net income of foreign affiliate .        (818)       (608)
    Tax effect of stock options . . . . . . . .       1,425       1,144
    Increase in short-term investments. . . . .         (66)        (22)
    Increase in accounts receivable - net . . .      (2,255)     (1,835)
    (Increase) decrease in inventory. . . . . .           51     (1,407)
    Increase in prepaid expenses. . . . . . . .      (1,142)     (1,860)
    Net increase in other assets. . . . . . . .      (2,055)     (1,643)
    Decrease in accounts payable. . . . . . . .        (555)        (47)
    Increase in accrued liabilities . . . . . .       1,847         350
    Increase in deferred contract revenue . . .         809       1,441
    Increase in minority interest . . . . . . .         255         599
                                                   --------    --------
        Net cash provided from
          operating activities. . . . . . . . .      15,049      13,556

Cash flows from investing activities:
  Acquisition of property, plant and equipment.      (3,556)     (2,950)
  Acquisition of minority interest in
    LCIE-Landauer . . . . . . . . . . . . . . .     (10,404)      --
                                                   --------    --------
                                                    (13,960)     (2,950)

Cash flows from financing activities:
  Dividend received from foreign affiliate. . .         598         535
  Dividend paid to stockholders . . . . . . . .     (10,429)     (9,663)
  Dividends paid to minority interest . . . . .        (913)       (288)
  Net proceeds from revolving credit facility .       5,946       --
                                                   --------    --------

        Net cash used by
          financing activities. . . . . . . . .      (4,798)     (9,416)

Effect of foreign currency translation. . . . .         (20)        602
                                                   --------    --------

Net increase (decrease) in cash and
  cash equivalents. . . . . . . . . . . . . . .      (3,729)      1,792
Opening balance - cash and cash equivalents . .      10,572       7,627
                                                   --------    --------

Ending balance - cash and cash equivalents. . .    $  6,843    $  9,419
                                                   ========    ========







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

                                     5


<PAGE>


                      LANDAUER, INC. AND SUBSIDIARIES

      Notes to Condensed Consolidated Unaudited Financial Statements
                               June 30, 2004


(1)   BASIS OF PRESENTATION

      The accompanying unaudited consolidated condensed financial
statements reflect the financial position of Landauer, Inc. and
Subsidiaries ("Landauer" or "the Company") as of June 30, 2004 and
September 30, 2003, and the consolidated results of operations and cash
flows for the three-month and nine-month periods ended June 30, 2004 and
2003.  In the opinion of management, the accompanying unaudited condensed
consolidated financial statements contain all adjustments necessary to
present fairly the consolidated financial position of Landauer as of June
30, 2004 and September 30, 2003, the consolidated statements of income for
the three-month and nine month periods ended June 30, 2004 and 2003, and
the consolidated statements of cash flows for the three-month and nine-
month periods ended June 30, 2004 and 2003.

      The accounting policies followed by the Company are set forth in
Note 1 to the Company's financial statements in the 2003 Landauer Annual
Report on Form 10-K.

      Certain prior year amounts have been reclassified to conform to
current year presentation. These reclassifications have no effect on the
results of operations or financial position.

      The results of operations for the three-month and nine-month periods
ended June 30, 2004 are not necessarily indicative of the results to be
expected for the full year.

(2)   CASH DIVIDENDS

      On June 4, 2004, the Company declared a regular quarterly cash
dividend in the amount of $0.40 per share payable on July 9, 2004 to
stockholders of record on June 18, 2004.  On March 5, 2004, the Company
declared a regular quarterly cash dividend in the amount of $ 0.40 per
share payable on April 9, 2004 to stockholders of record on March 19, 2004.

On December 19, 2003, the Company declared a regular quarterly cash
dividend in the amount of $0.40 per share payable on January 16, 2004, to
stockholders of record on January 6, 2004.

      Regular quarterly cash dividends of $0.375 per share ($1.50 annually)
were declared during fiscal 2003.

(3)   COMPREHENSIVE INCOME

      Comprehensive income is the total of net income and all other non-
owner changes in equity.  The following table sets forth the Company's
comprehensive income for the three and nine month periods ended June 30,
2004 and 2003 (000's):

                               Three Months Ended    Nine Months Ended
                              -------------------   -------------------
                              June 30,   June 30,   June 30,   June 30,
                                2004       2003       2004       2003
                              --------   --------   --------   --------
Net income. . . . . . . . .   $  4,394   $  3,828   $ 13,238   $ 10,667

Other comprehensive
 income-Foreign currency
 translation adjustment . .       (471)       317         20        602
                              --------   --------   --------   --------
Comprehensive income. . . .   $  3,923   $  4,145   $ 13,258   $ 11,269
                              ========   ========   ========   ========



                                     6


<PAGE>


                      LANDAUER, INC. AND SUBSIDIARIES

  Notes to Condensed Consolidated Unaudited Financial Statements (Cont'd)
                               June 30, 2004


(4)   Earnings Per Share

      Earnings per share computations have been made in accordance with the
provisions of SFAS No. 128, "Earnings Per Share." Basic earnings per share
were computed by dividing net income by the weighted average number of
shares of common stock outstanding during each period. Diluted earnings per
share were computed by dividing net income by the weighted average number
of shares of common stock that would have been outstanding assuming
dilution during each period.

      The following table presents the weighted average number of shares of
common stock for the three and nine month periods ended June 30, 2004 and
2003 (000's):
                               Three Months Ended    Nine Months Ended
                              -------------------  --------------------
                              June 30,   June 30,   June 30,   June 30,
                                2004       2003       2004       2003
                              --------   --------   --------   --------

Weighted average number
  of shares of common
  stock outstanding . . . .      8,903      8,820      8,884      8,797

Options issued to
  executives. . . . . . . .         73         90         77         84
                              --------   --------   --------   --------

Weighted average number
  of shares of common
  stock assuming
  dilution. . . . . . . . .      8,976      8,910      8,961      8,881
                              ========   ========   ========   ========

(5)   STOCK-BASED COMPENSATION PLANS

      The Company maintains stock option plans for key employees
("Employees' Plan").  It also maintains a stock option plan for its non-
employee directors.  The Company accounts for those plans under the
recognition and measurement principles of Accounting Principles Board
("APB") Opinion No. 25, "Accounting for Stock Issued to Employees", and
related Interpretations.  Under APB Opinion No. 25 no compensation cost is
recognized except for performance based grants, whereas under FASB 123
compensation costs are recognized based on the fair-value method of the
stock options granted which is calculated using certain assumptions about
future volatility and dividend growth.  In December 2002, the Financial
Accounting Standards Board issued Statement of Financial Accounting
Standard ("SFAS") No. 148, "Accounting for Stock-Based Compensation -
Transition and Disclosure - An Amendment of SFAS No. 123."  SFAS No. 148
requires pro-forma disclosure in both annual and quarterly financial
statements of net earnings and earnings per share as if the fair-value
method of accounting had been applied as required by SFAS 123.  Had
compensation cost for these plans been determined consistent with SFAS
No. 123, "Accounting for Stock-Based Compensation," the Company's net
income and earnings per share in each period would have been as follows
(000's except per share data):









                                     7


<PAGE>


                      LANDAUER, INC. AND SUBSIDIARIES

  Notes to Condensed Consolidated Unaudited Financial Statements (Cont'd)
                               June 30, 2004


                               Three Months Ended    Nine Months Ended
                              -------------------  --------------------
                              June 30,   June 30,   June 30,   June 30,
                                2004       2003       2004       2003
                              --------   --------   --------   --------
Net income, as reported . .   $  4,394   $  3,828   $ 13,238   $ 10,667
Deduct: Total stock-based
  employee compensation
  expense determined under
  fair value based method
  for all awards, net of
  related tax effects . . .        356         56        896        167
                              --------   --------   --------   --------
Pro forma net income. . . .   $  4,038   $  3,772   $ 12,342   $ 10,500
                              ========   ========   ========   ========
Earnings per share:
  Basic - As Reported . . .   $   0.49   $   0.43   $   1.49   $   1.21
                              ========   ========   ========   ========
  Basic - Pro Forma . . . .   $   0.45   $   0.43   $   1.39   $   1.19
                              ========   ========   ========   ========

  Diluted - As Reported . .   $   0.49   $   0.43   $   1.48   $   1.20
                              ========   ========   ========   ========
  Diluted - Pro Forma . . .   $   0.45   $   0.42   $   1.38   $   1.18
                              ========   ========   ========   ========

      Because the SFAS No. 123 method of accounting has not been applied to
options granted prior to October 1, 1996, the resulting pro forma
compensation cost may not be representative of that to be expected in
future years.

(6)   ASSET IMPAIRMENT

      Following a period of product introduction, marketing efforts and an
analysis of second quarter fiscal 2003 results, it was determined that
spending constraints placed on targeted customers by health care cost
pressures and state and local government budget deficits had significantly
reduced the future net cash flows expected to be realized from Landauer's
Aurion product offering.  Accordingly, the Company recorded a non-cash pre-
tax charge of $2,750,000, or $0.19 per diluted share (after income tax
benefit computed at a marginal rate of 39.7%) for the fiscal quarter ended
March 31, 2003, to recognize an impairment in the value of assets for the
Aurion product line.  The operating results for Aurion were not significant
for any period presented.  Based on the estimated identifiable cash flows
from this service offering, the impairment charge represents the Company's
entire investment in the Aurion-related assets and includes fixed assets,
licenses, software and badge components.

(7)   PENSION AND POSTRETIREMENT MEDICAL BENEFIT EXPENSES

      In December 2003 the Financial Accounting Standards Board (FASB)
released revised FASB Statement No. 132 (FAS 132R), a revision to FAS 132,
EMPLOYERS' DISCLOSURES ABOUT PENSIONS AND OTHER POSTRETIREMENT BENEFITS.
The revised standard provides required disclosures for pensions and other
postretirement benefit plans and is designed to improve disclosure
transparency in financial statements. The revised standard replaces
existing pension disclosure requirements. FAS 132R requires additional
disclosure about the assets, obligations, cash flow, and net periodic
benefit costs of defined benefit pension plans and other post retirement
benefit plans.  It also requires public entities to disclose (a) the amount
of net periodic benefit cost recognized and (b) the total amount of the
employer's contribution paid, in all interim financial statements beginning
after December 15, 2003.

                                     8


<PAGE>


                      LANDAUER, INC. AND SUBSIDIARIES

  Notes to Condensed Consolidated Unaudited Financial Statements (Cont'd)
                               June 30, 2004


      The components of net periodic benefit cost for pension and retiree
medical plans are as follows:

                               Pension Benefits       Other Benefits
                              -------------------   -------------------
                                  For the three months ended June 30,
                            -------------------------------------------
    In $000's                   2004       2003       2004       2003
                              --------   --------   --------   --------
Components of net periodic
 cost:
  Service Cost. . . . . . .   $    250   $    215   $     25   $     21
  Interest Cost . . . . . .        247        226         20         16
  Expected return on plan
    assets. . . . . . . . .       (162)      (140)     --         --
  Amortization of
    transition assets . . .         (2)        (2)         6          6
  Amortization of prior
    service cost. . . . . .         39         39          4          4
  Recognized net actuarial
    loss. . . . . . . . . .         30         23          3      --
                              --------   --------   --------   --------
Net periodic benefit cost .   $    402   $    361   $     58   $     47
                              ========   ========   ========   ========

                                   For the nine months ended June 30,
                            -------------------------------------------
                                2004       2003       2004       2003
                              --------   --------   --------   --------
Components of net periodic
 cost:
  Service Cost. . . . . . .   $    750   $    645   $     75   $     63
  Interest Cost . . . . . .        741        678         60         48
  Expected return on plan
    assets. . . . . . . . .       (486)      (420)     --         --
  Amortization of
    transition assets . . .         (6)        (6)        18         18
  Amortization of prior
    service cost. . . . . .        117        117         12         12
  Recognized net actuarial
    loss. . . . . . . . . .         90         69          9      --
                              --------   --------   --------   --------
Net periodic benefit cost .   $  1,206   $  1,083   $    174   $    141
                              ========   ========   ========   ========

      The Company made $792,957 in pension contributions in the first
fiscal quarter of 2004 and has not made any additional contributions.

      In December 2003, the Medicare Prescription Drug, Improvement and
Modernization act of 2003 (the "Act") was signed into law.  The Company has
determined the effect of the Act, if any, on the retirement medical plan
will have no material impact on its consolidated statements.  Consequently,
measures of the accumulated postretirement benefit obligation or net
periodic benefit cost do not reflect any effects of the Act on the plan.








                                     9


<PAGE>


                      LANDAUER, INC. AND SUBSIDIARIES

  Notes to Condensed Consolidated Unaudited Financial Statements (Cont'd)
                               June 30, 2004


(8)   ACQUISITION OF MINORITY INTEREST IN LCIE- LANDAUER

      In April 2004 Landauer, Inc. consummated an agreement with Bureau
Veritas ("BV") to acquire the 49% minority interest in LCIE-Landauer, Ltd.
owned by BV's subsidiary, Laboratoire Central Industries des Electriques
("LCIE"), for $10.4 million in cash.  The purchase price was allocated
based on estimates of fair value as determined by an independent third
party valuation consultant.  Substantially all the purchase price, plus
deferred tax liabilities recorded, was allocated to intangible assets
including $3.9 of customer lists (amortized over the estimated useful life
of 15 years) and goodwill of $7.9 million.  Had the acquisition occurred at
the beginning of the periods presented, unaudited net income of the company
on a proforma basis would have been as follows:


                                    Unaudited, in $000 (except EPS)
                             Quarter Ended June 30 Year to Date June 30
                             --------------------- --------------------
                                2004       2003       2004       2003
                              --------   --------   --------   --------

Proforma Net Income . . . .   $  4,394   $  3,937   $ 13,283   $ 10,922

Diluted earnings
  per share . . . . . . . .   $   0.49   $   0.44   $   1.48   $   1.23

      The unaudited proforma net income is for illustrative purposes only
and is not necessarily indicative of the financial results had the
acquisition actually occurred at the beginning of the periods presented.

      Landauer funded the purchase price from a combination of working
capital funds ($2.7 million), and $7.7 million borrowed under a credit
facility obtained in April 2004.  This $25 million credit facility is
annually renewable upon agreement of the parties and will mature in April
2005.  At June 30, 2004, outstanding borrowings under the credit agreement
(net of a $1.8 million principal payment made during the third quarter)
were $5.9 million. The loan is denominated in Euros and bears interest at
the applicable EURIBO rate plus 1.25% per annum. At June 30, 2004, the loan
is based upon the 60 day EURIBO rate and is fixed at 3.3% until August 31,
2004, at which time the Company will execute a new EURIBO election notice
and specify the interest period and rate for the remaining balance of the
advance under the terms of the credit agreement.

      The proceeds from borrowings under the credit agreement can be used
to repay certain indebtedness, finance certain acquisitions, and provide
for working capital and general corporate purposes.

      The Company is subject to certain covenants and restrictions and must
meet certain financial tests under the Credit Agreement.  The Company was
in compliance with such covenants, restrictions and financial tests at
June 30, 2004.












                                    10


<PAGE>


ITEM 2.  MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION &
         RESULTS OF OPERATIONS

OVERVIEW

      Landauer is the leading provider of analytical services to determine
occupational and environmental radiation exposure.  For 50 years, the
Company has provided complete radiation dosimetry services to hospitals,
medical and dental offices, universities, national laboratories, and other
industries in which radiation poses a potential threat to employees.
Landauer's services include the manufacture of various types of radiation
detection monitors, the distribution and collection of the monitors to and
from clients, and the analysis and reporting of exposure findings.  These
services are provided to customers in the U.S., Japan, France, the United
Kingdom, Brazil, Canada and China.

       Landauer's InLightTM dosimetry system provides smaller in-house and
commercial laboratories with the ability to offer a complete radiation
monitoring service using optically stimulated luminescence ("OSL")
technology. The system is based on the Company's propriety technology and
instruments and dosimetry devices developed by Matsushita Industrial
Equipment Company and allows customers the flexibility to tailor their
precise dosimetry needs.

      Landauer's operations include services for detecting, monitoring, and
if necessary, remediating radon gas.

      Landauer operates a mature business, and growth in numbers of
customers is modest.  In recent years the Company's strategy has been to
expand into new international markets, primarily by partnering with
existing dosimetry service providers with a prominent local presence. In
addition, the Company has been developing new platforms and formats for its
OSL technology such as InLight to gain access to markets where the Company
previously did not have a significant presence such as smaller in-house and
commercial laboratories.  Revenue growth in recent years has occurred as a
result of increased prices for certain services, entry into new markets
through joint ventures and acquisitions, modest unit growth and new
ancillary services and products.

      The services provided by the Company to its customers are ongoing and
are of a subscription nature.  As such, revenues are recognized in the
periods in which such services are rendered irrespective of whether
invoiced in advance or in arrears.  Given the subscription nature of
Landauer's services, quarterly revenues are fairly consistent.  During the
second quarter of each fiscal year, however, the Company provides
additional services reporting annual radiation dose summaries that generate
increased revenues.  The introduction of the Company's InLight product line
may introduce some variability in quarter-to-quarter revenue comparisons
given the nature of purchase cycles associated with sales of radiation dose
measurement instruments and detectors.

LIQUIDITY AND CAPITAL RESOURCES

      Landauer's cash flow from operating activities for the nine months
ended June 30, 2004 and 2003 amounted to $15,049,000 and $13,556,000,
respectively. Acquisitions of property, plant and equipment amounted to
$3,556,000 and $2,950,000, respectively, for fiscal 2004 and 2003.  The
Company's financing activities consisted of borrowing $7,725,000 from and
making a $1,779,000 principal payment to its revolving credit facility,
payments of cash dividends, offset by foreign dividends received from
Nagase-Landauer, Ltd., our Japanese joint venture, and SAPRA-Landauer,
Ltda., our subsidiary in Brazil.








                                    11


<PAGE>


      The Company had no long-term liabilities at June 30, 2004 and its
requirement for cash flow to support investing activities is generally
limited.  Since the credit agreement described below is renewed each year,
borrowings thereunder are classified as current liabilities.  Capital
expenditures for the balance of fiscal 2004 are expected to amount to
approximately $2,300,000 principally for the acquisition of equipment to
support the Company's introduction of the InLight product line,
introduction of new products, the development of supporting software
systems, and computer hardware.  The Company anticipates that funds for
these capital improvements will be provided from operations.

      In April 2004 the Company negotiated a new line of credit provided
with LaSalle Bank, ABN AMRO.  This credit facility provides funds to be
used for working capital and other general corporate purposes. The credit
agreement is annually renewable upon agreement of the parties.  The credit
agreement provides the Company with the option of electing to borrow funds
denominated in US dollars or Euros that bear interest rates based on the
Federal Funds rate, Prime rate, EURIBO or LIBOR; it also contains certain
covenants including a covenant for minimum tangible net worth. As of
April 30, 2004 the Company was in compliance with all of the covenants. As
disclosed in Note 8, in April 2004 the Company borrowed $7.7 million
dollars under this facility as part of funding the acquisition of the
remaining 49% minority interest in LCIE - Landauer, Ltd.  During the third
fiscal quarter the Company made a principal payment of $1,779,000 as well
as an interest payment of $30,000.  In the event the credit facility is not
renewed at maturity, it is expected that cash on hand, and cash flow from
operations will be sufficient to satisfy the obligation.  In the opinion of
management, cash flow from operations and the Company's borrowing capacity
under this line of credit are adequate for projected operations and capital
spending programs, as well as continuation of the regular cash dividend
program.  From time to time, the Company may have the opportunity to make
investments for acquisitions or other purposes that are in excess of these
sources of liquidity.  In that event, the Company may seek additional
sources of liquidity to fund such investments.

      Landauer requires limited working capital for its operations since
many of its customers are invoiced for services in advance.  Such advance
billings amounted to $13,274,000 and $12,464,000, respectively, as of
June 30, 2004 and September 30, 2003, and are included in the balance sheet
under the caption "Deferred contract revenue".  While these amounts
included in deferred contract revenue represent almost one-half of current
liabilities, such amounts generally do not represent a cash requirement.

      The services provided by the Company to its customers are ongoing and
are of a subscription nature.  As such, revenues are recognized in the
periods in which such services are rendered irrespective of whether
invoiced in advance or in arrears.  All customers are invoiced in
accordance with the Company's standard terms, with payment due thirty days
from date of invoice.  Considering the Company's invoicing practices and
that a significant portion of the Company's revenues are subject to health
care industry reimbursement cycles, the average days sales outstanding
range from 43 to 80 days over the course of a fiscal quarter.

RESULTS OF OPERATIONS

QUARTERLY RESULTS

      Revenues for the quarter just ended were $17,203,000, an 8.0%
increase compared with revenues of $15,925,000 for the same quarter in
fiscal 2003.  Revenue growth for the current quarter primarily occurred as
a result of higher pricing and slightly higher unit demand for the
Company's products and services in the U.S.  InLightTM system
revenues, as well as currency gains and somewhat higher volume from
operations in Europe, Asia and Brazil also contributed.  Approximately 80%
of revenue growth was derived from traditional domestic measurement and
reporting services during the quarter.




                                    12


<PAGE>


      Gross margins were 62.6% of revenues for the third quarter of fiscal
2004, slightly improved from the 61.7% reported for the same period in
2003. Cost of goods sold were $339,000 or 5.6% higher than fiscal 2003,
primarily a result of increased domestic overhead costs including indirect
labor and employee benefits, $104,000, depreciation, $86,000, as well as
currency related foreign overhead costs, $162,000.

      Selling, general and administrative expenses in the third quarter of
fiscal 2004 were $360,000 or 9.8% higher versus a year ago due to incentive
compensation expense $137,000, professional fees, $82,000, research costs,
$82,000 and $68,000 amortization of intangibles associated with the
acquisition of the balance of LCIE-Landauer at the beginning of the
quarter. Resulting operating income for the third quarter of fiscal 2004
was $6,717,000, an increase of $579,000 or 9.4% compared with $6,138,000
reported for the same quarter in 2003.

      Other income for the second quarter amounted to $297,000 compared
with $255,000 a year earlier; the increase relates to higher income from
Nagase-Landauer, Ltd., the Company's joint venture in Japan.

      The effective tax rate for the Company was 37.3% compared with 37.0%
for the third quarter of fiscal 2003.  Third quarter earnings were impacted
by the elimination of $193,000 of minority interest associated with
ownership of 100% of LCIE-Landauer for the full quarter. Resulting net
income for the third quarter amounted to $4,394,000 or $0.49 per diluted
share, compared with $3,828,000, or $0.43 per diluted share, in the same
quarter in fiscal 2003.

NINE MONTHS RESULTS

      Revenues for the nine months ended June 30, 2004, were $52,242,000 or
8.5% greater than $48,162,000 reported for the same period in fiscal 2003.
Domestic revenue growth, representing almost two-thirds of the increase,
resulted from improved pricing and modestly higher volume for measurement
and reporting services.  Higher international revenues resulted from a weak
U.S. dollar and some pricing and unit gains in most foreign markets.

      Gross margins for the first nine months of fiscal 2004 were 63.7% of
revenues, comparable with the 63.6% reported a year ago.  Cost of revenues
increased $1,396,000 or 8.0% from the same period in the prior year.
Direct and indirect labor and the associated employee benefits (related
primarily to medical claims and pension) costs were $548,000 higher than a
year ago, as were direct materials, $334,000.  Costs rose both domestically
and abroad with the international portion ($191,000) primarily attributable
to currency translation.

      Selling, general, and administrative expenses in the first nine
months of fiscal 2004 were $1,686,000 or 15.5% higher than a year ago.  The
year-to-date increase in selling, general and administrative expenses
relates to incentive compensation, $483,000; increased labor and benefits,
$303,000; professional fees, $245,000; as well as higher foreign expenses,
$627,000, some of which is currency translation related.  Selling, general,
and administrative expenses were 24.0% of revenues for the first nine
months of fiscal 2004 compared to 22.6% for the first nine months of fiscal
2003.  Fiscal 2003 results included a non-cash charge in the amount of
$2,750,000, or $0.19 per diluted share (after income tax benefit computed
at a marginal rate of 39.7%), for costs associated with the impairment in
value of assets related to Landauer's Aurion service.  Resulting operating
income thus far in fiscal 2004 was $20,743,000, an increase of $3,748,000
compared with the same period in 2003.

      Other income for the first nine months of fiscal 2004 amounted to
$882,000 compared with $710,000 a year earlier.  Most of the increase
relates to higher income from Nagase-Landauer, Ltd., the Company's joint
venture in Japan.





                                    13


<PAGE>


      The effective tax rate was 37.5% compared with 37.0% for the same
period of fiscal 2003.  The reduction in minority interest compared with a
year ago reflects the acquisition of the balance of LCIE-Landauer at the
beginning of the third quarter.  Resulting net income of $13,238,000 or
$1.48 per diluted share, compared with $10,667,000, or $1.20 per diluted
share for the same period in fiscal 2003.

OUTLOOK FOR BALANCE OF FISCAL 2004

      Landauer's business plan and outlook anticipates that revenue growth
for the year is expected to be in the range of 7 to 8%, evenly distributed
among the Company's traditional revenue sources.  Domestic revenue growth
is expected to occur as a result of pricing, moderate unit growth and
increased sales of ancillary services and products.  International revenue
growth is expected to benefit moderately from a weak U.S. dollar, although
the impact of such comparisons has diminished.  Additionally, international
revenue growth is expected to result from higher pricing and increased
units.

      Aggregate costs and operating expenses for fiscal 2004 are expected
to be moderately higher than fiscal 2003 levels, largely reflecting the
absence of a $2.8 million non-cash impairment charge that occurred in 2003,
offset by higher costs in 2004.  Net other income is anticipated to be
slightly higher than a year ago and the effective income tax rate for
fiscal 2004 is expected to be 37.5%.  The recent acquisition of the balance
of LCIE-Landauer will eliminate minority interest for that entity.
Resulting net income for 2004 is anticipated to be higher by 18 - 20%
compared with fiscal 2003.

FORWARD-LOOKING STATEMENTS

      Certain of the statements made herein constitute forward looking
statements that are based on certain assumptions and involve certain risks
and uncertainties, including, introduction of the InLight technology, the
adaptability of optically stimulated luminescence ("OSL") technology to new
platforms and formats, the cost associated with the Company's research and
business development efforts, the usefulness of older technologies, the
anticipated results of operations of the Company and its subsidiaries or
ventures, the valuation of the Company's long lived assets or business
units relative to future cash flows, the Company's market position, changes
in postal and delivery practices, the Company's business plans, anticipated
revenue and cost growth, the risks associated with conducting business
internationally, other anticipated financial events, the effects of
changing economic and competitive conditions, foreign exchange rates and
currency translations, government regulations, accreditation requirements,
and pending accounting pronouncements.  Such assumptions may not
materialize to the extent assumed and such risks and uncertainties may
cause actual results to differ from anticipated results.  Such risks and
uncertainties may also result in changes to the Company's business plans
and prospects and could create the need from time to time to write down the
value of assets or otherwise cause the Company to incur unanticipated
expenses.  Additional information may be obtained by reviewing the
Company's Annual Report on Form 10-K for the year ended September 30, 2003
and other reports filed by the Company from time to time with the
Securities and Exchange Commission.















                                    14


<PAGE>


RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

      In January 2003, the Financial Accounting Standards Board (FASB)
issued Interpretation No. 46, "Consolidation of Variable Interest Entities,
an Interpretation of Accounting Research Bulletin ("ARB") No. 51,"
("FIN 46").  FIN 46 clarifies the application of ARB No. 51, "Consolidated
Financial Statements," to certain entities in which equity investors do not
have the characteristics of a controlling financial interest or do not have
sufficient equity at risk for the entity to finance its activities without
additional subordinated financial support from other parties.  In December
2003, the FASB issued FIN 46(R), "Consolidation of Variable Interest
Entities," which represents a revision to FIN 46.  The provisions of FIN
46(R) are effective for interests in variable interest entities as of the
first interim, or annual, period ending after December 15, 2003.  In
addition, FIN 46(R) requires that both the primary beneficiary and all
other enterprises with a significant variable interest make additional
disclosure in filing issued after January 31, 2003.  The Company is
evaluating under FIN 46(R) pre-existing joint venture entities.  The
Company does not expect that the adoption of FIN 46(R) will have any impact
on its financial statements and results of operations.

      On November 17, 2003, the FASB issued the final FASB Staff Position
(FSP) FAS 150-3, "Effective Date for Mandatorily Redeemable Financial
Instruments of Certain Nonpublic Entities and Certain Mandatorily
Redeemable Noncontrolling Interests under FASB Statement No. 150 (FAS 150),
'Accounting for Certain Financial Instruments with Characteristics of Both
Liabilities and Equity.'"  The final FSP affects how public and nonpublic
entities classify, measure, and disclose certain mandatorily redeemable
noncontrolling interests associated with finite-lived subsidiaries and
mandatorily redeemable financial instruments and (b) requires entities that
have already adopted FAS 150 to rescind the adoption of certain provisions
of FAS 150 and to permit them to present the adoption of the FSP either by
restating previously issued financial statements or as a cumulative effect
in the period of adoption.  The Company has analyzed its financial
instruments in light of FAS 150 and has determined that this statement is
not applicable to its financial position and that the adoption of this
statement has no material impact on its consolidated statements.

      In December 2003, the Securities and Exchange Commission (SEC) issued
Staff Accounting Bulletin (SAB) No. 104, "Revenue Recognition," which
revises or rescinds portions of the interpretive guidance included in SAB
No. 101, "Revenue Recognition in Financial Statements," in order to make
the guidance consistent with authoritative accounting and auditing guidance
and with SEC rules and regulations.  The principal revisions relate to the
rescission of material no longer necessary because of private sector
developments in the United States generally accepted accounting principles.

The adoption of SAB No. 104 did not have any impact on the Company's
financial position or results of operations.

      On December 23, 2003 the FASB released revised FASB Statement
No. 132R (FAS 132R), "Employers' Disclosures about Pensions and Other
Postretirement Benefits". The revised standard provides required
disclosures for pensions and other postretirement benefit plans and is
designed to improve disclosure transparency in financial statements. The
requirements of the standard are effective for public entities for fiscal
years ending after December 15, 2003 and for quarters beginning after
December 15, 2003.  The Company implemented the required disclosure
provisions in the quarter ending March 31, 2004.












                                    15


<PAGE>


      On January 12, 2004, the FASB released FASB Staff Position No.
FAS 106-1 (FSP 106-1).  FASB Statement No. 106 (FAS 106), "Employers'
Accounting for Postretirement Benefits Other Than Pensions," requires a
company to consider current changes in applicable laws when measuring its
postretirement benefit costs and accumulated postretirement benefit
obligation.  However, because (1) uncertainties may exist for plan sponsors
surrounding the effect of the provisions of the Medicare Prescription Drug,
Improvement and Modernization Act of 2003 (the "Act") and (2) certain
accounting issues raised by the Act are not addressed by FAS 106, FSP 106-1
allows plan sponsors to elect a one-time deferral of the accounting for the
Act. If deferral is elected, the deferral must remain in effect until the
earlier of (a) the issuance of guidance by the FASB or (b) the
remeasurement of plan assets and obligations subsequent to January 31,
2004.  Further, even if an entity elects deferral, certain disclosure
requirements are still required.

      The FSP is effective for interim and annual financial statements of
fiscal years ending after December 7, 2003.  The Company's post retirement
benefits are not based on the retirees' Medicare benefits received.  As
such, the Company has analyzed its postretirement benefit costs in light of
FSP 106-1 and has determined that the adoption of this statement has no
material impact on its consolidated statements.



ITEM 3.  QUANTITATIVE & QUALITATIVE DISCLOSURE ABOUT MARKET RISK

SIGNIFICANT RISK FACTORS

      The Company's business and operations are subject to certain risks
and uncertainties, including:

FOREIGN CURRENCY TRANSLATION/EXCHANGE AND INTEREST RATE RISKS

      The Company is exposed to market risk, including changes in foreign
currency exchange rates and interest rates. As discussed in Note 1 to the
financial statements in the Company's Annual Report on Form 10-K, "Summary
of Significant Accounting Policies" to the consolidated financial
statements, the financial statements of the Company's non-U.S. subsidiaries
are remeasured into U.S. dollars using the U.S. dollar as the functional
currency. To date, the market risk associated with foreign currency
exchange rates or resulting translations has not been material in relation
to the Company's financial position, results of operations, or cash flows.
These risks could increase, however, as the Company expands in
international markets. The Company does not have any significant trade
accounts receivable, trade accounts payable, commitments or borrowings in a
currency other than that of the reporting unit's functional currency. As
such, the Company does not currently use derivative financial instruments
to manage the exposure in its non-U.S. operations.

RELIANCE UPON SINGLE MANUFACTURING FACILITY

      Landauer, Inc. conducts its primary manufacturing and laboratory
processing operations from a single facility in Glenwood, Illinois. In
addition, the Company performs significant functions for some of its
international joint ventures from the Glenwood facility. If the Company
were to lose availability of its primary facility due to fire, natural
disaster or other disruptions, its operations could be significantly
impaired. Although the Company maintains business interruption insurance,
there can be no assurance that the proceeds of such insurance would be
sufficient to offset any loss the Company might incur or that the Company
would be able to retain its customer base if operations were so disrupted.








                                    16


<PAGE>


SINGLE SOURCE FOR CRYSTAL MATERIALS

      Crystal material is a key component in Landauer's OSL technology. The
Company operates a single crystal manufacturing facility in Stillwater,
Oklahoma that currently supplies all crystal material used by the Company.
If the Company were to lose availability of its Stillwater facility due to
a fire, natural disaster or other disruptions, such loss could have a
material adverse effect on the Company and its operations. Prior to
acquiring the Stillwater facility, the Company purchased the majority of
its raw crystal material from one external source. There can be no
assurance that the Company could secure additional crystal raw materials
from external sources in the event of a disruption at the Stillwater
facility.

TECHNOLOGY

      Landauer's technological expertise has been an important factor in
its growth. The Company regularly pursues product improvements to maintain
its technical position. The development and introduction of new
technologies, the adaptability of OSL to new platforms and new formats, the
usefulness of older technologies as well as the introduction of new
technologies by competitors present various risks to the Company's
business. The failure or lack of market acceptance of a new technology or
the inability to respond to market requirements for new technology could
adversely affect the Company's operations or reputation with customers. The
cancellation of technology projects or the cessation of use of an existing
technology can result in write downs and changes to the Company's earnings.
In the normal course of its business, Landauer must record and process
significant amounts of data quickly and accurately and relies on various
computer and telecommunications equipment and software systems. Any failure
of such equipment or systems could adversely affect the Company's
operations.

INTERNATIONAL OPERATIONS POSE RISKS

      Landauer conducts business in numerous international markets such as
Japan, France, the United Kingdom, Brazil, Canada and China. Foreign
operations are subject to a number of special risks, including among
others, currency exchange rate fluctuations; disruption in relations;
political and economic unrest; trade barriers exchange controls;
expropriation; and changes in laws and policies, including those governing
foreign owned operations.

GOVERNMENT REGULATIONS

      Regulation, present and future, is a constant factor affecting the
Company's business. The radiation monitoring industry is subject to federal
and state governmental regulation. Unknown matters, new laws, regulations
and accreditation standards, or stricter interpretations of existing law,
regulations, or accreditation standards may materially affect Landauer's
business or operations in the future and/or could increase the cost of
compliance.

COMPETITION

      The Company competes on the basis of advanced technologies, competent
execution of these technologies, the quality, reliability and price of its
services and its prompt and responsive performance. In much of the world,
radiation monitoring activities are conducted by a combination of private
entities and governmental agencies. The Company's primary competitor in the
United States is large and has substantial resources. The Company also
faces competitive pressures from a number of smaller competitors in the
U.S. and abroad.







                                    17


<PAGE>


ITEM 4.  CONTROLS AND PROCEDURES

      As of the end of the period covered by this report, an evaluation was
performed under the supervision and with the participation of the Company's
management, including the Chief Executive Officer ("CEO") and the Chief
Financial Officer ("CFO"), of the effectiveness of the design and operation
of the Company's disclosure controls and procedures as defined in Rule 13a-
15(e) under the Securities and Exchange Act of 1934, as amended. Based on
that evaluation, the Company's management, including the CEO and CFO,
concluded that the Company's disclosure controls and procedures as of June
 30, 2004 were effective in ensuring information required to be disclosed
on this Form 10-Q was recorded, processed, summarized and reported on a
timely basis. There have been no changes in the Company's internal control
over financial reporting that occurred during the period ended June 30,
2004 that have materially affected, or are reasonably likely to materially
affect, the Company's internal control over financial reporting.



PART II.    OTHER INFORMATION

ITEM 1.     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 6.     EXHIBITS AND REPORTS ON FORM 8-K

      On July 22, 2004, Landauer filed a report on form 8-K related to its
earnings press release for the same day.

      Exhibit 10.1      Credit Agreement between Landauer, Inc. and
                        LaSalle Bank N.A. dated April 13, 2004.

      Exhibit 31.1      Rule 13a-14(a)/15d-14(a), Certification of
                        Chief Executive Officer

      Exhibit 31.2      Rule 13a-14(a)/15d-14(a), Certification of
                        Chief Financial Officer

      Exhibit 32.1      Section 1350 Certification of
                        Chief Executive Officer

      Exhibit 32.2      Section 1350 Certification of
                        Chief Financial Officer




















                                    18


<PAGE>


                                SIGNATURES


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


                                    LANDAUER, INC.
Date: August 12, 2004


                                    /s/ James M. O'Connell
                                    ------------------------------
                                    James M. O'Connell
                                    Vice President and Treasurer
                                    (Principal Financial and
                                    Accounting Officer)




















































                                    19