{"id":396848,"date":"2020-12-09T16:35:55","date_gmt":"2020-12-09T21:35:55","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=396848"},"modified":"2020-12-09T16:35:55","modified_gmt":"2020-12-09T21:35:55","slug":"kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2021\/","title":{"rendered":"Kewaunee Scientific Reports Results for Second Quarter of Fiscal Year 2021"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n STATESVILLE, N.C.<\/span>, Dec. 9, 2020<\/span> \/PRNewswire\/ — Kewaunee Scientific Corporation (NASDAQ: KEQU) today reported results for its second quarter of fiscal year 2021, ended October\u00a031, 2020.<\/p>\n

\n

\n
\n \"Kewaunee
\n <\/a>\n <\/p>\n<\/p><\/div>\n

Sales for the quarter were $39,000,000<\/span>, a 1.8% decrease from sales of $39,722,000<\/span> in the prior year second quarter. Pre-tax loss for the quarter was $362,000<\/span> compared to $158,000<\/span> for the prior year period.\u00a0 Net losses improved for the quarter to a loss of $180,000<\/span>, or ($0.07)<\/span> per diluted share, as compared to a loss of $2,178,000<\/span>, or $(0.79)<\/span> per diluted share, for the quarter ended October 31, 2019<\/span>. EBITDA for the quarter was $353,000<\/span> compared to $502,000<\/span> for the prior year period.\u00a0 The Company’s order backlog was $96 million<\/span> at October 31, 2020<\/span>, as compared to $101 million<\/span> at April 30, 2020<\/span> and $92 million<\/span> at October\u00a031, 2019.\u00a0\u00a0\u00a0<\/p>\n

\n
\n Domestic Segment<\/u>
\n <\/b>\n <\/p>\n

Domestic sales for the quarter were $28,772,000<\/span>, a decrease of 8.9% from sales of $31,584,000<\/span> in the second quarter of last year.\u00a0 Net earnings for the Domestic Segment were $168,000<\/span> compared to $149,000<\/span> for the prior year period.\u00a0 Domestic segment EBITDA was $1,189,000<\/span> compared to $1,314,000<\/span> for the prior year period.\u00a0 Sales and EBITDA declined during the period when compared to the prior year period as delays in project completion and access to construction sites due to the coronavirus (“COVID”) pandemic continued to impact the pace at which the segment was able to operate during the quarter.\u00a0 Operating costs were higher than normal due to additional COVID-related expenses as well as expenses related to previously disclosed strategic initiatives, including investing in domestic technology infrastructure and the re-capitalization of certain aspects of domestic manufacturing operations. <\/p>\n

\n
\n International Segment<\/u>
\n <\/b>\n <\/p>\n

International sales for the quarter were $10,228,000<\/span>, up 25.7% from sales of $8,138,000<\/span> in the second quarter last year.\u00a0\u00a0 Net earnings for the International Segment were $465,000<\/span> compared to a net loss of $1,724,000<\/span> for the prior year period.\u00a0 International Segment EBITDA was $775,000<\/span> compared to $463,000<\/span> for the prior year period.\u00a0 The increase in sales and profitability resulted from strong international demand coupled with reduced COVID-related restrictions in certain markets that allowed access to project sites that were closed in the prior quarter, which resulted in increased billings. Additionally, last year’s earnings were negatively impacted by the tax implications of the Company’s revocation of its indefinite reinvestment of foreign unremitted earnings assertion for Kewaunee Labway India Pvt. Ltd. <\/p>\n

\n
\n Corporate Expenses<\/u>
\n <\/b>\n <\/p>\n

Corporate expenses for the quarter were $1,743,000<\/span>, an increase of 24.1% from corporate expenses of $1,405,000<\/span> in the second quarter of last year.\u00a0 The primary drivers of increased corporate expenses were increases in professional fees and an increase in pension expense due to changes in underlying valuation assumptions as of April 30, 2020<\/span>.<\/p>\n

\n
\n Liquidity and Managed Working Capital<\/u>
\n <\/b>\n <\/p>\n

Cash on hand was $6,240,000<\/span> at the end of the quarter, as compared to $5,215,000<\/span> at April 30, 2020<\/span>. Working capital was $28,530,000<\/span>, as compared to $27,171,000<\/span> at April 30, 2020<\/span>. Short-term debt was $7,592,000<\/span> at the end of the quarter, as compared to $4,719,000<\/span> at April 30, 2020<\/span>. The debt-to-equity ratio at October\u00a031, 2020 was .44-to-1, as compared to .36-to-1 at April 30<\/span>, 2020.\u00a0 <\/p>\n

“As we successfully manage through the challenges presented by COVID, we continue to focus on strengthening our core business. Investments in talent, technology and manufacturing operations, combined with a strong backlog, position Kewaunee well to respond to what I expect will be a long-term increase in demand for the products and services that Kewaunee provides,” said Thomas D. Hull III<\/span>, Kewaunee’s President and Chief Executive Officer.\u00a0 <\/p>\n

“While varying degrees of limitations continued during our second quarter due to COVID, there were bright spots worth highlighting.\u00a0 Our Domestic team mobilized to rapidly deliver a large laboratory table order for a COVID testing lab being built by a large State Department of Health.\u00a0 The Indian laboratory market rebounded from a sharp decline in the first quarter of the fiscal year, contributing to the strong performance from our International segment during the quarter.\u00a0 We also continue to see robust activity in the marketplace from a laboratory planning, budgeting, and bidding perspective.\u00a0 While this activity has been slow to translate into awarded projects over the past nine months, I expect the pace of awards to increase in the coming calendar year.” <\/p>\n

“The third quarter is typically the Company’s slowest quarter due to the number of manufacturing days and a general slow-down in construction schedules.\u00a0 This, coupled with the slow-down in project awards experienced during the onset of COVID, will result in a challenging quarter.\u00a0 Looking to the fourth quarter, I expect our financial performance to improve based on our backlog and current booking activity.”<\/p>\n

\n
\n
\n
\n EBITDA and Segment EBITDA Reconciliation<\/u>
\n <\/b>
\n <\/u>
\n <\/b>\n <\/p>\n

\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n
\n Quarter Ended October 31, 2019<\/b>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Domestic<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n International<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Corporate<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Consolidated<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net Earnings (Loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 149<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(1,724)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (603)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(2,178)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Add\/(Less):<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Interest Expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 128<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 135<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest Income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (103)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (106)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income Taxes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 597<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,208<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (802)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,003<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation and Amortization<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 568<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 75<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 648<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n EBITDA<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01,314<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 463<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(1,275)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 502<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n Quarter Ended October 31, 2020<\/b>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Domestic<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n International<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Corporate<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Consolidated<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net Earnings (Loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 168<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 465<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (813)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (180)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Add\/(Less):<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Interest Expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 127<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 128<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest Income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (56)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (57)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income Taxes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 427<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 306<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (930)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (197)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation and Amortization<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 594<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 59<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 659<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n EBITDA<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01,189<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 775<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(1,611)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 353<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n Year to Date October 31, 2019<\/b>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Domestic<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n International<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Corporate<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Consolidated<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net Earnings (Loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01,544<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(1,304)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(1,947)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(1,707)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Add\/(Less):<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Interest Expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 288<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 302<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest Income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (252)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (257)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income Taxes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 762<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,371<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (961)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,172<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation and Amortization<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,133<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 148<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,292<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n EBITDA<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03,439<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 977<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(2,614)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01,802<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n Year to Date October 31, 2020<\/b>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Domestic<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n International<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Corporate<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Consolidated<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net Earnings (Loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01,161<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 589<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(2,528)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (778)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Add\/(Less):<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Interest Expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 204<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 205<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest Income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (105)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (107)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income Taxes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 427<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 327<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (930)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (176)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation and Amortization<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,206<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 128<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,346<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n EBITDA<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a02,794<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 940<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(3,244)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 490<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

<\/span>\n <\/p>\n

\u00a0<\/p>\n

\n About Non-GAAP Measures <\/i>\n <\/p>\n

We calculate EBITDA and Segment EBITDA as net earnings (loss), less interest expense and interest income, income taxes, depreciation, and amortization. We believe EBITDA and Segment EBITDA allow management and our investors to compare our performance to other companies on a consistent basis without regard to depreciation and amortization, which can vary significantly between companies depending upon many factors.\u00a0 EBITDA and Segment EBITDA are not calculations based upon generally accepted accounting principles, and our method for calculating EBITDA and Segment EBITDA can vary as compared to other companies.\u00a0 The amounts included in the EBITDA and Segment EBITDA calculations, however, are derived from amounts included in the historical statements of operations.\u00a0 EBITDA and Segment EBITDA should not be considered as alternatives to net earnings (loss) or operating earnings (loss) as an indicator of the Company’s operating performance, or as an alternative to operating cash flows as a measure of liquidity.<\/p>\n

\n About Kewaunee Scientific <\/i>\n <\/p>\n

Founded in 1906, Kewaunee Scientific Corporation is a recognized global leader in the design, manufacture, and installation of laboratory, healthcare, and technical furniture products. The Company’s products include steel, wood, and laminate casework, fume hoods, adaptable modular systems, moveable workstations, stand-alone benches, biological safety cabinets, and epoxy resin worksurfaces and sinks. <\/p>\n

The Company’s corporate headquarters are located in Statesville, North Carolina<\/span>. Direct sales offices are located in the United States<\/span>, India<\/span> and Singapore<\/span>. Three manufacturing facilities are located in Statesville<\/span> serving the domestic and international markets, and one manufacturing facility is located in Bangalore, India<\/span> serving the local and Asian markets. Kewaunee Scientific’s website is located at http:\/\/www.kewaunee.com<\/a>. <\/p>\n

\n This press release contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the Company’s future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “predict,” “believe” and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other important factors that could significantly impact results or achievements expressed or implied by such forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to, competitive and general economic conditions and the rapidly evolving COVID-19 pandemic, including disruptions from government mandates, both domestically and internationally; changes in customer demands; technological changes in our operations or in our industry; dependence on customers’ required delivery schedules; risks related to fluctuations in the Company’s operating results from quarter to quarter; risks related to international operations, including foreign currency fluctuations; changes in the legal and regulatory environment; changes in raw materials and commodity <\/i>\n <\/p>\n

\n costs; and acts of terrorism, war, governmental action, natural disasters and other Force Majeure events. The cautionary statements made pursuant to the Reform Act herein and elsewhere by us should not be construed as exhaustive. We cannot always predict what factors would cause actual results to differ materially from those indicated by the forward-looking statements. Over time, our actual results, performance, or achievements will likely differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements, and such difference might be significant and harmful to our stockholders’ interest. Many important factors that could cause such a difference are described under the caption “Risk Factors,” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended April 30, 2020<\/span>, which you should review carefully, and in our subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. These reports are available on our investor relations website at www.kewaunee.com<\/a> and on the SEC website at www.sec.gov<\/a>. These forward-looking statements speak only as of the date of this document. The Company assumes no obligation, and\u00a0expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.<\/i>\n <\/p>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Kewaunee Scientific Corporation<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Condensed Consolidated Statements of Operations (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n ($ and shares in thousands, except per share amounts)<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Three months ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Six months ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n October 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n October 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2019<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2019<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net sales<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a039,000<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a039,722<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a075,423<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a079,058<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cost of products sold<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 32,605<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 33,406<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 63,147<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 65,796<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gross profit<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 6,395<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,316<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 12,276<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13,262<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 6,406<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,355<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 12,563<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12,525<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating earnings (loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (11)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (39)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (287)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 737<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Pension expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (289)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (113)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (577)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (226)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 66<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 129<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 120<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 298<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (128)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (135)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (205)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (302)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings (loss) before income taxes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (362)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (158)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (949)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 507<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income tax expense (benefit)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (197)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,003<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (176)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,172<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net loss<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (165)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2,161)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (773)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,665)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Less: net earnings attributable to the noncontrolling interest<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 15<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 42<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net loss attributable to Kewaunee Scientific Corporation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(180)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (2,178)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(778)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (1,707)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net loss per share attributable to<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0 Kewaunee Scientific Corporation stockholders<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Basic<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n ($0.07)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($0.79)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n ($0.28)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($0.62)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Diluted<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n ($0.07)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($0.79)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n ($0.28)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($0.62)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Weighted average number of common shares outstanding<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Basic<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2,759<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,750<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2,757<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,750<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Diluted<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2,759<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,750<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2,757<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,750<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Kewaunee Scientific Corporation<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Condensed Consolidated Balance Sheets<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n ($ in thousands)<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Oct 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u00a0April 30,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Assets<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Cash and cash equivalents<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a05,759<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a04,365<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Restricted cash<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 481<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 850<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Receivables, less allowances<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 33,753<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 28,062<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Inventories<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 16,124<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 15,330<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Income tax receivable<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3,220<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2,717<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Prepaid expenses and other current assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3,053<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2,907<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0 Total Current Assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 62,390<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 54,231<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net property, plant and equipment<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 16,218<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 16,272<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Right of use assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 9,157<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 9,312<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Other assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3,597<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 4,114<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Total Assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a091,362<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a083,929<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Liabilities and Stockholders’ Equity<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Short-term borrowings<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a07,592<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a04,719<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Current portion of lease obligations<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,301<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,301<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Accounts payable<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 17,258<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 13,114<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Other current liabilities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 7,709<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 7,926<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0 Total Current Liabilities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 33,860<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 27,060<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Long-term portion of lease obligations<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 7,898<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 7,893<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Other non-current liabilities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 11,535<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 10,273<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0 Total Liabilities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 53,293<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 45,226<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Kewaunee Scientific Corporation\u00a0 equity<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 37,830<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 38,415<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Noncontrolling interest<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 239<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 288<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0 Total Stockholders’ Equity<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 38,069<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 38,703<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Total Liabilities and Stockholders’ Equity<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a091,362<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a083,929<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n
\n

\n Contact: <\/span>\n <\/p>\n<\/td>\n

\n

\n Donald T. Gardner III\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n (704) 871-3274<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:http:\/\/www.prnewswire.com\/news-releases\/kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2021-301189882.html<\/a><\/p>\n

SOURCE Kewaunee Scientific Corporation<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire STATESVILLE, N.C., Dec. 9, 2020 \/PRNewswire\/ — Kewaunee Scientific Corporation (NASDAQ: KEQU) today reported results for its second quarter of fiscal year 2021, ended October\u00a031, 2020. Sales for the quarter were $39,000,000, a 1.8% decrease from sales of $39,722,000 in the prior year second quarter. Pre-tax loss for the quarter was $362,000 compared to $158,000 for the prior year period.\u00a0 Net losses improved for the quarter to a loss of $180,000, or ($0.07) per diluted share, as compared to a loss of $2,178,000, or $(0.79) per diluted share, for the quarter ended October 31, 2019. EBITDA for the quarter was $353,000 compared to $502,000 for the prior year period.\u00a0 The Company’s order backlog was $96 million at October … <\/p>\n

Continue reading “Kewaunee Scientific Reports Results for Second Quarter of Fiscal Year 2021”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-396848","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nKewaunee Scientific Reports Results for Second Quarter of Fiscal Year 2021 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kewaunee Scientific Reports Results for Second Quarter of Fiscal Year 2021 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire STATESVILLE, N.C., Dec. 9, 2020 \/PRNewswire\/ — Kewaunee Scientific Corporation (NASDAQ: KEQU) today reported results for its second quarter of fiscal year 2021, ended October\u00a031, 2020. Sales for the quarter were $39,000,000, a 1.8% decrease from sales of $39,722,000 in the prior year second quarter. Pre-tax loss for the quarter was $362,000 compared to $158,000 for the prior year period.\u00a0 Net losses improved for the quarter to a loss of $180,000, or ($0.07) per diluted share, as compared to a loss of $2,178,000, or $(0.79) per diluted share, for the quarter ended October 31, 2019. EBITDA for the quarter was $353,000 compared to $502,000 for the prior year period.\u00a0 The Company’s order backlog was $96 million at October … Continue reading "Kewaunee Scientific Reports Results for Second Quarter of Fiscal Year 2021"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-09T21:35:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/338700\/kewlogo_vertical_color_1162x1400px_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2021\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2021\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Kewaunee Scientific Reports Results for Second Quarter of Fiscal Year 2021\",\"datePublished\":\"2020-12-09T21:35:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2021\\\/\"},\"wordCount\":1701,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2021\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/338700\\\/kewlogo_vertical_color_1162x1400px_Logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2021\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2021\\\/\",\"name\":\"Kewaunee Scientific Reports Results for Second Quarter of Fiscal Year 2021 - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2021\/","og_locale":"en_US","og_type":"article","og_title":"Kewaunee Scientific Reports Results for Second Quarter of Fiscal Year 2021 - Market Newsdesk","og_description":"PR Newswire STATESVILLE, N.C., Dec. 9, 2020 \/PRNewswire\/ — Kewaunee Scientific Corporation (NASDAQ: KEQU) today reported results for its second quarter of fiscal year 2021, ended October\u00a031, 2020. Sales for the quarter were $39,000,000, a 1.8% decrease from sales of $39,722,000 in the prior year second quarter. Pre-tax loss for the quarter was $362,000 compared to $158,000 for the prior year period.\u00a0 Net losses improved for the quarter to a loss of $180,000, or ($0.07) per diluted share, as compared to a loss of $2,178,000, or $(0.79) per diluted share, for the quarter ended October 31, 2019. EBITDA for the quarter was $353,000 compared to $502,000 for the prior year period.\u00a0 The Company’s order backlog was $96 million at October … Continue reading \"Kewaunee Scientific Reports Results for Second Quarter of Fiscal Year 2021\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2021\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-09T21:35:55+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/338700\/kewlogo_vertical_color_1162x1400px_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2021\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2021\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Kewaunee Scientific Reports Results for Second Quarter of Fiscal Year 2021","datePublished":"2020-12-09T21:35:55+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2021\/"},"wordCount":1701,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2021\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/338700\/kewlogo_vertical_color_1162x1400px_Logo.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2021\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2021\/","name":"Kewaunee Scientific Reports Results for Second Quarter of Fiscal Year 2021 - 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