{"id":511231,"date":"2021-07-08T18:24:48","date_gmt":"2021-07-08T22:24:48","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/kewaunee-scientific-reports-results-for-fiscal-year-and-fourth-quarter\/"},"modified":"2021-07-08T18:24:48","modified_gmt":"2021-07-08T22:24:48","slug":"kewaunee-scientific-reports-results-for-fiscal-year-and-fourth-quarter","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/kewaunee-scientific-reports-results-for-fiscal-year-and-fourth-quarter\/","title":{"rendered":"Kewaunee Scientific Reports Results for Fiscal Year and Fourth Quarter"},"content":{"rendered":"
\n

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

\n

\n STATESVILLE, N.C.<\/span>, July 8, 2021<\/span> \/PRNewswire\/ —\u00a0Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its fourth quarter and its fiscal year ended April\u00a030, 2021. <\/p>\n

\n

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

\n Fiscal Year 2021 Fourth Quarter Results:<\/b>\n <\/p>\n

Sales during the fourth quarter of fiscal year 2021 were $38,707,000<\/span>, an increase of 13.0%, as compared to sales of $34,257,000<\/span> from the prior year fourth quarter.\u00a0 Pre-tax loss for the quarter was $950,000<\/span> compared to a pre-tax loss of $1,122,000<\/span> for the prior year period.\u00a0 The Company experienced significantly higher raw material costs in the fourth quarter of approximately $769,000<\/span> when compared to the prior year period. This was due to supply disruptions with key raw materials for our resin product, as well as capacity constraints for steel and related inputs which were temporarily halted in response to the COVID-19 pandemic. Net loss was $2,975,000<\/span> compared to a loss of $1,062,000<\/span> for the prior year period. EBITDA[1] for the quarter was ($302,000)<\/span> compared to ($458,000)<\/span> for the prior year period.\u00a0 Tax expense was unfavorably impacted by $1.4 million<\/span> in the fourth quarter when compared to the prior year period as the Company finalized its annual tax provision, which reduced the net operating\u00a0loss carryback allowances made available under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) signed into law on March 27, 2020<\/span>. Diluted loss per share was ($1.08)<\/span>, as compared to diluted loss per share of ($0.39)<\/span> in the prior year fourth quarter.\u00a0\u00a0 <\/p>\n

The Company’s order backlog was $114.5 million<\/span> on April 30, 2021<\/span>, increasing from $103.0 million<\/span> at January 31, 2021<\/span>, and $100.9 million<\/span> at April 30<\/span>, 2020.\u00a0\u00a0 <\/p>\n

\n
\n Domestic Segment<\/u>
\n <\/b> – Domestic sales for the quarter were $27,139,000<\/span>, a decrease of 1.4% from sales of $27,533,000<\/span> in the prior year.\u00a0 Domestic sales were relatively flat when compared to the prior year period as the moderated pace of construction activity resulting from the COVID-19 pandemic continued throughout the quarter. Domestic segment net loss was $56,000<\/span> compared to $401,000<\/span> in the prior year. Domestic segment EBITDA was ($34,000)<\/span> compared to $402,000<\/span> for the prior year period as raw material input costs surged during the quarter and were not able to be passed along to customers as a result of the fixed nature of our contracts.<\/p>\n

\n
\n International Segment<\/u>
\n <\/b> – International sales for the quarter were $11,568,000<\/span>, an increase of 72.0% from sales of $6,724,000<\/span> in the prior year.\u00a0 International sales were stronger when compared to the prior year period as several projects pushed to complete before government mandated shut-downs and closure of project sites went into effect in India<\/span> due to a national surge in COVID-19 cases.\u00a0 International segment net income was $961,000<\/span> compared to $702,000<\/span> in the prior year. International segment EBITDA was $1,529,000<\/span> compared to $309,000<\/span> for the prior year period, driven by the increased sales in the Indian market when compared to the same period in the prior year.<\/p>\n

\n 1<\/sup> EBITDA is a non-GAAP financial measure. See the table below for a reconciliation of EBITDA and segment EBITDA to net earnings (loss), the most directly comparable GAAP measure.<\/p>\n

\n
\n Corporate Segment<\/u>
\n <\/b> \u2013 Corporate segment net loss was $3,880,000<\/span> for the quarter, as compared to $1,363,000<\/span> from the prior year. Corporate segment EBITDA for the quarter was ($1,797,000)<\/span>, an unfavorable decrease of 53.7% from corporate EBITDA of ($1,169,000)<\/span> for the prior year period.\u00a0 The primary drivers of the increase were higher compensation expense and higher pension expense in the most recent period compared to the prior year period.<\/p>\n

\n Fiscal Year 2021 Full Year Results:<\/b>\n <\/p>\n

Sales during fiscal year 2021 were $147,469,000<\/span>, relatively flat from sales of $147,540,000<\/span> in the prior year. \u00a0During fiscal year 2021, both of the Company’s operating segments were negatively impacted by the COVID-19 pandemic, which resulted in government mandated shutdowns, a slowdown in project awards, closure of project sites, and delays in manufacturing products.\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n

Pre-tax loss for the fiscal year was $2,617,000<\/span>, a decrease of 8.7% compared to a pre-tax loss of $2,866,000<\/span> for the prior period.\u00a0 The net loss for the fiscal year was $3,672,000<\/span>, or ($1.33)<\/span> per diluted share, as compared to net loss of $4,687,000<\/span>, or ($1.70)<\/span> per diluted share, for the year ended April 30, 2020<\/span>. EBITDA for the year was $171,000<\/span> compared to ($207,000)<\/span> for the prior year.\u00a0 \u00a0<\/p>\n

\n
\n Domestic Segment<\/u>
\n <\/b> – Domestic sales for the fiscal year were $111,035,000<\/span>, a decrease of 3.5% from sales of $115,103,000<\/span> in the prior year.\u00a0 Domestic segment net income was $921,000<\/span> compared to $591,000<\/span> in the prior year. Domestic segment EBITDA was $3,560,000<\/span> compared to $3,547,000<\/span> for the prior year. \u00a0Domestic segment EBITDA as a percentage of sales improved when compared to the prior year period due to actions taken to reduce operating expenses and improve manufacturing productivity.\u00a0 Operating costs were unfavorably impacted throughout the year due to additional COVID-related expenses, increased raw materials costs that could not be passed along to customers, and expenses related to strategic initiatives.\u00a0 These initiatives include investments in the Company’s front-end technology infrastructure and the re-capitalization of certain aspects of our manufacturing operations.<\/p>\n

\n
\n International Segment<\/u>
\n <\/b> – International sales for the fiscal year were $36,434,000<\/span>, an increase of 12.3% from sales of $32,437,000<\/span> in the prior year.\u00a0 \u00a0The strength in international sales during the fiscal year was principally driven by the Indian market.\u00a0 Activity in the Middle East<\/span> and ASEAN markets slowed significantly during the fiscal year due to COVID-19 restrictions, impacting project completions and new project awards.\u00a0 International Segment net income was $2,049,000<\/span> compared to a net loss of $602,000<\/span> in the prior year. International segment EBITDA was $3,164,000<\/span> compared to $1,801,000<\/span> for the prior year, driven by the strength in the Indian market.<\/p>\n

\n
\n Corporate Segment<\/u>
\n <\/b> \u2013 Corporate segment net loss was $6,642,000<\/span> compared to $4,676,000<\/span> in the prior year. Corporate segment EBITDA for the year was ($6,553,000)<\/span>, an unfavorable decrease of 18.0% from corporate EBITDA of ($5,555,000)<\/span> in the prior year. \u00a0The primary drivers of increased corporate expenses were increases in professional fees, an increase in compensation expense, and an increase in pension expense due to changes in underlying valuation assumptions as of the prior fiscal year.<\/p>\n

Total cash on hand on April 30, 2021<\/span> was $5,731,000<\/span>, as compared to $5,215,000<\/span> at April 30<\/span>, 2020.\u00a0 Working capital was $26,276,000<\/span>, as compared to $27,171,000<\/span> at the end of the fourth quarter last year.\u00a0 Short-term debt was $6,828,000<\/span> on April 30, 2021<\/span>, as compared to $4,719,000<\/span> at April 30, 2020<\/span>, and long-term debt was $112,000<\/span> on April 30, 2021<\/span> as compared to $132,000<\/span> at April 30, 2020<\/span>. The Company’s debt-to-equity ratio on April 30, 2021<\/span> was .39-to-1, as compared to .36-to-1 at April\u00a030, 2020.<\/p>\n

“Our most recent fiscal year was a challenging year for Kewaunee and our Associates as we combatted the challenges brought by COVID-19,” said Thomas D. Hull III<\/span>, Kewaunee’s President and Chief Executive Officer.\u00a0 “The pandemic resulted in significant uncertainty throughout the year regarding the ability to deliver existing projects as well as the timing of awards for new projects.\u00a0 Recognizing this, we remained active in the marketplace, ending the year with our strongest backlog since 2018, positioning the Company well for fiscal year 2022.\u00a0 \u00a0<\/p>\n

“We made significant progress on several strategic initiatives, including investing in domestic technology infrastructure and the re-capitalization of certain aspects of domestic manufacturing operations. We also launched a new product line focused on meeting the needs of the growing healthcare storage markets (www.everhutch.com<\/a>), leveraging Kewaunee’s strength as a fabricator of high-quality products.\u00a0 <\/p>\n

“As we look forward, I expect demand for the products and services the Company provides globally will continue to increase due to a renewed focus on being prepared to combat global health challenges as we saw during this past year. I believe the Company is well positioned to capitalize on future investments made in the pharmaceutical, biotechnology, health care, education and other markets served by the Company.<\/p>\n

“In the near term, rapidly escalating raw material pricing will be a headwind during the first half of fiscal year 2022 due to the fixed nature of contracts we enter with customers.\u00a0 We have taken steps to implement surcharges on new orders to offset broad based price increases for basic materials including steel, aluminum, hard woods, and resin products.\u00a0 The impact of these surcharges will lag what has been an immediate impact of rising commodity prices.<\/p>\n

“As I close, I want to thank the Company’s global Associates for their commitment and dedication during this past year.\u00a0 The pandemic provided the opportunity to show what we are made of as a Company and our Associates have proven that our foundation is solid and unshakeable.”<\/p>\n

\n
\n EBITDA and Segment EBITDA Reconciliation <\/u>
\n <\/b>\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 Q4 Ended Apr 30, 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 \u00a0 (401)<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 702<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (1,363)<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (1,062)<\/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 (19)<\/span>\n <\/p>\n<\/td>\n

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

\n 60<\/span>\n <\/p>\n<\/td>\n

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

\n 41<\/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 (32)<\/span>\n <\/p>\n<\/td>\n

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

\n (68)<\/span>\n <\/p>\n<\/td>\n

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

\n (100)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n 138<\/span>\n <\/p>\n<\/td>\n

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

\n (404)<\/span>\n <\/p>\n<\/td>\n

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

\n 202<\/span>\n <\/p>\n<\/td>\n

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

\n (64)<\/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 665<\/span>\n <\/p>\n<\/td>\n

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

\n 62<\/span>\n <\/p>\n<\/td>\n

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

\n –<\/span>\n <\/p>\n<\/td>\n

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

\n 727<\/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 \u00a0 \u00a0 \u00a0 \u00a0 402<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 309<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (1,169)<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (458)<\/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
\n
\n Q4 Ended Apr 30, 2021<\/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 \u00a0 \u00a0 (56)<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 961<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (3,880)<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (2,975)<\/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 <\/td>\n\n \n <\/td>\n\n

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

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

\n 77<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 79<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n (62)<\/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 $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (67)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n (572)<\/span>\n <\/p>\n<\/td>\n

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

\n 560<\/span>\n <\/p>\n<\/td>\n

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

\n 1,991<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1,979<\/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 68<\/span>\n <\/p>\n<\/td>\n

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

\n 20<\/span>\n <\/p>\n<\/td>\n

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

\n 682<\/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 \u00a0 \u00a0 \u00a0 \u00a0 (34)<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1,529<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (1,797)<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (302)<\/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
\n
\n FY2020\u00a0 YTD<\/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 \u00a0 \u00a0 591<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (602)<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (4,676)<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (4,687)<\/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 486<\/span>\n <\/p>\n<\/td>\n

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

\n 493<\/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 (350)<\/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 (425)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n 585<\/span>\n <\/p>\n<\/td>\n

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

\n 2,463<\/span>\n <\/p>\n<\/td>\n

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

\n (1,290)<\/span>\n <\/p>\n<\/td>\n

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

\n 1,758<\/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 2,371<\/span>\n <\/p>\n<\/td>\n

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

\n 283<\/span>\n <\/p>\n<\/td>\n

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

\n –<\/span>\n <\/p>\n<\/td>\n

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

\n 2,654<\/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 \u00a0 \u00a0 3,547<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1,801<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (5,555)<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (207)<\/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
\n
\n FY2021\u00a0 YTD<\/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 \u00a0 \u00a0 921<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2,049<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (6,642)<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (3,672)<\/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 4<\/span>\n <\/p>\n<\/td>\n

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

\n 385<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 389<\/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 (216)<\/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 $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (223)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n 245<\/span>\n <\/p>\n<\/td>\n

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

\n 1,063<\/span>\n <\/p>\n<\/td>\n

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

\n (318)<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 990<\/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 2,394<\/span>\n <\/p>\n<\/td>\n

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

\n 264<\/span>\n <\/p>\n<\/td>\n

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

\n 29<\/span>\n <\/p>\n<\/td>\n

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

\n 2,687<\/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 \u00a0 \u00a0 3,560<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3,164<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (6,553)<\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 171<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n

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

EBITDA and Segment EBITDA are calculated as net earnings (loss), less interest expense and interest income, income taxes, depreciation, and amortization. We believe EBITDA and Segment EBITDA allow management and 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 the method for calculating EBITDA and Segment EBITDA can vary among 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>, Saudi Arabia<\/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. \u00a0\u00a0Kewaunee 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\u00a0ongoing impact of the\u00a0COVID-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 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

Exchange:\u00a0NASDAQ (KEQU)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n

Contact: Donald T. Gardner III<\/span>
704\/871-3274<\/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 Kewaunee Scientific Corporation<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

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

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

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

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

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

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

\n
\n April 30,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

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

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 2020<\/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 \u00a0 \u00a0 38,707<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 34,257<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 147,469<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 147,540<\/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 32,644<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 29,370<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 123,476<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 124,113<\/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 6,063<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 4,887<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 23,993<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 23,427<\/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 6,716<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 5,897<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 25,309<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 25,772<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n (653)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (1,010)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n (1,316)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (2,345)<\/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 (288)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (114)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n (1,153)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (454)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 70<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 43<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 241<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 426<\/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 (79)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (41)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n (389)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (493)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loss before income taxes<\/span>\n <\/p>\n<\/td>\n

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

\n
\n (950)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (1,122)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n (2,617)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (2,866)<\/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 1,979<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (64)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 990<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 1,758<\/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 (2,929)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (1,058)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n (3,607)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (4,624)<\/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 $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a046<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 4<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 65<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 63<\/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 (2,975)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (1,062)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (3,672)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (4,687)<\/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 $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (1.08)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (0.39)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (1.33)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (1.70)<\/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 $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (1.08)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (0.39)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (1.33)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (1.70)<\/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 2,763<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 2,751<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2,760<\/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 2,763<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 2,751<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2,760<\/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
\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 \u00a0April 30,<\/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 2021<\/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 <\/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 \u00a0 \u00a0 5,206<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 4,365<\/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 525<\/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 34,095<\/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 16,517<\/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 955<\/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 3,159<\/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 60,457<\/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 15,982<\/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 9,279<\/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 3,666<\/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 \u00a0 \u00a0 89,384<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 83,929<\/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 \u00a0 \u00a0 6,828<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 4,719<\/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 1,369<\/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 16,780<\/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 9,204<\/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 34,181<\/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 7,951<\/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 5,765<\/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 47,897<\/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 stockholders’ equity<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 41,241<\/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 246<\/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 41,487<\/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 \u00a0 \u00a0 89,384<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 83,929<\/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<\/table><\/div>\n

\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:https:\/\/www.prnewswire.com\/news-releases\/kewaunee-scientific-reports-results-for-fiscal-year-and-fourth-quarter-301328407.html<\/a><\/p>\n

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

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

PR Newswire STATESVILLE, N.C., July 8, 2021 \/PRNewswire\/ —\u00a0Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its fourth quarter and its fiscal year ended April\u00a030, 2021. Fiscal Year 2021 Fourth Quarter Results: Sales during the fourth quarter of fiscal year 2021 were $38,707,000, an increase of 13.0%, as compared to sales of $34,257,000 from the prior year fourth quarter.\u00a0 Pre-tax loss for the quarter was $950,000 compared to a pre-tax loss of $1,122,000 for the prior year period.\u00a0 The Company experienced significantly higher raw material costs in the fourth quarter of approximately $769,000 when compared to the prior year period. This was due to supply disruptions with key raw materials for our resin product, as well as capacity constraints … <\/p>\n

Continue reading “Kewaunee Scientific Reports Results for Fiscal Year and Fourth Quarter”<\/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-511231","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nKewaunee Scientific Reports Results for Fiscal Year and Fourth Quarter - 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-fiscal-year-and-fourth-quarter\/\" \/>\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 Fiscal Year and Fourth Quarter - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire STATESVILLE, N.C., July 8, 2021 \/PRNewswire\/ —\u00a0Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its fourth quarter and its fiscal year ended April\u00a030, 2021. Fiscal Year 2021 Fourth Quarter Results: Sales during the fourth quarter of fiscal year 2021 were $38,707,000, an increase of 13.0%, as compared to sales of $34,257,000 from the prior year fourth quarter.\u00a0 Pre-tax loss for the quarter was $950,000 compared to a pre-tax loss of $1,122,000 for the prior year period.\u00a0 The Company experienced significantly higher raw material costs in the fourth quarter of approximately $769,000 when compared to the prior year period. 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Fiscal Year 2021 Fourth Quarter Results: Sales during the fourth quarter of fiscal year 2021 were $38,707,000, an increase of 13.0%, as compared to sales of $34,257,000 from the prior year fourth quarter.\u00a0 Pre-tax loss for the quarter was $950,000 compared to a pre-tax loss of $1,122,000 for the prior year period.\u00a0 The Company experienced significantly higher raw material costs in the fourth quarter of approximately $769,000 when compared to the prior year period. 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