Kewaunee Scientific Reports Results for First Quarter
24 August 2005 - 5:37PM
PR Newswire (US)
STATESVILLE, N.C., Aug. 24 /PRNewswire-FirstCall/ -- Kewaunee
Scientific Corporation (NASDAQ:KEQU) today reported results for its
first quarter ended July 31, 2005. Net earnings for the quarter
were $763,000, or $0.31 per diluted share. Excluding a gain on the
sale of property, net earnings for the quarter were $223,000, or
$0.09 per diluted share, as compared to net earnings of $193,000,
or $0.08 per diluted share, in the same quarter last year. The
previously reported sale of the Company's plant site in Lockhart,
Texas resulted in an after-tax gain of $540,000, or $0.22 per
diluted share. Sales for the quarter were $20,308,000, slightly
above sales of $20,288,000 in the same period last year, and 5.7%
above the previous quarter. The laboratory furniture marketplace
continued its improvement during the quarter. The favorable impact
of this improved marketplace on sales and earnings was partially
offset by a softer marketplace for technical furniture. Order
activity continued to improve, as in-coming orders of $20.4 million
were the highest level in the past five quarters. The order backlog
at July 31, 2005 increased to $40.7 million, as compared to $39.6
million at July 31, 2004, and was up slightly from April 30, 2005.
The Company's balance sheet remains strong. Total debt at July 31,
2005 was $6.1 million, down from $9.8 million at July 31, 2004,
while cash on hand at the end of the quarter was $1.0 million. Book
value per share was $10.66 at July 31, 2005. "The laboratory
furniture marketplace continues to improve," said William A.
Shumaker, President and Chief Executive Officer. "Our recent
quoting activity for projects over $1 million is the highest in
several years. Although larger projects have delivery dates usually
between 6-18 months from the order award date, this increased
activity bodes well for the long-term. Our efforts to reduce raw
material costs have been successful in obtaining more competitive
pricing from new and existing suppliers, and we are aggressively
expanding this effort. "Looking forward," Mr. Shumaker continued,
"We expect progress to continue in most of our markets for the
remainder of the fiscal year. The gradual improvement of the
laboratory furniture market is projected to continue, but we do not
yet see a strong improvement in sales for our technical furniture
business. Our subsidiaries in India and Singapore continue to grow
and contribute nicely, though modestly, to our sales and profits.
We are particularly pleased to see improvement in the Singapore
marketplace, which has been soft the past year." The Company also
announced today that its Board of Directors approved a cash
dividend of seven cents per outstanding share to stockholders of
record at the close of business on September 8, 2005, payable on
September 23, 2005. Kewaunee Scientific Corporation is a recognized
leader in the design, manufacture, and installation of scientific
and technical furniture. The Company's corporate headquarters and
manufacturing facilities are located in Statesville, North
Carolina. The Company also has subsidiaries in Singapore and
Bangalore, India that serve the Asian markets. Kewaunee
Scientific's website is located at http://www.kewaunee.com/.
Certain statements in this release constitute "forward-looking"
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that could
significantly impact results or achievements expressed or implied
by such forward-looking statements. These factors include, but are
not limited to, economic, competitive, governmental, and
technological factors affecting the Company's operations, markets,
products, services, and prices. Contact: D. Michael Parker
704/871-3290 Condensed Consolidated Statements of Operations
[unaudited] (in thousands, except per share data) Three Months
Ended July 31 July 31 2005 2004 Net sales $20,308 $20,288 Cost of
products sold 16,922 16,912 Gross profit 3,386 3,376 Operating
expenses 2,920 3,046 Operating earnings 466 330 Other income 879 46
Interest expense (87) (86) Earnings before income taxes 1,258 290
Income tax expense 457 100 Earnings before minority interests 801
190 Minority interests 38 (3) Net earnings $763* $193 Net earnings
per share Basic $0.31 $0.08 Diluted $0.31 $0.08 Weighted average
number of common shares outstanding (in thousands) Basic 2,492
2,490 Diluted 2,492 2,500 * Includes a non-recurring after-tax gain
on the sale of property in the amount of $540,000, or $.22 per
diluted share. Condensed Consolidated Balance Sheets (in thousands,
except per share data) July 31 April 30 2005 2005 Assets
[unaudited] Cash and cash equivalents $646 $225 Restricted cash 373
379 Receivables, less allowances 21,231 21,683 Inventories 4,938
3,542 Prepaid expenses and other current assets 1,237 951 Total
current assets 28,425 26,780 Net property, plant and equipment
11,140 10,730 Other assets 7,328 8,702 Total Assets $46,893 $46,212
Liabilities and Stockholders' Equity Short-term borrowings $5,038
$3,778 Current portion of long-term debt 652 931 Current
obligations under capital leases 114 111 Accounts payable 7,443
8,558 Other current liabilities 3,219 3,021 Total current
liabilities 16,466 16,399 Other non-current liabilities 3,852 3,824
Total stockholders' equity 26,575 25,989 Total Liabilities and
Stockholders' Equity $46,893 $46,212 DATASOURCE: Kewaunee
Scientific Corporation CONTACT: D. Michael Parker of Kewaunee
Scientific Corporation, +1-704-871-3290 Web site:
http://www.kewaunee.com/
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