Kewaunee Scientific Reports Results for First Quarter and Quarterly Dividend
23 August 2006 - 5:09PM
PR Newswire (US)
STATESVILLE, N.C., Aug. 23 /PRNewswire-FirstCall/ -- Kewaunee
Scientific Corporation (NASDAQ:KEQU) today reported results for its
first quarter ended July 31, 2006. Sales for the quarter were
$19,294,000, a decrease of 5% from sales of $20,308,000 in the same
period last year. Domestic sales of laboratory and technical
furniture products declined 8%, while sales of the Company's Asian
subsidiaries increased 22%. The order backlog at July 31, 2006 was
$36.5 million, up slightly from $36.4 million at April 30, 2006.
Net earnings for the quarter were $133,000, or $0.05 per diluted
share. Net earnings for the comparable period of the prior year,
which benefited from an after-tax gain of $540,000 related to the
sale of the Company's property in Texas, were $763,000, or $0.31
per diluted share. Excluding the gain on the sale of the property,
net earnings in the prior year period were $223,000, or $0.09 per
diluted share. "The domestic market for laboratory and technical
furniture products remains very competitive and price sensitive,"
said William A. Shumaker, President and Chief Executive Officer.
"Pricing pressures, the continuing escalating costs of raw
materials and energy, and higher borrowing costs continue to impact
earnings. At the same time, however, our Asian subsidiaries
continue to experience strong sales and earnings growth and have
become a significant source of our revenue and earnings. "Looking
forward," Mr. Shumaker continued, "we remain committed to improving
our profitability, both in the domestic and international markets.
We are confident our plans for improving manufacturing efficiencies
and reducing costs will allow us to successfully compete in the
worldwide marketplace. We are continuing to aggressively expand our
sales representation and capabilities in India and China to take
advantage of the rapidly-growing Asian laboratory research market."
The Company's balance sheet remained strong at the end of the
quarter. Working capital was $11.0 million, including cash on hand
of $2.1 million. Stockholders' equity was $25.5 million, or $10.22
per share. Total bank debt and capital lease obligations at July
31, 2006 were $9.4 million, resulting in a debt to equity ratio of
.37-to-1. 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 6, 2006, payable on September 20, 2006. 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. Consolidated Statements of Operations
[unaudited] (in thousands, except per share data) Three Months
Ended July 31 July 31 2006 2005 Net sales $19,294 $20,308 Cost of
products sold 16,166 16,922 Gross profit 3,128 3,386 Other
operating income -- 884* Operating expenses 2,637 2,920 Operating
earnings 491 1,350 Other income (expense) 18 (5) Interest expense
(187) (87) Earnings before income taxes 322 1,258 Income tax
expense 78 457 Earnings before minority interests 244 801 Minority
interests in subsidiaries 111 38 Net earnings $133 $763* Net
earnings per share Basic $0.05 $0.31 Diluted $0.05 $0.31 Weighted
average number of common shares outstanding (in thousands) Basic
2,492 2,492 Diluted 2,493 2,492 * Includes a non-recurring pretax
gain of $884,000 and an after-tax gain of $540,000, or $.22 per
diluted share, on the sale of property. Condensed Consolidated
Balance Sheets (in thousands) July 31 April 30 2006 2006 Assets
[unaudited] Cash and cash equivalents $2,087 $929 Restricted cash
400 399 Receivables, less allowances 19,114 23,199 Inventories
6,156 5,860 Prepaid expenses and other current assets 1,298 1,011
Total current assets 29,055 31,398 Net property, plant and
equipment 11,129 11,163 Other assets 8,012 7,911 Total Assets
$48,196 $50,472 Liabilities and Stockholders' Equity Short-term
borrowings $8,531 $8,216 Current obligations under capital leases
297 260 Accounts payable 6,526 9,074 Other current liabilities
2,690 2,823 Total current liabilities 18,044 20,373 Other
non-current liabilities 4,682 4,553 Total stockholders' equity
25,470 25,546 Total Liabilities and Stockholders' Equity $48,196
$50,472 Contact: D. Michael Parker 704/871-3290 DATASOURCE:
Kewaunee Scientific Corporation CONTACT: D. Michael Parker of
Kewaunee Scientific Corporation, +1-704-871-3290 Web site:
http://www.kewaunee.com/
Copyright
Kewaunee Scientific (NASDAQ:KEQU)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Kewaunee Scientific (NASDAQ:KEQU)
Historical Stock Chart
Von Jul 2023 bis Jul 2024