Kewaunee Scientific Announces Second Quarter Results
21 November 2003 - 7:35PM
PR Newswire (US)
Kewaunee Scientific Announces Second Quarter Results STATESVILLE,
N.C., Nov. 21 /PRNewswire-FirstCall/ -- Kewaunee Scientific
Corporation today reported results for its second quarter ended
October 31, 2003. Sales for the quarter were $24,384,000, an
increase of 22.5% from sales in the same period last year. Sales of
laboratory products increased 24.7% to $22,741,000, with increased
sales occurring across all major product lines. Sales of technical
products were flat with the same period last year. The order
backlog remained healthy at $46.3 million at October 31, 2003. Net
earnings for the quarter were $418,000, or $.17 per diluted share.
Earnings for the quarter were reduced by after-tax employee
severance costs of $92,000. For the same period last year, a net
loss of $124,000, or $.05 per diluted share, was reported. The
prior year net loss included after-tax non- recurring charges of
$470,000. Excluding the non-recurring costs in each period, net
earnings in the current quarter improved 47% over last year.
Earnings for the quarter benefited from the increased sales volume,
improved manufacturing efficiencies, and expense reduction
activities. "The second quarter was an excellent sales quarter,"
said William A. Shumaker, President and Chief Executive Officer of
Kewaunee. "Strong sales increases occurred in all of our major
laboratory markets. Our manufacturing operations performed
significantly better than the previous quarter, but we are not
satisfied with the level of earnings. A number of actions have been
taken to reduce costs and improve our profitability. We recently
reduced our workforce in Statesville by 9%. Additionally, we have
reduced our raw material costs, improved certain manufacturing
processes, and reduced our on- going overhead expenses in a number
of areas. With these lower costs and the volume of orders in the
backlog scheduled for delivery in the third and fourth quarters, we
expect improved operating results for the remainder of our fiscal
year, particularly for the fourth quarter." Sales for the six
months ended October 31, 2003 were $48,597,000, an increase of
23.6% from sales in the comparable period last year. Sales of
laboratory products increased 25.0%, while sales of technical
products increased 7.4%. Net earnings for the six months were
$879,000, or $.35 per diluted share, as compared to net earnings of
$200,000, or $.08 per diluted share, in the comparable period last
year. Net earnings for the current year were reduced by after-tax
severance costs of $92,000 and were increased by a net after-tax
gain of $189,000 resulting from the resolution of a disputed claim
for laboratory furniture sold by the Company. Net earnings for the
comparable period last year were reduced by after-tax non-recurring
charges of $470,000. 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. 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. [see financial information on back of page]
Condensed Consolidated Statements of Operations (unaudited) (in
thousands, except per share data) 3 Months Ended 6 Months Ended
October 31 October 31 2003 2002 2003 2002 Net sales $24,384 $19,905
$48,597 $39,310 Cost of products sold 20,280 16,762 40,890 32,726
Gross profit 4,104 3,143 7,707 6,584 Operating expenses 3,321 3,362
6,322 6,260 Operating earnings (loss) 783 (219) 1,385 324 Other
(expense) income (130) 27 (12) (14) Earnings (loss) before income
taxes 653 (192) 1,373 310 Income tax expense (credit) 235 (68) 494
110 Net earnings (loss) $418 $(124) $879 $200 Net earnings (loss)
per share Basic $0.17 ($0.05) $0.35 $0.08 Diluted $0.17 ($0.05)
$0.35 $0.08 Weighted average number of common shares outstanding
(in thousands) Basic 2,486 2,479 2,485 2,475 Diluted 2,491 2,485
2,490 2,485 Condensed Consolidated Balance Sheets (in thousands)
October 31 April 30 Assets 2003 2003 (unaudited) Cash and cash
equivalents $796 $520 Receivables, less allowances 21,930 16,138
Inventories 4,740 5,958 Prepaid expenses and other current assets
1,433 2,370 Total current assets 28,899 24,986 Net property, plant
and equipment 11,965 11,791 Other assets 6,461 6,877 Total Assets
$47,325 $43,654 Liabilities and Stockholders' Equity Short-term
borrowings $4,740 $1,416 Current portion of long-term debt 1,118
681 Accounts payable 5,558 8,338 Other current liabilities 4,583
2,893 Total current liabilities 15,999 13,328 Long-term debt 1,490
1,249 Other non-current liabilities 3,303 3,139 Total stockholders'
equity 26,533 25,938 Total Liabilities and Stockholders' Equity
$47,325 $43,654 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/
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