STATESVILLE, N.C., June 21, 2016 /PRNewswire/ -- Kewaunee Scientific
Corporation (NASDAQ: KEQU) today announced results for its fourth
quarter and fiscal year ended April 30, 2016.
Fourth Quarter 2016 Results:
- Sales of $34,090,000, an increase
of 12.6% from the prior year fourth quarter.
- Net earnings of $1,337,000, an
increase of 119.5% from the prior year fourth quarter.
- Diluted earnings per share of $0.50, an increase of 117.4% from the prior year
fourth quarter.
Full Year Fiscal 2016 Results:
- Record sales of $128,266,000, an
increase of 8.2% from the prior year.
- Net earnings of $3,802,000, an
increase of 7.7% from the prior year.
- Diluted earnings per share of $1.42, an increase of 6.8% from the prior
year.
Fourth Quarter Results
Sales for the fourth quarter
were $34,090,000, up 12.6% from sales
of $30,282,000 in the same period of
the prior year. Net earnings for the quarter were $1,337,000, or $0.50 per diluted share, up 119.8% compared to
earnings of $609,000, or $0.23 per diluted share, in the same period of
the prior year.
Sales from domestic operations for the quarter were $27,030,000, up 7.3% from sales of $25,196,000 in the same period of the prior year
as project activity continues to increase across the markets
served. Sales from international operations were $7,060,000, up 38.8% from sales of $5,086,000 in the same period of the prior year
as a result of strength in Asia
and the Middle East for laboratory
furniture.
"The fourth quarter was our strongest quarter of fiscal year
2016 as we continue to benefit from increased project activity
across all of our key markets," said David
M. Rausch, Kewaunee's Chief Executive Officer.
"I am pleased that our fourth quarter net earnings and
diluted earnings per share significantly outpaced our prior year's
performance."
Fiscal Year 2016 Results
Record sales of $128,626,000 were delivered during fiscal year
2016, an increase of 8.2% from sales of $118,828,000 in the prior year. Net earnings for
the year were $3,802,000, or
$1.42 per diluted share, up 7.7% from
net earnings of $3,529,000, or
$1.33 per diluted share, in the prior
year. Record sales were generated due to the overall strength of
the laboratory furniture markets domestically, as well as in
Asia and the Middle
East.
Sales from domestic operations for the year were $103,047,000, up 10.7% from sales of $93,098,000 in the prior year. Domestic sales
grew throughout the year when compared to the prior year, driven by
increased activity across our dealer and distribution networks.
International sales for fiscal year 2016 were $25.6 million, relatively unchanged from fiscal
year 2015 sales of $25.7 million.
The order backlog was $100.5
million at April 30, 2016, up
from $95.2 million at January 31, 2016, and $90.0 million at April 30,
2015. Incoming orders continued to be strong in all of our
key markets, increasing the order backlog to record levels.
Unrestricted cash on hand at April 30,
2016 was $5,222,000, as
compared to $3,044,000 at
April 30, 2015, and working capital was $30,007,000, as compared to $27,707,000. Short term debt was $4,239,000 at April 30,
2016, as compared to $5,376,000 at April 30,
2015, and long-term debt was $3,349,000, as compared to $3,771,000. The debt-to-equity ratio at
April 30, 2016 was .20-to-1, as
compared to .26-to-1 at April 30,
2015.
"Fiscal Year 2016 was a strong year for Kewaunee as we delivered
record sales and improved profitability," said David M. Rausch. "I am extremely proud of
the Kewaunee Associates across the globe who continue to strive to
meet the needs and growing expectations of our customers. I
am also encouraged by the continued strength of our order backlog
and the opportunities we are winning globally.
"Looking forward, I am optimistic we will continue to experience
sales and earnings growth in fiscal year 2017. Bookings continue to
be strong, and our order backlog is at record levels. The
pace of activity domestically and internationally is stronger than
in previous years as customers continue to invest in projects that
require new laboratory furniture and fume hoods."
About Kewaunee Scientific
Founded in 1906, Kewaunee
Scientific Corporation is a recognized global leader in the design,
manufacture, and installation of laboratory, healthcare, and
technical furniture products. 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.
The Company's corporate headquarters are located in Statesville, North Carolina. Direct sales
offices are located in the United
States, India, Singapore, and China. Three manufacturing facilities are
located in Statesville serving the
domestic and international markets, and one manufacturing facility
is located in Bangalore, India
serving the local and Asian markets. The Company's China headquarters, sales office, and assembly
operation are located in Suzhou Industrial Park, China. Kewaunee Scientific's website is
located at http://www.kewaunee.com.
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. All
forward-looking statements are subject to important factors, risks,
uncertainties and assumptions, including industry and economic
conditions that could cause actual results to differ materially
from those described in the forward-looking statements. Additional
information concerning these factors is contained in the Company's
filings with the Securities and Exchange Commission. These
forward-looking statements speak only as of the date of this
document. The Company assumes no obligation, and expressly
disclaims any obligation, to update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Kewaunee
Scientific Corporation
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Consolidated
Statements of Operations
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(in thousands,
except per share data)
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Three months
ended
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Years
ended
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April
30,
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April
30,
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2016
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2015
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2016
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2015
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(Unaudited)
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Net sales
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$ 34,090
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$ 30,282
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$ 128,626
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$ 118,828
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Cost of products
sold
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27,245
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24,942
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|
104,918
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|
97,062
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Gross
profit
|
|
6,845
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|
5,340
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|
23,708
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|
21,766
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Operating
expenses
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|
4,847
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|
4,370
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|
18,010
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16,540
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Operating
earnings
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|
1,998
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|
970
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|
5,698
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|
5,226
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Other
income
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|
51
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|
99
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|
347
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|
484
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Interest
expense
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(70)
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(51)
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(306)
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(325)
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Earnings before
income taxes
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1,979
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|
1,018
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|
5,739
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|
5,385
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Income tax
expense
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620
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|
384
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1,862
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|
1,745
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Net
earnings
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|
1,359
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|
634
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|
3,877
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|
3,640
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Less: net earnings
attributable to
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|
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the noncontrolling interest
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22
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|
25
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|
75
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111
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Net earnings
attributable to
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Kewaunee Scientific Corporation
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$
1,337
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$
609
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$ 3,802
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$ 3,529
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Net earnings per
share attributable to
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Kewaunee Scientific Corporation stockholders
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Basic
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$
0.50
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$
0.23
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$
1.43
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$ 1.34
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Diluted
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$
0.50
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|
$
0.23
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$
1.42
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$ 1.33
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Weighted average
number of common
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shares
outstanding
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Basic
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2,685
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2,630
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2,667
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|
2,626
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Diluted
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|
2,699
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|
2,661
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|
2,687
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|
2,658
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Kewaunee
Scientific Corporation
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Condensed
Consolidated Balance Sheets
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(in
thousands)
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April
30,
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April 30,
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2016
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2015
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Assets
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Cash and cash
equivalents
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$
5,222
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$ 3,044
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Restricted
Cash
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1,567
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2,276
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Receivables, less
allowances
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27,835
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29,106
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Inventories
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15,626
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12,745
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Prepaid expenses and
other current assets
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707
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1,591
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Total Current Assets
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50,957
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48,762
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Property, plant and
equipment, net
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14,118
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14,523
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Other
assets
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7,330
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|
6,205
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Total
Assets
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$
72,405
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$ 69,490
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Liabilities and
Equity
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Short-term borrowings
and interest rate swaps
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$
3,818
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$ 4,955
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Current portion of
long-term debt
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421
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421
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Accounts
payable
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11,722
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11,232
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Other current
liabilities
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4,989
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4,447
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Total Current Liabilities
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20,950
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21,055
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Other non-current
liabilities
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12,903
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13,236
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Total Liabilities
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33,853
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34,291
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Noncontrolling
interest
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310
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323
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Kewaunee Scientific
Corporation equity
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38,242
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34,876
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Total Equity
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38,552
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35,199
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Total Liabilities and
Stockholders' Equity
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$
72,405
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$ 69,490
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Contact:
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Thomas D. Hull
III
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704/871-3290
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SOURCE Kewaunee Scientific Corporation