(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
KEWAUNEE SCIENTIFIC CORPORATION (Registrant) | |||||||||||
Date: June 26, 2024 | By | /s/ Donald T. Gardner III | |||||||||
Donald T. Gardner III | |||||||||||
Vice President, Finance | |||||||||||
Chief Financial Officer |
Quarter Ended April 30, 2023 | Domestic | International | Corporate | Consolidated | ||||||||||||||||||||||
Net Earnings (Loss) | $ | 2,402 | $ | 1,106 | $ | (2,503) | $ | 1,005 | ||||||||||||||||||
Add/(Less): | ||||||||||||||||||||||||||
Interest Expense | — | 97 | 447 | 544 | ||||||||||||||||||||||
Interest Income | — | (194) | (1) | (195) | ||||||||||||||||||||||
Income Taxes | — | 449 | 779 | 1,228 | ||||||||||||||||||||||
Depreciation and Amortization | 589 | 88 | 48 | 725 | ||||||||||||||||||||||
EBITDA | $ | 2,991 | $ | 1,546 | $ | (1,230) | $ | 3,307 | ||||||||||||||||||
Quarter Ended April 30, 2024 | Domestic | International | Corporate | Consolidated | ||||||||||||||||||||||
Net Earnings (Loss) | $ | 3,410 | $ | 1,138 | $ | 6,478 | $ | 11,026 | ||||||||||||||||||
Add/(Less): | ||||||||||||||||||||||||||
Interest Expense | 550 | 23 | 13 | 586 | ||||||||||||||||||||||
Interest Income | — | (211) | (124) | (335) | ||||||||||||||||||||||
Income Taxes | 875 | 678 | (11,385) | (9,832) | ||||||||||||||||||||||
Depreciation and Amortization | 671 | 106 | 43 | 820 | ||||||||||||||||||||||
EBITDA | $ | 5,506 | $ | 1,734 | $ | (4,975) | $ | 2,265 | ||||||||||||||||||
Pension Termination Costs | — | — | 4,019 | 4,019 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 5,506 | $ | 1,734 | $ | (956) | $ | 6,284 | ||||||||||||||||||
Fiscal Year to Date April 30, 2023 | Domestic | International | Corporate | Consolidated | ||||||||||||||||||||||
Net Earnings (Loss) | $ | 3,408 | $ | 4,511 | $ | (7,181) | $ | 738 | ||||||||||||||||||
Add/(Less): | ||||||||||||||||||||||||||
Interest Expense | — | 210 | 1,524 | 1,734 | ||||||||||||||||||||||
Interest Income | — | (603) | (358) | (961) | ||||||||||||||||||||||
Income Taxes | — | 2,250 | 889 | 3,139 | ||||||||||||||||||||||
Depreciation and Amortization | 2,394 | 282 | 191 | 2,867 | ||||||||||||||||||||||
EBITDA | $ | 5,802 | $ | 6,650 | $ | (4,935) | $ | 7,517 | ||||||||||||||||||
Fiscal Year to Date April 30, 2024 | Domestic | International | Corporate | Consolidated | ||||||||||||||||||||||
Net Earnings (Loss) | $ | 11,808 | $ | 3,055 | $ | 3,890 | $ | 18,753 | ||||||||||||||||||
Add/(Less): | ||||||||||||||||||||||||||
Interest Expense | 1,574 | 166 | 59 | 1,799 | ||||||||||||||||||||||
Interest Income | — | (849) | (244) | (1,093) | ||||||||||||||||||||||
Income Taxes | 3,240 | 2,935 | (12,113) | (5,938) | ||||||||||||||||||||||
Depreciation and Amortization | 2,524 | 408 | 193 | 3,125 | ||||||||||||||||||||||
EBITDA | $ | 19,146 | $ | 5,715 | $ | (8,215) | $ | 16,646 | ||||||||||||||||||
Pension Termination Costs | — | — | 4,019 | 4,019 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 19,146 | $ | 5,715 | $ | (4,196) | $ | 20,665 |
Three Months Ended April 30, | |||||||||||||||||
As Reported 2024 | Pension Settlement | Valuation Allowance Release | Adjusted 2024 | 2023 | |||||||||||||
Net sales | $ | 56,702 | $ | — | $ | — | $ | 56,702 | $ | 53,986 | |||||||
Cost of products sold | 42,062 | — | — | 42,062 | 43,625 | ||||||||||||
Gross profit | 14,640 | — | — | 14,640 | 10,361 | ||||||||||||
Operating expenses | 9,082 | — | — | 9,082 | 7,660 | ||||||||||||
Operating profit | 5,558 | — | — | 5,558 | 2,701 | ||||||||||||
Pension expense | (4,055) | (4,019) | 1 | — | (36) | (18) | |||||||||||
Other income, net | 430 | — | — | 430 | 183 | ||||||||||||
Interest expense | (586) | — | — | (586) | (544) | ||||||||||||
Profit (loss) before income taxes | 1,347 | (4,019) | — | 5,366 | 2,322 | ||||||||||||
Income tax (benefit) expense | (9,832) | (3,870) | 2 | (6,583) | 3 | 621 | 1,228 | ||||||||||
Net earnings (loss) | 11,179 | (149) | 6,583 | 4,745 | 1,094 | ||||||||||||
Less: Net earnings attributable to the non-controlling interest | 153 | — | — | 153 | 89 | ||||||||||||
Net earnings (loss) attributable to Kewaunee Scientific Corporation | $ | 11,026 | $ | (149) | $ | 6,583 | $ | 4,592 | $ | 1,005 | |||||||
Net earnings (loss) per share attributable to Kewaunee Scientific Corporation stockholders | |||||||||||||||||
Basic | $ | 3.86 | $ | (0.05) | $ | 2.30 | $ | 1.61 | $ | 0.36 | |||||||
Diluted | $ | 3.71 | $ | (0.05) | $ | 2.22 | $ | 1.55 | $ | 0.34 |
Twelve Months Ended April 30, | |||||||||||||||||
As Reported 2024 | Pension Settlement | Valuation Allowance Release | Adjusted 2024 | 2023 | |||||||||||||
Net sales | $ | 203,755 | $ | — | $ | — | $ | 203,755 | $ | 219,494 | |||||||
Cost of products sold | 151,704 | — | — | 151,704 | 183,906 | ||||||||||||
Gross profit | 52,051 | — | — | 52,051 | 35,588 | ||||||||||||
Operating expenses | 33,770 | — | — | 33,770 | 30,224 | ||||||||||||
Operating profit | 18,281 | — | — | 18,281 | 5,364 | ||||||||||||
Pension expense | (4,177) | (4,019)1 | — | (158) | (71) | ||||||||||||
Other income, net | 814 | — | — | 814 | 939 | ||||||||||||
Interest expense | (1,799) | — | — | (1,799) | (1,734) | ||||||||||||
Profit (loss) before income taxes | 13,119 | (4,019) | — | 17,138 | 4,498 | ||||||||||||
Income tax (benefit) expense | (5,938) | (3,870)2 | (6,583)3 | 4,515 | 3,139 | ||||||||||||
Net earnings (loss) | 19,057 | (149) | 6,583 | 12,623 | 1,359 | ||||||||||||
Less: Net earnings attributable to the non-controlling interest | 304 | — | — | 304 | 621 | ||||||||||||
Net earnings (loss) attributable to Kewaunee Scientific Corporation | $ | 18,753 | $ | (149) | $ | 6,583 | $ | 12,319 | $ | 738 | |||||||
Net earnings (loss) per share attributable to Kewaunee Scientific Corporation stockholders | |||||||||||||||||
Basic | $ | 6.51 | $ | (0.05) | $ | 2.29 | $ | 4.28 | $ | 0.26 | |||||||
Diluted | $ | 6.38 | $ | (0.05) | $ | 2.24 | $ | 4.19 | $ | 0.25 |
Three Months Ended April 30, | Twelve Months Ended April 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net sales | $ | 56,702 | $ | 53,986 | $ | 203,755 | $ | 219,494 | |||||||||||||||
Cost of products sold | 42,062 | 43,625 | 151,704 | 183,906 | |||||||||||||||||||
Gross profit | 14,640 | 10,361 | 52,051 | 35,588 | |||||||||||||||||||
Operating expenses | 9,082 | 7,660 | 33,770 | 30,224 | |||||||||||||||||||
Operating profit | 5,558 | 2,701 | 18,281 | 5,364 | |||||||||||||||||||
Pension expense | (4,055) | (18) | (4,177) | (71) | |||||||||||||||||||
Other income, net | 430 | 183 | 814 | 939 | |||||||||||||||||||
Interest expense | (586) | (544) | (1,799) | (1,734) | |||||||||||||||||||
Profit before income taxes | 1,347 | 2,322 | 13,119 | 4,498 | |||||||||||||||||||
Income tax (benefit) expense | (9,832) | 1,228 | (5,938) | 3,139 | |||||||||||||||||||
Net earnings | 11,179 | 1,094 | 19,057 | 1,359 | |||||||||||||||||||
Less: Net earnings attributable to the non-controlling interest | 153 | 89 | 304 | 621 | |||||||||||||||||||
Net earnings attributable to Kewaunee Scientific Corporation | $ | 11,026 | $ | 1,005 | $ | 18,753 | $ | 738 | |||||||||||||||
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders | |||||||||||||||||||||||
Basic | $ | 3.86 | $ | 0.36 | $ | 6.51 | $ | 0.26 | |||||||||||||||
Diluted | $ | 3.71 | $ | 0.34 | $ | 6.38 | $ | 0.25 | |||||||||||||||
Weighted average number of common shares outstanding | |||||||||||||||||||||||
Basic | 2,858 | 2,830 | 2,879 | 2,824 | |||||||||||||||||||
Diluted | 2,972 | 2,928 | 2,938 | 2,902 |
April 30, 2024 | April 30, 2023 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 23,267 | $ | 8,078 | |||||||
Restricted cash | 2,671 | 5,737 | |||||||||
Receivables, less allowances | 45,064 | 46,081 | |||||||||
Inventories | 20,679 | 21,889 | |||||||||
Prepaid expenses and other current assets | 5,136 | 6,135 | |||||||||
Total Current Assets | 96,817 | 87,920 | |||||||||
Net Property, Plant and Equipment | 17,649 | 16,402 | |||||||||
Right of use assets | 7,454 | 9,170 | |||||||||
Deferred income taxes | 7,401 | — | |||||||||
Other assets | 5,445 | 5,406 | |||||||||
Total Assets | $ | 134,766 | $ | 118,898 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Short-term borrowings | $ | 3,099 | $ | 3,587 | |||||||
Current portion of lease obligations | 2,234 | 2,052 | |||||||||
Current portion of financing liability | 713 | 642 | |||||||||
Accounts payable | 23,262 | 23,599 | |||||||||
Other Current Liabilities | 11,472 | 10,173 | |||||||||
Total Current Liabilities | 40,780 | 40,053 | |||||||||
Long-term portion of lease obligations | 5,669 | 7,284 | |||||||||
Long-term portion of financing liability | 27,420 | 28,132 | |||||||||
Other non-current liabilities | 4,688 | 4,944 | |||||||||
Total Liabilities | 78,557 | 80,413 | |||||||||
Commitments and Contingencies | |||||||||||
Kewaunee Scientific Corporation Equity | 54,760 | 37,409 | |||||||||
Non-controlling interest | 1,449 | 1,076 | |||||||||
Total Stockholders' Equity | 56,209 | 38,485 | |||||||||
Total Liabilities and Stockholders' Equity | $ | 134,766 | $ | 118,898 |
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