-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ion8pbyBxdNouHebOhscLta/zLKDOl6GBtx5g323VEM5m9563GcHptU0DigxHJ/N G6iVL0+gsR5zFz01ed3TBQ== 0001144204-08-012488.txt : 20080229 0001144204-08-012488.hdr.sgml : 20080229 20080229105631 ACCESSION NUMBER: 0001144204-08-012488 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080227 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080229 DATE AS OF CHANGE: 20080229 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEWAUNEE SCIENTIFIC CORP /DE/ CENTRAL INDEX KEY: 0000055529 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY APPARATUS & FURNITURE [3821] IRS NUMBER: 380715562 STATE OF INCORPORATION: DE FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-05286 FILM NUMBER: 08653356 BUSINESS ADDRESS: STREET 1: 2700 W FRONT ST CITY: STATESVILLE STATE: NC ZIP: 28677 BUSINESS PHONE: 7048737202 MAIL ADDRESS: STREET 1: P O BOX 1842 CITY: STATESVILLE STATE: NC ZIP: 28687-1842 FORMER COMPANY: FORMER CONFORMED NAME: KEWAUNEE SCIENTIFIC EQUIPMENT CORP /DE/ DATE OF NAME CHANGE: 19861216 FORMER COMPANY: FORMER CONFORMED NAME: KEWAUNEE MANUFACTURING CO DATE OF NAME CHANGE: 19680108 8-K 1 v105058_8k.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) February 27, 2008 ----------------- Kewaunee Scientific Corporation - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) - -------------------------------------------------------------------------------- Delaware 0-5286 38-0715562 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) - -------------------------------------------------------------------------------- 2700 West Front Street 28677 Statesville, North Carolina (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code 704-873-7202 - -------------------------------------------------------------------------------- N/A (Former name or former address, if changed since last report.) - -------------------------------------------------------------------------------- Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| 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 240.13a-4(c)) Item 2.02 Results of Operations and Financial Conditions On February 27, 2008, Kewaunee Scientific Corporation issued a press release announcing its financial results for the third quarter ended January 31, 2008. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. Item 9.01 Financial Statements and Exhibits (c) Exhibits: Exhibit No. 99.1 Press Release of Kewaunee Scientific Corporation dated February 27, 2008 In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. (Registrant) Kewaunee Scientific Corporation Date: February 27, 2008 /s/ D. Michael Parker ------------------------------ Senior Vice President, Finance Chief Financial Officer EX-99.1 2 v105058_ex99-1.txt Kewaunee Scientific Reports Third Quarter Results Net Earnings Increase 150%, Revenues Increase 21% Quarterly Dividend Declared Exchange: NASDAQ (KEQU) Contact: D. Michael Parker 704/871-3290 STATESVILLE, NC, February 27, 2008--Kewaunee Scientific Corporation (NASDAQ: KEQU) today reported results for its third quarter ended January 31, 2008. Net earnings for the quarter increased to $802,000, or $0.31 per diluted share, an increase of 150% over $321,000, or $0.13 per diluted share, in the same period last year. Earnings for the quarter again benefited from continued strong performance from the Company's domestic operations, improved profit margins, and continued growth of its international operations. Sales for the quarter were $21.9 million, an increase of 21% over sales of $18.0 million in the same period last year. Sales from domestic operations increased to $17.7 million, up 20% from the same period last year. Sales from international operations increased to $4.2 million, up 27% from the same period last year. Net earnings for the nine months ended January 31, 2008 were $2.7 million, or $1.05 per diluted share, an increase of 163% from net earnings for the same period last year of $1.0 million, or $0.41 per diluted share. The gross profit margin for the nine-month period increased to 21.7% from 18.4% in the same period last year. Sales for the nine months ended January 31, 2008 were $67.4 million, an increase of 15% from sales of $58.7 million in the same period last year. Incoming orders continued to be strong during the quarter. The order backlog increased for the fifth consecutive quarter to a record $58.8 million at January 31, 2008, up from $54.9 million at the end of the previous quarter and $48.6 million at January 31, 2007. The Company's balance sheet further strengthened during the quarter. Bank borrowings and capital lease obligations declined to $4.2 million at January 31, 2008, down from $7.0 million at January 31, 2007. The debt-to-equity ratio was ..16-to-1 at the end of the quarter, down from .27-to-1 at the end of the same period last year. Cash on hand was $2.9 million at the end of the quarter, as compared to $1.9 million at the end of the same period last year. Working capital was $14.7 million at January 31, 2008, up from $11.3 million at the end of the same period last year. "Our progress continued nicely in the third quarter," said William A. Shumaker, President and Chief Executive Officer. "Our domestic and international operations both contributed to our strong top-line and bottom-line growth. The continued growth in sales, order backlog, and profit margins provides us strong momentum as we go forward, positioning us well for continued growth and profitability." 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 March 10, 2008, payable on March 24, 2008. 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. [see financial information on back of page] Consolidated Statements of Operations (unaudited) (in thousands, except per share data)
3 Months Ended 9 Months Ended January 31 January 31 2008 2007 2008 2007 -------- -------- -------- -------- Net sales $ 21,883 $ 18,041 $ 67,394 $ 58,720 Cost of products sold 17,064 14,417 52,759 47,888 -------- -------- -------- -------- Gross profit 4,819 3,624 14,635 10,832 Operating expenses 3,293 2,829 9,811 8,365 -------- -------- -------- -------- Operating earnings 1,526 795 4,824 2,467 Other income (expense) (6) (11) (2) 33 Interest expense (86) (142) (302) (524) -------- -------- -------- -------- Earnings before income taxes 1,434 642 4,520 1,976 Income tax expense 421 207 1,391 613 -------- -------- -------- -------- Earnings before minority interests 1,013 435 3,129 1,363 Minority interests 211 114 441 340 -------- -------- -------- -------- Net earnings $ 802 $ 321 $ 2,688 $ 1,023 ======== ======== ======== ======== Net earnings per share Basic $ 0.32 $ 0.13 $ 1.07 $ 0.41 Diluted $ 0.31 $ 0.13 $ 1.05 $ 0.41 Weighted average number of common shares outstanding (in thousands) Basic 2,543 2,492 2,523 2,492 Diluted 2,576 2,493 2,551 2,493
Condensed Consolidated Balance Sheets (in thousands) January 31 April 30 2008 2007 ---------- ---------- Assets (unaudited) - ------ Cash and cash equivalents $ 2,427 $ 2,231 Restricted cash 455 372 Receivables, less allowances 19,791 19,061 Inventories 6,130 5,869 Prepaid expenses and other current assets 1,222 981 ---------- ---------- Total current assets 30,025 28,514 Net property, plant and equipment 11,568 11,255 Other assets 5,965 5,471 ---------- ---------- Total Assets $ 47,558 $ 45,240 ========== ========== Liabilities and Stockholders' Equity - ------------------------------------ Short-term borrowings $ 3,673 $ 3,489 Current obligations under capital leases 351 360 Accounts payable 7,669 8,437 Other current liabilities 3,661 3,897 ---------- ---------- Total current liabilities 15,354 16,183 Obligations under capital leases 219 476 Other non-current liabilities 5,130 4,533 Total stockholders' equity 26,855 24,048 ---------- ---------- Total Liabilities and Stockholders' Equity $ 47,558 $ 45,240 ========== ========== -----END PRIVACY-ENHANCED MESSAGE-----