8-K

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)	December 3, 2008
Kewaunee Scientific Corporation (Exact name of registrant as specified in its charter)

Delaware	0-5286	38-0715562
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
2700 West Front Street Statesville, North Carolina (Address of principal executive offices)		28677 (Zip Code)

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:
o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02Results of Operations and Financial Conditions

On December 3, 2008, Kewaunee Scientific Corporation issued a press release announcing its financial results for the second quarter ended October 31, 2008. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01Financial Statements and Exhibits

(d)Exhibits:

Exhibit No.

99.1Press Release of Kewaunee Scientific Corporation dated December 3, 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:  December 3, 2008		/s/ D. Michael Parker
		D. Michael Parker Senior Vice President, Finance
		Chief Financial Officer

EX-99.1

Kewaunee Scientific Announces

Record Sales and Earnings for Second Quarter

Exchange:	NASDAQ (KEQU)	Contact:	D. Michael Parker
			704/871-3290

STATESVILLE, N.C., December 3, 2008 /PRNewswire-/ — Kewaunee Scientific Corporation (Nasdaq: KEQU - News) today announced record sales and earnings for its second quarter ended October 31, 2008.

Net earnings for the quarter were $1,464,000, or $0.57 per diluted share, up 21% from net earnings of $1,212,000, or $0.47 per diluted share, for the second quarter of the prior year. Earnings benefited from increased sales and on-going manufacturing efficiencies.

Sales for the quarter were $27,732,000 up 12% from sales of $24,727,000 in the second quarter of the prior year. Sales benefited from a continuing healthy marketplace for laboratory products, both domestically and internationally. Sales from domestic operations increased to $23,785,000, up from sales of $20,080,000 in the same period last year, and sales from international operations were $3,947,000, as compared to sales of $4,647,000 in the same period last year. The decline in international operations sales resulted from customer changes in their product delivery dates.

The order backlog increased to a record $61.6 million at October 31, 2008, up from $60.4 million at the end of the previous quarter and $54.9 million at October 31, 2007.

Net earnings for the six months ended October 31, 2008 were $2,445,000, or $0.95 per diluted share, an increase of 30% from net earnings for the same period last year of $1,886,000, or $0.74 per diluted share. Sales for the six months ended October 31, 2008 were $53,127,000, an increase of 17% from sales of $45,511,000 in the same period last year. Sales from domestic operations increased to $44,798,000, up from sales of $38,094,000 in the same period last year, and sales from international operations were $8,329,000, up from sales of $7,417,000 in the same period last year.

The Company's balance sheet and liquidity continue to be strong. Bank borrowings and capital lease obligations totaled $5,557,000 million at October 31, 2008, as compared to $2,997,000 at October 31, 2007. The debt-to-equity ratio was .19-to-1, as compared to .12-to-1 at the end of the same period last year. Cash on hand was $2,690,000, as compared to $1,796,000 at the end of the same period last year. Working capital was $17,410,000, up from $14,016,000 at the end of the same period last year.

“Our second quarter record sales, earnings, and order backlog reflect solid performances in all aspects of our businesses, both domestically and internationally,” said William A. Shumaker, President and Chief Executive Officer. “Our on-going cost reduction strategies again successfully mitigated increased costs of raw materials, particularly steel and resin. Vendor pricing for steel and resin appears to have stabilized in recent weeks, albeit at the recent historically high levels. We anticipate it may take several months for any decline in steel and resin prices to make it through the business channels to our bottom line. We did experience some relief late in the quarter in our energy and transportation costs.

“Thus far, we have not noticed any significant impact of the global economic slowdown on the markets we serve, either domestically or internationally,” Mr. Shumaker continued. “Incoming orders have continued to be strong, and our quotation activity remains at high levels. We believe Kewaunee is on track for a solid third quarter, and we remain optimistic about our progress continuing in the fourth quarter.”

Kewaunee Scientific Corporation is a recognized leader in the design, manufacture, and installation of scientific and technical furniture. The Company's corporate headquarters and domestic manufacturing facilities are located in Statesville, North Carolina. The Company also has subsidiaries in Singapore and Bangalore, India that serve the Asian and Middle East 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

(in thousands, except per share data)

(Unaudited)

	Three Months Ended						Six Months Ended
	October 31						October 31
	2008			2007			2008			2007
Net sales	$	27,732		$	24,727		$	53,127		$	45,511
Cost of products sold		21,713			19,174			41,757			35,695
Gross profit		6,019			5,553			11,370			9,816
Operating expenses		3,858			3,370			7,444			6,518
Operating earnings		2,161			2,183			3,926			3,298
Other income (expense)		(1	)		1			(39	)		4
Interest expense		(93	)		(106	)		(182	)		(216	)
Earnings before income taxes		2,067			2,078			3,075			3,086
Income tax expense		566			658			1,107			970
Earnings before minority interests		1,501			1,420			2,598			2,116
Minority interests		37			208			153			230
Net earnings	$	1,464		$	1,212		$	2,445		$	1,886
Net earnings per share
Basic	$	0.57		$	0.48		$	0.96		$	0.75
Diluted	$	0.57		$	0.47		$	0.95		$	0.74
Weighted average number of common
shares outstanding (in thousands)
Basic		2,555			2,522			2,553			2,512
Diluted		2,562			2,554			2,566			2,538

Condensed Consolidated Balance Sheets

(in thousands)

	October 31		April 30
	2008		2008
	(unaudited)
Assets
Cash and cash equivalents	$	2,282	$	3,784
Restricted cash		408		480
Receivables, less allowances		25,508		20,087
Inventories		6,866		6,984
Prepaid expenses and other current assets		1,419		1,847
Total current assets		36,483		33,182
Net property, plant and equipment		11,676		11,825
Other assets		5,109		5,599
Total Assets	$	53,268	$	50,606
Liabilities and Stockholders’ Equity
Short-term borrowings	$	4,966	$	4,551
Current obligations under capital leases		314		323
Accounts payable		8,687		8,929
Other current liabilities		5,106		3,459
Total current liabilities		19,073		17,262
Other non-current liabilities		5,857		6,397
Total stockholders’ equity		28,338		26,947
Total Liabilities and Stockholders’ Equity	$	53,268	$	50,606