-----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, MogpVhNW9qCkpxLwE5XMnsi5dA5SVVzd6p1lYUqJpiotxqF2NAqXOnExfNKXNUqC MeeD8cubWrldrCSHdatglw== 0000891092-04-004256.txt : 20040826 0000891092-04-004256.hdr.sgml : 20040826 20040826094253 ACCESSION NUMBER: 0000891092-04-004256 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040825 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20040826 DATE AS OF CHANGE: 20040826 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: 04997585 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 e18933_8k.txt FORM 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) August 25, 2004 Kewaunee Scientific Corporation ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 0-5286 38-0715562 - ---------------------------- ---------------- ------------------- (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification No.) 2700 West Front Street Statesville, North Carolina 28677 - ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 704-873-7202 N/A ------------------------------------------------------------ (Former name or former address if changed since last report) ================================================================================ Item 9.01 Financial Statements and Exhibits - --------- --------------------------------- (c) Exhibits. Exhibit No. Subject Matter - ----------- -------------- 99.1 Press Release dated August 25, 2004, of Kewaunee Scientific Corporation, announcing its first quarter earnings. Item 2.02 Results of Operations and Financial Condition. - --------- ---------------------------------------------- On August 25, 2004 Kewaunee Scientific Corporation (the "Company") issued a Press Release announcing its first quarter earnings. The Press Release is incorporated herein by reference, and is included as Exhibit 99.1 to this Current Report on Form 8-K. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing. 2 SIGNATURES 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: August 25, 2004 By: /s/ D. Michael Parker ------------------------------ Senior Vice President, Finance Chief Financial Officer 3 EX-99.1 2 e18933ex99_1.txt PRESS RELEASE Exhibit 99.1 Kewaunee Scientific Reports Results for First Quarter STATESVILLE, N.C., Aug. 25 /PRNewswire-FirstCall/ -- Kewaunee Scientific Corporation (Nasdaq: KEQU) today reported results for its first quarter ended July 31, 2004. Sales for the quarter were $20,288,000, as compared to sales of $24,213,000 in the same period last year. Net earnings for the quarter were $193,000, or $0.08 per diluted share, as compared to net earnings of $461,000, or $0.19 per diluted share, in the same quarter last year. Net earnings for the prior year were increased by $189,000, or $.08 per diluted share, associated with the resolution during the quarter of an old disputed claim for laboratory furniture. Sales of laboratory products to industrial research customers slowed during the quarter, as the number of opportunities in this marketplace declined and a number of announced projects were delayed. The demand for technical products in the high-tech marketplace also softened further during the quarter. The educational marketplace for laboratory products remained firm. The order backlog at July 31, 2004 was $39.6 million. This compares to a backlog of $43.1 million at April 30, 2004 and $50.7 million at July 31, 2003. Earnings for the quarter were unfavorably impacted by the lower sales and production volumes and significantly higher costs of steel, wood, and other raw materials, as well as higher energy costs. The impact of these factors was partially offset by lower manufacturing costs. "The lower sales volumes, combined with higher costs for raw materials and energy, resulted in a challenging, as well as disappointing, quarter," said William A. Shumaker, President and Chief Executive Officer of Kewaunee. "We are aggressively taking actions to reduce costs until our markets improve. These include a recent significant workforce reduction in Statesville, tight controls over spending, and the implementation of a number of strategies to further reduce our costs. "We are excited about a number of activities currently underway to increase sales," Mr. Shumaker continued. "We are pursuing sales opportunities for our products in several new markets through potential strategic partnerships with well-established companies. We have also increased our emphasis on opportunities in the rapidly-growing Asian laboratory research market." 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. Condensed Consolidated Statements of Operations [unaudited] (in thousands, except per share data) Three Months Ended July 31 2004 2003 Net sales $20,288 $24,213 Cost of products sold 16,912 20,610 Gross profit 3,376 3,603 Operating expenses 3,046 3,001 Operating earnings 330 602 Interest expense (86) (78) Other income, net 49 196 Earnings before income taxes 293 720 Income tax expense 100 259 Net earnings $193 $461* Net earnings per share Basic $0.08 $0.19 Diluted $0.08 $0.19 Weighted average number of common shares outstanding (in thousands) Basic 2,490 2,485 Diluted 2,500 2,489 * Includes an after-tax gain of $189,000, or $.08 per diluted share, associated with the resolution during the quarter of an old disputed claim for laboratory furniture. Condensed Consolidated Balance Sheets (in thousands, except per share data) July 31 April 30 2004 2004 [unaudited] Assets Cash and cash equivalents $1,125 $1,167 Receivables, less allowances 24,444 24,987 Inventories 3,867 4,285 Prepaid expenses and other current assets 1,186 1,097 Total current assets 30,622 31,536 Net property, plant and equipment 11,005 11,362 Other assets 7,370 7,563 Total Assets $48,997 $50,461 Liabilities and Stockholders' Equity Short-term borrowings $7,987 $6,996 Current portion of long-term debt 1,118 1,118 Accounts payable 5,605 6,924 Other current liabilities 3,019 3,881 Total current liabilities 17,729 18,919 Long-term debt 652 931 Other non-current liabilities 3,809 3,820 Total stockholders' equity 26,807 26,791 Total Liabilities and Stockholders' Equity $48,997 $50,461 Contact: D. Michael Parker 704/871-3290 SOURCE Kewaunee Scientific Corporation -0- 08/25/2004 /CONTACT: D. Michael Parker of Kewaunee Scientific Corporation, +1-704-871-3290/ /Web site: http://www.kewaunee.com / (KEQU) CO: Kewaunee Scientific Corporation ST: North Carolina IN: CPR SU: ERN -----END PRIVACY-ENHANCED MESSAGE-----