-----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, BJDSr8Z8Gy+Rq/HXQBUoPcpC6syDT7p/8b8aOy7E4GL4F7yFNrKqDRYRuWuHqJhY 9EFet0hQrDBIig4Htjn6Og== 0001144204-07-046039.txt : 20070823 0001144204-07-046039.hdr.sgml : 20070823 20070823135735 ACCESSION NUMBER: 0001144204-07-046039 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070822 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070823 DATE AS OF CHANGE: 20070823 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: 071075195 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 v085742_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) August 22, 2007 --------------- - -------------------------------------------------------------------------------- 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 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.) - -------------------------------------------------------------------------------- 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 August 22, 2007, Kewaunee Scientific Corporation issued a press release announcing its financial results for the first quarter ended July 31, 2007. 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 August 22, 2007 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: August 22, 2007 /s/ D. Michael Parker ------------------------------- Senior Vice President, Finance Senior Vice President, Finance Chief Financial Officer EX-99.1 2 v085742_ex99-1.txt Kewaunee Scientific Announces First Quarter Results and Quarterly Dividend Exchange: NASDAQ (KEQU) Contact: D. Michael Parker 704/871-3290 STATESVILLE, N.C. August 22, 2007 -- Kewaunee Scientific Corporation (Nasdaq: KEQU - news) today announced results for its first quarter ended July 31, 2007 and the declaration of its quarterly dividend. Net earnings for the quarter were $674,000, or $0.27 per diluted share, as compared to net earnings of $133,000, or $0.05 per diluted share, for the first quarter of the prior year. Earnings continued to benefit from improved profit margins, increased manufacturing efficiencies, savings from alternate sources for raw materials and components, and other cost improvement initiatives. Sales for the quarter were $20,784,000, an increase of 7.7% from sales of $19,294,000 in the prior year. Sales from domestic operations were $18,014,000, an increase of 8.0% from the prior year period. The domestic marketplace for laboratory products continued to be healthy during the quarter, particularly in the educational research market and for the larger laboratory projects. The marketplace for small and mid-size laboratory projects showed signs of improvement during the quarter, although it remains very price competitive. Sales from international operations were $2,770,000, an increase of 5.7% from the prior year period. Incoming orders remained strong during the quarter. The order backlog increased to a record $54.7 million at July 31, 2007, up from $51.1 million at April 30, 2007, and $36.5 million at July 31, 2006. "Our strategic efforts over the past several years to make Kewaunee a more efficient company are working well," said William A. Shumaker, President and Chief Executive Officer. "On-going investments in modern, computerized equipment, the implementation of "Lean" manufacturing techniques, and the continuous pursuit of cost improvements are significantly reducing our costs and increasing profit margins. Our lower costs make us more competitive in the marketplace and strengthen our market position. "We continue to have high expectations for growth in sales and profitability of our international operations. Although this business experienced somewhat modest sales growth in the first quarter, we expect our international operations to have a much better second quarter, as several significant international projects are scheduled for delivery and installation." The Company's balance sheet remains strong. Bank borrowings and capital lease obligations totaled $5.3 million at July 31, 2007, down from $9.4 million at July 31, 2006. The debt-to-equity ratio was .21-to-1 at the end of the quarter, down from .37-to-1 at the end of the prior year period. Cash on hand was $2.2 million at the end of the quarter, as compared to $2.5 million at the end of the prior year period. Working capital was $13.0 million at July 31, 2007, up from $11.0 million at the end of the prior year period. 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 September 4, 2007, payable on September 18, 2007. 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 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) Three Months Ended ---------------------------- July 31, July 31, 2007 2006 ------------ ------------ Net sales $ 20,784 $ 19,294 Cost of products sold 16,521 16,166 ------------ ------------ Gross profit 4,263 3,128 Operating expenses 3,148 2,637 ------------ ------------ Operating earnings 1,115 491 Other income 3 18 Interest expense (110) (187) ------------ ------------ Earnings before income taxes 1,008 322 Income tax expense 312 78 ------------ ------------ Earnings before minority interests 696 244 Minority interests in subsidiaries 22 111 ------------ ------------ Net earnings $ 674 $ 133 ============ ============ Net earnings per share Basic $ 0.27 $ 0.05 Diluted $ 0.27 $ 0.05 Weighted average number of common shares outstanding (in thousands) Basic 2,502 2,492 Diluted 2,521 2,493 Condensed Consolidated Balance Sheets (in thousands) July 31, April 30, 2007 2007 ------------ ------------ [unaudited] Assets Cash and cash equivalents $ 1,791 $ 2,231 Restricted cash 396 372 Receivables, less allowances 18,868 19,061 Inventories 5,694 5,869 Prepaid expenses and other current assets 1,368 981 ------------ ------------ Total current assets 28,117 28,514 Net property, plant and equipment 11,196 11,255 Other assets 5,586 5,471 ------------ ------------ Total Assets $ 44,899 $ 45,240 ============ ============ Liabilities and Stockholders' Equity Short-term borrowings $ 4,556 $ 3,489 Current obligations under capital leases 369 360 Accounts payable 7,107 8,437 Other current liabilities 3,134 3,897 ------------ ------------ Total current liabilities 15,166 16,183 Other non-current liabilities 4,943 5,009 Total stockholders' equity 24,790 24,048 ------------ ------------ Total Liabilities and Stockholders' Equity $ 44,899 $ 45,240 ============ ============ -----END PRIVACY-ENHANCED MESSAGE-----