STATESVILLE, N.C., June 26,
2024 /PRNewswire/ -- Kewaunee Scientific Corporation
(NASDAQ: KEQU) today announced results for its fourth quarter and
its fiscal year ended April 30,
2024.
Fiscal Year 2024 Fourth Quarter Results:
Sales during the fourth quarter of fiscal year 2024 were
$56,702,000, an increase of 5%
compared to sales of $53,986,000 from
the prior year's fourth quarter. Pre-tax earnings for the quarter
were $1,347,000 compared to
$2,322,000 for the prior year
quarter. Net earnings for the quarter were $11,026,000 compared to net earnings of
$1,005,000 for the prior year
quarter. Diluted earnings per share was $3.71 compared to diluted earnings per share of
$0.34 in the prior year quarter.
EBITDA1 for the quarter was $2,265,000 compared to $3,307,000 for the prior year quarter.
During the fourth quarter of the fiscal year, two non-recurring
transactions were recorded that impacted reported earnings and
EBITDA which management believes should be considered when
analyzing our financial results. A detailed discussion of these
transactions is included in the Corporate segment commentary
below.
Excluding the two non-recurring transactions, adjusted pre-tax
earnings for the quarter were $5,366,000 compared to $2,322,000 for the prior year quarter, an
increase of 131%. Adjusted net earnings for the quarter were
$4,592,000 compared to net earnings
of $1,005,000 for the prior year
quarter. Adjusted diluted earnings per share was $1.55 compared to diluted earnings per share of
$0.34 in the prior year quarter.
Adjusted EBITDA for the quarter was $6,284,000 compared to $3,307,000 for the prior year quarter. See below
for a reconciliation of these non-GAAP measures to the most
comparable GAAP measures.
The Company's order backlog was $155.6
million on April 30, 2024,
increasing from $152.3 million on
January 31, 2024, and $147.9 million on April
30, 2023.
Domestic Segment - Domestic sales for the quarter
were $35,859,000, an increase of 2.1%
from sales of $35,123,000 in the
prior year quarter. Domestic segment net earnings were $3,410,000 compared to $2,402,000 in the prior year quarter. Domestic
segment EBITDA was $5,506,000
compared to $2,991,000 for the prior
year quarter. Domestic segment profitability improved versus the
prior year's quarter because of the strategic go-to-market
decisions made in the previous year to stop selling direct, as well
as improved manufacturing productivity and cost containment
actions. Non-recurring adjustments did not affect Domestic segment
performance.
International Segment - International sales for the
quarter were $20,843,000, an increase
of 10.5% from sales of $18,863,000 in
the prior year quarter. International segment net earnings were
$1,138,000 compared to $1,106,000 in the prior year quarter.
International segment EBITDA was $1,734,000 compared to $1,546,000 for the prior year quarter. Activity
across the Company's international markets remains strong, with the
Indian market continuing to be very active. Non-recurring
adjustments did not affect International segment performance.
Corporate Segment – Corporate segment net earnings were
$6,478,000 for the quarter, as
compared to a net loss of ($2,503,000) in the prior year quarter. Corporate
segment EBITDA loss for the quarter was ($4,975,000) compared to corporate segment EBITDA
loss of ($1,230,000) for the prior
year quarter. As mentioned above, two transactions were recorded in
our financial statements during the fourth quarter of the fiscal
year which are non-recurring in nature.
First, the Company successfully annuitized its pension
obligation, which had been in a frozen state since 2005. For much
of the time since 2005, plan liabilities exceeded plan assets,
requiring periodic funding and the recording of an unrealized loss
on the Company's Balance Sheet. This loss was then amortized
through the Company's Statement of Operations in accordance with
pension accounting guidance. By annuitizing the pension obligation,
the Company has eliminated all future responsibility for the plan.
Terminating the pension resulted in a one-time, non-cash expense
and reduction to EBITDA in the quarter of $4,019,000, related to the accumulated accounting
losses that were being amortized from the Balance Sheet.
Concurrently, upon the settlement of the pension plan, the Company
released $3,870,000 in accumulated
deferred tax benefits, previously suspended in accumulated other
comprehensive income. This amount does not constitute a future tax
deduction; instead, it represents a one-time book tax benefit that
increased net earnings for the quarter. Going forward, the Company
has no future obligation for the pension, as the assets and
liabilities were transferred to the annuity provider and will
realize a reduction in costs associated with maintaining and
managing the pension plan.
The second non-recurring adjustment recorded related to the
partial release of the Company's valuation allowance. During fiscal
2020, in accordance with GAAP guidance, the Company determined that
its deferred tax assets were not likely to be realized. As a
result, a valuation allowance was recorded as a reserve against
those assets and income tax expense was recognized. At the end of
fiscal 2024, the Company re-evaluated this position, determining
that the majority of the deferred tax assets are now more likely
than not to be realized. Accordingly, the majority of the valuation
allowance has been reversed, resulting in a $6,583,000 tax benefit being recorded during the
fourth quarter of the fiscal year. This amount does not constitute
a future tax deduction; instead, it represents a one-time book tax
benefit that increased net earnings for the quarter.
Excluding these two non-recurring transactions, Corporate
segment adjusted EBITDA loss for the quarter was ($956,000) compared to Corporate segment EBITDA
loss of ($1,230,000) for the prior
year quarter. This adjustment removes the one-time, non-cash
expense of $4,019,000 for the
deferred accounting losses related to the Company's pension plan
which were being amortized from the Company's Balance Sheet. The
tax impacts related to the two non-recurring transactions were
already excluded as part of the unadjusted EBITDA calculation.
Fiscal Year 2024 Full Year Results:
Sales during fiscal year 2024 were $203,755,000 a decrease of 7.2% compared to sales
of $219,494,000 from the prior year.
Pre-tax earnings for the fiscal year were $13,119,000 compared to pre-tax earnings of
$4,498,000 for the prior year. Net
earnings for the fiscal year were $18,753,000, compared to net earnings of
$738,000 for the prior year. Diluted
earnings per share was $6.38, as
compared to earnings per share of $0.25 in the prior fiscal year. EBITDA for the
fiscal year was $16,646,000, compared
to $7,517,000 for the prior year
fiscal year.
As discussed in the Company's fourth quarter results above, two
non-recurring transactions were recorded in the fourth quarter that
impacted reported earnings and EBITDA which management believes
should be considered when analyzing our financial results.
Excluding these two non-recurring transactions, adjusted pre-tax
earnings for the fiscal year were $17,138,000 compared to $4,498,000 for the prior year, an increase of
281%. Adjusted net earnings for the fiscal year were $12,319,000 compared to net earnings of
$738,000 for the prior year. Adjusted
diluted earnings per share was $4.19
compared to diluted earnings per share of $0.25 in the prior fiscal year. Adjusted EBITDA
for the fiscal year was $20,665,000
compared to $7,517,000 for the prior
fiscal year. See below for a reconciliation of these non-GAAP
measures to the most comparable GAAP measures.
Domestic Segment - Domestic sales for the fiscal year
were $137,238,000, a decrease of 6.5%
from sales of $146,716,000 in the
prior year. The decrease in Domestic sales was primarily due to the
reduction in non-product revenue related to the Company's decision
to stop selling directly to end users. This revenue typically
includes freight, installation services, and buyouts. Domestic
segment net earnings were $11,808,000
compared to $3,408,000 in the prior
fiscal year. Domestic segment EBITDA was $19,146,000 compared to $5,802,000 for the prior year. Domestic segment
profitability improved versus the prior year because of the
strategic go-to-market decisions made in the previous year to stop
selling direct, as well as improved manufacturing productivity and
cost containment actions. Non-recurring adjustments did not affect
Domestic segment results for fiscal year 2024.
International Segment - International sales for the
fiscal year were $66,517,000, a
decrease of 8.6% from sales of $72,778,000 in the prior year. The decrease in
sales was driven principally by a single large project delivered
during the previous year in Africa
that did not repeat. International segment net earnings were
$3,055,000 compared to $4,511,000 in the prior fiscal year.
International segment EBITDA was $5,715,000 compared to $6,650,000 for the prior year. The decrease in
International segment profitability year over year was driven by
lower sales as well as lower interest income on fixed deposits.
Non-recurring adjustments did not affect International segment
results for fiscal year 2024.
Corporate Segment - Corporate segment net earnings was
$3,890,000 for the fiscal year, as
compared to net loss of ($7,181,000)
in the prior fiscal year. This includes the impact of the reversal
of the valuation allowance resulting in $10,453,000 in net earnings being recorded during
the quarter. Corporate segment EBITDA loss for the fiscal year was
($8,215,000) as compared to Corporate
segment EBITDA loss of ($4,935,000)
for the prior year.
Excluding the two non-recurring transactions discussed as part
of the results of our fourth quarter Corporate segment results,
Corporate segment adjusted EBITDA loss for the fiscal year was
($4,196,000) compared to Corporate
segment EBITDA loss of ($4,935,000)
for the prior year.
Total cash on hand on April 30,
2024 was $25,938,000, as
compared to $13,815,000 on
April 30, 2023. The increase in cash
was primarily from improved operating performance. Working capital
was $56,037,000, as compared to
$47,867,000 on April 30, 2023.
The Company had short-term debt of $3,099,000 as of April 30,
2024, as compared to $3,587,000 on April 30,
2023. Long-term debt was $28,479,000 on April 30,
2024, as compared to $29,007,000 on April 30,
2023. The building lease from the Company's December 2021 sale-leaseback transaction accounts
for $28,133,000 of the long-term debt
on April 30, 2024 and $28,774,000 of the long-term debt on April 30, 2023. Long-term debt, net of the
sale-leaseback transaction, was $346,000 on April 30,
2024 as compared to $233,000
on April 30, 2023. The Company's
debt-to-equity ratio on April 30,
2024 was 0.70-to-1, as compared to 1.08-to-1 on
April 30, 2023. The Company's debt-to-equity ratio, net of the
sale-leaseback transaction, on April 30,
2024 was 0.20-to-1, as compared to 0.34-to-1 on April 30, 2023.
"Fiscal year 2024 was a tremendous year for Kewaunee," said
Thomas D. Hull III, Kewaunee's
President and Chief Executive Officer. "The Company delivered
strong financial results as we continue to realize the benefits of
our strategic decisions made in recent years. These results have
been recognized by the market, resulting in a significant increase
in the Company's market capitalization during the year. This is a
testament to the hard work and dedication of Kewaunee's global team
who are focused on relentlessly delivering on our commitments to
our customers."
"We ended the fiscal year with an order backlog of $155.6 million, increasing from the prior year
end. This positions us well for fiscal year 2025 as we continue to
see bidding and quoting maintain solid levels. The strength of our
order backlog indicates the stability of the markets we serve and
our dealer and distribution partners' continued investment in
serving our customers."
"We remain focused on Kewaunee's mission, which the Company has
proudly pursued since its founding in 1906, which is to encourage
new discovery worldwide."
_______________
1
EBITDA, Adjusted EBITDA adjusted net earnings, and adjusted net
earnings per share are non-GAAP financial measures. See the tables
below for a reconciliation of these non-GAAP measures to the most
comparable GAAP measures.
|
|
EBITDA and Segment EBITDA Reconciliation
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
|
Adjusted Consolidated Statement of Operations
Reconciliation
|
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
|
1
|
Accumulated accounting
losses related to the settlement of the Company's pension
plan
|
2
|
Release of accumulated
tax benefit from the settlement of the Company's pension
plan
|
3
|
Partial reversal of
valuation allowance
|
About Non-GAAP Measures
The Company includes non-GAAP financial measures such as
adjusted net earnings and adjusted net earnings per share, in the
information provided with this press release as supplemental
information relating to its operating results. Adjusted net
earnings represents GAAP net earnings adjusted for net pension
settlement expenses and the impact of a valuation allowance
release. This financial information is not in accordance with, or
an alternative for, GAAP-compliant financial information and may be
different from the operating or non-GAAP financial information used
by other companies. The Company believes that this presentation of
adjusted net earnings and adjusted net earnings per share provides
useful information to investors regarding certain additional
financial and business trends relating to its financial condition
and results of operations.
EBITDA and Segment EBITDA are calculated as net earnings (loss),
less interest expense and interest income, income taxes,
depreciation, and amortization. Adjusted EBITDA and Adjusted
Segment EBITDA are calculated as EBITDA or Segment EBITDA less the
impact of the one-time costs incurred for the pension termination
enacted during FY24, as discussed in more detail above. We believe
EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment
EBITDA allow management and investors to compare our performance to
other companies on a consistent basis without regard to
depreciation and amortization or the costs incurred related to our
one-time pension termination transaction executed during fiscal
year 2024, which can vary significantly between companies depending
upon many factors. EBITDA, Segment EBITDA, Adjusted EBITDA, and
Adjusted Segment EBITDA are not calculations based upon generally
accepted accounting principles, and the method for calculating
EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment
EBITDA can vary among companies. The amounts included in the
EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment
EBITDA calculations, however, are derived from amounts included in
the historical consolidated statements of operations. EBITDA,
Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA should
not be considered as alternatives to net earnings (loss) or
operating earnings (loss) as an indicator of the Company's
operating performance, or as an alternative to operating cash flows
as a measure of liquidity.
About Kewaunee Scientific
Founded in 1906, Kewaunee Scientific Corporation is a recognized
global leader in the design, manufacture, and installation of
laboratory, healthcare, and technical furniture products. The
Company's products include steel and wood casework, fume hoods,
adaptable modular systems, moveable workstations, stand-alone
benches, biological safety cabinets, and epoxy resin work surfaces
and sinks.
The Company's corporate headquarters are located in Statesville, North Carolina. Sales offices are
located in the United States,
India, Saudi Arabia, and Singapore. Three manufacturing facilities are
located in Statesville serving the
domestic and international markets, and one manufacturing facility
is located in Bangalore, India
serving the local, Asian, and African markets. Kewaunee
Scientific's website is located at
http://www.kewaunee.com.
This press release contains statements that the Company
believes to be "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. All
statements other than statements of historical fact included in
this press release, including statements regarding the Company's
future financial condition, results of operations, business
operations and business prospects, are forward-looking statements.
Words such as "anticipate," "estimate," "expect," "project,"
"intend," "plan," "predict," "believe" and similar words,
expressions and variations of these words and expressions are
intended to identify forward-looking statements. Such
forward-looking statements are subject to known and unknown risks,
uncertainties, assumptions, and other important factors that could
significantly impact results or achievements expressed or implied
by such forward-looking statements. Such factors, risks,
uncertainties and assumptions include, but are not limited to:
competitive and general economic conditions, including disruptions
from government mandates, both domestically and internationally, as
well as supplier constraints and other supply disruptions; changes
in customer demands; technological changes in our operations or in
our industry; dependence on customers' required delivery schedules;
risks related to fluctuations in the Company's operating results
from quarter to quarter; risks related to international operations,
including foreign currency fluctuations; changes in the legal and
regulatory environment; changes in raw materials and commodity
costs; risks associated with our ability to identify and complete
strategic acquisitions or to successfully integrate any businesses
that we may acquire; acts of terrorism, war, governmental action,
and natural disasters and other Force Majeure events. The
cautionary statements made pursuant to the Reform Act herein and
elsewhere by us should not be construed as exhaustive. We cannot
always predict what factors would cause actual results to differ
materially from those indicated by the forward-looking statements.
Over time, our actual results, performance, or achievements will
likely differ from the anticipated results, performance or
achievements that are expressed or implied by our forward-looking
statements, and such difference might be significant and harmful to
our stockholders' interest. Many important factors that could cause
such a difference are described under the caption "Risk Factors,"
in Item 1A of our Annual Report on Form 10-K for the most recent
fiscal year ended April 30, which you
should review carefully, and in our subsequent quarterly reports on
Form 10-Q and current reports on Form 8-K. These reports are
available on our investor relations website at
www.kewaunee.com and on the SEC website at www.sec.gov. These
forward-looking statements speak only as of the date of this
document. The Company assumes no obligation, and expressly
disclaims any obligation, to update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Kewaunee Scientific
Corporation
Condensed Consolidated Statements of Operations
($ and shares in thousands, except per share
amounts)
|
|
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
|
Kewaunee Scientific
Corporation
Condensed Consolidated Balance Sheets
($ in thousands)
|
|
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
|
Contact:
|
Donald T. Gardner
III
|
|
704/871-3274
|
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SOURCE Kewaunee Scientific Corporation