"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-l
|SOURCE Kewaunee Scientific Corporation|
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