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Kewaunee Scientific Reports Record Results Net Earnings for Year Increase 36%, Sales Increase 16%
Date:6/24/2009

STATESVILLE, N.C., June 24 /PRNewswire-FirstCall/ -- Kewaunee Scientific Corporation (Nasdaq: KEQU) today reported record sales, earnings, and order backlog for its fiscal year ended April 30, 2009.

Net earnings for the year increased 36% to $4,247,000, or $1.66 per diluted share, up from net earnings of $3,134,000, or $1.23 per diluted share, in the prior year. Earnings benefited from higher sales volume, lower manufacturing costs and improved operational efficiencies.

Sales for the year increased 16% to $103,978,000, up from sales of $89,510,000 in the prior year. Sales from domestic operations increased to $90,250,000, up 22.0% from the prior year. Sales from international operations were $13,728,000, down 13% from the prior year. Incoming orders activity was strong throughout the year, as a healthy domestic laboratory furniture marketplace more than offset the impact of a soft Asian marketplace. The order backlog increased to a record $62.7 million at April 30, 2009, up from $60.7 million at January 31, 2009 and $58.7 million at April 30, 2008.

Net earnings for the fourth quarter were $920,000, or $0.36 per diluted share, up from net earnings of $446,000, or $0.17 per diluted share, in the prior year. Sales for the fourth quarter increased to $24,828,000, up 12% from sales of $22,116,000 in the same period of the prior year. Sales from domestic operations for the quarter were $22,954,000, up from sales of $18,015,000 in the same quarter of the prior year, while sales from international operations were $1,874,000, down from sales of $4,101,000 in the prior year.

The Company's balance sheet remains strong. Working capital increased to $18.9 million at April 30, 2009, up from $15.9 million at the end of the prior year. Cash on hand at the end of the year was $4.0 million, as compared to $4.3
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SOURCE Kewaunee Scientific Corporation
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