Net Earnings for Year Increase 104%, Sales Increase 9.9%
STATESVILLE, N.C., June 24 /PRNewswire-FirstCall/ -- Kewaunee Scientific Corporation (Nasdaq: KEQU) today reported results for its fiscal year and fourth quarter ended April 30, 2008.
Net earnings for the year increased 104% to $3,134,000, or $1.23 per diluted share, up from net earnings of $1,540,000, or $0.62 per diluted share, in the prior year. Earnings benefited from a strong performance from the Company's domestic operations, improved profit margins, and continued growth of its international operations.
Sales for the year increased 9.9% to $89,510,000, up from sales of $81,441,000 in the prior year. Incoming orders were strong throughout the year, both domestic and international. The order backlog was a record year-end level of $58.7 million at April 30, 2008, up from $51.1 million at April 30, 2007. Sales from domestic operations increased to $73,768,000, up 10.8% from the prior year. Sales from international operations increased to $15,742,000, up 6.0% from the prior year.
"We made progress in a number of important areas in fiscal year 2008,"
said William A. Shumaker, President and Chief Executive Officer. "We are
particularly pleased with the performance of our domestic operations, which
were successful in increasing sales over all major product lines, building
up our order backlog to record levels, and reducing manufacturing costs.
Our international operations continued to execute well, with continued
growth in sales, earnings, and order backlog during the year. In addition
to operational accomplishments, our Statesville operations successfully
moved to a new comprehensive ERP business management system late in the
fourth quarter, and we s
|SOURCE Kewaunee Scientific Corporation|
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