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Kewaunee Scientific Reports Results
Date:6/24/2008

uccessfully completed our project to become Sarbanes-Oxley Section 404 compliant.

"Our continued successes in fiscal year 2008 have made us a much stronger Company and keeps us on a solid track for long-term success and profitability," continued Mr. Shumaker. "Looking toward fiscal year 2009, we begin the year with a strong order backlog, good operating momentum, and healthy marketplaces for our products, both domestically and internationally. Like many businesses, we are challenged these days with extraordinary escalations in prices of raw materials, particularly steel and epoxy resin, energy, and transportation costs. We are aggressively pursuing strategies to minimize these increases."

The Company's financial condition further strengthened during the year. Working capital increased to $15.9 million at April 30, 2008, up from $12.3 million at the end of the prior year. Cash on hand at the end of the year increased to $4.3 million, up from $2.6 million at the end of the prior year. Bank borrowings and capital lease obligations were $5.0 million at year-end, as compared to $4.3 million at the end of the prior year, and the debt-to-equity ratio was .19-to-1 at year-end, as compared to .18-to-1 at the end of the prior year.

Net earnings for the fourth quarter were $446,000, or $.17 per diluted share, as compared to net earnings of $517,000, or $.21 per diluted share, in the prior year. Sales for the fourth quarter were $22,116,000, down slightly from sales of $22,721,000 in the same quarter of the prior year. Sales from domestic operations for the quarter were flat with the same quarter of the prior year, while sales from international operations declined slightly. Shipments and earnings were unfavorably impacted by inefficiencies and expenses associated with the Company's conversion during the quarter to a new comprehensive ERP system which incorporated all of the Company's business management systems.

As recently announced, the Company in
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SOURCE Kewaunee Scientific Corporation
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