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Kewaunee Scientific Reports Sales and Earnings For First Quarter
Date:8/24/2011

ch is petroleum-based, severely pressured profit margins during the quarter," said Mr. Shumaker, President and Chief Executive Officer.  "Facing these higher costs, we accelerated and expanded our cost reduction efforts throughout the Company. We now have identified and put in place new initiatives that are projected to reduce our annual costs by over $3 million. Savings related to many of these initiatives will begin in the second quarter and are expected to continue throughout the remainder of the fiscal year.

"Looking forward for the remainder of this fiscal year, we expect earnings for the second quarter to be much improved over the first quarter, although below last year's strong second quarter results," Mr. Shumaker continued. "We also expect the second half of the fiscal year to be much better than the first. Our projections are based on an analysis of orders in the order backlog, cost savings initiatives underway, increased sales opportunities in the international marketplace, and sales and earnings benefits from new products."

The Company continues to have a strong balance sheet. Working capital was $22.1 million at July 31, 2011, as compared to $18.9 million at the end of the first quarter last year. Cash on hand was $3.6 million at the end of the quarter, as compared to $2.3 million at the end of the first quarter last year.  Short-term borrowings under the Company's $14 million bank line of credit were $8.7 million at the end of the quarter, as compared to $7.5 million at the end of the first quarter last year, and total bank borrowings and capital lease obligations were $12.6 million, as compared to $7.7 million at the end of the first quarter last year.  The debt-to-equity ratio was .40-to-1 at the end of the quarter, as compared to .25-to-1 at the end of the first quarter last year.  

Kewaunee Scientific Corporation is a recognized leader in the design, manufacture, and installation of laboratory, technical and
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SOURCE Kewaunee Scientific Corporation
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