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Kewaunee Scientific Reports Sales and Earnings for First Quarter
Date:8/24/2010

rtunities over the past several months.

"Looking forward, our financial plan for fiscal year 2011 includes increased sales and earnings over the prior year, and we made good progress during the quarter on our operational plan," Mr. Shumaker continued. "We expect sales and earnings for the second quarter to improve over the first quarter, although below last year's strong second quarter results, followed by a stronger second half of the year. Our expectations are based on a number of factors, including scheduled delivery dates for orders in our order backlog, a partial recovery in the global economy, continuing increased sales opportunities for our products in the international marketplace, sales and earnings benefits from new products, and increased manufacturing capabilities in our Statesville and Bangalore facilities."

The Company's balance sheet remains strong.  Bank borrowings and capital lease obligations totaled $7.7 million at July 31, 2010, as compared to $6.6 million at July 31, 2009.  The debt-to-equity ratio was .24-to-1 at the end of the quarter, as compared to .22-to-1 at the end of the first quarter last year.  Cash on hand was $2.3 million at the end of the quarter, as compared to $3.5 million at the end of the first quarter last year.  Working capital was $18.9 million at July 31, 2010, as compared to $18.8 million at the end of the first quarter last year.  

Kewaunee Scientific Corporation is a recognized leader in the design, manufacture, and installation of scientific and technical furniture. The Company's corporate headquarters are located in Statesville, North Carolina.  The Company's manufacturing facilities are located in Statesville and Bangalore, India.  The Company has subsidiaries in Singapore and Bangalore that serve the Asian and Middle East markets.  Kewaunee Scientific's website is located at http://www.kewaunee.com

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