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Kewaunee Scientific Reports Significantly Improved Results for Fourth Quarter
Date:6/26/2012

STATESVILLE, N.C., June 26, 2012 /PRNewswire/ -- Kewaunee Scientific Corporation (Nasdaq: KEQU) today announced results for its fourth quarter and year ended April 30, 2012.

Fourth Quarter Results

Net earnings for the fourth quarter were $1,256,000, or $0.49 per diluted share, up from net earnings of $252,000, or $0.10 per diluted share, in the same period of the prior year.  Earnings for the quarter benefited from strong international operations sales and earnings, while domestic operations earnings benefited from lower operating costs resulting from cost savings initiatives commenced earlier in the year.

Sales for the quarter were $28,990,000, up 8% from sales of $26,952,000 in the same period of the prior year. Sales from domestic operations were $19,607,000, down 10% from sales of $21,797,000 in the prior year. However, incoming domestic orders for the quarter increased 22% over the same quarter last year. Sales from international operations increased to $9,383,000, up 82% from sales of $5,155,000 in the same period of the prior year, as the Company began manufacturing and shipping products for several large projects in its order backlog.

The order backlog increased to a record $86.2 million at April 30, 2012, up from $65.7 million at April 30, 2011, with both domestic and international orders contributing to the growth. The backlog at April 30, 2012 includes a contract awarded during the quarter for laboratory furniture and equipment for the Kuwait University College of Engineering and Petroleum-Women's Campus. The contract, which is in excess of $11 million, was awarded through Kewaunee's dealer in Kuwait, Advanced Technology Company (ATC). The Company expects to begin manufacturing and shipping products under the contract in the late summer or early fall of calendar year 2013. The majority of the manufactured products will be produced at
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SOURCE Kewaunee Scientific Corporation
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