Click here to close now.

Welcome!

Big Data Journal Authors: Pat Romanski, Elizabeth White, Jnan Dash, Robert McNutt, Liz McMillan

News Feed Item

Kewaunee Scientific Reports Improved Results for Third Quarter

STATESVILLE, N.C., Feb. 26, 2013 /PRNewswire/ -- Kewaunee Scientific Corporation (Nasdaq: KEQU) today reported sales and earnings for its third quarter ended January 31, 2013.

Sales for the quarter were $27,450,000, up 27% from sales of $21,574,000 in the third quarter last year. Net earnings for the quarter were $544,000, or $0.21 per diluted share, as compared to a net loss of $122,000, or $0.05 per diluted share, in the third quarter last year. Earnings for the quarter were favorably impacted by the increase in sales, continued strong results from International operations, and reduced manufacturing, overhead, and administrative costs. The order backlog was $84.5 million at January 31, 2013, up from $77.1 million at January 31, 2012.

Domestic sales for the quarter were $20,445,000, up 19% from sales of $17,142,000 in the third quarter last year. The Company continues to make excellent progress in winning projects through its strengthened dealer network. The marketplace for privately-funded projects continued to hold up relatively well during the quarter, while opportunities for publicly-funded wood educational projects remained well below pre-recession levels, as state and local governments continued to receive significantly lower funding for capital projects.

International sales for the quarter were $7,005,000, up 58% from sales of $4,432,000 in the third quarter last year. The Company has a strong backlog of international orders and continues to see increased opportunities for sales and orders in the growing Asia and Middle East laboratory markets.

Sales for the nine months ended January 31, 2013 were $85,318,000, up 16% over sales of $73,857,000, in the comparable period last year.  Domestic sales were $68,757,000, up 7% over sales of $64,364,000 in the same period last year.  International sales were $16,561,000, up 74% from sales of $9,493,000 in the same period last year. Net earnings for the nine months ended January 31, 2013 were $1,827,000, or $0.71 per diluted share, as compared to a net loss of $225,000, or $0.09 per diluted share, in the comparable period last year.

The Company's balance sheet continues to be strong. Cash on hand was $4.9 million at the end of the quarter, as compared to $4.6 million at January 31, 2012.  Working capital was $24.3 million, as compared to $21.5 million at the end of the same period last year. Short-term borrowings under the Company's $15 million bank line of credit were $2.7 million, as compared to $6.4 million at January 31, 2012. Total bank borrowings and capital lease obligations were $6.2 million, as compared to $10.2 million at the end of the third quarter last year, and the debt-to-equity ratio was .20-to-1, as compared to .34-to-1.

"We continued to make excellent progress during the quarter," said William A. Shumaker, Kewaunee's Chief Executive Officer. "I am pleased with sales and earnings, particularly since the third quarter is historically our slowest due to normal construction cycles and the large number of holidays. We continue to see positive results from our strengthened domestic dealer network and our broadened international dealer network. When combined with our lower manufacturing costs, this is providing us with more opportunities to close orders in both of these geographic markets.

"Looking forward, we expect to have a strong finish to our year. Incoming orders and customer delivery requirements for our metal furniture, fume hoods, and epoxy resin products have provided us a strong backlog of orders scheduled to ship in the fourth quarter. This increased demand and our lower costs are expected to more than offset the continuing lower demand for publicly-funded wood educational projects. It should be mentioned that results for the fourth quarter of last year were unusually strong, as results were favorably impacted by several large international projects that were manufactured and shipped during the quarter."

Kewaunee Scientific Corporation is a recognized leader in the design, manufacture, and installation of laboratory, healthcare, and technical furniture products. Laboratory furniture products include both steel and wood cabinetry, fume hoods, adaptable modular systems, moveable workstations, biological safety cabinets, and epoxy resin counters and sinks. Healthcare furniture products include laminate casework, storage systems, and related products for healthcare applications. Technical furniture products include column systems, slotted-post systems, pedestal systems, and stand-alone benches.

The Company's corporate headquarters are located in Statesville, North Carolina. Three manufacturing facilities are located in Statesville, NC serving the domestic and international markets. One manufacturing facility is located in Bangalore, India serving the local and Asian markets. The Company has subsidiaries in Singapore and India. Kewaunee Scientific's website is located at http://www.kewaunee.com.

Certain statements in this release constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could significantly impact results or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, economic, competitive, governmental, and technological factors affecting the Company's operations, markets, products, services, and prices.

 


Kewaunee Scientific Corporation


Consolidated Statements of Operations (Unaudited)


(in thousands, except per share data)
















Three months ended


Nine months ended





 January 31,


 January 31,





2013


2012


2013


2012


Net sales



$    27,450


$    21,574


$    85,318


$    73,857


Cost of products sold


22,441


17,803


69,839


62,053


Gross profit



5,009


3,771


15,479


11,804


Operating expenses


4,054


3,990


12,205


11,950


Operating earnings (loss)


955


(219)


3,274


(146)


Other income


84


193


260


228


Interest expense


(80)


(110)


(295)


(333)


Earnings (loss) before income taxes


959


(136)


3,239


(251)


Income tax expense (benefit)


177


(170)


962


(237)


Net earnings (loss)


782


34


2,277


(14)


Less: net earnings attributable to










    the noncontrolling interest


238


156


450


211


Net earnings (loss) attributable to 










    Kewaunee Scientific Corporation


$         544


$        (122)


$      1,827


$        (225)













Net earnings (loss) per share attributable to










    Kewaunee Scientific Corporation stockholders








       Basic



$        0.21


$       (0.05)


$        0.71


$       (0.09)


       Diluted



$        0.21


$       (0.05)


$        0.71


$       (0.09)













Weighted average number of common










  shares outstanding










       Basic



2,590


2,579


2,586


2,579


       Diluted



2,604


2,579


2,596


2,579












 



Kewaunee Scientific Corporation



Condensed Consolidated Balance Sheets



(in thousands)
















January 31,


April 30,







2013


2012


Assets





(Unaudited)




Cash and cash equivalents




$      4,202


$      6,188


Restricted Cash




692


704


Receivables, less allowances




20,064


23,244


Inventories





12,888


11,760


Prepaid expenses and other current assets




2,269


1,702


    Total Current Assets




40,115


43,598


Net property, plant and equipment




14,890


15,346


Other assets





5,618


5,192


Total Assets





$    60,623


$    64,136











Liabilities and Equity








Short-term borrowings




$      2,707


$      6,816


Current obligations under capital leases and long-term debt


200


236


Accounts payable




8,562


8,848


Other current liabilities




4,360


4,340


    Total Current Liabilities




15,829


20,240


Other non-current liabilities




12,095


12,238


    Total Liabilities




27,924


32,478


Noncontrolling interest




1,845


2,147


Kewaunee Scientific Corporation equity




30,854


29,511


    Total Equity




32,699


31,658


Total Liabilities and Equity




$    60,623


$    64,136










 

Contact:

D. Michael Parker


704/871-3290

 

SOURCE Kewaunee Scientific Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@BigDataExpo Stories
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understand...
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use c...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been ...
Companies today struggle to manage the types and volume of data their customers and employees generate and use every day. With billions of requests daily, operational consistency can be elusive. In his session at Big Data Expo, Dave McCrory, CTO at Basho Technologies, will explore how a distributed systems solution, such as NoSQL, can give organizations the consistency and availability necessary to succeed with on-demand data, offering high availability at massive scale.
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
Software is eating the world. Companies that were not previously in the technology space now find themselves competing with Google and Amazon on speed of innovation. As the innovation cycle accelerates, companies must embrace rapid and constant change to both applications and their infrastructure, and find a way to deliver speed and agility of development without sacrificing reliability or efficiency of operations. In her Day 2 Keynote DevOps Summit, Victoria Livschitz, CEO of Qubell, discussed...
Thanks to Docker, it becomes very easy to leverage containers to build, ship, and run any Linux application on any kind of infrastructure. Docker is particularly helpful for microservice architectures because their successful implementation relies on a fast, efficient deployment mechanism – which is precisely one of the features of Docker. Microservice architectures are therefore becoming more popular, and are increasingly seen as an interesting option even for smaller projects, instead of bein...
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data th...
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @Things...
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. Learn about IoT, Big Data and deployments processing massive data volumes from wearables, utilities and ot...
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.
Even as cloud and managed services grow increasingly central to business strategy and performance, challenges remain. The biggest sticking point for companies seeking to capitalize on the cloud is data security. Keeping data safe is an issue in any computing environment, and it has been a focus since the earliest days of the cloud revolution. Understandably so: a lot can go wrong when you allow valuable information to live outside the firewall. Recent revelations about government snooping, along...
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @Things...
SYS-CON Events announced today that Intelligent Systems Services will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Established in 1994, Intelligent Systems Services Inc. is located near Washington, DC, with representatives and partners nationwide. ISS’s well-established track record is based on the continuous pursuit of excellence in designing, implementing and supporting nationwide clients’ mission-cri...
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com...