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<SEC-DOCUMENT>0000891092-03-003447.txt : 20031121
<SEC-HEADER>0000891092-03-003447.hdr.sgml : 20031121
<ACCEPTANCE-DATETIME>20031121151008
ACCESSION NUMBER:		0000891092-03-003447
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031121
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20031121

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KEWAUNEE SCIENTIFIC CORP /DE/
		CENTRAL INDEX KEY:			0000055529
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY APPARATUS & FURNITURE [3821]
		IRS NUMBER:				380715562
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05286
		FILM NUMBER:		031017957

	BUSINESS ADDRESS:	
		STREET 1:		2700 W FRONT ST
		CITY:			STATESVILLE
		STATE:			NC
		ZIP:			28677
		BUSINESS PHONE:		7048737202

	MAIL ADDRESS:	
		STREET 1:		P O BOX 1842
		CITY:			STATESVILLE
		STATE:			NC
		ZIP:			28687-1842

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEWAUNEE SCIENTIFIC EQUIPMENT CORP /DE/
		DATE OF NAME CHANGE:	19861216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEWAUNEE MANUFACTURING CO
		DATE OF NAME CHANGE:	19680108
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>e16300_8k.txt
<DESCRIPTION>FORM 8-K
<TEXT>


================================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

       Date of Report (Date of earliest event reported) November 21, 2003

                         Kewaunee Scientific Corporation
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

          Delaware                      0-5286                   38-0715562
- ----------------------------       ----------------          -------------------
(State or other jurisdiction       (Commission File             (IRS Employer
     of incorporation)                  Number)              Identification No.)

2700 West Front Street
Statesville, North Carolina                                         28677
- ----------------------------------------                         ----------
(Address of principal executive offices)                         (Zip Code)

        Registrant's telephone number, including area code 704-873-7202

                                       N/A
          ------------------------------------------------------------
          (Former name or former address if changed since last report)

================================================================================


<PAGE>

Item  7.          Financial Statements and Exhibits

 (c)              Exhibits.

Exhibit No.       Subject Matter

99.1              Press Release dated November 21, 2003, of Kewaunee  Scientific
                  Corporation, announcing its second quarter earnings.

Item 12.          Results of Operations and Financial Condition.

                  On November  21, 2003  Kewaunee  Scientific  Corporation  (the
                  "Company")  issued  a  Press  Release  announcing  its  second
                  quarter earnings.  The Press Release is incorporated herein by
                  reference,  and is  included as Exhibit  99.1 to this  Current
                  Report on Form 8-K.

                  Exhibit  99.1 to this report  contains  information  regarding
                  certain  non-recurring  charges  incurred by the Company.  For
                  comparative  purposes,  following  the  disclosure  of certain
                  financial   measures  in  Exhibit   99.1  which   include  the
                  applicable  non-recurring charges, such additional information
                  constituting a "non-GAAP financial measure" as defined in Item
                  10 of Regulation S-K of the  Securities  Exchange Act of 1934,
                  as  amended   The  Company  has   included   this   additional
                  information  because it believes  that the  disclosure of such
                  information  which  excludes  the  non-recurring  charges is a
                  better measure of the Company's performance during the periods
                  reported  and is  more  useful  for  comparing  the  Company's
                  results of operations to prior periods.


                                       2
<PAGE>

                                   SIGNATURES

      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                                         (Registrant)
                                                 Kewaunee Scientific Corporation

         Date:  November 21, 2003            By: /s/ D. Michael Parker
                                                 -------------------------------
                                                 Senior Vice President, Finance
                                                 Chief Financial Officer


                                       3


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>e16300ex99_1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>

                                                                    Exhibit 99.1

              Kewaunee Scientific Announces Second Quarter Results



    STATESVILLE, N.C., Nov. 21 /PRNewswire-FirstCall/ -- Kewaunee Scientific
Corporation (Nasdaq: KEQU) today reported results for its second quarter ended
October 31, 2003.

    Sales for the quarter were $24,384,000, an increase of 22.5% from sales in
the same period last year.  Sales of laboratory products increased 24.7% to
$22,741,000, with increased sales occurring across all major product lines.
Sales of technical products were flat with the same period last year.  The
order backlog remained healthy at $46.3 million at October 31, 2003.

    Net earnings for the quarter were $418,000, or $.17 per diluted share.
Earnings for the quarter were reduced by after-tax employee severance costs of
$92,000. For the same period last year, a net loss of $124,000, or $.05 per
diluted share, was reported.  The prior year net loss included after-tax non-
recurring charges of $470,000.  Excluding the non-recurring costs in each
period, net earnings in the current quarter improved 47% over last year.
Earnings for the quarter benefited from the increased sales volume, improved
manufacturing efficiencies, and expense reduction activities.

    "The second quarter was an excellent sales quarter," said William A.
Shumaker, President and Chief Executive Officer of Kewaunee.  "Strong sales
increases occurred in all of our major laboratory markets.  Our manufacturing
operations performed significantly better than the previous quarter, but we
are not satisfied with the level of earnings.  A number of actions have been
taken to reduce costs and improve our profitability.  We recently reduced our
workforce in Statesville by 9%.  Additionally, we have reduced our raw
material costs, improved certain manufacturing processes, and reduced our on-
going overhead expenses in a number of areas.  With these lower costs and the
volume of orders in the backlog scheduled for delivery in the third and fourth
quarters, we expect improved operating results for the remainder of our fiscal
year, particularly for the fourth quarter."

    Sales for the six months ended October 31, 2003 were $48,597,000, an
increase of 23.6% from sales in the comparable period last year.  Sales of
laboratory products increased 25.0%, while sales of technical products
increased 7.4%.  Net earnings for the six months were $879,000, or $.35 per
diluted share, as compared to net earnings of $200,000, or $.08 per diluted
share, in the comparable period last year.  Net earnings for the current year
were reduced by after-tax severance costs of $92,000 and were increased by a
net after-tax gain of $189,000 resulting from the resolution of a disputed
claim for laboratory furniture sold by the Company.  Net earnings for the
comparable period last year were reduced by after-tax non-recurring charges of
$470,000.


    Kewaunee Scientific Corporation is a recognized leader in the design,
manufacture, and installation of scientific and technical furniture.  The
Company's corporate headquarters and manufacturing facilities are located in
Statesville, North Carolina.  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.



                 [see financial information on back of page]
         Condensed Consolidated Statements of Operations  (unaudited)
                    (in thousands, except per share data)


                          3 Months Ended     6 Months Ended
                             October 31        October 31
                            2003     2002     2003     2002

    Net sales             $24,384  $19,905  $48,597  $39,310
    Cost of products sold  20,280   16,762   40,890   32,726
    Gross profit            4,104    3,143    7,707    6,584

    Operating expenses      3,321    3,362    6,322    6,260

    Operating earnings (loss) 783     (219)   1,385      324

    Other (expense) income   (130)      27      (12)     (14)

    Earnings (loss) before
     income taxes             653     (192)   1,373      310

    Income tax expense
     (credit)                 235      (68)     494      110

    Net earnings (loss)      $418    $(124)    $879     $200

    Net earnings (loss)
     per share
     Basic                  $0.17   ($0.05)   $0.35    $0.08
     Diluted                $0.17   ($0.05)   $0.35    $0.08
    Weighted average number
     of common
     shares outstanding
     (in thousands)
     Basic                  2,486    2,479    2,485    2,475
     Diluted                2,491    2,485    2,490    2,485



                    Condensed Consolidated Balance Sheets
                                (in thousands)

                                       October 31       April 30
    Assets                                 2003            2003
                                        (unaudited)
    Cash and cash equivalents               $796            $520
    Receivables, less allowances          21,930          16,138
    Inventories                            4,740           5,958
    Prepaid expenses and other current
     assets                                1,433           2,370
     Total current assets                 28,899          24,986
    Net property, plant and equipment     11,965          11,791
    Other assets                           6,461           6,877
    Total Assets                         $47,325         $43,654

    Liabilities and Stockholders' Equity
    Short-term borrowings                 $4,740          $1,416
    Current portion of long-term debt      1,118             681
    Accounts payable                       5,558           8,338
    Other current liabilities              4,583           2,893
     Total current liabilities            15,999          13,328
    Long-term debt                         1,490           1,249
    Other non-current liabilities          3,303           3,139
    Total stockholders' equity            26,533          25,938
    Total Liabilities and Stockholders'
     Equity                              $47,325         $43,654

    Contact: D. Michael Parker
             704/871-3290



SOURCE  Kewaunee Scientific Corporation
    -0-                             11/21/2003
    /CONTACT:  D. Michael Parker of Kewaunee Scientific Corporation,
+1-704-871-3290/
    /Web site:  http://www.kewaunee.com /
    (KEQU)

CO:  Kewaunee Scientific Corporation
ST:  North Carolina
IN:  CPR
SU:  ERN








</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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