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<SEC-DOCUMENT>0000891092-04-000882.txt : 20040223
<SEC-HEADER>0000891092-04-000882.hdr.sgml : 20040223
<ACCEPTANCE-DATETIME>20040223160122
ACCESSION NUMBER:		0000891092-04-000882
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040223
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20040223

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:		04622133

	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>e17021_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)        February 23, 2004

                         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 February 23, 2004, of Kewaunee  Scientific
                  Corporation, announcing its third quarter earnings.

Item 12.          Results of Operations and Financial Condition.

                  On February  23, 2004  Kewaunee  Scientific  Corporation  (the
                  "Company") issued a Press Release announcing its third 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  items  incurred  by the  Company.  For
                  comparative  purposes,  following  the  disclosure  of certain
                  financial measures in Exhibit 99.1 that include the applicable
                  non-recurring  items,  the Company has  reported the impact on
                  net earnings  resulting from the  non-recurring  items,  which
                  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  facilitates the comparison
                  of the  Company's  current  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: February 23, 2004                 By: /s/ D. Michael Parker
                                            --------------------------------
                                            Senior Vice President, Finance
                                            Chief Financial Officer


                                       3

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>e17021ex99-1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
                                                                    Exhibit 99.1

              Kewaunee Scientific Announces Third Quarter Results

    STATESVILLE, N.C., Feb. 23 /PRNewswire/ -- Kewaunee Scientific Corporation
(Nasdaq: KEQU) today reported results for its third quarter ended
January 31, 2004.

    Sales for the quarter were $21,454,000, an increase of 31% from sales of
$16,381,000 in the same period last year.  Net earnings for the quarter were
$291,000, or $.12 per diluted share, as compared to net earnings of $42,000,
or $.02 per diluted share, in the same period last year.  Net earnings of the
prior year included after-tax non-recurring charges of $160,000, or $.06 per
diluted share.  The order backlog at January 31, 2004 was $42.5 million, as
compared to $46.3 million at the end of the second quarter.

    Earnings for the quarter benefited from the increased sales volume,
improved manufacturing efficiencies, and cost reduction activities.  Operating
expenses were 14.9% of sales for the quarter, as compared to 20.5% of sales in
the same period last year.  Earnings were adversely affected by an unfavorable
product sales mix and continued aggressive pricing in the marketplace.  The
unfavorable product sales mix resulted from a significant portion of the
increase in sales being for non-manufactured products and installation
services, which traditionally have lower profit margins than products
manufactured by the Company.

    "We had another strong sales quarter," said William A. Shumaker, President
and Chief Executive Officer of Kewaunee.  "I was also pleased with the
improved performance of our manufacturing operations, as well as the success
of our cost reduction activities.  Regarding the fourth quarter, we expect
another good sales quarter with an improved product sales mix as compared to
the third quarter."

    Sales for the nine months ended January 31, 2004 were $70,051,000, an
increase of 26% from sales of $55,691,000 in the comparable period last year.
Net earnings for the nine months were $1,170,000, or $.47 per diluted share,
as compared to net earnings of $242,000, or $.10 per diluted share, in the
comparable period last year.  Net earnings for the nine months of the current
year were increased by a net after-tax gain of $189,000, or $.08 per diluted
share, 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 $605,000, or $.24 per
diluted share.

    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.



         Condensed Consolidated Statements of Operations  (unaudited)
                    (in thousands, except per share data)

                                          3 Months Ended      9 Months Ended
                                            January 31          January 31
                                          2004      2003      2004      2003


    Net sales                           $21,454   $16,381   $70,051   $55,691
    Cost of products sold                17,736    12,919    58,626    45,645
    Gross profit                          3,718     3,462    11,425    10,046

    Operating expenses                    3,206     3,361     9,528     9,621

    Operating earnings                      512       101     1,897       425

    Other expense                           (57)      (59)      (69)      (73)

    Earnings before income taxes            455        42     1,828       352

    Income tax expense                      164        --       658       110

    Net earnings                           $291       $42    $1,170      $242

    Net earnings per share
          Basic                           $0.12     $0.02     $0.47     $0.10
          Diluted                         $0.12     $0.02     $0.47     $0.10
    Weighted average number of common
     shares outstanding (in thousands)
          Basic                           2,486     2,480     2,485     2,477
          Diluted                         2,499     2,487     2,493     2,486


                    Condensed Consolidated Balance Sheets
                                (in thousands)

                                                     January 31     April 30
    Assets                                              2004          2003
                                                    (unaudited)
    Cash and cash equivalents                         $1,063           $520
    Receivables, less allowances                      22,657         16,138
    Inventories                                        4,585          5,958
    Prepaid expenses and other current assets          1,218          2,370
     Total current assets                             29,523         24,986
    Net property, plant and equipment                 11,558         11,791
    Other assets                                       6,285          6,877
    Total Assets                                     $47,366        $43,654

    Liabilities and Stockholders' Equity
    Short-term borrowings                             $6,084         $1,416
    Current portion of long-term debt                  1,118            681
    Accounts payable                                   5,477          8,338
    Other current liabilities                          3,486          2,893
     Total current liabilities                        16,165         13,328
    Long-term debt                                     1,211          1,249
    Other non-current liabilities                      3,339          3,139
    Total stockholders' equity                        26,651         25,938
    Total Liabilities and Stockholders' Equity       $47,366        $43,654

     Contact: D. Michael Parker
              704/871-3290



SOURCE  Kewaunee Scientific Corporation
    -0-                             02/23/2004
    /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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