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<SEC-DOCUMENT>0000891092-04-002883.txt : 20040614
<SEC-HEADER>0000891092-04-002883.hdr.sgml : 20040611
<ACCEPTANCE-DATETIME>20040614105940
ACCESSION NUMBER:		0000891092-04-002883
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040614
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20040614

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:		04860149

	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>e18193_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)      June 14, 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 June 14,  2004,  of Kewaunee  Scientific
                  Corporation, announcing its fourth quarter and fiscal year-end
                  earnings.
Item 12.          Results of Operations and Financial Condition.

                  On  June  14,  2004  Kewaunee   Scientific   Corporation  (the
                  "Company")  issued  a  Press  Release  announcing  its  fourth
                  quarter  and   year-end   earnings.   The  Press   Release  is
                  incorporated  herein by reference,  and is included as Exhibit
                  99.1 to this Current Report on Form 8-K.

                  This  information  shall not be deemed "filed" for purposes of
                  Section  18 of  the  Securities  Exchange  Act  of  1934  (the
                  "Exchange Act"), or otherwise subject to the liability of that
                  section,  nor shall it be deemed  incorporated by reference in
                  any filing  under the  Securities  Act of 1933 or the Exchange
                  Act,  except as expressly  set forth by specific  reference in
                  such filing.

                  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: June 14, 2004                    By: /s/ D. Michael Parker
                                           -------------------------------------
                                           Senior Senior Vice President, Finance
                                           Chief Financial Officer


                                       3

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>e18193ex99_1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>

                                                                    Exhibit 99.1

        Kewaunee Scientific Reports Results for Year and Fourth Quarter

    STATESVILLE, N.C., June 14 /PRNewswire-FirstCall/ -- Kewaunee Scientific
Corporation (Nasdaq: KEQU) today reported results for its fiscal year and
fourth quarter ended April 30, 2004.

    Sales for the year were $94,700,000, an increase of 33% from sales of
$71,163,000 in the prior year.  Strong sales growth was reported across all of
the Company's major product lines.   The Company ended the year with a healthy
order backlog of $43.1 million.  This compares to an order backlog of
$51.5 million at April 30, 2003 and $42.5 million at January 31, 2004.

    Net earnings for the year were $1,462,000, or $.59 per diluted share.
This compares to a net loss of $342,000, or $.14 per diluted share, reported
for the prior year.  Excluding after-tax non-recurring charges of $909,000,
net earnings for the prior year were $567,000, or $.23 per diluted share.

    As compared to the prior year, operating earnings for the current year
benefited from the increased sales volume, efficiencies of new machinery,
reduced expenses resulting from the consolidation of the Company's
manufacturing operations in Statesville completed late in the prior year, and
continuing cost reduction activities.  Earnings for the year were adversely
impacted by highly-aggressive pricing in the marketplace, substantial
increases in energy costs, and significant increases in costs of steel and
wood raw materials.

    "Fiscal year 2004 was an excellent sales year, as significant sales
increases occurred in all of our major markets, although pricing was very
competitive," said William A. Shumaker, President and Chief Executive Officer
of Kewaunee. "Spending for laboratory construction for higher education
science buildings was particularly strong during the year, and we expect this
demand to continue.  In addition, spending for pharmaceutical and other
industrial research increased during the year.  Sales also benefited from
continued growth of our international business and a modest rebound in sales
of our technical furniture products.

    "With respect to the coming fiscal year, we have several on-going cost
reduction activities that should improve our profitability.  In addition, a
number of new, redesigned products are expected to positively impact our
results."

    Sales for the fourth quarter ended April 30, 2004 were $24,649,000, a 59%
increase over sales of $15,472,000 in the same period last year.  Net earnings
for the quarter were $292,000, or $.11 per diluted share.  This compares to a
net loss of $584,000, or $.24 per diluted share, in the fourth quarter last
year, which included after-tax non-recurring charges of $304,000, or $.13 per
diluted share.  Earnings for the quarter were unfavorably impacted by the jump
in the cost of steel raw material, a larger mix of direct contract business
sales, which traditionally have lower profit margins, and the establishment of
reserves for disputed costs on several large projects.

    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.


    Contact: D. Michael Parker
             704/871-3290


                    Consolidated Statements of Operations
                   (in thousands, except per share amounts)

                            Three Months Ended              Year Ended
                                  April 30                   April 30
                              2004         2003         2004         2003

                                 (Unaudited)

    Net sales              $24,649      $15,472      $94,700      $71,163
    Cost of products sold   20,385       12,806       79,011       58,451

    Gross profit             4,264        2,666       15,689       12,712
    Operating expenses       3,963        3,855       13,491       13,476

    Operating earnings (loss)  301       (1,189)       2,198         (764)
    Other income (expense)      23          (16)         186           28
    Interest expense           (69)         (38)        (301)        (155)

    Earnings (loss) before
     income taxes              255       (1,243)       2,083         (891)

    Income tax (benefit)
     expense                   (37)        (659)         621         (549)

    Net earnings (loss)       $292        $(584)*     $1,462        $(342)*

    Net earnings (loss)
     per share
      Basic                  $0.11       $(0.24)*      $0.59       $(0.14)*
      Diluted                $0.11       $(0.24)*      $0.59       $(0.14)*

    Weighted average number
     of common shares outstanding
     (in thousands)
      Basic                  2,488        2,481        2,486        2,478
      Diluted                2,507        2,485        2,497        2,485

     *  Excluding after-tax non-recurring charges of $304,000, the net loss
        for the quarter was $280,000, or $0.11 per diluted share.  Excluding
        after-tax non-recurring charges of $909,000, net earnings for the year
        were $567,000, or $0.23 per diluted share.


                    Condensed Consolidated Balance Sheets
                                (in thousands)


                                    April 30        April 30
                                      2004            2003

    Assets
    Cash and cash equivalents        $1,167            $520
    Receivables, less allowances     24,987          16,138
    Inventories                       4,285           5,958
    Prepaid expenses and other
     current assets                   1,097           2,370
      Total current assets           31,536          24,986
    Net property, plant and
     equipment                       11,362          11,791
    Property held for sale            1,450           1,450
    Other assets                      6,113           5,427
    Total Assets                    $50,461         $43,654

    Liabilities and Stockholders' Equity
    Short-term borrowings            $6,996          $1,416
    Current portion of long-term debt 1,118             681
    Accounts payable                  6,924           8,338
    Other current liabilities         3,881           2,893
      Total current liabilities      18,919          13,328
    Long-term debt                      931           1,249
    Other non-current liabilities     3,820           3,139
    Total stockholders' equity       26,791          25,938
    Total Liabilities and
     Stockholders' Equity           $50,461         $43,654



SOURCE  Kewaunee Scientific Corporation
    -0-                             06/14/2004
    /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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