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<SEC-DOCUMENT>0000891092-04-005699.txt : 20041124
<SEC-HEADER>0000891092-04-005699.hdr.sgml : 20041124
<ACCEPTANCE-DATETIME>20041124102229
ACCESSION NUMBER:		0000891092-04-005699
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041122
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20041124
DATE AS OF CHANGE:		20041124

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:		041165485

	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>e19795_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 22, 2004

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

                         Kewaunee Scientific Corporation
- --------------------------------------------------------------------------------
(State or other jurisdiction           (Commission            (I.R.S. Employer
      of incorporation)                File Number)          Identification No.)
         Delaware                         0-5286                 38-0715562

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

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

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

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

|_|   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13a-4(c))


<PAGE>

Item 2.02 Results of Operations and Financial Conditions

On November 22, 2004, Kewaunee Scientific Corporation issued a press release
announcing its financial results for the second quarter ended October 31, 2004.
A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report
on Form 8-K.

Item 9.01 Financial Statements and Exhibits

      (c)   Exhibits:

      Exhibit No.
      -----------

         99.1           Press Release of Kewaunee Scientific Corporation dated
                        November 22, 2004

In accordance with General Instruction B.2 of Form 8-K, the information in this
Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed"
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), or otherwise subject to the liabilities of that section,
and shall not be incorporated by reference into any registration statement or
other document filed under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by specific reference in
such filing.

<PAGE>

                                    Signature

      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 22, 2004                         /s/ D. Michael Parker
                                                --------------------------------
                                                Senior Senior Vice President,
                                                Finance Chief Financial Officer




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>e19795ex99_1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
                                                                    Exhibit 99.1

             Kewaunee Scientific Announces Second Quarter Results

    STATESVILLE, N.C., Nov. 22 /PRNewswire-FirstCall/ -- Kewaunee Scientific
Corporation (Nasdaq: KEQU) today reported results for its second quarter ended
October 31, 2004.  Sales for the quarter were $18,365,000, a decline of 25%
from the same period last year.  Net earnings for the quarter were $108,000,
or $0.04 per diluted share, as compared to net earnings of $418,000, or $0.17
per diluted share, in the same quarter last year.
    Several issues adversely affected the laboratory furniture marketplace
during the quarter. Uncertainties surrounding the presidential election and its
potential impact on the price of prescription drugs continued to affect the
willingness of pharmaceutical companies to invest in new research projects.
Additionally, the marketplace was affected by significant increases in the cost
of construction materials, particularly for steel. The resulting
higher-than-planned construction costs delayed the award date of many projects,
as some customers were forced to reduce the scope of their project to remain
within budget. Reduced state budgets also adversely affected funding available
for education construction projects. The order backlog was $38.6 million at
October 31, 2004. This compares to order backlogs of $39.6 million at July 31,
2004 and $46.3 million at October 31, 2003.
    In addition to the lower sales volumes, earnings for the current quarter
were adversely affected by higher costs for raw materials, particularly steel,
as well as higher energy costs. A number of actions were taken during the
quarter to reduce costs, including a significant workforce reduction in both the
hourly and administrative areas of the Company and tighter controls over
spending. Additionally, a number of plans were implemented to further reduce
manufacturing and raw material costs.
    "With the presidential elections behind us and the economic recovery
projected to continue, we are optimistic that our customers will begin moving
forward on new and previously planned construction projects," said William A.
Shumaker, President and Chief Executive Officer of Kewaunee. "However, an
increase in order activity is not likely to improve sales until our fourth
quarter.
    "We continue to operate in a very difficult business environment," Mr.
Shumaker continued. "However, we are encouraged about sales opportunities with
new strategic partners to serve the rapidly growing healthcare market. The
Company is on schedule to meet its objective of beginning to provide products to
this market segment by the end of our fiscal year. We are also pleased that our
subsidiaries in Asia serving the international laboratory research market are
performing well. As has been previously reported, we believe the Company is
well-positioned for future growth in this rapidly- expanding Asian market."
    Sales for the six months ended October 31, 2004 were $38,653,000, a decline
of 20% from the comparable period last year. Net earnings for the six months
were $301,000, or $0.12 per diluted share, as compared to net earnings of
$879,000, or $0.35 per diluted share, in the comparable period last year.
    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


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

                              3 Months Ended            6 Months Ended
                                October 31                October 31
                             2004         2003         2004         2003

    Net sales              $18,365      $24,384      $38,653      $48,597
    Cost of products sold   14,812       20,280       31,724       40,890
    Gross profit             3,553        4,104        6,929        7,707

    Operating expenses       3,260        3,321        6,306        6,322

    Operating earnings         293          783          623        1,385

    Other (expense) income    (130)        (130)        (167)         (12)

    Earnings before income
     taxes                     163          653          456        1,373

    Income tax expense          55          235          155          494

    Net earnings              $108         $418         $301         $879

    Net earnings per share
        Basic                $0.04        $0.17        $0.12        $0.35
        Diluted              $0.04        $0.17        $0.12        $0.35
    Weighted average number
     of common shares
     outstanding (in
     thousands)
        Basic                2,492        2,486        2,491        2,485
        Diluted              2,494        2,491        2,497        2,490


                      Condensed Consolidated Balance Sheets
                                 (in thousands)

                                                    October 31      April 30
    Assets                                             2004           2004
                                                   (unaudited)
    Cash and cash equivalents                           $817         $1,167
    Receivables, less allowances                      23,539         24,987
    Inventories                                        4,004          4,285
    Prepaid expenses and other current assets          1,112          1,097
      Total current assets                            29,472         31,536
    Net property, plant and equipment                 10,742         11,362
    Other assets                                       6,411          7,563
    Total Assets                                     $46,625        $50,461

    Liabilities and Stockholders' Equity
    Short-term borrowings                             $6,079         $6,996
    Current portion of long-term debt                  1,118          1,118
    Accounts payable                                   5,087          6,924
    Other current liabilities                          3,326          3,881
      Total current liabilities                       15,610         18,919
    Long-term debt                                       372            931
    Other non-current liabilities                      3,856          3,820
    Total stockholders' equity                        26,787         26,791
    Total Liabilities and Stockholders' Equity       $46,625        $50,461

SOURCE  Kewaunee Scientific Corporation
    -0-                             11/22/2004
    /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 CST OFP
SU:  ERN


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