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<SEC-DOCUMENT>0001275287-05-002253.txt : 20050617
<SEC-HEADER>0001275287-05-002253.hdr.sgml : 20050616
<ACCEPTANCE-DATETIME>20050617090346
ACCESSION NUMBER:		0001275287-05-002253
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050615
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050617
DATE AS OF CHANGE:		20050617

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:		05901508

	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>ks2927.txt
<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 15, 2005

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

          Delaware                     0-5286              38-0715562
 ----------------------------       ------------       -------------------
 (State or other jurisdiction       (Commission         (I.R.S. Employer
       of incorporation)            File 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.)

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 June 15, 2005, Kewaunee Scientific Corporation issued a press release
announcing its financial results for the fourth quarter and year ended April 30,
2005. 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
                    June 15, 2005

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.

                                                 Kewaunee Scientific Corporation
                                                 (Registrant)

     Date:  June 15, 2005                        /s/ D. MICHAEL PARKER
                                                 -------------------------------
                                                 Senior Vice President, Finance
                                                 Chief Financial Officer

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ks2927ex991.txt
<TEXT>
                                                                    Exhibit 99.1

       KEWAUNEE SCIENTIFIC REPORTS RESULTS FOR YEAR AND FOURTH QUARTER

    STATESVILLE, N.C., June 15 /PRNewswire-FirstCall/ -- Kewaunee Scientific
Corporation (Nasdaq: KEQU) today reported results for its fiscal year and
fourth quarter ended April 30, 2005. Sales for the year were $73,481,000, a
decrease of 22% from sales of $94,700,000 in the prior year.  A net loss of
$147,000, or $0.06 per diluted share, was reported for the year, as compared
to net earnings of $1,462,000, or $0.59 per diluted share, reported for the
prior year.

    The marketplace for laboratory products was soft during most of the year.
Several factors, which have been previously discussed, slowed purchase orders
and construction, including uncertainties surrounding the November
presidential election and the resulting hesitancy of pharmaceutical companies
to invest in new projects. Due to the long lead-time between project approvals
and the time laboratory furniture is needed, manufacturing and shipping
activities for laboratory products have only recently begun to strengthen.

    Higher construction costs during the year reduced the number of laboratory
projects generally available in the marketplace, or delayed construction, as
it was common for project budgets to be reexamined because of higher than
expected project costs. Following several strong years, spending for
laboratory construction for education science buildings slowed significantly
during the year due to the higher construction costs, as well as reductions in
state funds available for these projects. The Company's order backlog was
$40.6 million at April 30, 2005, as compared to $43.1 million at April 30,
2004.

    Earnings for the year were adversely affected by lower sales volumes and
significant increases in cost of certain raw materials.  The most significant
increases were for steel and epoxy resin which increased the Company's costs
for the year by an estimated $1.4 million, or 1.9% of sales.  Efforts to pass
on these added costs to the Company's customers during the year were met with
only limited success due to the very competitive pricing environment in which
the Company operates.

    Aggressive activities to reduce overhead and material costs and improve
manufacturing efficiencies were successful and are continuing.  These
improvements increased the gross profit margin on sales to 17.0% for the year,
up from 16.6% in the prior year, despite the significant increases in raw
material costs. Operating expenses for the year declined to $12.7 million from
$13.5 million in the prior year, primarily due to the workforce reduction made
during the year.

    "Fiscal year 2005 was an extremely challenging and disappointing year,"
said William A. Shumaker, President and Chief Executive Officer of Kewaunee.
"Our successful efforts to aggressively reduce costs throughout the Company
were overshadowed by the impact of the lower sales volumes from the softer
marketplace and the unprecedented increases in the cost of raw materials.

<PAGE>

    "Looking forward, we expect fiscal year 2006 to be a much better and
profitable year," Mr. Shumaker continued. "Although the laboratory furniture
marketplace and the technical furniture marketplace did not improve as rapidly
as we expected, recent indications are they have stabilized and will continue
their gradual improvement. At the same time, we are confident of continued
success in our cost reduction efforts and recent indications are that
pressures on raw material prices are subsiding. We recently increased our
investment in our Asian subsidiaries to take advantage of growth opportunities
in the international marketplace.

    "We ended the year with a strong balance sheet," Mr. Shumaker continued. "
Total debt was $5.1 million at year-end, down from $9.0 million at April 30,
2004. Operations provided cash of $3.1 million for the year."

    Sales for the fourth quarter ended April 30, 2005 were $19,205,000, a 22%
decrease from sales of $24,649,000, in the same period last year, but a 23%
increase over the third quarter. Net earnings for the quarter were $294,000,
or $.12 per diluted share, including an income tax benefit of $261,000.  This
compares to net earnings of $292,000, or $.11 per diluted share, in the fourth
quarter last year. Earnings for the quarter were impacted by the lower sales
volumes and higher raw material costs, partially offset by an improvement in
the gross profit margin to 18.3% of sales from 17.3% of sales in the same
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

<PAGE>

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

                                Three Months Ended            Year Ended
                                     April 30                  April 30
                              ----------------------    ----------------------
                                 2005         2004         2005         2004
                              ---------    ---------    ---------    ---------
                                    (Unaudited)

Net sales                     $  19,205    $  24,649    $  73,481    $  94,700
Cost of products sold            15,687       20,385       60,997       79,011
Gross profit                      3,518        4,264       12,484       15,689
Operating expenses                3,363        3,963       12,699       13,491
Operating earnings (loss)           155          301         (215)       2,198
Other (expense) income               (2)         (13)           2          319
Interest expense                    (56)         (69)        (310)        (301)
Earnings (loss) before
 income taxes                        97          219         (523)       2,216
Income tax (benefit)
 expense                           (261)         (37)        (488)         621
Earnings (loss) before
 minority interests                 358          256          (35)       1,595
Minority interest in
 subsidiaries                       (64)          36         (112)        (133)
Net earnings (loss)           $     294    $     292    $    (147)   $   1,462

Net earnings (loss)
 per share
  Basic                       $    0.12    $    0.11    $   (0.06)   $    0.59
  Diluted                     $    0.12    $    0.11    $   (0.06)   $    0.59

Weighted average number
 of common shares
 outstanding (in thousands)
  Basic                           2,492        2,488        2,491        2,486
  Diluted                         2,492        2,507        2,495        2,497

<PAGE>

                      Condensed Consolidated Balance Sheets
                                 (in thousands)

                                                          April 30    April 30
                                                            2005        2004
                                                         ---------   ---------
Assets
Cash and cash equivalents                                $     225   $     805
Restricted cash                                                379         362
Receivables, less allowances                                21,683      24,987
Inventories                                                  3,542       4,285
Prepaid expenses and other current assets                      951       1,097
   Total current assets                                     26,780      31,536
Net property, plant and equipment                           10,730      11,362
Property held for sale                                       1,450       1,450
Other assets                                                 7,252       6,113
Total Assets                                             $  46,212   $  50,461

Liabilities and Stockholders' Equity
Short-term borrowings                                    $   3,778   $   6,996
Current portion of long-term debt and
 capital leases                                              1,042       1,118
Accounts payable                                             8,558       6,924
Other current liabilities                                    3,021       3,881
   Total current liabilities                                16,399      18,919
Long-term debt and capital leases                              307         931
Other non-current liabilities                                3,517       3,820
Total stockholders' equity                                  25,989      26,791
Total Liabilities and Stockholders' Equity               $  46,212   $  50,461

SOURCE  Kewaunee Scientific Corporation
    -0-                             06/15/2005
    /CONTACT:  D. Michael Parker of Kewaunee Scientific Corporation,
+1-704-871-3290/
    /Web site:  http://www.kewaunee.com /

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