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<SEC-DOCUMENT>0001275287-05-004781.txt : 20051122
<SEC-HEADER>0001275287-05-004781.hdr.sgml : 20051122
<ACCEPTANCE-DATETIME>20051122150527
ACCESSION NUMBER:		0001275287-05-004781
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20051122
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20051122
DATE AS OF CHANGE:		20051122

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:		051221129

	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>ks4202.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, 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 November 22, 2005, Kewaunee Scientific Corporation issued a press release
announcing its financial results for the second quarter ended October 31, 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
                     November 22, 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: November 22, 2005                    /s/ D. MICHAEL PARKER
                                           -------------------------------------
                                           Senior Senior Vice President, Finance
                                           Chief Financial Officer
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ks4202ex991.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                                                                    Exhibit 99.1

             KEWAUNEE SCIENTIFIC REPORTS RESULTS FOR SECOND QUARTER

    STATESVILLE, N.C., Nov. 22 /PRNewswire-FirstCall/ -- Kewaunee Scientific
Corporation (Nasdaq: KEQU) today reported results for its second quarter ended
October 31, 2005.  Sales for the quarter were $22,319,000, an increase of
21.5% over the same period last year and an increase of 9.9% over the previous
quarter.  Net earnings for the quarter were $239,000, or $0.10 per diluted
share, as compared to net earnings of $108,000, or $0.04 per diluted share, in
the same quarter last year.

    The laboratory products marketplace continued its improvement during the
quarter, with sales increases experienced in all our major product lines and in
our international business. Our outstanding quotations for projects of greater
than $1 million continue to be at the highest level in several years. The order
backlog was $35.2 million at October 31, 2005, as compared to $38.6 million at
October 31, 2004.

    Earnings for the quarter were unfavorably impacted by aggressive pricing in
the marketplace and continuing higher raw material, energy, and transportation
costs. The impact of these factors was partially offset by reduced costs
achieved from on-going cost reduction activities, including the diligent pursuit
of more competitive pricing from new and existing suppliers.

    The Company's financial condition remains strong. Total debt at October 31,
2005 was $6.4 million, down from $7.6 million at October 31, 2004, while cash on
hand at the end of the quarter was $1.0 million. Operations provided cash of
$900,000 during the quarter. Book value per share was $10.67 at October 31,
2005.

    "The marketplace for our products continues to be much improved over last
year," said William A. Shumaker, President and Chief Executive Officer of
Kewaunee. "However, we have much more work to do to achieve acceptable profit
margins, and we continue to work relentlessly toward this goal. A number of cost
improvement projects are currently ongoing, including significant capital
projects in all three of our Statesville plants. Although the completion of
these projects will increase costs in our third quarter, which is traditionally
our weakest quarter, we feel they are important as we work toward reducing our
costs over the long term."

    Sales for the six months ended October 31, 2005 were $42,627,000, an
increase of 10.3% over the comparable period last year. Net earnings for the six
months were $1,002,000, or $0.40 per diluted share. Excluding a gain on the sale
of our former Lockhart, Texas property in the first quarter, net earnings for
the six months were $462,000, or $0.18 per diluted share, as compared to net
earnings of $301,000, or $0.12 per diluted share, in the comparable period last
year.

    The Company also announced today that its Board of Directors approved a cash
dividend of seven cents per outstanding share to stockholders of record at the
close of business on December 5, 2005, payable on December 19, 2005.

    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. The Company also has subsidiaries in Singapore and
Bangalore, India that serve the Asian markets. 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>

                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (unaudited)
                      (in thousands, except per share data)

<TABLE>
<CAPTION>
                                      Three Months Ended             Six Months Ended
                                          October 31                    October 31
                                 ---------------------------   ----------------------------
                                     2005           2004           2005            2004
                                 ------------   ------------   ------------    ------------
<S>                              <C>            <C>            <C>             <C>
Net sales                        $     22,319   $     18,365   $     42,627    $     38,653
Cost of products sold                  18,834         14,812         35,756          31,724
                                 ------------   ------------   ------------    ------------

Gross profit                            3,485          3,553          6,871           6,929

Operating expenses                      2,953          3,260          5,873           6,306
                                 ------------   ------------   ------------    ------------

Operating earnings                        532            293            998             623

Other income (expense)                      1             (6)           880              40
                                 ------------   ------------   ------------    ------------

Interest expense                         (118)           (84)          (205)           (170)
                                 ------------   ------------   ------------    ------------
Earnings before
 income taxes                             415            203          1,673             493

Income tax expense                        137             55            594             155
                                 ------------   ------------   ------------    ------------

Earnings before minority

 interests                                278            148          1,079             338

Minority interests                         39             40             77              37
                                 ------------   ------------   ------------    ------------

Net earnings                     $        239   $        108   $      1,002*   $        301
                                 ============   ============   ============    ============

Net earnings per share
       Basic                     $       0.10   $       0.04   $       0.40    $       0.12
       Diluted                   $       0.10   $       0.04   $       0.40    $       0.12
Weighted average number
 of common shares
 outstanding
 (in thousands)
       Basic                            2,492          2,492          2,492           2,491
       Diluted                          2,493          2,494          2,493           2,497
</TABLE>

     *Includes a non-recurring after-tax gain on the sale of property in the
      amount of $540,000, or $.22 per diluted share.

<PAGE>

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                 (in thousands)

                                                 October 31     April 30
                                                    2005           2005
                                                ------------   ------------
                                                 (unaudited)
Assets
- ------
Cash and cash equivalents                       $        588   $        225
Restricted Cash                                          367            379
Receivables, less allowances                          21,058         21,683
Inventories                                            4,342          3,542
Prepaid expenses and other current assets              1,416            951
                                                ------------   ------------
  Total current assets                                27,771         26,780
Net property, plant and equipment                     11,611         10,730
Other assets                                           7,563          8,702
                                                ------------   ------------
Total Assets                                    $     46,945   $     46,212
                                                ============   ============

Liabilities and Stockholders' Equity
- ------------------------------------
Short-term borrowings                           $      5,567   $      3,778
Current portion of long-term debt                        372            931
Current obligations under capital leases                 137            111
Accounts payable                                       7,001          8,558
Other current liabilities                              3,203          3,021
                                                ------------   ------------
  Total current liabilities                           16,280         16,399
Other non-current liabilities                          4,077          3,824
Total stockholders' equity                            26,588         25,989
                                                ------------   ------------
Total Liabilities and Stockholders' Equity      $     46,945   $     46,212
                                                ============   ============

SOURCE  Kewaunee Scientific Corporation
    -0-                             11/22/2005
    /CONTACT:  D. Michael Parker of Kewaunee Scientific Corporation,
+1-704-871-3290/
    /Web site:  http://www.kewaunee.com /
    (KEQU)
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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