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<SEC-DOCUMENT>0001275287-06-003325.txt : 20060622
<SEC-HEADER>0001275287-06-003325.hdr.sgml : 20060622
<ACCEPTANCE-DATETIME>20060622140100
ACCESSION NUMBER:		0001275287-06-003325
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060621
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060622
DATE AS OF CHANGE:		20060622

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:		06919223

	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>ks6173.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 21, 2006

                         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 21, 2006, Kewaunee Scientific Corporation issued a press release
announcing its financial results for the fourth quarter and year ended April 30,
2006. 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

   (d)  EXHIBITS:

EXHIBIT NO.        DESCRIPTION
- -----------        -------------------------------------------------------------
99.1               Press Release of Kewaunee Scientific Corporation dated
                   June 21, 2006

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 21, 2006                             /s/ D. MICHAEL PARKER
                                                --------------------------------
                                                Senior Vice President, Finance
                                                Chief Financial Officer
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ks6173ex991.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                                                                    Exhibit 99.1

         KEWAUNEE SCIENTIFIC REPORTS RESULTS FOR YEAR AND FOURTH QUARTER

    STATESVILLE, N.C., June 21 /PRNewswire-FirstCall/ -- Kewaunee Scientific
Corporation (Nasdaq: KEQU) today reported results for its fiscal year and
fourth quarter ended April 30, 2006.

    Sales for the year were $84,071,000, an increase of 14.4% from sales of
$73,481,000 in the prior year. Net earnings were $193,000, or $0.08 per diluted
share, as compared to a net loss of $147,000, or $0.06 per diluted share, for
the prior year. Excluding an after-tax gain of $540,000, or $0.22 per diluted
share, related to the sale of the Company's former Lockhart, Texas property, a
net loss for the year of $347,000, or $0.14 per diluted share, was incurred.

    Domestic demand for laboratory furniture products continued its gradual
improvement during the year. Sales to domestic customers were $72,027,000, an
increase of 6.2% over the prior year. Although demand for these products
improved, prices remained very competitive.

    Growth accelerated for the Company's Asian subsidiaries during the year.
International sales increased 113% to $12,044,000, of which $3,215,000 was for
products manufactured in Statesville. The Company continued to increase its
investment and representation in the Asian area to position itself for further
expansion in this rapidly growing laboratory research market.

    The Company's order backlog was $36.4 million at April 30, 2006, as compared
to $40.6 million at April 30, 2005.

    The Company continued its aggressive activities during the year to reduce
factory overhead, manufacturing costs, and material costs. Significant capital
cost improvement projects in each of the three Statesville plants were completed
during the third quarter of the year. Additionally, good progress was made in
reducing the prices paid for raw materials by continuing our diligent searching
for alternative vendors and more competitive pricing. The Company was successful
during the year in reducing operating expenses. Operating expenses declined to
14.5% of sales, or $12,175,000, from 17.3% of sales, or $12,699,000, in the
prior year.

    "Fiscal year 2006 was a difficult year, especially in the fourth quarter,"
said William A. Shumaker, President and Chief Executive Officer of Kewaunee.
"Improved demand for our products in the domestic marketplace, increased success
of our international businesses, and continued reductions of costs throughout
the Company were overshadowed by a number of factors that adversely affected
earnings. Domestic selling prices for laboratory products declined further
during the year, as manufacturers reacted to excess manufacturing capacity in
the marketplace. Costs of raw materials, energy, and transportation continued
their escalation that began in the prior year. As in the prior year, the Company
continued to have only limited success in its efforts to pass on these added
costs to customers.

    "We ended the year with a strong balance sheet," Mr. Shumaker continued.
"Working capital was $11.0 million at year-end. Stockholders' equity was $25.5
million, or $10.25 per share. Total debt was $9.1 million, resulting in a debt
to equity ratio of .35-to-1, while unrestricted cash on hand increased to
$929,000. We expect our balance sheet to further strengthen during the coming
year as we work toward improving our operating profits.

    "Looking forward, we continue to face a number of uncertainties in this
highly-competitive marketplace. We will continue to implement our plans to
improve manufacturing efficiencies and reduce costs, which will allow us to
compete profitably in the domestic marketplace. We will also continue to
accelerate our investment and representation in our growing and profitable
international operations."

<PAGE>

    Sales for the fourth quarter ended April 30, 2006 were $23,720,000, an
increase of 23.5% from sales of $19,205,000, in the same period last year.
Domestic sales in the quarter were $18,253,000, an increase of 4.0% over the
prior year. International sales were extremely strong in the quarter, as sales
increased to $5,467,000, of which $1,310,000 was for products manufactured in
Statesville. International sales in the same period last year were $1,654,000,
of which $350,000 was for products manufactured in Statesville.

    A net loss for the fourth quarter of $254,000, or $0.11 per diluted share,
was incurred. Earnings for the quarter were adversely affected by the various
negative factors discussed above, with selling margins particularly slim during
the quarter. Net earnings in the fourth quarter last year were $294,000, or $.12
per diluted share. Net earnings in that quarter were increased by an income tax
benefit of $261,000.

    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

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

<TABLE>
<CAPTION>
                                        Three Months Ended          Year Ended
                                             April 30                 April 30
                                       --------------------    ---------------------
                                         2006        2005        2006         2005
                                       --------    --------    --------     --------
                                            (Unaudited)
<S>                                    <C>         <C>         <C>          <C>
Net sales                              $ 23,720    $ 19,205    $ 84,071     $ 73,481
Cost of products sold                    20,629      15,687      71,663       60,997
Gross profit                              3,091       3,518      12,408       12,484

Operating expenses                        3,223       3,363      12,175       12,699
Operating earnings (loss)                  (132)        155         233         (215)

Other (expense) income                       51          (2)        934            2
Interest expense                           (153)        (56)       (470)        (310)

Earnings (loss) before
 income taxes                              (234)         97         697         (523)
Income tax (benefit) expense                (38)       (261)        288         (488)

Earnings (loss) before
 minority interests                        (196)        358         409          (35)
Minority interest in
 subsidiaries                               (58)        (64)       (216)        (112)
Net earnings (loss)                    $   (254)   $    294    $    193*    $   (147)

Net earnings (loss)
 per share
           Basic                       $  (0.11)   $   0.12    $   0.08     $  (0.06)
           Diluted                     $  (0.11)   $   0.12    $   0.08     $  (0.06)

Weighted average number
 of common shares outstanding
 (in thousands)
           Basic                          2,492       2,492       2,492        2,491
           Diluted                        2,492       2,492       2,493        2,495
</TABLE>

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

<PAGE>

                      Condensed Consolidated Balance Sheets
                                 (in thousands)

                                                     April 30   April 30
                                                       2006       2005
                                                     --------   --------
Assets
Cash and cash equivalents                            $    929   $    225
Restricted cash                                           399        379
Receivables, less allowances                           23,199     21,683
Inventories                                             5,860      3,542
Prepaid expenses and other current assets               1,011        951
    Total current assets                               31,398     26,780
Net property, plant and equipment                      11,163     10,730
Property held for sale                                     --      1,450
Other assets                                            7,911      7,252
Total Assets                                         $ 50,472   $ 46,212

Liabilities and Stockholders' Equity

Short-term borrowings                                $  8,216   $  3,778
Current portion of long-term debt
 and capital leases                                       260      1,042
Accounts payable                                        9,074      8,558
Other current liabilities                               2,823      3,021
    Total current liabilities                          20,373     16,399
Long-term debt and capital leases                         583        307
Other non-current liabilities                           3,970      3,517
Total stockholders' equity                             25,546     25,989
Total Liabilities and Stockholders'
 Equity                                              $ 50,472   $ 46,212

SOURCE  Kewaunee Scientific Corporation
    -0-                             06/21/2006
    /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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