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<SEC-DOCUMENT>0001275287-06-004573.txt : 20060824
<SEC-HEADER>0001275287-06-004573.hdr.sgml : 20060824
<ACCEPTANCE-DATETIME>20060824150620
ACCESSION NUMBER:		0001275287-06-004573
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060823
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060824
DATE AS OF CHANGE:		20060824

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:		061052958

	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>ks6939.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) August 23, 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 August 23, 2006,, Kewaunee Scientific Corporation issued a press release
announcing its financial results for the first quarter ended July 31, 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.
   -----------
      99.1       Press Release of Kewaunee Scientific Corporation dated
                 August 23, 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:  August 23, 2006                           /s/ D. Michael Parker
                                                 -------------------------------
                                                 Senior Vice President, Finance
                                                 Chief Financial Officer
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ks6939ex991.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                                                                    Exhibit 99.1

  KEWAUNEE SCIENTIFIC REPORTS RESULTS FOR FIRST QUARTER AND QUARTERLY DIVIDEND

     STATESVILLE, N.C., Aug. 23 /PRNewswire-FirstCall/ -- Kewaunee Scientific
Corporation (Nasdaq: KEQU) today reported results for its first quarter ended
July 31, 2006.

     Sales for the quarter were $19,294,000, a decrease of 5% from sales of
$20,308,000 in the same period last year. Domestic sales of laboratory and
technical furniture products declined 8%, while sales of the Company's Asian
subsidiaries increased 22%. The order backlog at July 31, 2006 was $36.5
million, up slightly from $36.4 million at April 30, 2006.

     Net earnings for the quarter were $133,000, or $0.05 per diluted share. Net
earnings for the comparable period of the prior year, which benefited from an
after-tax gain of $540,000 related to the sale of the Company's property in
Texas, were $763,000, or $0.31 per diluted share. Excluding the gain on the sale
of the property, net earnings in the prior year period were $223,000, or $0.09
per diluted share.

     "The domestic market for laboratory and technical furniture products
remains very competitive and price sensitive," said William A. Shumaker,
President and Chief Executive Officer. "Pricing pressures, the continuing
escalating costs of raw materials and energy, and higher borrowing costs
continue to impact earnings. At the same time, however, our Asian subsidiaries
continue to experience strong sales and earnings growth and have become a
significant source of our revenue and earnings.

     "Looking forward," Mr. Shumaker continued, "we remain committed to
improving our profitability, both in the domestic and international markets. We
are confident our plans for improving manufacturing efficiencies and reducing
costs will allow us to successfully compete in the worldwide marketplace. We are
continuing to aggressively expand our sales representation and capabilities in
India and China to take advantage of the rapidly-growing Asian laboratory
research market."

     The Company's balance sheet remained strong at the end of the quarter.
Working capital was $11.0 million, including cash on hand of $2.1 million.
Stockholders' equity was $25.5 million, or $10.22 per share. Total bank debt and
capital lease obligations at July 31, 2006 were $9.4 million, resulting in a
debt to equity ratio of .37-to-1.

     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 September 6, 2006, payable on September 20, 2006.

     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.

<PAGE>

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

                                                   Three Months Ended
                                               --------------------------
                                                 July 31        July 31
                                                  2006           2005
                                               -----------    -----------
Net sales                                      $    19,294    $    20,308
Cost of products sold                               16,166         16,922

Gross profit                                         3,128          3,386
Other operating income                                  --            884*
Operating expenses                                   2,637          2,920

Operating earnings                                     491          1,350
Other income (expense)                                  18             (5)
Interest expense                                      (187)           (87)

Earnings before income taxes                           322          1,258
Income tax expense                                      78            457

Earnings before minority interests                     244            801
Minority interests in subsidiaries                     111             38
Net earnings                                   $       133    $       763*

Net earnings per share
  Basic                                        $      0.05    $      0.31
  Diluted                                      $      0.05    $      0.31

Weighted average number of common shares
 outstanding (in thousands)
  Basic                                              2,492          2,492
  Diluted                                            2,493          2,492

*    Includes a non-recurring pretax gain of $884,000 and an after-tax gain of
     $540,000, or $.22 per diluted share, on the sale of property.

<PAGE>

                      Condensed Consolidated Balance Sheets
                                 (in thousands)

                                                 July 31      April 30
                                                  2006          2006
                                               -----------   -----------
                                               [unaudited]
Assets

Cash and cash equivalents                      $     2,087   $       929
Restricted cash                                        400           399
Receivables, less allowances                        19,114        23,199
Inventories                                          6,156         5,860
Prepaid expenses and other current assets            1,298         1,011
  Total current assets                              29,055        31,398
Net property, plant and equipment                   11,129        11,163
Other assets                                         8,012         7,911
Total Assets                                   $    48,196   $    50,472

Liabilities and Stockholders' Equity
Short-term borrowings                          $     8,531   $     8,216
Current obligations under capital leases               297           260
Accounts payable                                     6,526         9,074
Other current liabilities                            2,690         2,823
  Total current liabilities                         18,044        20,373
Other non-current liabilities                        4,682         4,553
Total stockholders' equity                          25,470        25,546
Total Liabilities and Stockholders' Equity     $    48,196   $    50,472

     Contact:  D. Michael Parker
               704/871-3290

SOURCE  Kewaunee Scientific Corporation
    -0-                             08/23/2006
    /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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