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<SEC-DOCUMENT>0001275287-06-006296.txt : 20061130
<SEC-HEADER>0001275287-06-006296.hdr.sgml : 20061130
<ACCEPTANCE-DATETIME>20061130140051
ACCESSION NUMBER:		0001275287-06-006296
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20061129
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20061130
DATE AS OF CHANGE:		20061130

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:		061247751

	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>ks8105.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 29, 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 November 29, 2006, Kewaunee Scientific Corporation issued a press release
announcing its financial results for the second quarter ended October 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 November 29, 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:  November 29, 2006                         /s/ D. MICHAEL PARKER
                                                 -------------------------------
                                                 Senior Vice President, Finance
                                                 Chief Financial Officer
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ks8105ex991.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                                                                    Exhibit 99.1

    KEWAUNEE SCIENTIFIC REPORTS RESULTS FOR THE SECOND QUARTER AND QUARTERLY
                                    DIVIDEND

    STATESVILLE, N.C., Nov. 29 /PRNewswire-FirstCall/ -- Kewaunee Scientific
Corporation (Nasdaq: KEQU) today reported results for its second quarter ended
October 31, 2006.

    Net earnings for the quarter were $569,000, or $0.23 per diluted share, an
increase of 138% over net earnings of $239,000, or $0.10 per diluted share, in
the same period last year. Earnings for the quarter benefited from increased
profit margins, lower manufacturing and operating costs, and increased earnings
of the Company's international operations.

    Sales for the quarter were $21,385,000, a decrease of 4.2% from sales of
$22,319,000 in the same period last year. The volume of domestic sales continues
to be adversely affected as larger portions of the construction budget dollars
of pharmaceutical companies are being allocated to overseas projects to take
advantage of lower research costs. The Company's international business
continued to experience strong growth in sales and earnings, as sales of the
Company's Asian subsidiaries during the quarter doubled from the same period
last year to $4.3 million. Sales from domestic operations, which declined from
the same period last year, were also unfavorably impacted by delays in the
awarding of construction projects, as many project budgets are reexamined
because of higher than expected project costs. The order backlog at October 31,
2006 was $34.3 million, down from $36.4 million at April 30, 2006.

    "We made good progress during the quarter in a number of important areas,"
said William A. Shumaker, President and Chief Executive Officer. "Our factories
are running extremely well. We are now experiencing much lower manufacturing
costs from the Company's capital projects completed in the second half of last
year and from our 'Lean' manufacturing initiatives, which allow us to produce
parts just in time to meet customer requirements. Our strategy to increase sales
representation and capabilities in India and China is progressing well, and our
Asian subsidiaries have become a significant source of our revenue and earnings.
Also, after many months of what seemed to be relentless increases in material
and energy costs, we received some welcome relief during the quarter as steel
prices stabilized and energy prices abated.

    "We remain optimistic about Kewaunee's long-term success and profitability,
both in the domestic and international markets," Mr. Shumaker continued.
"Regarding our current fiscal year, we expect the last six months to be
profitable and much improved over the same period last year."

    The Company's balance sheet remained strong at the end of the quarter.
Working capital was $11.6 million, up from $11.0 million at April 30, 2006.
Total bank debt and capital lease obligations at October 31, 2006 were $9.1
million, unchanged from April 30, 2006, resulting in a debt to equity ratio of
..35-to-1 at the end of the quarter.

    Net earnings for the six months ended October 31, 2006 were $702,000, or
$0.28 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 $1,002,000, or $0.40 per diluted share.
Excluding this gain on the sale of property, net earnings in the prior year
period were $462,000, or $0.18 per diluted share.

    Sales for the six months ended October 31, 2006 were $40,679,000, a decrease
of 4.6% from sales of $42,627,000 in the same period last year. Sales of the
Company's Asian subsidiaries increased 66.5%, while sales from domestic
operations declined 12.3% from the prior year period.

    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 11, 2006, payable on December 22, 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.

    Contact:  D. Michael Parker
              704/871-3290

<PAGE>

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

<TABLE>
<CAPTION>
                                                 Three Months Ended             Six Months Ended
                                                     October 31                    October 31
                                             ---------------------------   ---------------------------
                                                 2006           2005           2006           2005
                                             ------------   ------------   ------------   ------------
<S>                                          <C>            <C>            <C>            <C>
Net sales                                    $     21,385   $     22,319   $     40,679   $     42,627
Cost of products sold                              17,305         18,834         33,471         35,756
Gross profit                                        4,080          3,485          7,208          6,871
Other operating income                                 --             --             --            884*
Operating expenses                                  2,899          2,953          5,536          5,873
Operating earnings                                  1,181            532          1,672          1,882

Other income (expense)                                 26              1             44             (4)
Interest expense                                     (195)          (118)          (382)          (205)

Earnings before income taxes                        1,012            415          1,334          1,673
Income tax expense                                    328            137            406            594

Earnings before minority interests                    684            278            928          1,079
Minority interest in subsidiaries                     115             39            226             77
Net earnings                                 $        569   $        239   $        702   $      1,002*

Net earnings per share
       Basic                                 $       0.23   $       0.10   $       0.28   $       0.40
       Diluted                               $       0.23   $       0.10   $       0.28   $       0.40
Weighted average number of common
 shares outstanding (in thousands)
       Basic                                        2,492          2,492          2,492          2,492
       Diluted                                      2,492          2,493          2,493          2,493
</TABLE>

*    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)

                                              October 31      April 30
                                                 2006           2006
                                             ------------   ------------
                                             (unaudited)
Assets
Cash and cash equivalents                    $        738   $        929
Restricted cash                                       404            399
Receivables, less allowances                       22,358         23,199
Inventories                                         5,346          5,860
Prepaid expenses and other current assets           1,136          1,011
  Total current assets                             29,982         31,398
Net property, plant and equipment                  11,068         11,163
Other assets                                        8,182          7,911
Total Assets                                 $     49,232   $     50,472

Liabilities and Stockholders' Equity
Short-term borrowings                        $      8,137   $      8,216
Current obligations under capital leases              343            260
Accounts payable                                    6,377          9,074
Other current liabilities                           3,506          2,823
  Total current liabilities                        18,363         20,373
Other non-current liabilities                       4,955          4,553
Total stockholders' equity                         25,914         25,546
Total Liabilities and Stockholders' Equity   $     49,232   $     50,472

SOURCE  Kewaunee Scientific Corporation
    -0-                             11/29/2006
    /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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