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<SEC-DOCUMENT>0001144204-07-033848.txt : 20070627
<SEC-HEADER>0001144204-07-033848.hdr.sgml : 20070627
<ACCEPTANCE-DATETIME>20070627171544
ACCESSION NUMBER:		0001144204-07-033848
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070626
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070627
DATE AS OF CHANGE:		20070627

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:		07944404

	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>v079267_8-k.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 26, 2007
                                                  -------------


- --------------------------------------------------------------------------------
                         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                                 28677
        Statesville, North Carolina                            (Zip Code)
 (Address of principal executive offices)

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 26, 2007, Kewaunee Scientific Corporation issued a press release
announcing its financial results for the fourth quarter and year ended April 30,
2007. 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 26, 2007

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.


                                    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.

                                                  (Registrant)
                                           Kewaunee Scientific Corporation


Date:  June 26, 2007                       /s/ D. Michael Parker
                                           -------------------------------------
                                           Senior Vice President, Finance
                                           Chief Financial Officer


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v079267_ex99-1.txt
<TEXT>

         Kewaunee Scientific Reports Results For Year and Fourth Quarter


     Exchange:    NASDAQ (KEQU)

    STATESVILLE, N.C. June 26, 2007 -- Kewaunee Scientific Corporation (Nasdaq:
KEQU - news) today reported results for its fiscal year and fourth quarter ended
April 30, 2007.

    Net earnings for the year were $1,540,000, or $0.62 per diluted share, as
compared to net earnings of $193,000, or $0.08 per diluted share, for the prior
year. Excluding an after-tax gain of $540,000 in the prior year related to the
sale of the Company's former Lockhart, Texas property, a net loss of $347,000,
or $0.14 per diluted share, was incurred for that year. Earnings for the current
year benefited from significantly improved manufacturing costs, continuing
success in identifying new global supply sources for raw materials and
components, and other cost improvement initiatives.

    Sales for the year were $81,441,000, a decrease of 3.1% from sales of
$84,071,000 in the prior year. Incoming orders, both domestic and international,
were extremely strong in the second half of the year and included several
prestigious laboratory furniture projects. The order backlog climbed to $51.1
million at April 30, 2007, an increase of $14.7 million from $36.4 million at
April 30, 2006.

    Sales from domestic operations were $66,585,000, a decrease of 7.6% from the
prior year. However, as reflected in the growth of the Company's order backlog,
the domestic marketplace for laboratory products continues to be healthy,
particularly for larger laboratory projects.

    The Company's international operations continued to experience strong sales,
as sales increased 23.3% to $14,856,000. The Asian markets of India, Singapore,
and China continue to be a key in the Company's long-term growth strategy.
During the year, the Company strengthened its sales representation in these
countries and further expanded its manufacturing capabilities in India.

    Confirming the Company's excellent reputation in the Asian laboratory
furniture market, during the year the Company was awarded a prestigious contract
to provide and install laboratory furniture and fume hoods for the Olympic
testing laboratory in Beijing, China. This laboratory will test all athletes who
participate in the 2008 Summer Olympics in Beijing and will be one of only a few
laboratories in the world designed to comply with the stringent standards
required for a laboratory to be certified by the International Olympics
Committee. The order will be shipped and installed in the first quarter of
fiscal year 2008.

    "We ended fiscal year 2007 with very positive momentum," said William A.
Shumaker, President and Chief Executive Officer. "The strong influx of orders in
the last half of the year provides us a foundation for increased sales in fiscal
year 2008 when the majority of these orders will be shipped. Our lower costs are
making us more competitive in the domestic marketplace, while also improving our
profit margins and profitability. Our international operations continue to grow
in sales and profitability. Excellent progress was also made during the year in
improving our financial position, as we significantly improved cash flow,
reduced borrowings, and strengthened our balance sheet. These factors should
place the Company on a solid track for continued success and profitability."

    During the year, the Company generated cash from operations of $8.7 million.
Bank borrowings and capital lease obligations totaled $4.3 million at year-end,
down from $9.1 million at the end of the prior year. The debt-to-equity ratio
declined to .18-to-1 at year-end, and cash on hand increased to $2.6 million, up
from $1.3 million at the end of the prior year. Working capital was $12.3
million at April 30, 2007, up from $11.0 million at the end of the prior year.

<PAGE>

    Sales for the fourth quarter ended April 30, 2007 were $22,721,000, a
decrease of 4.2% from sales of $23,720,000 in the same quarter of the prior
year. Sales from domestic operations for the quarter were flat from the same
quarter of the prior year, while sales from international operations declined
because especially large shipments were made for several projects in the fourth
quarter of the prior year. Net earnings for the fourth quarter were $517,000, or
$.21 per diluted share, as compared to a net loss of $254,000, or $0.11 per
diluted share, in the prior 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 domestic 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)


                                      Three Months Ended     Year Ended
                                            April 30          April 30
                                         2007     2006     2007     2006

                                                  (Unaudited)

Net sales                               $22,721  $23,720  $81,441  $84,071

Cost of products sold                    18,467   20,629   66,355   71,663
Gross profit                              4,254    3,091   15,086   12,408

Other operating income                       --       --      --       884*
Operating expenses                        3,363    3,223   11,728   12,175
Operating earnings (loss)                   891     (132)   3,358    1,117

Other income                                 20       51       53       50
Interest expense                           (146)    (153)    (670)    (470)

Earnings (loss) before income taxes         765     (234)   2,741      697
Income tax expense (benefit)                289      (38)     902      288

Earnings (loss) before minority interests   476     (196)   1,839      409
Minority interests in subsidiaries           41      (58)    (299)    (216)
Net earnings (loss)                        $517    $(254)  $1,540     $193*

Net earnings (loss) per share
           Basic                          $0.21   $(0.11)   $0.62    $0.08
           Diluted                        $0.21   $(0.11)   $0.62    $0.08
Weighted average number of common
       shares outstanding (in thousands)
           Basic                          2,494    2,492    2,493    2,492
           Diluted                        2,502    2,492    2,495    2,493


*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)

                                                  April 30        April 30
Assets                                              2007            2006

Cash and cash equivalents                          $2,231           $929
Restricted cash                                       372            399
Receivables, less allowances                       19,061         23,199
Inventories                                         5,869          5,860
Prepaid expenses and other current assets             981          1,011
   Total current assets                            28,514         31,398
Net property, plant and equipment                  11,255         11,163
Other assets                                        5,471          7,911
Total Assets                                      $45,240        $50,472

Liabilities and Stockholders' Equity
Short-term borrowings                              $3,489         $8,216
Current obligations under capital leases              360            260
Accounts payable                                    8,437          9,074
Other current liabilities                           3,897          2,823
   Total current liabilities                       16,183         20,373
Other non-current liabilities                       5,009          4,553
Total stockholders' equity                         24,048         25,546
Total Liabilities and Stockholders' Equity        $45,240        $50,472




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