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<SEC-DOCUMENT>0001144204-07-063674.txt : 20071121
<SEC-HEADER>0001144204-07-063674.hdr.sgml : 20071121
<ACCEPTANCE-DATETIME>20071121085124
ACCESSION NUMBER:		0001144204-07-063674
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071120
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20071121
DATE AS OF CHANGE:		20071121

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:		071261510

	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>v095113_8k.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)  November 20, 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 November 20, 2007, Kewaunee Scientific Corporation issued a press release
announcing its financial results for the second quarter ended October 31, 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
               November 20, 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:  November 20, 2007                   /s/ D. Michael Parker
                                           -------------------------------------
                                           Senior Vice President, Finance
                                           Chief Financial Officer

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v095113_99-1.txt
<TEXT>


                                     [LOGO]
                        KEWAUNEE SCIENTIFIC CORPORATION

                          Kewaunee Scientific Announces
                  Significantly Improved Second Quarter Results
                             and Quarterly Dividend


Exchange: NASDAQ (KEQU)                               Contact: D. Michael Parker
                                                               704/871-3290


STATESVILLE, N.C., November 20, 2007 /PRNewswire-FirstCall/ -- Kewaunee
Scientific Corporation (Nasdaq: KEQU - News) today announced results for its
second quarter ended October 31, 2007 and the declaration of its quarterly
dividend.

Net earnings for the quarter were $1,212,000, or $0.47 per diluted share, up
113% from net earnings of $569,000, or $0.23 per diluted share, for the second
quarter of the prior year. Earnings benefited from a strong performance from the
Company's domestic operations, significantly improved profit margins, and
continued growth of its international operations.

Sales for the quarter were $24.7 million, up 15.6% from sales of $21.4 million
in the second quarter of the prior year. Sales from domestic operations
increased to $20.1 million, up 17.9% from the same period last year. Sales from
international operations increased to $4.6 million for the quarter, up 6.9% from
the same period last year.

Net earnings for the six months ended October 31, 2007 were $1.9 million, or
$0.74 per diluted share, an increase of 169% from net earnings for the same
period last year of $702,000, or $0.28 per diluted share. The gross profit
margin for the six-month period increased to 21.6% from 17.7% in the same period
last year. Sales for the six months ended October 31, 2007 were $45.5 million,
an increase of 11.9% from sales of $40.7 million in the same period last year.

Incoming orders remained strong during the quarter. The order backlog increased
for the fourth consecutive quarter to a record $54.9 million at October 31,
2007, which was slightly above the end of the previous quarter and up from $34.3
million at October 31, 2006.

The Company's balance sheet further strengthened during the quarter. Bank
borrowings and capital lease obligations declined to $3.0 million at October 31,
2007, down from $9.1 million at October 31, 2006. The debt-to-equity ratio was
..12-to-1 at the end of the quarter, down from .35-to-1 at the end of the same
period last year. Cash on hand was $1.8 million at the end of the quarter, as
compared to $1.0 million at the end of the same period last year. Working
capital was $14.0 million at October 31, 2007, up from $11.6 million at the end
of the same period last year.


<PAGE>


The Company's international operations continued to execute well during the
quarter. To allow the Company to take advantage of rapidly growing sales
opportunities in Asia and the Middle East, during the quarter the Company's
Board of Directors approved the relocation and expansion of the Company's
manufacturing facility in Bangalore, India to a new much larger facility in the
Bangalore area.

"We remain optimistic about Kewaunee's long-term success and profitability, both
in the domestic and international markets," said William A. Shumaker, President
and Chief Executive Officer. "We look forward to building on the progress made
in our domestic operations, and we have high expectations for continued growth
in sales and earnings of our international operations, particularly after our
new manufacturing facility in Bangalore becomes operational early next fiscal
year. Regarding the remainder of our current fiscal year, we expect our
significant progress to continue."

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 November 30, 2007, payable on December 14, 2007.

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.


                   [see financial information on back of page]


<PAGE>


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

<TABLE>
<CAPTION>
                                                     Three Months Ended             Six Months Ended
                                                                 October 31                    October 31
                                                     2007           2006          2007            2006
                                                     ----           ----          ----            ----
<S>                                              <C>            <C>            <C>            <C>
Net sales                                        $    24,727    $    21,385    $    45,511    $    40,679
Cost of products sold                                 19,174         17,305         35,695         33,471
                                                 -----------    -----------    -----------    -----------
Gross profit                                           5,553          4,080          9,816          7,208

Operating expenses                                     3,370          2,899          6,518          5,536
                                                 -----------    -----------    -----------    -----------

Operating earnings                                     2,183          1,181          3,298          1,672

Other income                                               1             26              4             44
Interest expense                                        (106)          (195)          (216)          (382)
                                                 -----------    -----------    -----------    -----------

Earnings before income taxes                           2,078          1,012          3,086          1,334
Income tax expense                                       658            328            970            406
                                                 -----------    -----------    -----------    -----------

Earnings before minority interests                     1,420            684          2,116            928
Minority interests in subsidiaries                       208            115            230            226
                                                 -----------    -----------    -----------    -----------
Net earnings                                     $     1,212    $       569    $     1,886    $       702
                                                 ===========    ===========    ===========    ===========

Net earnings per share
      Basic                                      $      0.48    $      0.23    $      0.75    $      0.28
      Diluted                                    $      0.47    $      0.23    $      0.74    $      0.28
Weighted average number of common
   shares outstanding (in thousands)
      Basic                                            2,522          2,492          2,512          2,492
      Diluted                                          2,554          2,492          2,538          2,493
</TABLE>


<PAGE>


                      Condensed Consolidated Balance Sheets
                                 (in thousands)

                                                        October 31     April 30
                                                           2007          2007
                                                       -----------   -----------
                                                       (unaudited)

Assets
- ------
Cash and cash equivalents                              $     1,351   $     2,231
Restricted cash                                                445           372
Receivables, less allowances                                20,169        19,061
Inventories                                                  6,421         5,869
Prepaid expenses and other current assets                    1,209           981
                                                       -----------   -----------
   Total current assets                                     29,595        28,514
Net property, plant and equipment                           11,416        11,255
Other assets                                                 6,011         5,471
                                                       -----------   -----------
Total Assets                                           $    47,022   $    45,240
                                                       ===========   ===========

Liabilities and Stockholders' Equity
- ------------------------------------
Short-term borrowings                                  $     2,336   $     3,489
Current obligations under capital leases                       351           360
Accounts payable                                             8,423         8,437
Other current liabilities                                    4,469         3,897
                                                       -----------   -----------
   Total current liabilities                                15,579        16,183
                                                       -----------   -----------
Obligations under capital leases                               310           476
Other non-current liabilities                                5,073         4,533
Total stockholders' equity                                  26,060        24,048
                                                       -----------   -----------
Total Liabilities and Stockholders' Equity             $    47,022   $    45,240
                                                       ===========   ===========

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