<SEC-DOCUMENT>0001144204-11-012691.txt : 20110303
<SEC-HEADER>0001144204-11-012691.hdr.sgml : 20110303
<ACCEPTANCE-DATETIME>20110303170033
ACCESSION NUMBER:		0001144204-11-012691
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110302
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110303
DATE AS OF CHANGE:		20110303

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:		11660957

	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>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">CURRENT REPORT</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">March 2, 2011</font></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Kewaunee Scientific Corporation</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Exact name of registrant as specified in its charter)</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Delaware</font></div>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2700 West Front Street</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 2.02&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On March 2, 2011, Kewaunee Scientific Corporation issued a press release announcing its financial results for the third quarter ended January 31, 2011.&#160;&#160;A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.</font></div>

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<td width="15%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="TEXT-DECORATION: underline">Exhibit No.</font></font>&#160;</font></td>
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<td width="15%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.1</font></td>
<td width="85%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Press Release of Kewaunee Scientific Corporation dated March 2, 2011</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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 &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), 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.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>

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<p style="text-align:center"><b>Kewaunee Scientific Announces Results for Third Quarter</b></p></div><div style="width:100%;margin-left:10pt;"><div style="margin:0;margin-top:16pt;"><p>STATESVILLE, N.C., March 2, 2011 /PRNewswire/ -- Kewaunee Scientific Corporation (Nasdaq: KEQU) today announced results for its third quarter ended January 31, 2011.</p><p>Sales for the quarter were $22,568,000, up 3.5% from sales of $21,814,000 in the same period last year. Net earnings were $86,000, or $0.03 per diluted share, down from $621,000, or $0.24 per diluted share, in the same period last year.</p><p>Sales for the quarter were unfavorably affected when customers made changes to product designs and delivery dates for several significant orders, including one large international order, that delayed the start of manufacturing and shipments until late in the quarter and into the fourth quarter.
Sales also reflect a continuing softness in the domestic marketplace for small and mid-sized laboratory projects.</p><p>The customer changes in product requirements and delivery dates had a two-fold impact on earnings for the quarter, as delays in shipments reduced sales revenue, and changes in factory production schedules increased manufacturing costs. Earnings were also impacted by continued aggressive pricing in all of the Company&#39;s markets, an unfavorable product mix, and higher prices paid for epoxy resin raw materials, which are petroleum-based products. </p><p>Sales from domestic operations were $19,108,000, relatively flat from sales of $19,081,000 in the same period last year. &#160;Sales from international operations increased to $3,460,000, from sales of $2,733,000 in the same period last year. The order backlog increased to $68.2 million at January 31, 2011, up from
$66.0 million at October 31, 2010 and $65.5 million at January 31, 2010. &#160;</p><p>&#34;The third quarter was more difficult than expected,&#34; said William&#160;A. Shumaker, President and Chief Executive Officer. &#160;&#34;The manufacturing and shipment delays resulting from customer changes and the unfavorable product mix brought unexpected operational challenges. We have adjusted our manufacturing schedules, and the orders that were delayed are now being manufactured and are scheduled for shipment in the fourth quarter.</p><p>&#34;In the domestic marketplace, larger laboratory furniture projects have continued to hold up relatively well during the economic slowdown, and bidding activity for these projects continues to remain at a high level. On the other hand, a sustained improvement in the number of smaller laboratory projects has not materialized. Opportunities in the
international marketplace have continued to improve for some time now, and the Company is very active in quoting these projects.</p><p>&#34;We have begun to see benefits from our recently expanded epoxy resin facility in Statesville, as production of these products increased significantly during the quarter. Other initiatives continued to make good progress, as we successfully closed several orders in the quarter for our new product lines of biological safety cabinets, casework and millwork for the healthcare industry, and specialty safety cabinets.</p><p>&#34;Regarding the fourth quarter, with the delayed orders now shipping and the product mix improved, we expect sales and earnings will be much improved over the third quarter and more in line with the first two quarters of the current fiscal year.&#34; </p><p>Sales for the nine months ended January 31, 2011 were $73,051,000, down 2.8%
from sales of $75,151,000 in the same period last year. Domestic sales for the nine months were $62,324,000, down from sales of $67,152,000 in the same period last year. &#160;Sales from international operations were $10,727,000 for the nine months, up from sales of $7,999,000 in the same period last year. Net earnings for the nine months ended January 31, 2011 were $1,598,000, or $0.62 per diluted share, down from net earnings of $3,044,000, or $1.18 per diluted share, in the same period last year. </p><p>The Company&#39;s financial condition continues to be strong. Cash on hand was $2,704,000 at January 31, 2011, as compared to $2,443,000 at January 31, 2010. Working capital was $21,341,000, up slightly from $21,327,000 at January 31, 2010. Short term borrowings under the bank line of credit were $696,000, down from $2,909,000 at January 31, 2010. Total bank borrowings and capital
lease obligations were $4,752,000, up from $3,144,000 at January 31, 2010. </p><p>Kewaunee Scientific Corporation is a recognized leader in the design, manufacture, and installation of scientific and technical furniture. The Company&#39;s corporate headquarters are located in Statesville, North Carolina. The Company&#39;s manufacturing facilities are located in Statesville and Bangalore, India. The Company has subsidiaries in Singapore and Bangalore that serve the Asian and Middle East markets. Kewaunee Scientific&#39;s website is located at http://www.kewaunee.com.</p><p><i>Certain statements in this release constitute &#34;forward-looking&#34; 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&#39;s operations, markets, products, services, and prices.</i></p><div style="margin-bottom:.0001in; margin-top:.0001in"><table cellspacing="0" cellpadding="1" style="border-collapse:collapse;border:none;"><tr><td valign="bottom" colspan="5" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Consolidated Statements of Operations</font></b></p><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">(in thousands,
except per share data)</font></b></p><p style="margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">(Unaudited)</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
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<br /></td><td valign="bottom" rowspan="2" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">Three Months Ended</font></p><p style="margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">January 31</font></p></td><td valign="bottom" rowspan="2" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">Nine Months Ended</font></p><p style="margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">January 31</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
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<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><u><font style="font-family:Arial;font-size:8pt;">2011</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><u><font style="font-family:Arial;font-size:8pt;">2010</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><u><font style="font-family:Arial;font-size:8pt;">2011</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><u><font style="font-family:Arial;font-size:8pt;">2010</font></u></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
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<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Net sales</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$22,568</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$21,814</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$73,051</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt
5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$75,151</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Cost of products sold</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">18,405</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">17,129</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space:
nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">58,472</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">58,492</font></u></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Gross profit</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,163</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font
style="font-family:Arial;font-size:8pt;">4,685</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">14,579</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">16,659</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Operating expenses</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">4,007</font></u></p></td><td
valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">3,663</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">11,953</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">11,605</font></u></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Operating earnings</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt
5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">156</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,022</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,626</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">5,054</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="
margin:0in;"><font style="font-family:Arial;font-size:8pt;">Other expense</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">--</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">--</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">--</font></p></td><td style=""></td></tr><tr><td
valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Interest income (expense)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">17</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">(35)</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">(105)</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p
style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">(115)</font></u></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
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<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Earnings before income taxes</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">174</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">987</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,521</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt
5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,939</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Income tax expense</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">49</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">333</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;
margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">792</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">1,673</font></u></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Net earnings</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">125</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">654</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,729</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt;
"><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3,266</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Less: net earnings attributable to</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; &#160; the noncontrolling interest</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">39</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">33</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">131</font></u></p></td><td valign="bottom"
style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">222</font></u></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Net earnings attributable to</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; &#160; Kewaunee Scientific Corporation</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="border-bottom:double black 2.5pt;"><font style="font-family:Arial;font-size:8pt;">$86</font></font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="border-bottom:double black 2.5pt;"><font style="font-family:Arial;font-size:8pt;">$621</font></font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right;
"><font style="border-bottom:double black 2.5pt;"><font style="font-family:Arial;font-size:8pt;">$1,598</font></font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="border-bottom:double black 2.5pt;"><font style="font-family:Arial;font-size:8pt;">$3,044</font></font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Net earnings per share attributable to</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; &#160; Kewaunee Scientific Corporation stockholders</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; &#160; &#160; &#160; &#160; Basic</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$0.03</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$0.24</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$0.62</font></p></td><td valign="bottom" style="padding: 0pt
5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$1.19</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; &#160; &#160; &#160; &#160; Diluted</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$0.03</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$0.24</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p
style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$0.62</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$1.18</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Weighted average number of common</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; &#160; shares outstanding (in thousands)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; &#160; &#160; &#160; &#160; Basic</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,576</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,569</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,574</font></p></td><td valign="bottom" style="padding: 0pt
5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,562</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; &#160; &#160; &#160; &#160; Diluted</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,592</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,581</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p
style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,583</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,570</font></p></td><td style=""></td></tr><tr><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td></tr></table>
<br />
<br /></div><div style="margin-bottom:.0001in; margin-top:.0001in"><table cellspacing="0" cellpadding="1" style="border-collapse:collapse;border:none;"><tr><td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Condensed Consolidated Balance Sheets</font></b></p><p style="margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">(in thousands)</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">January 31</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">April 30</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><u><font style="font-family:Arial;font-size:8pt;">2011</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><u><font style="font-family:Arial;font-size:8pt;">2010</font></u></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">(unaudited)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><u><b><font style="font-family:Arial;font-size:8pt;">Assets</font></b></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; text-align: left; "><font style="font-family:Arial;font-size:8pt;">Cash and cash equivalents</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$2,160</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$1,722</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; text-align: left; "><font style="font-family:Arial;font-size:8pt;">Restricted cash</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt
2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">544</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">544</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; text-align: left; "><font style="font-family:Arial;font-size:8pt;">Receivables, less allowances</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">21,056</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p
style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">26,169</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Inventories</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">10,521</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">8,350</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font
style="font-family:Arial;font-size:8pt;">Prepaid expenses and other current assets</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">1,831</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">1,797</font></u></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; text-align: left; "><font style="font-family:Arial;font-size:8pt;"> &#160; Total current assets</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right;
"><font style="font-family:Arial;font-size:8pt;">36,112</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">38,582</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Net property, plant and equipment</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">16,697</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font
style="font-family:Arial;font-size:8pt;">13,815</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Other assets</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">4,383</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">4,224</font></u></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Total Assets</font></p></td><td valign="bottom"
style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="border-bottom:double black 2.5pt;"><font style="font-family:Arial;font-size:8pt;">$57,192</font></font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="border-bottom:double black 2.5pt;"><font style="font-family:Arial;font-size:8pt;">$56,621</font></font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><u><b><font style="font-family:Arial;font-size:8pt;">Liabilities and Equity</font></b></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Short-term borrowings</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$696</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$4,872</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Current obligations under capital leases</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt
5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">81</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">82</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Current portion of long-term debt</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">200</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="margin:0in; text-align: right;
"><font style="font-family:Arial;font-size:8pt;">--</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Accounts payable</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">8,415</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">9,540</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Other current liabilities</font></p></td><td valign="bottom"
style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">5,379</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">4,003</font></u></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; text-align: left; "><font style="font-family:Arial;font-size:8pt;"> &#160; Total current liabilities</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">14,771</font></u></p></td><td valign="bottom" style="padding: 0pt
5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">18,497</font></u></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Other non-current liabilities</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">9,879</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">6,452</font></u></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt
5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Total liabilities</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">24,650</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">24,949</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Noncontrolling interest</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font
style="font-family:Arial;font-size:8pt;">1,349</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,239</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Kewaunee Scientific Corporation equity</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">31,193</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font
style="font-family:Arial;font-size:8pt;">30,433</font></u></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Total equity</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">32,542</font></u></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><u><font style="font-family:Arial;font-size:8pt;">31,672</font></u></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Total Liabilities and
Equity</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="border-bottom:double black 2.5pt;"><font style="font-family:Arial;font-size:8pt;">$57,192</font></font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="border-bottom:double black 2.5pt;"><font style="font-family:Arial;font-size:8pt;">$56,621</font></font></p></td><td style=""></td></tr><tr><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td></tr></table>
<br />
<br /></div><div style="margin-bottom:.0001in; margin-top:.0001in"><table cellspacing="0" cellpadding="1" style="border-collapse:collapse;border:none;"><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Contact:</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">D. Michael Parker</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">704/871-3290</font></p></td><td style=""></td></tr><tr><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td></tr></table>
<br />
<br /></div>
<br /><br /><p>CONTACT: D. Michael Parker, +1-704-871-3290</p></div></div></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
