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Financial Information
9 Months Ended
Jan. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Financial Information
Financial Information
The unaudited interim condensed consolidated financial statements of Kewaunee Scientific Corporation (the “Company”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, although the Company believes that the disclosures are adequate to make the information presented not misleading.
These interim condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of these financial statements and should be read in conjunction with the consolidated financial statements and notes included in the Company’s 2018 Annual Report on Form 10-K. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. The condensed consolidated balance sheet as of April 30, 2018 included in this interim period filing has been derived from the audited financial statements at that date, but does not include all of the information and related notes required by generally accepted accounting principles (GAAP) for complete financial statements.
The preparation of the interim condensed consolidated financial statements requires management to make certain estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates.
Change in Accounting Principle and Second Quarter Financial Statements

During the second quarter of fiscal year 2019, the Company changed its method of accounting for its Domestic segment’s inventory from the last-in, first-out (LIFO) method to the first-in, first out (FIFO) method.  The Company’s prior year condensed consolidated balance sheet as of April 30, 2018 and statements of stockholders’ equity for the three- and six-month periods ended October 30, 2018 presented in the second quarter of fiscal year 2019 were not adjusted for the retrospective application of the change in method of accounting to FIFO. Note E in the second quarter financial statements did include a presentation of the adjusted condensed consolidated balance sheet as of April 30, 2018, including the adjustments made for the accounting change. The prior year consolidated balance sheet and statement of stockholders’ equity have been corrected in the current presentation for the third quarter of fiscal 2019. All prior periods presented herein have been retrospectively adjusted to apply the new method of accounting. See Note E for more information on the change in inventory accounting method.