Kewaunee Scientific Corporation Reports Results For Fourth Quarter And Fiscal Year

STATESVILLE, N.C., June 21, 2016 /PRNewswire/ -- Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its fourth quarter and fiscal year ended April 30, 2016.

Fourth Quarter 2016 Results:

• Sales of $34,090,000, an increase of 12.6% from the prior year fourth quarter.
• Net earnings of $1,337,000, an increase of 119.5% from the prior year fourth quarter.
• Diluted earnings per share of $0.50, an increase of 117.4% from the prior year fourth quarter.

Full Year Fiscal 2016 Results:

• Record sales of $128,266,000, an increase of 8.2% from the prior year.
• Net earnings of $3,802,000, an increase of 7.7% from the prior year.
• Diluted earnings per share of $1.42, an increase of 6.8% from the prior year.

Fourth Quarter Results
Sales for the fourth quarter were $34,090,000, up 12.6% from sales of $30,282,000 in the same period of the prior year. Net earnings for the quarter were $1,337,000, or $0.50 per diluted share, up 119.8% compared to earnings of $609,000, or $0.23 per diluted share, in the same period of the prior year.  

Sales from domestic operations for the quarter were $27,030,000, up 7.3% from sales of $25,196,000 in the same period of the prior year as project activity continues to increase across the markets served. Sales from international operations were $7,060,000, up 38.8% from sales of $5,086,000 in the same period of the prior year as a result of strength in Asia and the Middle East for laboratory furniture.

"The fourth quarter was our strongest quarter of fiscal year 2016 as we continue to benefit from increased project activity across all of our key markets," said David M. Rausch, Kewaunee's Chief Executive Officer.   "I am pleased that our fourth quarter net earnings and diluted earnings per share significantly outpaced our prior year's performance."

Fiscal Year 2016 Results
Record sales of $128,626,000 were delivered during fiscal year 2016, an increase of 8.2% from sales of $118,828,000 in the prior year. Net earnings for the year were $3,802,000, or $1.42 per diluted share, up 7.7% from net earnings of $3,529,000, or $1.33 per diluted share, in the prior year. Record sales were generated due to the overall strength of the laboratory furniture markets domestically, as well as in Asia and the Middle East. 

Sales from domestic operations for the year were $103,047,000, up 10.7% from sales of $93,098,000 in the prior year. Domestic sales grew throughout the year when compared to the prior year, driven by increased activity across our dealer and distribution networks. International sales for fiscal year 2016 were $25.6 million, relatively unchanged from fiscal year 2015 sales of $25.7 million.

The order backlog was $100.5 million at April 30, 2016, up from $95.2 million at January 31, 2016, and $90.0 million at April 30, 2015. Incoming orders continued to be strong in all of our key markets, increasing the order backlog to record levels.  

Unrestricted cash on hand at April 30, 2016 was $5,222,000, as compared to $3,044,000 at April 30, 2015, and working capital was $30,007,000, as compared to $27,707,000. Short term debt was $4,239,000 at April 30, 2016, as compared to $5,376,000 at April 30, 2015, and long-term debt was $3,349,000, as compared to $3,771,000. The debt-to-equity ratio at April 30, 2016 was .20-to-1, as compared to .26-to-1 at April 30, 2015.

"Fiscal Year 2016 was a strong year for Kewaunee as we delivered record sales and improved profitability," said David M. Rausch.  "I am extremely proud of the Kewaunee Associates across the globe who continue to strive to meet the needs and growing expectations of our customers.  I am also encouraged by the continued strength of our order backlog and the opportunities we are winning globally.

"Looking forward, I am optimistic we will continue to experience sales and earnings growth in fiscal year 2017. Bookings continue to be strong, and our order backlog is at record levels. 

To read full press release, please click ttp://scitation.aip.org/content/aip/journal/apl/108/23/10.1063/1.4948584.