K
KEWAUNEE SCIENTIFIC CORP /DE/
KEQUCIK 0000055529NasdaqNon-AcceleratedSmaller ReportingLaboratory Apparatus & FurnitureDelawareFY ends Apr 30
Period
FY 2025
Revenue
$240.47M
Net Income
$11.40M
Total Assets
$194.65M
Equity
$66.25M
Shares Out
2.87M
Op. Cash Flow
$14.78M
Business
KEWAUNEE SCIENTIFIC CORP /DE/ designs, manufactures, and installs laboratory, healthcare, and technical furniture and infrastructure products. It offers steel and wood casework, fume hoods, modular systems, moveable workstations, standalone benches, biological safety cabinets, epoxy resin work surfaces and sinks, plus related laboratory equipment acquired through Nu Aire such as CO2 incubators and ultralow freezers. The company operates in two reportable segments: Domestic (including Nu Aire) and International. Products are sold directly, through dealers, subsidiaries, and national distributors to research, healthcare, education, government, and industrial customers.
Summary from filing dated 2025-07-02
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-04-30 | FY 2024 2024-04-30 | FY 2023 2023-04-30 | FY 2022 2022-04-30 | FY 2021 2021-04-30 |
|---|---|---|---|---|---|---|
| Net sales | 240 | 204 | 219 | 169 | 147 | |
| Cost of products sold | 172 | 152 | 184 | 145 | 123 | |
| Gross profit | 69 | 52 | 36 | 24 | 24 | |
| Operating expenses | 51 | 34 | 30 | 27 | 25 | |
| Operating earnings | 18 | 18 | 5 | −3 | −1 | |
| Pension expense | 0 | −4 | −71,000 | 355,000 | −1 | |
| Other income, net | 240,000 | 814,000 | 939,000 | 400,000 | 241,000 | |
| Interest expense | −3 | −2 | — | — | — | |
| Earnings before income taxes | 15 | 13 | 4 | −2 | −3 | |
| Income tax expense (benefit) | 3 | −6 | 3 | 4 | 990,000 | |
| Net earnings | 12 | 19 | 1 | −6 | −4 | |
| Less: net earnings attributable to the non-controlling interest | 178,000 | 304,000 | 621,000 | 123,000 | 65,000 | |
| Net earnings attributable to Kewaunee Scientific Corporation | 11 | 19 | 738,000 | −6 | −4 | |
| Basic (in usd per share) | 3.98 | 6.51 | 0.26 | −2.2 | −1.33 | |
| Diluted (in usd per share) | 3.83 | 6.38 | 0.25 | −2.2 | −1.33 | |
| Basic (in shares) | 3 | 3 | 3 | 3 | 3 | |
| Diluted (in shares) | 3 | 3 | 3 | 3 | 3 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-04-30 | FY 2024 2024-04-30 | FY 2023 2023-04-30 | FY 2022 2022-04-30 | FY 2021 2021-04-30 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 15 | 23 | 8 | 4 | 5 | |
| Restricted cash | 2 | 3 | 6 | 2 | 525,000 | |
| Receivables, less allowance: $530 (2025); $588 (2024) | 62 | 45 | 46 | 41 | 33 | |
| Inventories | 33 | 21 | 22 | 24 | 17 | |
| Prepaid expenses and other current assets | 6 | 5 | 6 | 6 | 4 | |
| Total Current Assets | 118 | 97 | 88 | 92 | 60 | |
| Property, plant and equipment, net | 23 | 18 | 16 | 15 | 16 | |
| Right of use assets | 13 | 7 | 9 | 8 | 9 | |
| Deferred income taxes | 4 | 7 | 0 | — | 0 | |
| Intangible assets, net | 18 | 0 | — | — | — | |
| Goodwill | 13 | 0 | — | — | — | |
| Other assets | 6 | 5 | 5 | 5 | 4 | |
| Total Assets | 195 | 135 | 119 | 119 | 89 | |
| Short-term borrowings | 986,000 | 3 | 4 | 2 | 7 | |
| Current portion of financing liability | 788,000 | 713,000 | 642,000 | 575,000 | 0 | |
| Current portion of term loan | 3 | 0 | — | — | — | |
| Current portion of financing lease liabilities | 96,000 | 111,000 | 85,000 | 126,000 | 21,000 | |
| Current portion of operating lease liabilities | 3 | 2 | 2 | 1 | 1 | |
| Accounts payable | 27 | 23 | 24 | 27 | 17 | |
| Employee compensation and amounts withheld | 9 | 6 | 4 | 5 | 5 | |
| Deferred revenue | 6 | 4 | 4 | 4 | 3 | |
| Other accrued expenses | 3 | 1 | 2 | 3 | 1 | |
| Total Current Liabilities | 54 | 41 | 40 | 42 | 34 | |
| Long-term portion of financing liability | 27 | 27 | 28 | 29 | 0 | |
| Long-term portion of seller note | 24 | 0 | — | — | — | |
| Long-term portion of term loan | 10 | 0 | — | — | — | |
| Long-term portion of financing lease liabilities | 149,000 | 235,000 | 148,000 | 228,000 | 91,000 | |
| Long-term portion of operating lease liabilities | 9 | 5 | 7 | 6 | 8 | |
| Accrued pension and deferred compensation costs | 4 | 3 | 4 | 4 | 5 | |
| Deferred income taxes | 1 | 1 | 943,000 | 428,000 | 307,000 | |
| Other non-current liabilities | 364,000 | 462,000 | 455,000 | 531,000 | 806,000 | |
| Total Liabilities | 128 | 79 | 80 | 83 | 48 | |
| Commitments and Contingencies (Note 12) | — | — | — | — | — | |
| Common stock | 7 | 7 | 7 | 7 | 7 | |
| Additional paid-in capital | 6 | 5 | 5 | 4 | 4 | |
| Retained earnings | 59 | 48 | 29 | 28 | 34 | |
| Accumulated other comprehensive loss | −4 | −3 | −3 | −4 | −4 | |
| Common stock in treasury, at cost: 103000 shares (2025); 70 shares (2024) | −4 | −2 | −53,000 | −53,000 | −53,000 | |
| Non-controlling interest | 2 | 1 | 1 | 486,000 | 246,000 | |
| Total Stockholders' Equity | 66 | 56 | 38 | 36 | 41 | |
| Total Liabilities and Stockholders' Equity | 195 | 135 | 119 | 119 | 89 | |
| Treasury stock, shares (in shares) | 103,000 | 70,000 | 3,000 | 3,000 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-04-30 | FY 2024 2024-04-30 | FY 2023 2023-04-30 | FY 2022 2022-04-30 | FY 2021 2021-04-30 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | 5 | 3 | — | — | — | |
| Provision for credit losses | 68,000 | 276,000 | 120,000 | 92,000 | 53,000 | |
| Stock based compensation expense | 1 | 1 | 886,000 | 729,000 | 634,000 | |
| Provision for deferred income taxes | −2 | −7 | 516,000 | 120,000 | 2 | |
| Accrued payment in kind ("PIK") interest | 935,000 | 0 | — | — | — | |
| Amortization of deferred financing costs | 218,000 | 0 | — | — | — | |
| Receivables | −7 | 741,000 | −5 | −8 | −5 | |
| Inventories | 3 | 1 | 2 | −7 | −1 | |
| Accounts payable and other accrued expenses | 583,000 | 691,000 | −6 | 12 | 5 | |
| Deferred revenue | 765,000 | 277,000 | 568,000 | 406,000 | 615,000 | |
| Other, net | 20,000 | 286,000 | −2 | −3 | −1 | |
| Net cash provided by operating activities | 15 | 20 | −4 | −8 | 912,000 | |
| Capital expenditures | −2 | −4 | −4 | −2 | −2 | |
| Purchase of business, net of cash acquired | −29 | 0 | — | — | — | |
| Net cash used in investing activities | −31 | −4 | −4 | −2 | −2 | |
| Dividends paid to non-controlling interest in subsidiaries | −261,000 | 0 | — | 0 | −108,000 | |
| Proceeds from term loan | 15 | 0 | — | — | — | |
| Repayments on term loan | 1 | 0 | — | — | — | |
| Proceeds from short-term borrowings | 73 | 148 | 61 | 59 | 62 | |
| Repayments on short-term borrowings | −76 | −149 | −59 | −65 | −60 | |
| Payments on sale-leaseback financing transaction | −772,000 | −642,000 | −575,000 | 0 | — | |
| Proceeds from long-term lease obligations | 0 | 202,000 | — | — | — | |
| Payment of deferred financing costs | −1 | 0 | — | — | — | |
| Payments on lease obligations | −101,000 | −88,000 | — | — | — | |
| Purchase of Treasury Stock | −2 | −2 | 0 | — | — | |
| Net cash provided by (used in) financing activities | 7 | −3 | 15 | 11 | 2 | |
| Effect of exchange rate changes on cash, net | −67,000 | −54,000 | −72,000 | −75,000 | 19,000 | |
| (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | −9 | 12 | 7 | 1 | 516,000 | |
| Interest | 3 | 2 | 2 | 480,000 | 65,000 | |
| Income taxes | 4 | 6 | 3 | 1 | −2 | |
| Change in debt related to seller note | 23 | 0 | — | — | — | |
| Assets obtained under new operating leases | 1 | 200,000 | 4 | — | — | |
| Assets obtained under new finance leases | 6,000 | 204,000 | 0 | — | — |
Filings
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