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Kewaunee Scientific Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: December 13, 2011 02:55PM

Kewaunee Scientific Corp. (KEQU) filed Quarterly Report for the period ended 2011-10-31. Kewaunee Scientific Corp. has a market cap of $21.3 million; its shares were traded at around $8.18 with a P/E ratio of 51.7 and P/S ratio of 0.2. The dividend yield of Kewaunee Scientific Corp. stocks is 4.8%. Kewaunee Scientific Corp. had an annual average earning growth of 52.6% over the past 5 years.



Highlight of Business Operations:

Sales for the three months ended October 31, 2011 were $25,962,000, an increase of 1.3% from sales of $25,625,000 in the comparable period of the prior year. Sales from Domestic Operations were $23,826,000, up from $22,269,000 in the comparable period of the prior year. The increase was primarily due to the continued demand for larger laboratory projects, although at extremely competitive prices. Sales from International Operations were $2,136,000, down from $3,356,000 in the comparable period of the prior year. The decrease in international sales was primarily due to building construction delays for several projects in the Company’s order backlog.

Sales for the six months ended October 31, 2011 were $52,283,000, up 3.6% from sales of $50,483,000 in the same period last year. Domestic operations sales were $47,222,000, up from sales of $43,216,000 in the same period last year. International operation sales were $5,061,000, down from sales of $7,267,000 in the same period last year.

Operating expenses for the three months ended October 31, 2011 were $4,005,000, or 15.4% of sales, as compared to $4,045,000, or 15.8% of sales, in the comparable period of the prior year. Operating expenses for the six months ended October 31, 2011 were $7,960,000, or 15.2% of sales, as compared to $7,946,000, or 15.7% of sales in the comparable period of the prior year. Expenses for both periods of the current year were relatively flat with the comparable periods of the prior year as higher sales and marketing costs were offset by lower administrative expenses. Expenses as a percentage of sales declined in both periods of the current years, as sales increased 1.3% and 3.6%, respectively for the three and six month periods ended October 31, 2011.

A net loss of $125,000, or $0.05 per diluted share, was reported for the three months ended October 31, 2011, compared to net earnings of $855,000, or $0.33 per diluted share, in the prior year period. A net loss of $103,000, or $0.04 per diluted share, was reported for the six months ended October 31, 2011, compared to net earnings of $1,512,000, or $0.59 per diluted share, for the same period last year.

The Company’s operations provided cash of $1,926,000 during the six months ended October 31, 2011. Cash was primarily provided from earnings and a decrease in accounts receivable of $3,851,000, which was partially offset by a decrease in accounts payable and other accrued expenses of $2,475,000. The Company’s operations provided cash of $479,000 during the six months ended October 31, 2010, with cash primarily provided from earnings, which was partially offset by increased accounts receivable of $909,000 and an increase in inventory of $708,000.

Read the The complete Report



Stocks Discussed: KEQU,
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