Kewaunee Scientific Corporation (KEQU, Financial) filed Quarterly Report for the period ended 2012-07-31.
Kewaunee Scientific Corporation has a market cap of $29.3 million; its shares were traded at around $11.3 with a P/E ratio of 17.7 and P/S ratio of 0.3. The dividend yield of Kewaunee Scientific Corporation stocks is 3.5%. Kewaunee Scientific Corporation had an annual average earning growth of 10.6% over the past 10 years.
Operating expenses for the three months ended July 31, 2012 were $4,138,000, or 15.5% of sales, as compared to $3,955,000, or 15.0% of sales, in the comparable period of the prior year. The increase in expenses in the current year period was primarily due to an increase in expense of $112,000 related to the Companys frozen pension plans.
Income tax expense of $371,000 was recorded for the three months ended July 31, 2012, as compared to income tax expense of $29,000 recorded for the comparable period of the prior year. The effective tax rate was 35.0% for the three months ended July 31, 2012, and was 21.2% for the comparable period of the prior year. The higher effective tax rate for the current year period resulted primarily from a much lower ratio of pretax earnings in the current period attributable to subsidiaries located in geographic locations with lower income tax rates.
Net earnings were $634,000, or $0.25 per diluted share, for the three months ended July 31, 2012. This compares to net earnings of $22,000, or $0.01 per diluted share, for the comparable period of the prior year.
The Companys operations provided cash of $2,730,000 during the three months ended July 31, 2012. Cash was primarily provided from earnings, a decrease in accounts receivable of $677,000 and an increase in accounts payable and other accrued expenses of $768,000. The Companys operations used cash of $887,000 during the three months ended July 31, 2011, as cash provided from earnings was offset by a decrease of $1,315,000 in accounts payable and other accrued expenses.
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Kewaunee Scientific Corporation has a market cap of $29.3 million; its shares were traded at around $11.3 with a P/E ratio of 17.7 and P/S ratio of 0.3. The dividend yield of Kewaunee Scientific Corporation stocks is 3.5%. Kewaunee Scientific Corporation had an annual average earning growth of 10.6% over the past 10 years.
Highlight of Business Operations:
Sales for the three months ended July 31, 2012 were $26,683,000, an increase from sales of $26,321,000 in the comparable period of the prior year. Sales from Domestic Operations were $22,629,000, down from sales of $23,396,000 in the comparable period of the prior year. The lower domestic sales dollars were expected as part of a strategy underway by the Company to sell more laboratory projects through its strengthened and expanded dealer network. This resulted in increased sales of manufactured products, but lower overall sales, as the dealers provided the related project management, installation, and other service activities, which are typically less profitable for the Company. Sales from International Operations were $4,054,000, up from sales of $2,925,000 in the comparable period of the prior year. The increase was primarily due to the Companys strengthened and expanded international dealer network.Operating expenses for the three months ended July 31, 2012 were $4,138,000, or 15.5% of sales, as compared to $3,955,000, or 15.0% of sales, in the comparable period of the prior year. The increase in expenses in the current year period was primarily due to an increase in expense of $112,000 related to the Companys frozen pension plans.
Income tax expense of $371,000 was recorded for the three months ended July 31, 2012, as compared to income tax expense of $29,000 recorded for the comparable period of the prior year. The effective tax rate was 35.0% for the three months ended July 31, 2012, and was 21.2% for the comparable period of the prior year. The higher effective tax rate for the current year period resulted primarily from a much lower ratio of pretax earnings in the current period attributable to subsidiaries located in geographic locations with lower income tax rates.
Net earnings were $634,000, or $0.25 per diluted share, for the three months ended July 31, 2012. This compares to net earnings of $22,000, or $0.01 per diluted share, for the comparable period of the prior year.
The Companys operations provided cash of $2,730,000 during the three months ended July 31, 2012. Cash was primarily provided from earnings, a decrease in accounts receivable of $677,000 and an increase in accounts payable and other accrued expenses of $768,000. The Companys operations used cash of $887,000 during the three months ended July 31, 2011, as cash provided from earnings was offset by a decrease of $1,315,000 in accounts payable and other accrued expenses.
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