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Kewaunee Scientific Corp. Reports Operating Results (10-Q)

September 13, 2013 | About:
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10qk

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Kewaunee Scientific Corp. (KEQU) filed Quarterly Report for the period ended 2013-07-31.

Kewaunee Scientific Corp. has a market cap of $42.4 million; its shares were traded at around $16.32 with a P/E ratio of 14.00 and P/S ratio of 0.40. The dividend yield of Kewaunee Scientific Corp. stocks is 2.50%. Kewaunee Scientific Corp. had an annual average earning growth of 10.7% over the past 10 years.

Highlight of Business Operations:

Sales for the three months ended July 31, 2013 were $32,003,000, an increase from sales of $26,683,000 in the comparable period of the prior year. Sales from Domestic Operations were $27,073,000, up from sales of $22,629,000 in the comparable period of the prior year. Domestic sales benefited from strong order activity from the Companys dealer network and a strong backlog with customer ship dates during the quarter. Sales from International Operations were $4,930,000, up from sales of $4,054,000 in the comparable period of the prior year. International operations sales benefited from increased opportunities in the international markets and the favorable timing of several projects.

Operating expenses for the three months ended July 31, 2013 were $4,144,000, or 12.9% of sales, as compared to $4,138,000, or 15.5% of sales, in the comparable period of the prior year. Expenses in the current year period were favorably impacted by cost savings initiatives, which substantially offset an increase of $199,000 in performance incentive programs expense and variable expenses associated with the increase in sales.

Noncontrolling interests related to the Companys two subsidiaries that were not 100% owned by the Company reduced net earnings by $30,000 for the three months ended July 31, 2013, as compared to a reduction of $54,000 for the comparable period of the prior year. As discussed in Note B, during the quarter ended July 31, 2013, the Company purchased the 49% minority ownership of one of its subsidiaries. The purchase of the minority ownership and reduction of the noncontrolling interest had a favorable impact on net earnings of $140,000 for the three months ended July 31, 2013.

Net earnings were $1,587,000, or $0.61 per diluted share, for the three months ended July 31, 2013. This compares to net earnings of $634,000, or $0.25 per diluted share, for the comparable period of the prior year.

The Companys operations provided cash of $1,805,000 during the three months ended July 31, 2013. Cash was primarily provided from earnings, a decrease in accounts receivable of $1,103,000, and a decrease in inventory of $869,000, partially offset by a decrease in accounts payable and other accrued expenses of $2,105,000. 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 $1,273,000, and an increase in accounts payable and other accrued expenses of $768,000.

Read the The complete Report

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