Exhibit 99.1

 

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Kewaunee Scientific Reports

Results for Fiscal Year and Fourth Quarter

 

Exchange:    NASDAQ (KEQU)    Contact:       Donald T. Gardner III
            704/871-3274

STATESVILLE, N.C. July 8, 2021 – PRNewswire / Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its fourth quarter and its fiscal year ended April 30, 2021.

Fiscal Year 2021 Fourth Quarter Results:

Sales during the fourth quarter of fiscal year 2021 were $38,707,000, an increase of 13.0%, as compared to sales of $34,257,000 from the prior year fourth quarter. Pre-tax loss for the quarter was $950,000 compared to a pre-tax loss of $1,122,000 for the prior year period. The Company experienced significantly higher raw material costs in the fourth quarter of approximately $769,000 when compared to the prior year period. This was due to supply disruptions with key raw materials for our resin product, as well as capacity constraints for steel and related inputs which were temporarily halted in response to the COVID-19 pandemic. Net loss was $2,975,000 compared to a loss of $1,062,000 for the prior year period. EBITDA1 for the quarter was ($302,000) compared to ($458,000) for the prior year period. Tax expense was unfavorably impacted by $1.4 million in the fourth quarter when compared to the prior year period as the Company finalized its annual tax provision, which reduced the net operating loss carryback allowances made available under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) signed into law on March 27, 2020. Diluted loss per share was ($1.08), as compared to diluted loss per share of ($0.39) in the prior year fourth quarter.

The Company’s order backlog was $114.5 million on April 30, 2021, increasing from $103.0 million at January 31, 2021, and $100.9 million at April 30, 2020.    

Domestic Segment - Domestic sales for the quarter were $27,139,000, a decrease of 1.4% from sales of $27,533,000 in the prior year. Domestic sales were relatively flat when compared to the prior year period as the moderated pace of construction activity resulting from the COVID-19 pandemic continued throughout the quarter. Domestic segment net loss was $56,000 compared to $401,000 in the prior year. Domestic segment EBITDA was ($34,000) compared to $402,000 for the prior year period as raw material input costs surged during the quarter and were not able to be passed along to customers as a result of the fixed nature of our contracts.

 

 

1 

EBITDA is a non-GAAP financial measure. See the table below for a reconciliation of EBITDA and segment EBITDA to net earnings (loss), the most directly comparable GAAP measure.

 

CORPORATE OFFICES • P. O. BOX 1842, STATESVILLE, NORTH CAROLINA 28687-1842 • 2700 WEST FRONT STREET, STATESVILLE, NORTH CAROLINA 28677-2927

PHONE 704-873-7202 • FAX 704-873-1275


The following information was filed by Kewaunee Scientific Corp (KEQU) on Friday, July 9, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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