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 21, 2020 – PRNewswire / Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its fourth quarter and its fiscal year ended April 30, 2020.

Fiscal Year 2020 Fourth Quarter Results:

Sales during the fourth quarter of fiscal year 2020 were $34,257,000, a decrease of 1.4%, as compared to sales of $34,748,000 from the prior year fourth quarter. Domestic sales for the quarter were $27,533,000, an increase of 11.6% from sales of $24,677,000 in the prior year. International sales for the quarter were $6,724,000, a decrease of 33.2% from sales of $10,071,000 in the prior year.

Sales in the quarter for both of the Company’s operating segments were negatively impacted by the coronavirus, which resulted in government mandated shut-downs, closure of project sites and delays in manufacturing products. The year-over-year increase in Domestic sales was principally a result of lower than normal quarterly sales in the prior year period. Domestic sales in the quarter increased across the Company’s direct and dealer sales channels, offsetting weakness in export and distribution channels. This sales increase was offset by a decline in activity across all of our International markets, with sales slowing rapidly in our fourth quarter due to the coronavirus.

Pre-tax loss for the quarter was $1,122,000 compared to a pre-tax loss of $1,554,000 for the prior year period. Profitability was negatively impacted during the quarter as a result of the coronavirus, which resulted in delays in projects being released to be manufactured, lower operating levels within manufacturing facilities, construction site closures and higher operating costs due to increased spend on supplies to keep employees safe while operating.

Net loss was $1,062,000 compared to a loss of $1,270,000 for the prior year period. A tax benefit of $64,000 was recorded in the current quarter. This includes a non-cash valuation allowance expense against the deferred tax assets in the amount of $1,625,000 that was recorded during the quarter. Diluted loss per share was ($0.39), as compared to diluted loss per share of ($0.46) in the prior year fourth quarter.

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 Wednesday, July 22, 2020 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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