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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kewaunee Scientific Corporation | NASDAQ:KEQU | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.09 | -0.25% | 36.05 | 18.32 | 57.79 | 36.30 | 35.70 | 36.25 | 7,759 | 01:00:00 |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||||||||
☒ | Smaller reporting company | |||||||||||||||||||
Emerging growth company |
Page Number | ||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of products sold | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Operating profit | |||||||||||||||||||||||
Pension expense | ( | ( | ( | ( | |||||||||||||||||||
Other income, net | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Profit before income taxes | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net earnings | |||||||||||||||||||||||
Less: Net earnings attributable to the non-controlling interest | |||||||||||||||||||||||
Net earnings (loss) attributable to Kewaunee Scientific Corporation | $ | $ | $ | $ | ( | ||||||||||||||||||
Net earnings (loss) per share attributable to Kewaunee Scientific Corporation stockholders | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | ( | ||||||||||||||||||
Diluted | $ | $ | $ | $ | ( | ||||||||||||||||||
Weighted average number of common shares outstanding | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net earnings | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive loss, net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | ( | ( | |||||||||||||||||||
Other comprehensive loss | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive earnings (loss), net of tax | ( | ||||||||||||||||||||||
Less: Comprehensive income attributable to the non-controlling interest | |||||||||||||||||||||||
Comprehensive earnings (loss) attributable to Kewaunee Scientific Corporation | $ | $ | $ | $ | ( |
Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total Kewaunee Scientific Corporation Stockholders' Equity | ||||||||||||||||||||||||||||||
Balance at April 30, 2023 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net earnings attributable to Kewaunee Scientific Corporation | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Stock-based compensation | ( | — | — | — | ( | ||||||||||||||||||||||||||||||
Balance at July 31, 2023 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net earnings attributable to Kewaunee Scientific Corporation | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||||||||
Purchase of Treasury Stock, | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Balance at October 31, 2023 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net earnings attributable to Kewaunee Scientific Corporation | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||||||||
Purchase of Treasury Stock, | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Balance at January 31, 2024 | $ | $ | $ | ( | $ | $ | ( | $ |
Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total Kewaunee Scientific Corporation Stockholders' Equity | ||||||||||||||||||||||||||||||
Balance at April 30, 2022 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net loss attributable to Kewaunee Scientific Corporation | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Stock-based compensation | ( | — | — | — | ( | ||||||||||||||||||||||||||||||
Balance at July 31, 2022 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net loss attributable to Kewaunee Scientific Corporation | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||||||||
Balance at October 31, 2022 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net earnings attributable to Kewaunee Scientific Corporation | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||||||||
Balance at January 31, 2023 | $ | $ | $ | ( | $ | $ | ( | $ |
January 31, 2024 | April 30, 2023 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Receivables, less allowance; $ | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total Current Assets | |||||||||||
Property, plant and equipment, at cost | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Net Property, Plant and Equipment | |||||||||||
Right of use assets | |||||||||||
Other assets | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities and Stockholders' Equity | |||||||||||
Current Liabilities: | |||||||||||
Short-term borrowings | $ | $ | |||||||||
Current portion of financing liability | |||||||||||
Current portion of financing lease liabilities | |||||||||||
Current portion of operating lease liabilities | |||||||||||
Accounts payable | |||||||||||
Employee compensation and amounts withheld | |||||||||||
Deferred revenue | |||||||||||
Other accrued expenses | |||||||||||
Total Current Liabilities | |||||||||||
Long-term portion of financing liability | |||||||||||
Long-term portion of financing lease liabilities | |||||||||||
Long-term portion of operating lease liabilities | |||||||||||
Accrued pension and deferred compensation costs | |||||||||||
Deferred income taxes | |||||||||||
Other non-current liabilities | |||||||||||
Total Liabilities | |||||||||||
Commitments and Contingencies | |||||||||||
Stockholders' Equity: | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in-capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Common stock in treasury, at cost, | ( | ( | |||||||||
Total Kewaunee Scientific Corporation Stockholders' Equity | |||||||||||
Non-controlling interest | |||||||||||
Total Stockholders' Equity | |||||||||||
Total Liabilities and Stockholders' Equity | $ | $ |
Nine Months Ended January 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net earnings | $ | $ | |||||||||
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | |||||||||||
Depreciation | |||||||||||
Bad debt provision | |||||||||||
Stock-based compensation expense | |||||||||||
Deferred income taxes | |||||||||||
Change in assets and liabilities: | |||||||||||
Receivables | ( | ||||||||||
Inventories | |||||||||||
Accounts payable and other accrued expenses | ( | ( | |||||||||
Deferred revenue | |||||||||||
Other, net | ( | ||||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from short-term borrowings | |||||||||||
Repayments on short-term borrowings | ( | ( | |||||||||
Proceeds from sale-leaseback financing transaction | |||||||||||
Payments on sale-leaseback financing transaction | ( | ( | |||||||||
Proceeds from long-term lease obligations | |||||||||||
Payments on long-term lease obligations | ( | ( | |||||||||
Purchase of treasury stock | ( | ||||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ( | |||||||||
Increase in cash, cash equivalents and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash, beginning of period | |||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | $ |
January 31, 2024 | April 30, 2023 | |||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Total cash, cash equivalents and restricted cash | $ | $ |
Three Months Ended | |||||||||||||||||||||||||||||||||||
January 31, 2024 | January 31, 2023 | ||||||||||||||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | ||||||||||||||||||||||||||||||
Over Time | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Point in Time | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Nine Months Ended | |||||||||||||||||||||||||||||||||||
January 31, 2024 | January 31, 2023 | ||||||||||||||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | ||||||||||||||||||||||||||||||
Over Time | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Point in Time | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
January 31, 2024 | April 30, 2023 | ||||||||||
Finished products | $ | $ | |||||||||
Work in process | |||||||||||
Raw materials | |||||||||||
Total | $ | $ |
January 31, 2024 | ||||||||||||||||||||
Financial Assets | Level 1 | Level 2 | Total | |||||||||||||||||
Trading securities held in non-qualified compensation plans (1) | $ | $ | $ | |||||||||||||||||
Cash surrender value of life insurance policies (1) | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Non-qualified compensation plans (2) | $ | $ | $ | |||||||||||||||||
Total | $ | $ | $ |
April 30, 2023 | ||||||||||||||||||||
Financial Assets | Level 1 | Level 2 | Total | |||||||||||||||||
Trading securities held in non-qualified compensation plans (1) | $ | $ | $ | |||||||||||||||||
Cash surrender value of life insurance policies (1) | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Non-qualified compensation plans (2) | $ | $ | $ | |||||||||||||||||
Total | $ | $ | $ |
($ in thousands) | ||||||||
Remainder of 2024 | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
Thereafter | ||||||||
Total Minimum Liability Payments | ||||||||
Imputed Interest | ( | |||||||
Total | $ |
Operating | Financing | |||||||||||||
Remainder of fiscal 2024 | $ | $ | ||||||||||||
2025 | ||||||||||||||
2026 | ||||||||||||||
2027 | ||||||||||||||
2028 | ||||||||||||||
Thereafter | ||||||||||||||
Total Minimum Lease Payments | ||||||||||||||
Imputed Interest | ( | ( | ||||||||||||
Total | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
January 31, 2024 | January 31, 2023 | January 31, 2024 | January 31, 2023 | ||||||||||||||||||||
Basic | |||||||||||||||||||||||
Dilutive effect of stock options and RSUs | |||||||||||||||||||||||
Weighted average common shares outstanding - diluted |
Three Months Ended | |||||||||||
January 31, 2024 | January 31, 2023 | ||||||||||
Service cost | $ | $ | |||||||||
Interest cost | |||||||||||
Expected return on plan assets | ( | ( | |||||||||
Recognition of net loss | |||||||||||
Net periodic pension expense | $ | $ |
Nine Months Ended | |||||||||||
January 31, 2024 | January 31, 2023 | ||||||||||
Service cost | $ | $ | |||||||||
Interest cost | |||||||||||
Expected return on plan assets | ( | ( | |||||||||
Recognition of net loss | |||||||||||
Net periodic pension expense | $ | $ |
Domestic Operations | International Operations | Corporate / Eliminations | Total | ||||||||||||||||||||
Three Months Ended January 31, 2024 | |||||||||||||||||||||||
Revenues from external customers | $ | $ | $ | $ | |||||||||||||||||||
Intersegment revenues | ( | ||||||||||||||||||||||
Earnings (loss) before income taxes | ( | ||||||||||||||||||||||
Three Months Ended January 31, 2023 | |||||||||||||||||||||||
Revenues from external customers | $ | $ | $ | $ | |||||||||||||||||||
Intersegment revenues | ( | ||||||||||||||||||||||
Earnings (loss) before income taxes | ( |
Domestic Operations | International Operations | Corporate / Eliminations | Total | ||||||||||||||||||||
Nine Months Ended January 31, 2024 | |||||||||||||||||||||||
Revenues from external customers | $ | $ | $ | $ | |||||||||||||||||||
Intersegment revenues | ( | ||||||||||||||||||||||
Earnings (loss) before income taxes | ( | ||||||||||||||||||||||
Nine Months Ended January 31, 2023 | |||||||||||||||||||||||
Revenues from external customers | $ | $ | $ | $ | |||||||||||||||||||
Intersegment revenues | ( | ||||||||||||||||||||||
Earnings (loss) before income taxes | ( |
Total Number of Shares Purchased (1) | Average Price Paid Per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Programs (1) | Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) | ||||||||||||||||||||
November 1 - 30 | 101 | $ | 18.35 | 101 | 97,476 | ||||||||||||||||||
December 1 - 31 | 13,779 | $ | 25.98 | 13,779 | 83,697 | ||||||||||||||||||
January 1 - 31 | 13,153 | $ | 29.25 | 13,153 | 70,544 | ||||||||||||||||||
27,033 | 27,033 |
10.1 | |||||||||||
31.1 | |||||||||||
31.2 | |||||||||||
32.1 | |||||||||||
32.2 | |||||||||||
101.INS | Inline XBRL Instance Document | ||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
KEWAUNEE SCIENTIFIC CORPORATION (Registrant) | |||||||||||
Date: March 8, 2024 | By | /s/ Donald T. Gardner III | |||||||||
Donald T. Gardner III | |||||||||||
(As duly authorized officer and Vice President, Finance and Chief Financial Officer) |
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
Income Statement [Abstract] | ||||
Net sales | $ 46,778 | $ 60,821 | $ 147,053 | $ 165,508 |
Cost of products sold | 34,749 | 50,491 | 109,642 | 140,281 |
Gross profit | 12,029 | 10,330 | 37,411 | 25,227 |
Operating expenses | 8,223 | 8,026 | 24,688 | 22,564 |
Operating profit | 3,806 | 2,304 | 12,723 | 2,663 |
Pension expense | (41) | (18) | (122) | (53) |
Other income, net | 161 | 210 | 384 | 756 |
Interest expense | (411) | (436) | (1,213) | (1,190) |
Profit before income taxes | 3,515 | 2,060 | 11,772 | 2,176 |
Income tax expense | 982 | 962 | 3,894 | 1,911 |
Net earnings | 2,533 | 1,098 | 7,878 | 265 |
Less: Net earnings attributable to the non-controlling interest | 12 | 375 | 151 | 532 |
Net earnings (loss) attributable to Kewaunee Scientific Corporation | $ 2,521 | $ 723 | $ 7,727 | $ (267) |
Net earnings (loss) per share attributable to Kewaunee Scientific Corporation stockholders | ||||
Basic (in dollars per share) | $ 0.87 | $ 0.26 | $ 2.68 | $ (0.09) |
Diluted (in dollars per share) | $ 0.85 | $ 0.25 | $ 2.64 | $ (0.09) |
Weighted average number of common shares outstanding | ||||
Basic (in shares) | 2,893 | 2,830 | 2,885 | 2,822 |
Diluted (in shares) | 2,965 | 2,911 | 2,927 | 2,822 |
Condensed Consolidated Statements of Comprehensive Earnings (Loss) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 2,533 | $ 1,098 | $ 7,878 | $ 265 |
Other comprehensive loss, net of tax: | ||||
Foreign currency translation adjustments | (40) | (106) | (435) | (567) |
Other comprehensive loss | (40) | (106) | (435) | (567) |
Comprehensive earnings (loss), net of tax | 2,493 | 992 | 7,443 | (302) |
Less: Comprehensive income attributable to the non-controlling interest | 12 | 375 | 151 | 532 |
Comprehensive earnings (loss) attributable to Kewaunee Scientific Corporation | $ 2,481 | $ 617 | $ 7,292 | $ (834) |
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) - shares |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Jan. 31, 2024 |
Oct. 31, 2023 |
Jan. 31, 2024 |
|
Statement of Stockholders' Equity [Abstract] | |||
Purchase of treasury stock (in shares) | 27,033 | 2,423 | 29,456 |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jan. 31, 2024 |
Apr. 30, 2023 |
---|---|---|
Current Assets: | ||
Allowance for receivables | $ 589 | $ 476 |
Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, shares issued (in shares) | 2,908,000 | 2,833,000 |
Common stock, shares outstanding (in shares) | 2,875,000 | 2,830,000 |
Treasury stock, shares (in shares) | 33,000 | 3,000 |
Financial Information |
9 Months Ended |
---|---|
Jan. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financial Information | Financial Information The unaudited interim Condensed Consolidated Financial Statements of Kewaunee Scientific Corporation (the "Company") have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted, although the Company believes that the disclosures are adequate to make the information presented not misleading. These interim Condensed Consolidated Financial Statements include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of these financial statements and should be read in conjunction with the Consolidated Financial Statements and Notes included in the Company's 2023 Annual Report on Form 10-K. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. The Condensed Consolidated Balance Sheet as of April 30, 2023 included in this interim period filing has been derived from the audited consolidated financial statements at that date, but does not include all of the information and related notes required by GAAP for complete financial statements. The preparation of the interim Condensed Consolidated Financial Statements requires management to make certain estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates.
|
Cash, Cash Equivalents and Restricted Cash |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. During the nine months ended January 31, 2024 and twelve months ended April 30, 2023, the Company had cash deposits in excess of FDIC insured limits. The Company has not experienced any losses from such deposits. Restricted cash includes bank deposits of subsidiaries used for performance guarantees against customer orders and domestic bank deposits used as collateral for an outstanding letter of credit. The Company includes restricted cash along with the cash balance for presentation in the Condensed Consolidated Statements of Cash Flows. The reconciliation between the Condensed Consolidated Balance Sheet and the Condensed Consolidated Statement of Cash Flows is as follows:
|
Revenue Recognition |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition The Company recognizes revenue when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. The majority of the Company's revenues are recognized over time as the customer receives control as the Company performs work under a contract. However, a portion of the Company's revenues are recognized at a point-in-time as control is transferred at a distinct point in time per the terms of a contract. Disaggregated Revenue A summary of net sales transferred to customers over time and at a point in time for the periods ended January 31, 2024 and January 31, 2023 is as follows (in thousands):
Contract Balances The closing balances of contract assets included $10,466,000 in accounts receivable and $506,000 in other assets at January 31, 2024. The opening balance of contract assets arising from contracts with customers included $13,459,000 in accounts receivable and $1,191,000 in other assets at April 30, 2023. The closing and opening balances of contract liabilities included in deferred revenue arising from contracts with customers were $10,248,000 at January 31, 2024 and $4,097,000 at April 30, 2023. The timing of revenue recognition, billings and cash collections results in accounts receivable, unbilled receivables, and deferred revenue which are disclosed in the Condensed Consolidated Balance Sheets and in the Notes to the Condensed Consolidated Financial Statements. In general, the Company receives payments from customers based on a billing schedule established in its contracts. Unbilled receivables represent amounts earned which have not yet been billed in accordance with contractually stated billing terms and are included in receivables on the Condensed Consolidated Balance Sheets. Receivables are recorded when the right to consideration becomes unconditional and the Company has a right to invoice the customer. Deferred revenue relates to payments received in advance of performance under the contract. Deferred revenue is recognized as revenue as (or when) the Company performs under the contract. Approximately 100% of the contract liability balances at April 30, 2023 and January 31, 2024 are expected to be recognized as revenue during the respective succeeding 12 months.
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Inventories |
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Jan. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories The Company measures inventory using the first-in, first-out method at the lower of cost or net realizable value. Inventories consisted of the following (in thousands):
The Company's International subsidiaries' inventories were $2,869,000 at January 31, 2024 and $2,740,000 at April 30, 2023 and are included in the above tables.
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Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company's financial instruments consist primarily of cash and equivalents, mutual funds, short-term borrowings, and the cash surrender value of life insurance policies. The carrying value of these assets and liabilities approximates their fair value. The following tables summarize the Company's fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of January 31, 2024 and April 30, 2023 (in thousands):
(1)The Company maintains two non-qualified compensation plans which include investment assets in a rabbi trust. These assets consist of marketable securities, which are valued using quoted market prices multiplied by the number of shares owned, and life insurance policies, which are valued at their cash surrender value. (2)Plan liabilities are equal to the individual participants' account balances and other earned retirement benefits.
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Long-term Debt and Other Credit Arrangements |
9 Months Ended |
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Jan. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-term Debt and Other Credit Arrangements | Long-term Debt and Other Credit Arrangements At April 30, 2023, advances of $3.5 million were outstanding under the Company's Revolving Credit Facility. Amounts available under the Revolving Credit Facility were $10.3 million at April 30, 2023. The borrowing rate under the Revolving Credit Facility was 9.02% as of April 30, 2023. The Company's International subsidiaries had a balance outstanding at April 30, 2023 of $39,000 in short-term borrowings related to overdraft protection and short-term loan arrangements. At April 30, 2023, the Company was in compliance with all of the financial covenants under its Revolving Credit Facility. At January 31, 2024, advances of $3.0 million were outstanding under the Revolving Credit Facility, with remaining borrowing capacity under the Revolving Credit Facility of $9.3 million. The borrowing rate under the Revolving Credit Facility was 9.57% as of January 31, 2024. In addition, the Company's International subsidiaries had a balance outstanding of $184,000 in short-term borrowings related to overdraft protection and short-term loan arrangements at January 31, 2024. The Company was in compliance with all of the financial covenants under its Revolving Credit Facility as of January 31, 2024.
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Sale-Leaseback Financing Transaction |
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Financing Liability [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale-Leaseback Financing Transaction | Sale-Leaseback Financing Transaction On December 22, 2021, the Company entered into an Agreement for Purchase and Sale of Real Property with CAI Investments Sub-Series 100 LLC, a Nevada limited liability company (the "Buyer"), for the Company’s headquarters and manufacturing facilities located at 2700 West Front Street in Statesville, North Carolina (the "Sale Agreement"). The Sale Agreement was finalized on March 24, 2022 and coincided with the Company and CAI Investments Medical Products I Master Lessee LLC ("Lessor") entering into a lease agreement. The lease arrangement is for a 20-year term, with four renewal options of five years each. Under the terms of the lease agreement, the Company’s initial basic rent is approximately $158,000 per month, with annual increases of approximately 2% each year of the initial term. The Company accounted for the Sale-Leaseback Arrangement as a financing transaction as the lease agreement was determined to be a finance lease due to the significance of the present value of the lease payments, using a discount rate of 4.75% to reflect the Company’s incremental borrowing rate, compared to the fair value of the leased property as of the lease commencement date. In measuring the lease payments for the present value analysis, the Company elected the practical expedient to combine the lease component (the leased facilities) with the non-lease component (property management provided by the Buyer/Lessor) into a single lease component. The presence of a finance lease indicates that control of the property has not transferred to the Buyer/Lessor and, as such, the transaction was deemed a failed sale-leaseback and accounted for as a financing arrangement. As a result of this determination, the Company is viewed as having received the sale proceeds from the Buyer/Lessor in the form of a hypothetical loan collateralized by its leased facilities. The hypothetical loan is payable as principal and interest in the form of “lease payments” to the Buyer/Lessor. As such, the Company will not derecognize the property from its books for accounting purposes until the lease ends. No gain or loss was recognized under GAAP related to the Sale-Leaseback Arrangement. As of January 31, 2024, the carrying value of the financing liability was $28,298,000, net of $663,000 in debt issuance costs, of which $695,000 was classified as current on the Consolidated Balance Sheet with $27,603,000 classified as long-term. As of April 30, 2023, the carrying value of the financing liability was $28,774,000, net of $708,000 in debt issuance costs, of which $642,000 was classified as current on the Consolidated Balance Sheet with $28,132,000 classified as long-term. The monthly lease payments are split between a reduction of principal and interest expense using the effective interest rate method. Interest expense associated with the financing arrangement was $321,000 and $329,000 for the three months ended January 31, 2024 and January 31, 2023, respectively. Interest expense associated with the financing arrangement was $968,000 and $990,000 for the nine months ended January 31, 2024 and January 31, 2023, respectively. The Company will depreciate the building down to zero over the 20-year assumed economic life of the Property so that at the end of the lease term, the remaining carrying amount of the financing liability will equal the carrying amount of the land of $41,000. Remaining future cash payments related to the financing liability as of January 31, 2024 are as follows:
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company recognizes lease assets and lease liabilities reflecting the rights and obligations created by operating type leases for real estate and equipment in both the U.S. and internationally and financing leases for vehicles and IT equipment in the U.S. At January 31, 2024 and April 30, 2023, right-of-use assets totaled $7,827,000 and $9,170,000, respectively. Operating cash paid to settle lease liabilities was $1,930,000 and $1,652,000 for the nine months ended January 31, 2024 and January 31, 2023, respectively. The Company's leases have remaining lease terms of up to 8 years. In addition, some of the leases may include options to extend the leases for up to 5 years or options to terminate the leases within 1 year. Operating lease expenses were $862,000 and $2,576,000 for the three and nine months ended January 31, 2024, inclusive of period cost for short-term leases, not included in lease liabilities, of $214,000 and $646,000. Operating lease expenses were $825,000 and $2,528,000 for the three and nine months ended January 31, 2023, inclusive of period cost for short-term leases, not included in lease liabilities, of $199,000 and $876,000. At January 31, 2024, the weighted average remaining lease term for the capitalized operating leases was 4.5 years and the weighted average discount rate was 5.1%. For the financing leases, the weighted average remaining lease term was 4.7 years and the weighted average discount rate was 8.3%. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of those lease payments. The Company uses the implicit rate when readily determinable. Future minimum lease payments under non-cancelable leases as of January 31, 2024 were as follows:
In November 2023, the Company entered into a new lease that has not yet commenced as of January 31, 2024 with future minimum lease payments in aggregate of $681,000 that are not yet reflected on the Condensed Consolidated Balance Sheet. This lease is expected to commence in the second quarter of fiscal year 2025 with a lease term of 3 years.
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Leases | Leases The Company recognizes lease assets and lease liabilities reflecting the rights and obligations created by operating type leases for real estate and equipment in both the U.S. and internationally and financing leases for vehicles and IT equipment in the U.S. At January 31, 2024 and April 30, 2023, right-of-use assets totaled $7,827,000 and $9,170,000, respectively. Operating cash paid to settle lease liabilities was $1,930,000 and $1,652,000 for the nine months ended January 31, 2024 and January 31, 2023, respectively. The Company's leases have remaining lease terms of up to 8 years. In addition, some of the leases may include options to extend the leases for up to 5 years or options to terminate the leases within 1 year. Operating lease expenses were $862,000 and $2,576,000 for the three and nine months ended January 31, 2024, inclusive of period cost for short-term leases, not included in lease liabilities, of $214,000 and $646,000. Operating lease expenses were $825,000 and $2,528,000 for the three and nine months ended January 31, 2023, inclusive of period cost for short-term leases, not included in lease liabilities, of $199,000 and $876,000. At January 31, 2024, the weighted average remaining lease term for the capitalized operating leases was 4.5 years and the weighted average discount rate was 5.1%. For the financing leases, the weighted average remaining lease term was 4.7 years and the weighted average discount rate was 8.3%. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of those lease payments. The Company uses the implicit rate when readily determinable. Future minimum lease payments under non-cancelable leases as of January 31, 2024 were as follows:
In November 2023, the Company entered into a new lease that has not yet commenced as of January 31, 2024 with future minimum lease payments in aggregate of $681,000 that are not yet reflected on the Condensed Consolidated Balance Sheet. This lease is expected to commence in the second quarter of fiscal year 2025 with a lease term of 3 years.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share is based on the weighted average number of common shares outstanding during the year. Diluted earnings per share reflects the assumed exercise of outstanding options and the conversion of restricted stock units ("RSUs") under the Company's various stock compensation plans, except when RSUs and options have an antidilutive effect. There were 15,000 and 31,500 antidilutive RSUs and options outstanding at January 31, 2024 and January 31, 2023, respectively. The following is a reconciliation of basic to diluted weighted average common shares outstanding (in thousands):
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Stock Options and Stock-based Compensation |
9 Months Ended |
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Jan. 31, 2024 | |
Equity [Abstract] | |
Stock Options and Stock-based Compensation | Stock Options and Stock-based Compensation The Company recognizes compensation costs related to stock options and other stock awards granted by the Company as operating expenses over their vesting period. In June 2023, the Company granted 87,220 RSUs under the 2017 Omnibus Incentive Plan ("2017 Plan"). These RSUs include both a service and a performance component, vesting over a three-year period. The recognized expense is based upon the vesting period for service criteria and estimated attainment of the performance criteria at the end of the three-year period, based on the ratio of cumulative days of service to total days over the three-year period. The Company recorded stock-based compensation expense of $241,000 and $655,000 during the three and nine months ended January 31, 2024 with the remaining estimated stock-based compensation expense of $1,550,000 to be recorded over the remaining vesting periods. The Company recorded stock-based compensation expense of $332,000 and $658,000 during the three and nine months ended January 31, 2023. In August 2023, the stockholders approved the 2023 Omnibus Incentive Plan ("2023 Plan"), which enables the Company to grant equity-based awards, with potential recipients including directors, consultants, and employees. This plan replaces the 2017 Plan. No new awards will be granted under the prior plans. All outstanding options granted under the prior plans remain subject to, and will be settled upon exercise under, the prior plans. At the date of approval of the 2023 Plan, there were 64,633 shares available for issuance under the prior plan. These shares and any outstanding awards that subsequently cease to be subject to such awards are available under the 2023 Plan. The 2023 Plan also increased the total number of shares reserved for issuance under the Company's equity compensation plans by 310,000, for a total of 374,633 shares reserved for issuance under the 2023 Plan. The Company did not issue any RSUs under the 2023 Plan during the three months ended January 31, 2024. Directors' fees paid with shares of common stock in lieu of cash in accordance with Director compensation guidelines were $10,000 and $41,000 for the nine month periods ended January 31, 2024 and January 31, 2023, respectively, and were also included in the stock-based compensation on the Condensed Consolidated Statements of Cash Flows.
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Stockholders' Equity |
9 Months Ended |
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Jan. 31, 2024 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common Stock The Company is authorized to issue 5,000,000 shares of Common Stock, par value of $2.50 per share. Holders of the Company's Common Stock are entitled to one vote per share. As of January 31, 2024 and April 30, 2023, there were approximately 2,875,000 and 2,830,000 shares, respectively, of Common Stock issued and outstanding. The Company has not declared or paid any dividends with respect to its Common Stock during the three and nine months ended January 31, 2024. The declaration and payment of any future dividends is at the discretion of the Board of Directors and will depend upon many factors, including the Company's earnings, capital requirements, investment and growth strategies, financial conditions, the terms of the Company's indebtedness, which contains provisions that could limit the payment of dividends in certain circumstances, and other factors that the Board of Directors may deem to be relevant. Share Repurchase Program On August 31, 2023, the Board of Directors of the Company adopted a share repurchase program with authorization to repurchase up to 100,000 shares. There is no expiration date and currently, management has no plans to terminate this program. For the three months ended January 31, 2024, the Company repurchased 27,033 shares of the Company's common stock for approximately $745,000, excluding other costs such as broker commissions and fees. For the nine months ended January 31, 2024, the Company repurchased 29,456 shares of the Company's common stock for approximately $788,000, excluding other costs such as broker commissions and fees. As of January 31, 2024, the total remaining purchase authorization was 70,544 shares.
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Income Taxes |
9 Months Ended |
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Jan. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | . Income Taxes Income tax expense of $982,000 and $3,894,000 was recorded for the three and nine months ended January 31, 2024, respectively. Income tax expense of $962,000 and $1,911,000 was recorded for the three and nine months ended January 31, 2023, respectively. The effective tax rate was 27.9% and 33.1% for the three and nine months ended January 31, 2024, respectively. The effective tax rate for the current three and nine month periods reflects the impact of foreign operations which are taxed at different rates than the U.S. tax rate of 21%, combined with expected current year tax expense for the Company's domestic operations and estimated increases in the domestic valuation allowance required for the fiscal year. In addition, the income tax expense recorded for the nine months ended January 31, 2024 was unfavorably impacted by additional tax expense of $387,000 related to India tax matters. This one-time expense is related to management's decision to discontinue management fees, citing challenges associated with the Indian tax authority and cost benefit analysis. The effective tax rate was 46.7% and 87.8% for the three and nine months ended January 31, 2023, respectively. The higher effective tax rates for the prior year periods were primarily due to the inclusion of a valuation allowance against deferred tax assets, which led to the nullification of any U.S. income tax benefit for pre-tax losses incurred in the corresponding periods. In August 2019, the Company revoked its indefinite reinvestment of foreign unremitted earnings position in compliance with ASC 740 "Income Taxes" and terminated its indefinite reinvestment of unremitted earnings assertion for the Singapore and Kewaunee Labway India Pvt. Ltd. international subsidiaries. The Company has a deferred tax liability of $1,506,000 and $1,318,000 for the withholding tax related to Kewaunee Labway India Pvt. Ltd. as of January 31, 2024 and April 30, 2023, respectively.
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Defined Benefit Pension Plans |
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Jan. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Defined Benefit Pension Plans The Company has non-contributory defined benefit pension plans covering substantially all domestic salaried and hourly employees. These plans were amended as of April 30, 2005; no further benefits have been, or will be, earned under the plans, subsequent to the amendment date, and no additional participants will be added to the plans. There were no Company contributions paid to the plans for the three and nine months ended January 31, 2024 and January 31, 2023. The Company assumed an expected long-term rate of return of 7.75% for the periods ended January 31, 2024 and January 31, 2023. Pension expense consisted of the following (in thousands):
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Segment Information |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company's operations are classified into two business segments: Domestic and International. The Domestic business segment principally designs, manufactures, and installs scientific and technical furniture, including steel and wood laboratory cabinetry, fume hoods, flexible systems, worksurfaces, workstations, workbenches, and computer enclosures. The International business segment, which consists of the Company's foreign subsidiaries, provides products and services, including facility design, detailed engineering, construction, and project management from the planning stage through testing and commissioning of laboratories. Intersegment transactions are recorded at normal profit margins. All intercompany balances and transactions have been eliminated. Certain corporate expenses shown below have not been allocated to the business segments. The following tables provide financial information by business segment and unallocated corporate expenses for the periods ended January 31, 2024 and 2023 (in thousands):
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New Accounting Standards |
9 Months Ended |
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Jan. 31, 2024 | |
Accounting Policies [Abstract] | |
New Accounting Standards | New Accounting Standards In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments," which replaces the current incurred loss method used for determining credit losses on financial assets, including trade receivables, with an expected credit loss method. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company adopted this standard effective May 1, 2023. The adoption of this standard did not have a significant impact on the Company's consolidated financial position or results of operations. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures," which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company will adopt this standard in fiscal year 2025. The Company does not expect the adoption of this standard to have a significant impact on the Company's consolidated financial position or results of operations. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) - Improvements for Income Tax Disclosures," which requires public business entities to, on an annual basis, (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. This ASU also provides for additional disclosure requirements to provide clarity for investors related to income tax disclosures. This guidance is effective for annual periods beginning after December 15, 2024. The Company will adopt this standard in fiscal year 2026. The Company does not expect the adoption of this standard to have a significant impact on the Company's consolidated financial position or results of operations.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
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Jan. 31, 2024 |
Oct. 31, 2023 |
Jul. 31, 2023 |
Jan. 31, 2023 |
Oct. 31, 2022 |
Jul. 31, 2022 |
Jan. 31, 2024 |
Jan. 31, 2023 |
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Pay vs Performance Disclosure | ||||||||
Net earnings (loss) attributable to Kewaunee Scientific Corporation | $ 2,521 | $ 2,732 | $ 2,474 | $ 723 | $ (243) | $ (747) | $ 7,727 | $ (267) |
Insider Trading Arrangements |
3 Months Ended |
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Jan. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
New Accounting Standards (Policies) |
9 Months Ended |
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Jan. 31, 2024 | |
Accounting Policies [Abstract] | |
New Accounting Standards | In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments," which replaces the current incurred loss method used for determining credit losses on financial assets, including trade receivables, with an expected credit loss method. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company adopted this standard effective May 1, 2023. The adoption of this standard did not have a significant impact on the Company's consolidated financial position or results of operations. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures," which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company will adopt this standard in fiscal year 2025. The Company does not expect the adoption of this standard to have a significant impact on the Company's consolidated financial position or results of operations. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) - Improvements for Income Tax Disclosures," which requires public business entities to, on an annual basis, (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. This ASU also provides for additional disclosure requirements to provide clarity for investors related to income tax disclosures. This guidance is effective for annual periods beginning after December 15, 2024. The Company will adopt this standard in fiscal year 2026. The Company does not expect the adoption of this standard to have a significant impact on the Company's consolidated financial position or results of operations.
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Cash, Cash Equivalents and Restricted Cash (Tables) |
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Jan. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash, Cash Equivalents, and Restricted Cash | The reconciliation between the Condensed Consolidated Balance Sheet and the Condensed Consolidated Statement of Cash Flows is as follows:
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Revenue Recognition (Tables) |
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Jan. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | A summary of net sales transferred to customers over time and at a point in time for the periods ended January 31, 2024 and January 31, 2023 is as follows (in thousands):
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Inventories | Inventories consisted of the following (in thousands):
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Fair Value of Financial Instruments (Tables) |
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Jan. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Fair Value Hierarchy for Financial Assets and Liabilities Measured Recurring Basis | The following tables summarize the Company's fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of January 31, 2024 and April 30, 2023 (in thousands):
(1)The Company maintains two non-qualified compensation plans which include investment assets in a rabbi trust. These assets consist of marketable securities, which are valued using quoted market prices multiplied by the number of shares owned, and life insurance policies, which are valued at their cash surrender value. (2)Plan liabilities are equal to the individual participants' account balances and other earned retirement benefits.
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Sale-Leaseback Financing Transaction (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Liability [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Remaining Future Cash Payments for Financing Liability | Remaining future cash payments related to the financing liability as of January 31, 2024 are as follows:
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Leases (Tables) |
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Jan. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Lease Maturity | Future minimum lease payments under non-cancelable leases as of January 31, 2024 were as follows:
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Schedule of Finance Lease Maturity | Future minimum lease payments under non-cancelable leases as of January 31, 2024 were as follows:
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Earnings Per Share (Tables) |
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Jan. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of basic to diluted weighted average common shares outstanding (in thousands):
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Defined Benefit Pension Plans (Tables) |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Expenses | Pension expense consisted of the following (in thousands):
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Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | The following tables provide financial information by business segment and unallocated corporate expenses for the periods ended January 31, 2024 and 2023 (in thousands):
|
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Jan. 31, 2024 |
Apr. 30, 2023 |
Jan. 31, 2023 |
Apr. 30, 2022 |
---|---|---|---|---|
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 21,312 | $ 8,078 | ||
Restricted cash | 5,800 | 5,737 | ||
Total cash, cash equivalents and restricted cash | $ 27,112 | $ 13,815 | $ 18,416 | $ 6,894 |
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Jan. 31, 2024 |
Apr. 30, 2023 |
|
Disaggregation of Revenue [Line Items] | ||
Contract liabilities | $ 10,248 | $ 4,097 |
Contract liability recognized as revenue percentage | 100.00% | 100.00% |
Accounts receivable | ||
Disaggregation of Revenue [Line Items] | ||
Contract assets | $ 10,466 | $ 13,459 |
Other assets | ||
Disaggregation of Revenue [Line Items] | ||
Contract assets | $ 506 | $ 1,191 |
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands |
Jan. 31, 2024 |
Apr. 30, 2023 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished products | $ 2,491 | $ 3,412 |
Work in process | 1,608 | 2,380 |
Raw materials | 17,746 | 16,097 |
Total | $ 21,845 | $ 21,889 |
Inventories - Additional Information (Detail) - USD ($) $ in Thousands |
Jan. 31, 2024 |
Apr. 30, 2023 |
---|---|---|
Inventory [Line Items] | ||
Inventories | $ 21,845 | $ 21,889 |
International Subsidiaries | ||
Inventory [Line Items] | ||
Inventories | $ 2,869 | $ 2,740 |
Long-term Debt and Other Credit Arrangements (Details) - USD ($) $ in Thousands |
Jan. 31, 2024 |
Apr. 30, 2023 |
---|---|---|
International Subsidiaries | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 184 | $ 39 |
Revolving Credit Facility | Credit Agreement, Mid Cap Funding IV Trust | Line of Credit | ||
Debt Instrument [Line Items] | ||
Outstanding advances under the long-term debt | 3,000 | 3,500 |
Remaining borrowing capacity | $ 9,300 | $ 10,300 |
Interest rate at period end | 9.57% | 9.02% |
Sale-Leaseback Financing Transaction - Remaining Future Cash Payments (Details) - USD ($) $ in Thousands |
Jan. 31, 2024 |
Apr. 30, 2023 |
---|---|---|
Financing Liability [Abstract] | ||
Remainder of 2024 | $ 485 | |
2025 | 1,970 | |
2026 | 2,009 | |
2027 | 2,050 | |
2028 | 2,090 | |
Thereafter | 33,867 | |
Total Minimum Liability Payments | 42,471 | |
Imputed Interest | (14,173) | |
Total | $ 28,298 | $ 28,774 |
Leases - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2024 |
Jan. 31, 2023 |
Apr. 30, 2023 |
|
Leases [Abstract] | |||||
Right of use assets | $ 7,827 | $ 7,827 | $ 9,170 | ||
Operating cash paid to settle lease liabilities | $ 1,930 | $ 1,652 | |||
Remaining lease term (in years) | 8 years | ||||
Option to extend, term (in years) | 5 years | ||||
Option to terminate, term (in years) | 1 year | ||||
Operating lease, expense | 862 | $ 825 | $ 2,576 | 2,528 | |
Operating lease, short term, expense | $ 214 | $ 199 | $ 646 | $ 876 | |
Weighted average remaining lease term, operating lease (in years) | 4 years 6 months | 4 years 6 months | |||
Weighted average discount rate, operating lease | 5.10% | 5.10% | |||
Weighted average remaining lease term, finance lease (in years) | 4 years 8 months 12 days | 4 years 8 months 12 days | |||
Weighted average discount rate, finance lease | 8.30% | 8.30% | |||
Lease not yet commenced | $ 681 | ||||
Operating lease, lease not yet commenced, term (in years) | 3 years | 3 years |
Leases - Schedule of Operating and Finance Lease Maturity (Details) $ in Thousands |
Jan. 31, 2024
USD ($)
|
---|---|
Operating | |
Remainder of fiscal 2024 | $ 648 |
2025 | 2,288 |
2026 | 1,934 |
2027 | 1,656 |
2028 | 1,121 |
Thereafter | 1,371 |
Total Minimum Lease Payments | 9,018 |
Imputed Interest | (1,221) |
Total | 7,797 |
Financing | |
Remainder of fiscal 2024 | 18 |
2025 | 131 |
2026 | 112 |
2027 | 40 |
2028 | 40 |
Thereafter | 95 |
Total Minimum Lease Payments | 436 |
Imputed Interest | (79) |
Total | $ 357 |
Earnings Per Share - Additional Information (Detail) - shares |
9 Months Ended | |
---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
|
Earnings Per Share [Abstract] | ||
Anti-dilutive options exclude from computation of earning per share (in shares) | 15,000 | 31,500 |
Earnings Per Share Schedule of Earnings Per Common Share (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
Weighted average number of common shares outstanding | ||||
Basic (in shares) | 2,893 | 2,830 | 2,885 | 2,822 |
Dilutive effect of stock options and RSUs (in shares) | 72 | 81 | 42 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 2,965 | 2,911 | 2,927 | 2,822 |
Stockholders' Equity (Details) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jan. 31, 2024
USD ($)
vote
$ / shares
shares
|
Oct. 31, 2023
shares
|
Jan. 31, 2024
USD ($)
vote
$ / shares
shares
|
Aug. 31, 2023
shares
|
Apr. 30, 2023
$ / shares
shares
|
|
Equity [Abstract] | |||||
Common stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 2.50 | $ 2.50 | $ 2.50 | ||
Votes per share | vote | 1 | 1 | |||
Common stock, shares issued (in shares) | 2,908,000 | 2,908,000 | 2,833,000 | ||
Common stock, shares outstanding (in shares) | 2,875,000 | 2,875,000 | 2,830,000 | ||
Number of shares authorized to be repurchased (in shares) | 100,000 | ||||
Purchase of treasury stock (in shares) | 27,033 | 2,423 | 29,456 | ||
Purchase of treasury stock excluding other fees | $ | $ 745,000 | $ 788,000 | |||
Remaining number of shares authorized to be repurchased (in shares) | 70,544 | 70,544 |
Income Taxes (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2024 |
Jan. 31, 2023 |
Apr. 30, 2023 |
|
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 982,000 | $ 962,000 | $ 3,894,000 | $ 1,911,000 | |
Effective income tax rate | 27.90% | 46.70% | 33.10% | 87.80% | |
Foreign tax expense | $ 387,000 | ||||
Deferred tax liability, global tax exposure for unremitted earnings of international subsidiaries | $ 1,506,000 | $ 1,506,000 | $ 1,318,000 |
Defined Benefit Pension Plans - Additional Information (Detail) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
Retirement Benefits [Abstract] | ||||
Employer contributions | $ 0 | $ 0 | $ 0 | $ 0 |
Assumed as expected long-term rate of return (as a percent) | 7.75% | 7.75% |
Defined Benefit Pension Plans - Pension Expenses (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
Retirement Benefits [Abstract] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 223 | 211 | 670 | 633 |
Expected return on plan assets | (328) | (350) | (984) | (1,051) |
Recognition of net loss | 146 | 157 | 436 | 471 |
Net periodic pension expense | $ 41 | $ 18 | $ 122 | $ 53 |
Segment Information - Additional Information (Detail) |
9 Months Ended |
---|---|
Jan. 31, 2024
Segment
| |
Segment Reporting [Abstract] | |
Number of business segments | 2 |
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
Segment Reporting Information [Line Items] | ||||
Net sales | $ 46,778 | $ 60,821 | $ 147,053 | $ 165,508 |
Intersegment revenues | 0 | 0 | 0 | 0 |
Earnings (loss) before income taxes | 3,515 | 2,060 | 11,772 | 2,176 |
Corporate / Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Intersegment revenues | (1,496) | (3,510) | (3,737) | (9,912) |
Earnings (loss) before income taxes | (1,069) | (1,144) | (3,316) | (4,567) |
Domestic Operations | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 31,774 | 36,134 | 101,379 | 111,593 |
Intersegment revenues | 84 | 52 | 509 | 1,498 |
Earnings (loss) before income taxes | 2,852 | 417 | 10,762 | 1,006 |
International Operations | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 15,004 | 24,687 | 45,674 | 53,915 |
Intersegment revenues | 1,412 | 3,458 | 3,228 | 8,414 |
Earnings (loss) before income taxes | $ 1,732 | $ 2,787 | $ 4,326 | $ 5,737 |
1 Year Kewaunee Scientific Chart |
1 Month Kewaunee Scientific Chart |
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