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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.52 | 1.50% | 35.18 | 33.11 | 56.96 | 35.95 | 35.18 | 35.43 | 2,696 | 21:05:52 |
|
☒
|
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
|
Delaware
|
|
38-0715562
|
(State or other jurisdiction of
incorporation or organization)
|
|
(IRS Employer
Identification No.)
|
|
|
|
2700 West Front Street
Statesville, North Carolina
|
|
28677-2927
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
|
|
☐
|
|
Accelerated filer
|
|
☐
|
Non-accelerated filer
|
|
☐ (Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
|
☒
|
|
|
|
|
Emerging growth company
|
|
☐
|
|
|
|
Page Number
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
Item 1.
|
Financial Statements
|
|
Three Months Ended
January 31, |
|
Nine Months Ended
January 31, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
$
|
32,372
|
|
|
$
|
38,190
|
|
|
$
|
111,802
|
|
|
$
|
113,542
|
|
Costs of products sold
|
27,142
|
|
|
29,791
|
|
|
91,325
|
|
|
90,411
|
|
||||
Gross profit
|
5,230
|
|
|
8,399
|
|
|
20,477
|
|
|
23,131
|
|
||||
Operating expenses
|
5,305
|
|
|
5,971
|
|
|
17,031
|
|
|
16,360
|
|
||||
Operating earnings (loss)
|
(75
|
)
|
|
2,428
|
|
|
3,446
|
|
|
6,771
|
|
||||
Other income
|
186
|
|
|
179
|
|
|
500
|
|
|
524
|
|
||||
Interest expense, net
|
(76
|
)
|
|
(78
|
)
|
|
(258
|
)
|
|
(226
|
)
|
||||
Earnings before income taxes
|
35
|
|
|
2,529
|
|
|
3,688
|
|
|
7,069
|
|
||||
Income tax expense
|
20
|
|
|
1,581
|
|
|
803
|
|
|
3,164
|
|
||||
Net earnings
|
15
|
|
|
948
|
|
|
2,885
|
|
|
3,905
|
|
||||
Less: net earnings attributable to the noncontrolling interest
|
37
|
|
|
35
|
|
|
86
|
|
|
120
|
|
||||
Net earnings (loss) attributable to Kewaunee Scientific Corporation
|
$
|
(22
|
)
|
|
$
|
913
|
|
|
$
|
2,799
|
|
|
$
|
3,785
|
|
Net earnings (loss) per share attributable to Kewaunee Scientific Corporation stockholders
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.01
|
)
|
|
$
|
0.33
|
|
|
$
|
1.02
|
|
|
$
|
1.39
|
|
Diluted
|
$
|
(0.01
|
)
|
|
$
|
0.32
|
|
|
$
|
1.00
|
|
|
$
|
1.36
|
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
||||||||
Basic
|
2,744
|
|
|
2,722
|
|
|
2,741
|
|
|
2,717
|
|
||||
Diluted
|
2,794
|
|
|
2,784
|
|
|
2,799
|
|
|
2,772
|
|
|
Three Months Ended
January 31, |
|
Nine Months Ended
January 31, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net earnings
|
$
|
15
|
|
|
$
|
948
|
|
|
$
|
2,885
|
|
|
$
|
3,905
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
496
|
|
|
203
|
|
|
(617
|
)
|
|
49
|
|
||||
Change in fair value of cash flow hedge
|
(1
|
)
|
|
12
|
|
|
4
|
|
|
30
|
|
||||
Other comprehensive income (loss)
|
495
|
|
|
215
|
|
|
(613
|
)
|
|
79
|
|
||||
Comprehensive income, net of tax
|
510
|
|
|
1,163
|
|
|
2,272
|
|
|
3,984
|
|
||||
Less: comprehensive income attributable to the noncontrolling interest
|
37
|
|
|
35
|
|
|
86
|
|
|
120
|
|
||||
Comprehensive income attributable to Kewaunee Scientific Corporation
|
$
|
473
|
|
|
$
|
1,128
|
|
|
$
|
2,186
|
|
|
$
|
3,864
|
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Treasury
Stock
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total
Stockholders’
Equity
|
||||||||||||
Balance at April 30, 2018
|
$
|
6,841
|
|
|
$
|
3,006
|
|
|
$
|
(53
|
)
|
|
$
|
43,836
|
|
|
$
|
(5,900
|
)
|
|
$
|
47,730
|
|
Net earnings attributable to Kewaunee Scientific Corporation
|
—
|
|
|
—
|
|
|
—
|
|
|
1,407
|
|
|
—
|
|
|
1,407
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(384
|
)
|
|
(384
|
)
|
||||||
Cash dividends paid, $0.17 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(465
|
)
|
|
—
|
|
|
(465
|
)
|
||||||
Stock options exercised, 9,250 shares
|
13
|
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Stock based compensation
|
7
|
|
|
99
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
106
|
|
||||||
Cumulative adjustment for ASC 606, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
217
|
|
|
—
|
|
|
217
|
|
||||||
Balance at July 31, 2018
|
$
|
6,861
|
|
|
$
|
3,092
|
|
|
$
|
(53
|
)
|
|
$
|
44,995
|
|
|
$
|
(6,284
|
)
|
|
$
|
48,611
|
|
Net earnings attributable to Kewaunee Scientific Corporation
|
—
|
|
|
—
|
|
|
—
|
|
|
1,414
|
|
|
—
|
|
|
1,414
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(724
|
)
|
|
(724
|
)
|
||||||
Cash dividends paid, $0.19 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(521
|
)
|
|
—
|
|
|
(521
|
)
|
||||||
Stock options exercised, 5,800 shares
|
8
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Stock based compensation
|
—
|
|
|
140
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
140
|
|
||||||
Balance at October 31, 2018
|
$
|
6,869
|
|
|
$
|
3,224
|
|
|
$
|
(53
|
)
|
|
$
|
45,888
|
|
|
$
|
(7,008
|
)
|
|
$
|
48,920
|
|
Net loss attributable to Kewaunee Scientific Corporation
|
—
|
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
(22
|
)
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
495
|
|
|
495
|
|
||||||
Cash dividends paid, $0.19 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(521
|
)
|
|
—
|
|
|
(521
|
)
|
||||||
Stock based compensation
|
—
|
|
|
118
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
118
|
|
||||||
Balance at January 31, 2019
|
$
|
6,869
|
|
|
$
|
3,342
|
|
|
$
|
(53
|
)
|
|
$
|
45,345
|
|
|
$
|
(6,513
|
)
|
|
$
|
48,990
|
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Treasury
Stock
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total
Stockholders’
Equity
|
||||||||||||
Balance at April 30, 2017
|
$
|
6,789
|
|
|
$
|
2,695
|
|
|
$
|
(53
|
)
|
|
$
|
40,349
|
|
|
$
|
(6,319
|
)
|
|
$
|
43,461
|
|
Net earnings attributable to Kewaunee Scientific Corporation
|
—
|
|
|
—
|
|
|
—
|
|
|
1,148
|
|
|
—
|
|
|
1,148
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
83
|
|
|
83
|
|
||||||
Cash dividends paid, $0.15 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(406
|
)
|
|
—
|
|
|
(406
|
)
|
||||||
Stock options exercised, 500 shares
|
1
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
||||||
Stock based compensation
|
—
|
|
|
52
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52
|
|
||||||
Balance at July 31, 2017
|
$
|
6,790
|
|
|
$
|
2,755
|
|
|
$
|
(53
|
)
|
|
$
|
41,091
|
|
|
$
|
(6,236
|
)
|
|
$
|
44,347
|
|
Net earnings attributable to Kewaunee Scientific Corporation
|
—
|
|
|
—
|
|
|
—
|
|
|
1,724
|
|
|
—
|
|
|
1,724
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(219
|
)
|
|
(219
|
)
|
||||||
Cash dividends paid, $0.17 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(462
|
)
|
|
—
|
|
|
(462
|
)
|
||||||
Stock options exercised, 15,241 shares
|
15
|
|
|
(16
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Stock based compensation
|
4
|
|
|
122
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126
|
|
||||||
Balance at October 31, 2017
|
$
|
6,809
|
|
|
$
|
2,861
|
|
|
$
|
(53
|
)
|
|
$
|
42,353
|
|
|
$
|
(6,455
|
)
|
|
$
|
45,515
|
|
Net earnings attributable to Kewaunee Scientific Corporation
|
—
|
|
|
—
|
|
|
—
|
|
|
913
|
|
|
—
|
|
|
913
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
215
|
|
|
215
|
|
||||||
Cash dividends paid, $0.17 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(463
|
)
|
|
—
|
|
|
(463
|
)
|
||||||
Stock options exercised, 6,859 shares
|
12
|
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Stock based compensation
|
—
|
|
|
98
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98
|
|
||||||
Balance at January 31, 2018
|
$
|
6,821
|
|
|
$
|
2,947
|
|
|
$
|
(53
|
)
|
|
$
|
42,803
|
|
|
$
|
(6,240
|
)
|
|
$
|
46,278
|
|
|
January 31,
2019 |
|
April 30,
2018 |
||||
|
(Unaudited)
|
|
|
||||
Assets
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
10,771
|
|
|
$
|
9,716
|
|
Restricted cash
|
606
|
|
|
1,242
|
|
||
Receivables, less allowance; $361; $384, on each respective date
|
27,929
|
|
|
32,660
|
|
||
Inventories
|
16,672
|
|
|
18,549
|
|
||
Prepaid expenses and other current assets
|
3,778
|
|
|
2,224
|
|
||
Total Current Assets
|
59,756
|
|
|
64,391
|
|
||
Property, plant and equipment, at cost
|
56,791
|
|
|
54,648
|
|
||
Accumulated depreciation
|
(41,589
|
)
|
|
(39,987
|
)
|
||
Net Property, Plant and Equipment
|
15,202
|
|
|
14,661
|
|
||
Deferred income taxes
|
1,676
|
|
|
1,869
|
|
||
Other assets
|
2,928
|
|
|
4,162
|
|
||
Total Other Assets
|
4,604
|
|
|
6,031
|
|
||
Total Assets
|
$
|
79,562
|
|
|
$
|
85,083
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Short-term borrowings and interest rate swaps
|
$
|
5,118
|
|
|
$
|
3,885
|
|
Current portion of long-term debt and lease obligations
|
1,184
|
|
|
1,167
|
|
||
Accounts payable
|
11,106
|
|
|
14,754
|
|
||
Employee compensation and amounts withheld
|
1,954
|
|
|
3,810
|
|
||
Deferred revenue
|
1,450
|
|
|
1,884
|
|
||
Other accrued expenses
|
2,894
|
|
|
2,116
|
|
||
Total Current Liabilities
|
23,706
|
|
|
27,616
|
|
||
Long-term debt and lease obligations
|
526
|
|
|
1,264
|
|
||
Accrued pension and deferred compensation costs
|
5,480
|
|
|
7,465
|
|
||
Income taxes payable
|
339
|
|
|
546
|
|
||
Total Liabilities
|
30,051
|
|
|
36,891
|
|
||
Commitments and Contingencies
|
|
|
|
||||
Stockholders’ Equity:
|
|
|
|
||||
Common stock, $2.50 par value, Authorized – 5,000 shares; Issued – 2,747 shares; 2,736 shares; – Outstanding – 2,744 shares; 2,733 shares, on each respective date
|
6,869
|
|
|
6,841
|
|
||
Additional paid-in-capital
|
3,342
|
|
|
3,006
|
|
||
Retained earnings
|
45,345
|
|
|
43,836
|
|
||
Accumulated other comprehensive loss
|
(6,513
|
)
|
|
(5,900
|
)
|
||
Common stock in treasury, at cost, 3 shares, on each date
|
(53
|
)
|
|
(53
|
)
|
||
Total Kewaunee Scientific Corporation Stockholders’ Equity
|
48,990
|
|
|
47,730
|
|
||
Noncontrolling interest
|
521
|
|
|
462
|
|
||
Total Stockholders’ Equity
|
49,511
|
|
|
48,192
|
|
||
Total Liabilities and Stockholders’ Equity
|
$
|
79,562
|
|
|
$
|
85,083
|
|
|
Nine Months Ended
January 31, |
||||||
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net earnings
|
$
|
2,885
|
|
|
$
|
3,905
|
|
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
|
|
|
|
||||
Depreciation
|
1,908
|
|
|
2,104
|
|
||
Bad debt provision
|
57
|
|
|
71
|
|
||
Stock based compensation expense
|
393
|
|
|
276
|
|
||
Provision for deferred income taxes
|
355
|
|
|
639
|
|
||
Change in assets and liabilities:
|
|
|
|
||||
Decrease (increase) in receivables
|
4,674
|
|
|
(1,025
|
)
|
||
Decrease (increase) in inventories
|
990
|
|
|
(2,790
|
)
|
||
(Decrease) increase in accounts payable and other accrued expenses
|
(4,879
|
)
|
|
2,035
|
|
||
Decrease in deferred revenue
|
(434
|
)
|
|
(3,847
|
)
|
||
Other, net
|
(1,415
|
)
|
|
(2,013
|
)
|
||
Net cash provided by (used in) by operating activities
|
4,534
|
|
|
(645
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(2,290
|
)
|
|
(1,907
|
)
|
||
Net cash used in investing activities
|
(2,290
|
)
|
|
(1,907
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Dividends paid
|
(1,507
|
)
|
|
(1,331
|
)
|
||
Dividends paid to holders of noncontrolling interest in subsidiaries
|
(51
|
)
|
|
(74
|
)
|
||
Proceeds from short-term borrowings
|
46,103
|
|
|
44,639
|
|
||
Repayments on short-term borrowings
|
(44,870
|
)
|
|
(43,452
|
)
|
||
Payments on long-term debt and lease obligations
|
(880
|
)
|
|
(626
|
)
|
||
Net proceeds from exercise of stock options
|
(29
|
)
|
|
8
|
|
||
Net cash used in financing activities
|
(1,234
|
)
|
|
(836
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(591
|
)
|
|
118
|
|
||
Increase (decrease) in cash, cash equivalents and restricted cash
|
419
|
|
|
(3,270
|
)
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
10,958
|
|
|
13,941
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
11,377
|
|
|
$
|
10,671
|
|
•
|
Under the modified retrospective approach, the Company elected to reassess revenue recognition under ASC 606 for only those contracts open as of the adoption date.
|
•
|
The portfolio approach was applied in evaluating the accounting for the cost of obtaining a contract.
|
•
|
Payment terms with the Company's customers which are one year or less are not considered a significant financing component.
|
•
|
The Company excludes from revenues taxes it collects from customers that are assessed by a government authority. This is primarily relevant to domestic sales but also includes taxes on some international sales which are also excluded from the transaction price.
|
•
|
The Company's incremental cost to obtain a contract is limited to sales commissions. The Company applies the practical expedient to expense commissions as incurred for contracts having a duration of one year or less. Sales commissions related to contracts with a duration of greater than one year are immaterial to the Company’s consolidated financial position and results of operations and are also expensed as incurred.
|
|
Three Months Ended January 31, 2019
|
||||||||||
|
Domestic
|
|
International
|
|
Total
|
||||||
Over Time
|
$
|
24,414
|
|
|
$
|
7,155
|
|
|
$
|
31,569
|
|
Point in Time
|
803
|
|
|
—
|
|
|
803
|
|
|||
|
$
|
25,217
|
|
|
$
|
7,155
|
|
|
$
|
32,372
|
|
|
Three Months Ended January 31, 2019
|
||||||||||
|
($ in thousands, except per share amounts)
|
||||||||||
|
As Reported
|
|
Adjustments
|
|
Balance Without
Adoption of
ASC 606
|
||||||
Net sales
|
$
|
32,372
|
|
|
$
|
(1,668
|
)
|
|
$
|
30,704
|
|
Costs of products sold
|
27,142
|
|
|
(1,519
|
)
|
|
25,623
|
|
|||
Gross profit
|
5,230
|
|
|
(149
|
)
|
|
5,081
|
|
|||
Operating expenses
|
5,305
|
|
|
6
|
|
|
5,311
|
|
|||
Operating loss
|
(75
|
)
|
|
(155
|
)
|
|
(230
|
)
|
|||
Other income
|
186
|
|
|
—
|
|
|
186
|
|
|||
Interest expense
|
(76
|
)
|
|
—
|
|
|
(76
|
)
|
|||
Earnings (loss) before income taxes
|
35
|
|
|
(155
|
)
|
|
(120
|
)
|
|||
Income tax expense (benefit)
|
20
|
|
|
(46
|
)
|
|
(26
|
)
|
|||
Net earnings (loss)
|
15
|
|
|
(109
|
)
|
|
(94
|
)
|
|||
Net earnings attributable to the noncontrolling interest
|
37
|
|
|
—
|
|
|
37
|
|
|||
Net earnings (loss) attributable to Kewaunee Scientific Corporation
|
$
|
(22
|
)
|
|
$
|
(109
|
)
|
|
$
|
(131
|
)
|
Basic Loss Per Share
|
$
|
(0.01
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.05
|
)
|
Diluted Loss Per Share
|
$
|
(0.01
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.05
|
)
|
|
Nine Months Ended January 31, 2019
|
||||||||||
|
($ in thousands, except per share amounts)
|
||||||||||
|
As Reported
|
|
Adjustments
|
|
Balance Without
Adoption of
ASC 606
|
||||||
Net sales
|
$
|
111,802
|
|
|
$
|
(1,720
|
)
|
|
$
|
110,082
|
|
Costs of products sold
|
91,325
|
|
|
(1,169
|
)
|
|
90,156
|
|
|||
Gross profit
|
20,477
|
|
|
(551
|
)
|
|
19,926
|
|
|||
Operating expenses
|
17,031
|
|
|
11
|
|
|
17,042
|
|
|||
Operating earnings
|
3,446
|
|
|
(562
|
)
|
|
2,884
|
|
|||
Other income
|
500
|
|
|
—
|
|
|
500
|
|
|||
Interest expense
|
(258
|
)
|
|
—
|
|
|
(258
|
)
|
|||
Earnings before income taxes
|
3,688
|
|
|
(562
|
)
|
|
3,126
|
|
|||
Income tax expense
|
803
|
|
|
(138
|
)
|
|
665
|
|
|||
Net earnings
|
2,885
|
|
|
(424
|
)
|
|
2,461
|
|
|||
Net earnings attributable to the noncontrolling interest
|
86
|
|
|
—
|
|
|
86
|
|
|||
Net earnings attributable to Kewaunee Scientific Corporation
|
$
|
2,799
|
|
|
$
|
(424
|
)
|
|
$
|
2,375
|
|
Basic Earnings Per Share
|
$
|
1.02
|
|
|
$
|
(0.15
|
)
|
|
$
|
0.87
|
|
Diluted Earnings Per Share
|
$
|
1.00
|
|
|
$
|
(0.15
|
)
|
|
$
|
0.85
|
|
|
January 31, 2019
|
||||||||||
|
($ in thousands)
|
||||||||||
|
As Reported
|
|
Adjustments
|
|
Balance Without
Adoption of
ASC 606
|
||||||
Assets
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
10,771
|
|
|
$
|
—
|
|
|
$
|
10,771
|
|
Restricted cash
|
606
|
|
|
—
|
|
|
606
|
|
|||
Receivables, less allowances
|
27,929
|
|
|
(3,304
|
)
|
|
24,625
|
|
|||
Inventories
|
16,672
|
|
|
3,106
|
|
|
19,778
|
|
|||
Prepaid expenses and other assets
|
3,778
|
|
|
—
|
|
|
3,778
|
|
|||
Total Current Assets
|
59,756
|
|
|
(198
|
)
|
|
59,558
|
|
|||
Net property, plant and equipment
|
15,202
|
|
|
—
|
|
|
15,202
|
|
|||
Other assets
|
4,604
|
|
|
—
|
|
|
4,604
|
|
|||
Total Assets
|
$
|
79,562
|
|
|
$
|
(198
|
)
|
|
$
|
79,364
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
||||||
Short-term borrowings and interest rate swaps
|
$
|
5,118
|
|
|
$
|
—
|
|
|
$
|
5,118
|
|
Current portion of long-term debt and lease obligations
|
1,184
|
|
|
—
|
|
|
1,184
|
|
|||
Accounts payable
|
11,106
|
|
|
(4
|
)
|
|
11,102
|
|
|||
Deferred revenue
|
1,450
|
|
|
661
|
|
|
2,111
|
|
|||
Other current liabilities
|
4,848
|
|
|
(214
|
)
|
|
4,634
|
|
|||
Total Current Liabilities
|
23,706
|
|
|
443
|
|
|
24,149
|
|
|||
Other non-current liabilities
|
6,345
|
|
|
—
|
|
|
6,345
|
|
|||
Total Liabilities
|
30,051
|
|
|
443
|
|
|
30,494
|
|
|||
Noncontrolling interest
|
521
|
|
|
—
|
|
|
521
|
|
|||
Total Kewaunee Scientific Corporation Stockholders’ Equity
|
48,990
|
|
|
(641
|
)
|
|
48,349
|
|
|||
Total Stockholders’ Equity
|
49,511
|
|
|
(641
|
)
|
|
48,870
|
|
|||
Total Liabilities and Stockholders’ Equity
|
$
|
79,562
|
|
|
$
|
(198
|
)
|
|
$
|
79,364
|
|
|
January 31,
2019 |
|
As Adjusted
April 30, 2018 |
||||
Finished products
|
$
|
3,591
|
|
|
$
|
4,987
|
|
Work in process
|
1,804
|
|
|
2,393
|
|
||
Raw materials
|
11,277
|
|
|
11,169
|
|
||
|
$
|
16,672
|
|
|
$
|
18,549
|
|
|
April 30, 2018
|
||||||||||
|
As Originally
Reported
|
|
Adjustments
|
|
As Adjusted
|
||||||
Inventories
|
$
|
17,662
|
|
|
$
|
887
|
|
|
$
|
18,549
|
|
Total Current Assets
|
63,504
|
|
|
887
|
|
|
64,391
|
|
|||
Deferred Income Taxes
|
2,031
|
|
|
(162
|
)
|
|
1,869
|
|
|||
Total Assets
|
84,358
|
|
|
725
|
|
|
85,083
|
|
|||
Other Accrued Expenses
|
2,062
|
|
|
54
|
|
|
2,116
|
|
|||
Total Current Liabilities
|
27,562
|
|
|
54
|
|
|
27,616
|
|
|||
Total Liabilities
|
36,837
|
|
|
54
|
|
|
36,891
|
|
|||
Retained Earnings
|
43,165
|
|
|
671
|
|
|
43,836
|
|
|||
Total Kewaunee Scientific Corporation Stockholders’ Equity
|
47,059
|
|
|
671
|
|
|
47,730
|
|
|||
Total Stockholders’ Equity
|
47,521
|
|
|
671
|
|
|
48,192
|
|
|||
Total Liabilities and Stockholders’ Equity
|
$
|
84,358
|
|
|
$
|
725
|
|
|
$
|
85,083
|
|
|
Three Months Ended January 31, 2018
|
||||||||
|
As Reported Under LIFO
|
Adjustments
|
As Adjusted Under FIFO
|
||||||
Cost of products sold
|
$
|
29,836
|
|
$
|
(45
|
)
|
$
|
29,791
|
|
Income tax expense
|
1,566
|
|
15
|
|
1,581
|
|
|||
Net earnings
|
918
|
|
30
|
|
948
|
|
|||
Net earnings attributable to Kewaunee Scientific Corporation
|
$
|
883
|
|
$
|
30
|
|
$
|
913
|
|
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders
|
|
|
|
|
|
|
|||
Basic
|
$
|
0.32
|
|
$
|
0.01
|
|
$
|
0.33
|
|
Diluted
|
$
|
0.31
|
|
$
|
0.01
|
|
$
|
0.32
|
|
|
Nine Months Ended January 31, 2018
|
||||||||
|
As Reported Under LIFO
|
Adjustments
|
As Adjusted Under FIFO
|
||||||
Cost of products sold
|
$
|
90,456
|
|
$
|
(45
|
)
|
$
|
90,411
|
|
Income tax expense
|
3,149
|
|
15
|
|
3,164
|
|
|||
Net earnings
|
3,875
|
|
30
|
|
3,905
|
|
|||
Net earnings attributable to Kewaunee Scientific Corporation
|
$
|
3,755
|
|
$
|
30
|
|
$
|
3,785
|
|
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders
|
|
|
|
|
|
|
|||
Basic
|
$
|
1.38
|
|
$
|
0.01
|
|
$
|
1.39
|
|
Diluted
|
$
|
1.35
|
|
$
|
0.01
|
|
$
|
1.36
|
|
|
Nine Months Ended January 31, 2018
|
||||||||
|
As Reported Under LIFO
|
Adjustments
|
As Adjusted Under FIFO
|
||||||
Net earnings
|
$
|
3,875
|
|
$
|
30
|
|
$
|
3,905
|
|
Decrease in inventories
|
(2,745
|
)
|
(45
|
)
|
(2,790
|
)
|
|||
Increase in accounts payable and other accrued expenses
|
2,020
|
|
15
|
|
2,035
|
|
|||
Net cash used in operating activities
|
$
|
(645
|
)
|
$
|
—
|
|
$
|
(645
|
)
|
|
Three Months Ended January 31, 2019
|
||||||||||
|
As Reported Under FIFO
|
|
Adjustments
|
|
As Computed Under LIFO
|
||||||
Cost of products sold
|
$
|
27,142
|
|
|
$
|
(49
|
)
|
|
$
|
27,093
|
|
Income tax expense
|
20
|
|
|
12
|
|
|
32
|
|
|||
Net earnings
|
15
|
|
|
37
|
|
|
52
|
|
|||
Net earnings (loss) attributable to Kewaunee Scientific Corporation
|
$
|
(22
|
)
|
|
$
|
37
|
|
|
$
|
15
|
|
Net earnings (loss) per share attributable to Kewaunee Scientific Corporation stockholders
|
|
|
|
|
|
||||||
Basic
|
$
|
(0.01
|
)
|
|
$
|
0.01
|
|
|
$
|
—
|
|
Diluted
|
$
|
(0.01
|
)
|
|
$
|
0.01
|
|
|
$
|
—
|
|
|
Nine Months Ended January 31, 2019
|
||||||||||
|
As Reported Under FIFO
|
|
Adjustments
|
|
As Computed Under LIFO
|
||||||
Cost of products sold
|
$
|
91,325
|
|
|
$
|
151
|
|
|
$
|
91,476
|
|
Income tax expense
|
803
|
|
|
(37
|
)
|
|
766
|
|
|||
Net earnings
|
2,885
|
|
|
(114
|
)
|
|
2,771
|
|
|||
Net earnings attributable to Kewaunee Scientific Corporation
|
$
|
2,799
|
|
|
$
|
(114
|
)
|
|
$
|
2,685
|
|
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders
|
|
|
|
|
|
||||||
Basic
|
$
|
1.02
|
|
|
$
|
(0.04
|
)
|
|
$
|
0.98
|
|
Diluted
|
$
|
1.00
|
|
|
$
|
(0.04
|
)
|
|
$
|
0.96
|
|
|
Nine Months Ended January 31, 2019
|
||||||||||
|
As Reported Under FIFO
|
|
Adjustments
|
|
As Computed Under LIFO
|
||||||
Net earnings
|
$
|
2,885
|
|
|
$
|
(114
|
)
|
|
$
|
2,771
|
|
Decrease in inventories
|
990
|
|
|
151
|
|
|
1,141
|
|
|||
Decrease in accounts payable and other accrued expenses
|
(4,879
|
)
|
|
(37
|
)
|
|
(4,916
|
)
|
|||
Net cash provided by operating activities
|
$
|
4,534
|
|
|
$
|
—
|
|
|
$
|
4,534
|
|
|
January 31, 2019
|
||||||||||
|
As Reported Under
FIFO
|
|
Adjustment
|
|
As Computed Under
LIFO
|
||||||
Inventories
|
$
|
16,672
|
|
|
$
|
(1,038
|
)
|
|
$
|
15,634
|
|
Total Current Assets
|
59,756
|
|
|
(1,038
|
)
|
|
58,718
|
|
|||
Deferred Income Taxes
|
1,676
|
|
|
162
|
|
|
1,838
|
|
|||
Total Assets
|
79,562
|
|
|
(876
|
)
|
|
78,686
|
|
|||
Other Accrued Expenses
|
2,894
|
|
|
(91
|
)
|
|
2,803
|
|
|||
Total Current Liabilities
|
23,706
|
|
|
(91
|
)
|
|
23,615
|
|
|||
Total Liabilities
|
30,051
|
|
|
(91
|
)
|
|
29,960
|
|
|||
Retained Earnings
|
45,345
|
|
|
(785
|
)
|
|
44,560
|
|
|||
Total Kewaunee Scientific Corporation Stockholders’ Equity
|
48,990
|
|
|
(785
|
)
|
|
48,205
|
|
|||
Total Stockholders’ Equity
|
49,511
|
|
|
(785
|
)
|
|
48,726
|
|
|||
Total Liabilities and Stockholders’ Equity
|
$
|
79,562
|
|
|
$
|
(876
|
)
|
|
$
|
78,686
|
|
|
Domestic
Operations
|
|
International
Operations
|
|
Corporate /
Eliminations
|
|
Total
|
||||||||
Three months ended January 31, 2019
|
|
|
|
|
|
|
|
||||||||
Revenues from external customers
|
$
|
25,217
|
|
|
$
|
7,155
|
|
|
$
|
—
|
|
|
$
|
32,372
|
|
Intersegment revenues
|
612
|
|
|
2,135
|
|
|
(2,747
|
)
|
|
—
|
|
||||
Earnings (loss) before income taxes
|
$
|
60
|
|
|
$
|
1,020
|
|
|
$
|
(1,045
|
)
|
|
$
|
35
|
|
Three months ended January 31, 2018
|
|
|
|
|
|
|
|
||||||||
Revenues from external customers
|
$
|
29,734
|
|
|
$
|
8,456
|
|
|
$
|
—
|
|
|
$
|
38,190
|
|
Intersegment revenues
|
1,145
|
|
|
1,361
|
|
|
(2,506
|
)
|
|
—
|
|
||||
Earnings (loss) before income taxes
|
$
|
3,004
|
|
|
$
|
1,363
|
|
|
$
|
(1,838
|
)
|
|
$
|
2,529
|
|
|
Domestic
Operations
|
|
International
Operations
|
|
Corporate/
Eliminations
|
|
Total
|
||||||||
Nine months ended January 31, 2019
|
|
|
|
|
|
|
|
||||||||
Revenues from external customers
|
$
|
91,909
|
|
|
$
|
19,893
|
|
|
$
|
—
|
|
|
$
|
111,802
|
|
Intersegment revenues
|
1,490
|
|
|
3,969
|
|
|
(5,459
|
)
|
|
—
|
|
||||
Earnings (loss) before income taxes
|
$
|
6,005
|
|
|
$
|
2,174
|
|
|
$
|
(4,491
|
)
|
|
$
|
3,688
|
|
Nine months ended January 31, 2018
|
|
|
|
|
|
|
|
||||||||
Revenues from external customers
|
$
|
80,420
|
|
|
$
|
33,122
|
|
|
$
|
—
|
|
|
$
|
113,542
|
|
Intersegment revenues
|
10,298
|
|
|
3,291
|
|
|
(13,589
|
)
|
|
—
|
|
||||
Earnings (loss) before income taxes
|
$
|
7,765
|
|
|
$
|
4,019
|
|
|
$
|
(4,715
|
)
|
|
$
|
7,069
|
|
|
Three Months Ended January 31, 2019
|
|
Three Months Ended January 31, 2018
|
||||
Service cost
|
$
|
0
|
|
|
$
|
0
|
|
Interest cost
|
214
|
|
|
219
|
|
||
Expected return on plan assets
|
(362
|
)
|
|
(328
|
)
|
||
Recognition of net loss
|
221
|
|
|
283
|
|
||
Net periodic pension expense
|
$
|
73
|
|
|
$
|
174
|
|
|
Nine Months Ended January 31, 2019
|
|
Nine Months Ended
January 31, 2018 |
||||
Service cost
|
$
|
0
|
|
|
$
|
0
|
|
Interest cost
|
644
|
|
|
657
|
|
||
Expected return on plan assets
|
(1,086
|
)
|
|
(984
|
)
|
||
Recognition of net loss
|
663
|
|
|
849
|
|
||
Net periodic pension expense
|
$
|
221
|
|
|
$
|
522
|
|
|
|
January 31, 2019
|
||||||||||
Financial Assets
|
|
Level 1
|
|
Level 2
|
|
Total
|
||||||
Trading securities held in non-qualified compensation plans (1)
|
|
$
|
2,818
|
|
|
$
|
—
|
|
|
$
|
2,818
|
|
Cash surrender value of life insurance policies (1)
|
|
—
|
|
|
65
|
|
|
65
|
|
|||
Total
|
|
$
|
2,818
|
|
|
$
|
65
|
|
|
$
|
2,883
|
|
Financial Liabilities
|
|
|
|
|
|
|
||||||
Non-qualified compensation plans (2)
|
|
$
|
—
|
|
|
$
|
3,256
|
|
|
$
|
3,256
|
|
|
|
April 30, 2018
|
||||||||||
Financial Assets
|
|
Level 1
|
|
Level 2
|
|
Total
|
||||||
Trading securities held in non-qualified compensation plans (1)
|
|
$
|
4,050
|
|
|
$
|
—
|
|
|
$
|
4,050
|
|
Cash surrender value of life insurance policies (1)
|
|
—
|
|
|
65
|
|
|
65
|
|
|||
Total
|
|
$
|
4,050
|
|
|
$
|
65
|
|
|
$
|
4,115
|
|
Financial Liabilities
|
|
|
|
|
|
|
||||||
Non-qualified compensation plans (2)
|
|
$
|
—
|
|
|
$
|
4,462
|
|
|
$
|
4,462
|
|
Interest rate swap derivatives
|
|
—
|
|
|
5
|
|
|
5
|
|
|||
Total
|
|
$
|
—
|
|
|
$
|
4,467
|
|
|
$
|
4,467
|
|
(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.
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1A.
|
Risk Factors
|
Item 6.
|
Exhibits
|
|
|
|
3
|
|
|
31.1
|
|
|
32.1
|
|
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
KEWAUNEE SCIENTIFIC CORPORATION
(Registrant)
|
|
|
|
|
|
Date: March 15, 2019
|
|
By
|
/s/ Thomas D. Hull III
|
|
|
|
Thomas D. Hull III
|
|
|
|
(As duly authorized officer and President and Chief Executive Officer and Vice President, Finance and Chief Financial Officer)
|
1 Year Kewaunee Scientific Chart |
1 Month Kewaunee Scientific Chart |
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