$KEQU

KEWAUNEE SCIENTIFIC CORP /DE/

CIK:0000055529|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Income Statement [Abstract]
Net sales	$ 66,320	$ 71,104
Cost of products sold	46,681	50,174
Gross profit	19,639	20,930
Operating expenses	16,481	16,120
Operating profit	3,158	4,810
Other income, net	28	168
Interest expense	(626)	(1,058)
Profit before income taxes	2,560	3,920
Income tax expense	717	761
Net earnings	1,843	3,159
Less: Net earnings attributable to the non-controlling interest	137	66
Net earnings attributable to Kewaunee Scientific Corporation	$ 1,706	$ 3,093
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders
Basic (in dollars per share)	$ 0.59	$ 1.08
Diluted (in dollars per share)	$ 0.58	$ 1.04
Weighted average number of common shares outstanding
Basic (in shares)	2,880	2,851
Diluted (in shares)	2,921	2,963

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Cash flows from operating activities:
Net earnings	$ 1,843	$ 3,159
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	1,591	1,549
Provision for credit losses	67	19
Stock-based compensation expense	1,899	521
Cash-settled restricted stock units	(1,753)	0
Deferred income taxes	269	(154)
Accrued payment in kind ("PIK") interest	0	445
Amortization of deferred financing costs	56	94
Change in assets and liabilities:
Receivables	474	5,468
Inventories	747	(2,074)
Accounts payable and other accrued expenses	(3,047)	(1,525)
Deferred revenue	1,032	(1,090)
Other, net	(1,202)	(621)
Net cash provided by operating activities	1,976	5,791
Cash flows from investing activities:
Capital expenditures	(772)	(771)
Net cash used in investing activities	(772)	(771)
Cash flows from financing activities:
Proceeds from short-term borrowings	17,797	1,377
Repayments on short-term borrowings	(17,244)	(1,869)
Payments on sale-leaseback financing transaction	(226)	(207)
Payments on long-term lease obligations	(17)	(14)
Taxes paid related to net share settlement of equity awards	(1,030)	0
Purchase of treasury stock	(529)	0
Net cash used in financing activities	(2,499)	(1,463)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(61)	(280)
(Decrease) increase in cash, cash equivalents and restricted cash	(1,356)	3,277
Cash, cash equivalents and restricted cash, beginning of period	11,617	17,164
Cash, cash equivalents and restricted cash, end of period	10,261	20,441
Supplemental Disclosure of Cash Flow Information
Interest	568	524
Noncash investing and financing activities:
Employee taxes withheld for stock-based compensation in stock	0	671
Loan Agreement \| Line of Credit
Cash flows from financing activities:
Repayments of long-term debt	$ (1,250)	$ (750)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2026	Apr. 30, 2026
Current Assets:
Cash and cash equivalents	$ 8,246	$ 9,950
Restricted cash	2,015	1,667
Receivables, less allowance; $667; $633, on each respective date	58,197	58,738
Inventories	29,786	30,533
Prepaid expenses and other current assets	5,707	4,509
Total Current Assets	103,951	105,397
Property, plant and equipment, at cost	75,146	74,375
Accumulated depreciation	(53,214)	(52,008)
Property, plant and equipment, net	21,932	22,367
Right of use assets	10,277	10,791
Deferred income taxes	3,642	3,829
Net Book Value	15,910	16,294
Goodwill	12,487	12,487
Other assets	7,601	7,146
Total Assets	175,800	178,311
Current Liabilities:
Short-term borrowings	627	74
Current portion of financing liability	887	867
Current portion of term loans	4,893	4,893
Current portion of financing lease liabilities	71	70
Current portion of operating lease liabilities	4,100	3,775
Accounts payable	21,557	22,455
Employee compensation and amounts withheld	6,677	8,822
Deferred revenue	5,185	4,152
Other accrued expenses	3,238	3,243
Total Current Liabilities	47,235	48,351
Long-term portion of financing liability	25,533	25,765
Long-term portion of term loans	13,581	14,804
Long-term portion of financing lease liabilities	263	282
Long-term portion of operating lease liabilities	5,517	6,287
Accrued pension and deferred compensation costs	5,165	4,807
Deferred income taxes	995	913
Other non-current liabilities	291	290
Total Liabilities	98,580	101,499
Commitments and Contingencies
Stockholders' Equity:
Common stock, $2.50 par value, Authorized – 5,000 shares; Issued – 3,012 shares; 2,969 shares; Outstanding – 2,895 shares; 2,866 shares, on each respective date	7,531	7,423
Additional paid-in-capital	6,026	7,019
Retained earnings	70,243	68,537
Accumulated other comprehensive loss	(4,619)	(4,614)
Common stock in treasury, at cost, 117 shares; 103 shares, on each respective date	(4,176)	(3,647)
Total Kewaunee Scientific Corporation Stockholders' Equity	75,005	74,718
Non-controlling interest	2,215	2,094
Total Stockholders' Equity	77,220	76,812
Total Liabilities and Stockholders' Equity	$ 175,800	$ 178,311