$KEQU
KEWAUNEE SCIENTIFIC CORP /DE/

2014 Form 10-K Financial Statement

#000119312514272359 Filed on July 18, 2014

View on sec.gov

Income Statement

Concept 2014 2013 Q2 2013 Q1
Revenue $111.2M $31.80M $27.45M
YoY Change -5.08% 9.7% 27.24%
Cost Of Revenue $89.13M $25.02M $22.44M
YoY Change -6.04% 15.62% 26.07%
Gross Profit $22.03M $6.779M $5.009M
YoY Change -1.02% -7.79% 32.83%
Gross Profit Margin 19.82% 21.32% 18.25%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $842.0K
YoY Change -3.44%
% of Gross Profit 3.82%
Depreciation & Amortization $2.549M $660.0K $670.0K
YoY Change -3.92% -1.49% 3.08%
% of Gross Profit 11.57% 9.74% 13.38%
Operating Expenses $16.07M $4.780M $4.054M
YoY Change -5.38% 6.46% 1.6%
Operating Profit $5.964M $1.999M $955.0K
YoY Change 13.02% -30.15% -536.07%
Interest Expense $373.0K -$70.00K $80.00K
YoY Change 3.04% -36.36% -172.73%
% of Operating Profit 6.25% -3.5% 8.38%
Other Income/Expense, Net $400.0K $50.00K $80.00K
YoY Change 33.33% 25.0% -57.89%
Pretax Income $5.986M $1.980M $959.0K
YoY Change 14.65% -29.03% -785.0%
Income Tax $1.983M $580.0K $177.0K
% Of Pretax Income 33.13% 29.29% 18.46%
Net Earnings $3.895M $1.217M $544.0K
YoY Change 27.96% -3.11% -545.9%
Net Earnings / Revenue 3.5% 3.83% 1.98%
Basic Earnings Per Share $1.49 $0.47 $0.21
Diluted Earnings Per Share $1.48 $0.46 $0.21
COMMON SHARES
Basic Shares Outstanding 2.608M shares 2.590M shares
Diluted Shares Outstanding 2.634M shares 2.604M shares

Balance Sheet

Concept 2014 2013 Q2 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.250M $5.810M $4.200M
YoY Change 7.57% -6.14% 6.87%
Cash & Equivalents $6.250M $5.811M $4.202M
Short-Term Investments
Other Short-Term Assets $1.690M $2.340M $2.960M
YoY Change -27.78% -2.9% -0.67%
Inventory $11.94M $13.20M $12.89M
Prepaid Expenses
Receivables $23.47M $25.88M $20.06M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $43.35M $47.23M $40.12M
YoY Change -8.22% 10.29% 3.62%
LONG-TERM ASSETS
Property, Plant & Equipment $14.57M $15.10M $14.89M
YoY Change -3.51% -1.62% -5.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.790M $4.173M $5.620M
YoY Change -25.27% 18.01% 44.47%
Total Long-Term Assets $19.37M $21.51M $20.50M
YoY Change -9.95% 4.74% 4.06%
TOTAL ASSETS
Total Short-Term Assets $43.35M $47.23M $40.12M
Total Long-Term Assets $19.37M $21.51M $20.50M
Total Assets $62.72M $68.74M $60.62M
YoY Change -8.76% 8.49% 3.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.540M $10.41M $8.560M
YoY Change -17.96% 17.61% 29.5%
Accrued Expenses $3.910M $4.020M $3.420M
YoY Change -2.74% 34.9% 9.62%
Deferred Revenue
YoY Change
Short-Term Debt $3.150M $7.000M $2.710M
YoY Change -55.0% 2.64% -57.66%
Long-Term Debt Due $420.0K $200.0K $200.0K
YoY Change 110.0% 0.0% -23.08%
Total Short-Term Liabilities $16.16M $22.12M $15.83M
YoY Change -26.94% 13.61% -8.13%
LONG-TERM LIABILITIES
Long-Term Debt $4.190M $3.270M $3.320M
YoY Change 28.13% -5.76% -5.68%
Other Long-Term Liabilities $8.140M $9.670M $8.780M
YoY Change -15.82% 10.26% 51.38%
Total Long-Term Liabilities $12.33M $12.94M $12.10M
YoY Change -4.71% 5.72% 29.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.16M $22.12M $15.83M
Total Long-Term Liabilities $12.33M $12.94M $12.10M
Total Liabilities $28.76M $35.05M $29.77M
YoY Change -22.42% 10.55% 5.68%
SHAREHOLDERS EQUITY
Retained Earnings $31.19M
YoY Change 6.75%
Common Stock $8.117M
YoY Change 2.86%
Preferred Stock
YoY Change
Treasury Stock (at cost) $305.0K
YoY Change -27.73%
Treasury Stock Shares 27.00K shares
Shareholders Equity $33.96M $31.68M $30.85M
YoY Change
Total Liabilities & Shareholders Equity $62.72M $68.74M $60.62M
YoY Change -8.76% 8.49% 3.77%

Cashflow Statement

Concept 2014 2013 Q2 2013 Q1
OPERATING ACTIVITIES
Net Income $3.895M $1.217M $544.0K
YoY Change 27.96% -3.11% -545.9%
Depreciation, Depletion And Amortization $2.549M $660.0K $670.0K
YoY Change -3.92% -1.49% 3.08%
Cash From Operating Activities $8.070M -$1.500M $3.080M
YoY Change 110.87% -157.47% 29.41%
INVESTING ACTIVITIES
Capital Expenditures -$2.020M -$870.0K -$810.0K
YoY Change -16.18% 314.29% 68.75%
Acquisitions
YoY Change
Other Investing Activities $320.0K $0.00 -$60.00K
YoY Change 3100.0% -100.0% -127.27%
Cash From Investing Activities -$1.700M -$860.0K -$870.0K
YoY Change -28.93% 230.77% 234.62%
FINANCING ACTIVITIES
Cash Dividend Paid $1.122M
YoY Change 8.41%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $3.854M
YoY Change 1827.0%
Cash From Financing Activities -5.550M 4.010M -3.880M
YoY Change 223.05% 4912.5% 210.4%
NET CHANGE
Cash From Operating Activities 8.070M -1.500M 3.080M
Cash From Investing Activities -1.700M -860.0K -870.0K
Cash From Financing Activities -5.550M 4.010M -3.880M
Net Change In Cash 820.0K 1.650M -1.670M
YoY Change -389.75% -32.1% -291.95%
FREE CASH FLOW
Cash From Operating Activities $8.070M -$1.500M $3.080M
Capital Expenditures -$2.020M -$870.0K -$810.0K
Free Cash Flow $10.09M -$630.0K $3.890M
YoY Change 61.78% -122.34% 36.01%

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1982000
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421000
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462000
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3409000
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2031000
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46391000
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2490000
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0
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680000
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3486000
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1550000
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356000
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646000
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57000
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DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts
68000
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14570000
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7250000
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138000
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40000
CY2014Q2 kequ State Tax Credit Carryforwards
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264000
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ShortTermBorrowingsAndInterestRateSwap
3150000
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2098000
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-155000
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2016-05-01
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1.17
CY2013 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.4
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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2600000 shares
CY2013 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
13000 shares
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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10.57
CY2013 us-gaap Earnings Per Share Basic
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1.18
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.78
CY2013 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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3827000
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0.0475 pure
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13752 shares
CY2013 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
0.0850 pure
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
9.86
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
40000 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
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2587000 shares
CY2013 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
26750 shares
CY2013 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease
0.00 pure
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
15750 shares
CY2013 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
72850 shares
CY2013 us-gaap Comprehensive Income Net Of Tax
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2893000
CY2013 us-gaap Gross Profit
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22258000
CY2013 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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3530000
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5221000
CY2013 us-gaap Income Taxes Paid Net
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1722000
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200000
CY2013 us-gaap Effect Of Lifo Inventory Liquidation On Income
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273000
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-419000
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285000
CY2013 us-gaap Profit Loss
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3681000
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5277000
CY2013 us-gaap Income Tax Reconciliation Tax Credits
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118000
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-256000
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374000
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21000
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1610000
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744000
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34000
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84000
CY2013 us-gaap Increase Decrease In Accounts Receivable
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2674000
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306000
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3044000
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36000
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1443000
CY2013 us-gaap Other Comprehensive Income Loss Net Of Tax
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-151000
CY2013 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
1213000
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117121000
CY2013 us-gaap Payments To Acquire Productive Assets
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2405000
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-13000
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1035000
CY2013 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
637000
CY2013 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2604000
CY2013 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-125000
CY2013 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
637000
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-14000
CY2013 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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151000
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133000
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94863000
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-1718000
CY2013 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-526000
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DeferredOtherTaxExpenseBenefit
-376000
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169000
CY2013 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-874000
CY2013 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
239000
CY2013 us-gaap Defined Benefit Plan Actual Return On Plan Assets
DefinedBenefitPlanActualReturnOnPlanAssets
1302000
CY2013 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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795000
CY2013 us-gaap Share Based Compensation
ShareBasedCompensation
227000
CY2013 us-gaap Defined Benefit Plan Benefits Paid
DefinedBenefitPlanBenefitsPaid
894000
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34000
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CashAndCashEquivalentsPeriodIncreaseDecrease
-377000
CY2013 us-gaap Current State And Local Tax Expense Benefit
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184000
CY2013 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-2392000
CY2013 us-gaap Interest Expense
InterestExpense
362000
CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
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128000
CY2013 us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
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1071000
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
1775000
CY2013 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-346000
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DefinedBenefitPlanInterestCost
906000
CY2013 us-gaap Research And Development Expense
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872000
CY2013 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
1102000
CY2013 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2013 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-24000
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OtherComprehensiveIncomeLossTax
-150000
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CurrentIncomeTaxExpenseBenefit
1916000
CY2013 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
791000
CY2013 us-gaap Depreciation
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2653000
CY2013 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-6000
CY2013 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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-106000
CY2013 us-gaap Lease And Rental Expense
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2288000
CY2013 us-gaap Current Federal Tax Expense Benefit
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941000
CY2013 us-gaap Advertising Expense
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395000
CY2013 us-gaap Defined Benefit Plan Contributions By Employer
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1000000
CY2013 us-gaap Operating Expenses
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16981000
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1540000
CY2013 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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-94000
CY2013 kequ Net Proceeds From Exercise Of Stock Options Including Tax Benefit
NetProceedsFromExerciseOfStockOptionsIncludingTaxBenefit
116000
CY2013 kequ Entity Wide Disclosure On Geographic Areas Other Revenue From External Customers Attributed To Entity
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24544000
CY2013 kequ Defined Contribution Plan Contributions By Employer
DefinedContributionPlanContributionsByEmployer
659000
CY2013 kequ Increase Decrease In Short Term Borrowings And Interest Rate Swap
IncreaseDecreaseInShortTermBorrowingsAndInterestRateSwap
181000
CY2013 kequ Revenue From Major Customers
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0.14 pure
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0.08 pure
CY2013 kequ Share Based Compensation Deferred Tax Expense Benefit
ShareBasedCompensationDeferredTaxExpenseBenefit
93000
CY2014 dei Trading Symbol
TradingSymbol
KEQU
CY2014 dei Entity Registrant Name
EntityRegistrantName
KEWAUNEE SCIENTIFIC CORP /DE/
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014 dei Amendment Flag
AmendmentFlag
false
CY2014 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-04-30
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0000055529
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--04-30
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Segment
CY2014 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.48
CY2014 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.44
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2634000 shares
CY2014 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
26000 shares
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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10.10
CY2014 us-gaap Earnings Per Share Basic
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1.49
CY2014 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.03 pure
CY2014 us-gaap Defined Benefit Plans General Information
DefinedBenefitPlansGeneralInformation
Ten years
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ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2014 us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
The Line of Credit, and the borrowing rate at that date was 1.75%. Monthly interest payments under the Line of Credit were payable at the Daily One Month LIBOR interest rate plus 1.5% per annum.
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
15.26
CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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8069000
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0.0425 pure
CY2014 us-gaap Treasury Stock Shares Acquired
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69773 shares
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1.00 pure
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0.0850 pure
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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13.00
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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46600 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
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2608000 shares
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97250 shares
CY2014 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Concentration</b> Credit risk is generally not concentrated with any one customer or industry, although the Company does enter into large contracts with individual customers from time to time. The Company performs credit evaluations of its customers. Revenues from the Company&#x2019;s national stocking distributor represented approximately 9%, 11% and 12% of the Company&#x2019;s total sales in fiscal years 2014, 2013 and 2012, respectively. Revenue for two of the Company&#x2019;s domestic dealers represented in the aggregate approximately 24%, 14% and 2% of the Company&#x2019;s total sales in fiscal years 2014, 2013, and 2012, respectively. Accounts receivable for two domestic customers represented approximately 22% and 8% of the Company&#x2019;s total accounts receivable as of April&#xA0;30, 2014 and 2013, respectively.</font></p> </div>
CY2014 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease
0.00 pure
CY2014 us-gaap Line Of Credit Facility Frequency Of Payment And Payment Terms
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The term loan required monthly principal payments of $17,000, plus interest calculated at the 30-day LIBOR Market Index Rate plus 1.575%, with payment of the outstanding principal balance and any unpaid interest at the term loan maturity date.
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
16650 shares
CY2014 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0 shares
CY2014 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates</b> The presentation of consolidated financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Significant estimates impacting the accompanying consolidated financial statements include the allowance for uncollectible accounts receivable, inventory valuation, and pension liabilities.</font></p> </div>
CY2014 us-gaap Revenues
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0
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4949000
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22032000
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5057000
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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5986000
CY2014 us-gaap Income Taxes Paid Net
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2585000
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3854000
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137000
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2116000
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1249000
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4003000
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5964000
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134000
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1292000
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413000
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83000
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-737000
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38000
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133000
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1780000
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-321000
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-2295000
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395000
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3895000
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-1265000
CY2014 us-gaap Other Comprehensive Income Loss Net Of Tax
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1054000
CY2014 us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
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