$KEQU
KEWAUNEE SCIENTIFIC CORP /DE/

2018 Q1 Form 10-Q Financial Statement

#000119312518077010 Filed on March 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $38.19M $30.37M
YoY Change 25.74% -6.29%
Cost Of Revenue $29.79M $25.34M
YoY Change 17.57% -5.88%
Gross Profit $8.309M $5.032M
YoY Change 65.12% -8.31%
Gross Profit Margin 21.76% 16.57%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $700.0K $660.0K
YoY Change 6.06% 6.45%
% of Gross Profit 8.42% 13.12%
Operating Expenses $5.971M $4.590M
YoY Change 30.09% 3.36%
Operating Profit $2.428M $442.0K
YoY Change 449.32% -57.78%
Interest Expense $78.00K $71.00K
YoY Change 9.86% -14.46%
% of Operating Profit 3.21% 16.06%
Other Income/Expense, Net $180.0K $120.0K
YoY Change 50.0% 9.09%
Pretax Income $2.529M $491.0K
YoY Change 415.07% -54.24%
Income Tax $1.581M $133.0K
% Of Pretax Income 62.51% 27.09%
Net Earnings $853.0K $341.0K
YoY Change 150.15% -58.92%
Net Earnings / Revenue 2.23% 1.12%
Basic Earnings Per Share $0.31 $0.13
Diluted Earnings Per Share $0.30 $0.13
COMMON SHARES
Basic Shares Outstanding 2.722M shares 2.711M shares
Diluted Shares Outstanding 2.784M shares 2.734M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.180M $8.250M
YoY Change 11.27% 122.37%
Cash & Equivalents $9.178M $8.254M
Short-Term Investments
Other Short-Term Assets $4.570M $2.440M
YoY Change 87.3% -22.54%
Inventory $17.68M $15.73M
Prepaid Expenses
Receivables $30.84M $25.79M
Other Receivables $0.00 $0.00
Total Short-Term Assets $62.28M $52.21M
YoY Change 19.27% -0.39%
LONG-TERM ASSETS
Property, Plant & Equipment $13.83M $14.35M
YoY Change -3.61% -0.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.068M $3.679M
YoY Change 10.57% 3.14%
Total Long-Term Assets $20.42M $21.43M
YoY Change -4.73% 4.96%
TOTAL ASSETS
Total Short-Term Assets $62.28M $52.21M
Total Long-Term Assets $20.42M $21.43M
Total Assets $82.69M $73.65M
YoY Change 12.29% 1.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.63M $10.11M
YoY Change 25.0% -17.27%
Accrued Expenses $5.520M $4.630M
YoY Change 19.22% 15.17%
Deferred Revenue
YoY Change
Short-Term Debt $4.780M $4.680M
YoY Change 2.14% -15.52%
Long-Term Debt Due $1.167M $421.0K
YoY Change 177.2% 0.0%
Total Short-Term Liabilities $26.05M $20.39M
YoY Change 27.79% -10.9%
LONG-TERM LIABILITIES
Long-Term Debt $1.560M $3.030M
YoY Change -48.51% -12.43%
Other Long-Term Liabilities $486.0K $9.510M
YoY Change -94.89% -2.06%
Total Long-Term Liabilities $486.0K $12.54M
YoY Change -96.12% -4.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.05M $20.39M
Total Long-Term Liabilities $486.0K $12.54M
Total Liabilities $36.60M $32.93M
YoY Change 11.15% -8.65%
SHAREHOLDERS EQUITY
Retained Earnings $42.20M $38.79M
YoY Change 8.78% 8.24%
Common Stock $9.768M $9.386M
YoY Change 4.07% 3.95%
Preferred Stock
YoY Change
Treasury Stock (at cost) $53.00K $53.00K
YoY Change 0.0% 0.0%
Treasury Stock Shares 3.000K shares 3.000K shares
Shareholders Equity $46.28M $40.32M
YoY Change
Total Liabilities & Shareholders Equity $82.69M $73.65M
YoY Change 12.29% 1.11%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $853.0K $341.0K
YoY Change 150.15% -58.92%
Depreciation, Depletion And Amortization $700.0K $660.0K
YoY Change 6.06% 6.45%
Cash From Operating Activities $1.460M $3.640M
YoY Change -59.89% 184.37%
INVESTING ACTIVITIES
Capital Expenditures -$470.0K -$430.0K
YoY Change 9.3% -4.44%
Acquisitions
YoY Change
Other Investing Activities $210.0K
YoY Change -8.7%
Cash From Investing Activities -$520.0K -$220.0K
YoY Change 136.36% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.690M -2.560M
YoY Change 44.14% 481.82%
NET CHANGE
Cash From Operating Activities 1.460M 3.640M
Cash From Investing Activities -520.0K -220.0K
Cash From Financing Activities -3.690M -2.560M
Net Change In Cash -2.750M 860.0K
YoY Change -419.77% 38.71%
FREE CASH FLOW
Cash From Operating Activities $1.460M $3.640M
Capital Expenditures -$470.0K -$430.0K
Free Cash Flow $1.930M $4.070M
YoY Change -52.58% 135.26%

Facts In Submission

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3755000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
120000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Segment
us-gaap Operating Income Loss
OperatingIncomeLoss
6726000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
79000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
49000
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-2013000
us-gaap Other Income
OtherIncome
524000
us-gaap Payments Of Dividends
PaymentsOfDividends
1331000
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
74000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1907000
us-gaap Profit Loss
ProfitLoss
3875000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
8000
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
44639000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
71000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
626000
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
43452000
us-gaap Reclassifications
Reclassifications
<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> K. <u>Reclassifications</u></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Certain 2017 amounts have been reclassified to conform to the 2018 presentation in the consolidated statements of cash flows. Such reclassifications had no impact on net earnings.</p> </div>
us-gaap Revenues
Revenues
113542000
us-gaap Sales Revenue Net
SalesRevenueNet
113542000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
22600 shares
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
8000
dei Trading Symbol
TradingSymbol
KEQU
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2772000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2717000 shares
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
39200 shares
CY2017Q1 us-gaap Change In Unrealized Gain Loss On Hedged Item In Fair Value Hedge1
ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge1
35000
CY2017Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
17000
CY2017Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
313000
CY2017Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
330000
CY2017Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
25339000
CY2017Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
311000
CY2017Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
0
CY2017Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
232000
CY2017Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
235000
CY2017Q1 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements And Curtailments1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1
-314000
CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.13
CY2017Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
CY2017Q1 us-gaap Gross Profit
GrossProfit
5032000
CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
491000
CY2017Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
133000
CY2017Q1 us-gaap Interest Expense
InterestExpense
71000
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
4590000
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
341000
CY2017Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
17000
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
442000
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-28000
CY2017Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-63000
CY2017Q1 us-gaap Other Income
OtherIncome
120000
CY2017Q1 us-gaap Profit Loss
ProfitLoss
358000
CY2017Q1 us-gaap Revenues
Revenues
30371000
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
30371000
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2734000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2711000 shares
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2018Q1 us-gaap Change In Unrealized Gain Loss On Hedged Item In Fair Value Hedge1
ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge1
12000
CY2018Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
35000
CY2018Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1098000
CY2018Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
1133000
CY2018Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
29836000
CY2018Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
328000
CY2018Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
0
CY2018Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
219000
CY2018Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
174000
CY2018Q1 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements And Curtailments1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1
-283000
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.630 pure
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.32
CY2018Q1 us-gaap Gross Profit
GrossProfit
8354000
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2484000
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1566000
CY2018Q1 us-gaap Interest Expense
InterestExpense
78000
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
5971000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
883000
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
35000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2383000
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
215000
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
203000
CY2018Q1 us-gaap Other Income
OtherIncome
179000
CY2018Q1 us-gaap Profit Loss
ProfitLoss
918000
CY2018Q1 us-gaap Revenues
Revenues
38190000
CY2018Q1 us-gaap Sales Revenue Net
SalesRevenueNet
38190000
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2784000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2722000 shares
CY2018Q1 kequ Tax Cuts And Jobs Act Of2017 Incomplete Accounting Transition Tax For Accumulated Foreign Earnings Provisional Income Tax Expense
TaxCutsAndJobsActOf2017IncompleteAccountingTransitionTaxForAccumulatedForeignEarningsProvisionalIncomeTaxExpense
528000
CY2018Q1 kequ Tax Cuts And Jobs Act Of2017 Change In Tax Rate Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit
587000
CY2018Q1 kequ Tax Cuts And Jobs Act Of2017 Income Tax Liabilities Expected Payment Period
TaxCutsAndJobsActOf2017IncomeTaxLiabilitiesExpectedPaymentPeriod
P8Y

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