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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________
FORM 10-Q
_________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 31, 2024
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number 0-5286
_________________________
KEWAUNEE SCIENTIFIC CORPORATION
(Exact name of registrant as specified in its charter)
_________________________
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)

Registrant's telephone number, including area code: (704873-7202
Securities registered pursuant to Section 12(b) of the Act:

    Title of Each Class            Trading Symbol(s)    Name of Exchange on which registered
Common Stock, $2.50 par value             KEQU             NASDAQ Global Market
            
_________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer   Accelerated filer 
Non-accelerated filer 
  Smaller reporting company 
   Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of September 10, 2024, the registrant had outstanding 2,871,808 shares of Common Stock.




KEWAUNEE SCIENTIFIC CORPORATION
INDEX TO FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JULY 31, 2024
  Page Number

i


Part 1. Financial Information
Item 1.    Condensed Consolidated Financial Statements

Kewaunee Scientific Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
($ and shares in thousands, except per share amounts)
 Three Months Ended
July 31,
 20242023
Net sales$48,393 $49,839 
Cost of products sold35,905 37,925 
Gross profit12,488 11,914 
Operating expenses9,913 8,106 
Operating profit2,575 3,808 
Pension expense (41)
Other income, net327 75 
Interest expense(472)(430)
Profit before income taxes2,430 3,412 
Income tax expense192 897 
Net earnings2,238 2,515 
Less: Net earnings attributable to the non-controlling interest45 41 
Net earnings attributable to Kewaunee Scientific Corporation
$2,193 $2,474 
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders
Basic$0.77 $0.87 
Diluted$0.74 $0.86 
Weighted average number of common shares outstanding
Basic2,849 2,860 
Diluted2,967 2,885 









See accompanying notes to Condensed Consolidated Financial Statements.
1


Kewaunee Scientific Corporation
Condensed Consolidated Statements of Comprehensive Earnings
(Unaudited)
($ in thousands)
 Three Months Ended
July 31,
 20242023
Net earnings$2,238 $2,515 
Other comprehensive loss, net of tax:
Foreign currency translation adjustments(116)(144)
Other comprehensive loss(116)(144)
Comprehensive earnings, net of tax
2,122 2,371 
Less: Comprehensive income attributable to the non-controlling interest45 41 
Comprehensive earnings attributable to Kewaunee Scientific Corporation
$2,077 $2,330 





















See accompanying notes to Condensed Consolidated Financial Statements.
2


Kewaunee Scientific Corporation
Condensed Consolidated Statements of Stockholders' Equity
(Unaudited)
($ in thousands, except per share amounts)
 Common
Stock
Additional
Paid-in
Capital
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total Kewaunee Scientific Corporation Stockholders' Equity
Balance at April 30, 2024$7,273 $5,406 $(2,051)$47,514 $(3,382)$54,760 
Net earnings attributable to Kewaunee Scientific Corporation
— — — 2,193 — 2,193 
Other comprehensive loss
— — — — (116)(116)
Stock-based compensation
80 (894)— — — (814)
Balance at July 31, 2024$7,353 $4,512 $(2,051)$49,707 $(3,498)$56,023 

 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$7,084 $5,059 $(53)$28,761 $(3,442)$37,409 
Net earnings attributable to Kewaunee Scientific Corporation— — — 2,474 — 2,474 
Other comprehensive income— — — — (144)(144)
Stock-based compensation185 (494)— — — (309)
Balance at July 31, 2023$7,269 $4,565 $(53)$31,235 $(3,586)$39,430 
See accompanying notes to Condensed Consolidated Financial Statements.
3


Kewaunee Scientific Corporation
Condensed Consolidated Balance Sheets
($ and shares in thousands, except per share amounts)
July 31, 2024April 30, 2024
 (Unaudited) 
Assets
Current Assets:
Cash and cash equivalents$24,211 $23,267 
Restricted cash975 2,671 
Receivables, less allowance; $588; $588, on each respective date
43,545 45,064 
Inventories19,285 20,679 
Prepaid expenses and other current assets4,683 5,136 
Total Current Assets92,699 96,817 
Property, plant and equipment, at cost64,465 64,234 
Accumulated depreciation(47,353)(46,585)
Net Property, Plant and Equipment17,112 17,649 
Right of use assets6,944 7,454 
Deferred income taxes8,091 7,401 
Other assets7,172 5,445 
Total Assets$132,018 $134,766 
Liabilities and Stockholders' Equity
Current Liabilities:
Short-term borrowings$3,627 $3,099 
Current portion of financing liability731 713 
Current portion of financing lease liabilities113 111 
Current portion of operating lease liabilities2,031 2,123 
Accounts payable20,619 23,262 
Employee compensation and amounts withheld3,099 6,041 
Deferred revenue4,937 4,374 
Other accrued expenses1,530 1,057 
Total Current Liabilities36,687 40,780 
Long-term portion of financing liability27,227 27,420 
Long-term portion of financing lease liabilities222 235 
Long-term portion of operating lease liabilities5,111 5,434 
Accrued pension and deferred compensation costs3,523 3,008 
Deferred income taxes1,273 1,218 
Other non-current liabilities462 462 
Total Liabilities74,505 78,557 
Commitments and Contingencies
Stockholders' Equity:
Common stock, $2.50 par value, Authorized – 5,000 shares; Issued – 2,941 shares; 2,909 shares; – Outstanding – 2,872 shares; 2,839 shares, on each respective date
7,353 7,273 
Additional paid-in-capital4,512 5,406 
Retained earnings49,707 47,514 
Accumulated other comprehensive loss(3,498)(3,382)
Common stock in treasury, at cost, 70 shares, on each respective date
(2,051)(2,051)
Total Kewaunee Scientific Corporation Stockholders' Equity56,023 54,760 
Non-controlling interest1,490 1,449 
Total Stockholders' Equity57,513 56,209 
Total Liabilities and Stockholders' Equity$132,018 $134,766 

See accompanying notes to Condensed Consolidated Financial Statements.
4


Kewaunee Scientific Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
($ in thousands)
 Three Months Ended
July 31,
 20242023
Cash flows from operating activities:
Net earnings$2,238 $2,515 
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Depreciation815 718 
Provision for credit losses
11 125 
Stock-based compensation expense318 183 
Deferred income taxes(635)46 
Change in assets and liabilities:
Receivables1,508 3,496 
Inventories1,393 (237)
Accounts payable and other accrued expenses(5,113)(226)
Deferred revenue563 2,970 
Other, net(1,892)(1,418)
Net cash (used in) provided by operating activities
(794)8,172 
Cash flows from investing activities:
Capital expenditures(278)(1,654)
Net cash used in investing activities(278)(1,654)
Cash flows from financing activities:
Proceeds from short-term borrowings38,479 40,597 
Repayments on short-term borrowings(37,951)(39,130)
Payments on sale-leaseback financing transaction(174)(157)
Payments on long-term lease obligations(11)(4)
Net cash provided by financing activities
343 1,306 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(23)(71)
(Decrease) increase in cash, cash equivalents and restricted cash
(752)7,753 
Cash, cash equivalents and restricted cash, beginning of period25,938 13,815 
Cash, cash equivalents and restricted cash, end of period$25,186 $21,568 










See accompanying notes to Condensed Consolidated Financial Statements.
5


Kewaunee Scientific Corporation
Notes to Condensed Consolidated Financial Statements
(unaudited)
A. 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 2024 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, 2024 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.

B. 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 three months ended July 31, 2024 and twelve months ended April 30, 2024, 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 (in thousands):
July 31, 2024April 30, 2024
Cash and cash equivalents$24,211 $23,267 
Restricted cash975 2,671 
Total cash, cash equivalents and restricted cash$25,186 $25,938 

C. 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.
6


Disaggregated Revenue
A summary of net sales transferred to customers over time and at a point in time for the periods ended July 31, 2024 and July 31, 2023 is as follows (in thousands):
Three Months Ended
 July 31, 2024July 31, 2023
 DomesticInternationalTotalDomesticInternationalTotal
Over Time$34,389 $12,870 $47,259 $33,904 $14,419 $48,323 
Point in Time1,134  1,134 1,516  1,516 
Total$35,523 $12,870 $48,393 $35,420 $14,419 $49,839 


Contract Balances
The closing balances of contract assets included $10,722,000 in accounts receivable and $190,000 in other assets at July 31, 2024. The opening balance of contract assets arising from contracts with customers included $11,840,000 in accounts receivable and $312,000 in other assets at April 30, 2024. The closing and opening balances of contract liabilities included in deferred revenue arising from contracts with customers were $4,937,000 at July 31, 2024 and $4,374,000 at April 30, 2024. 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, 2024 and July 31, 2024 are expected to be recognized as revenue during the respective succeeding 12 months.
D. 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):
July 31, 2024April 30, 2024
Finished products$3,175 $3,042 
Work in process1,493 1,931 
Raw materials14,617 15,706 
Total$19,285 $20,679 
The Company's International subsidiaries' inventories were $3,055,000 at July 31, 2024 and $3,239,000 at April 30, 2024 and are included in the above tables.
7


E. 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 July 31, 2024 and April 30, 2024 (in thousands):
 July 31, 2024
Financial AssetsLevel 1Level 2Total
Trading securities held in non-qualified compensation plans (1)
$1,654 $ $1,654 
Cash surrender value of life insurance policies (1)
 1,468 1,468 
Total$1,654 $1,468 $3,122 
Financial Liabilities
Non-qualified compensation plans (2)
$ $3,523 $3,523 
Total$ $3,523 $3,523 
 April 30, 2024
Financial AssetsLevel 1Level 2Total
Trading securities held in non-qualified compensation plans (1)
$1,565 $ $1,565 
Cash surrender value of life insurance policies (1)
 1,077 1,077 
Total$1,565 $1,077 $2,642 
Financial Liabilities
Non-qualified compensation plans (2)
$ $3,009 $3,009 
Total$ $3,009 $3,009 
(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.

F. Long-term Debt and Other Credit Arrangements
At July 31, 2024, advances of $3.0 million were outstanding under the Revolving Credit Facility, with remaining borrowing capacity under the Revolving Credit Facility of $10.8 million. The borrowing rate under the Revolving Credit Facility was 9.56% as of July 31, 2024. In addition, the Company's International subsidiaries had a balance outstanding of $627,000 in short-term borrowings related to overdraft protection and short-term loan arrangements at July 31, 2024. The Company was in compliance with all of the financial covenants under its Revolving Credit Facility as of July 31, 2024.
At April 30, 2024, advances of $3.0 million were outstanding under the Company's Revolving Credit Facility. Amounts available under the Revolving Credit Facility were $11.6 million at April 30, 2024. The borrowing rate under the Revolving Credit Facility was 9.54% as of April 30, 2024. The Company's International subsidiaries had a balance outstanding at April 30, 2024 of $99,000 in short-term borrowings related to overdraft protection and short-term loan arrangements. At April 30, 2024, the Company was in compliance with all of the financial covenants under its Revolving Credit Facility.

G. 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
8


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 July 31, 2024, the carrying value of the financing liability was $27,958,000, net of $633,000 in debt issuance costs, of which $731,000 was classified as current on the Consolidated Balance Sheet with $27,227,000 classified as long-term. As of April 30, 2024, the carrying value of the financing liability was $28,133,000, net of $648,000 in debt issuance costs, of which $713,000 was classified as current on the Consolidated Balance Sheet with $27,420,000 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 $317,000 and $325,000 for the three months ended July 31, 2024 and July 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 $41,000.
Remaining future cash payments related to the financing liability as of July 31, 2024 are as follows:
($ in thousands)
Remainder of fiscal 2025
$1,478 
20262,009 
20272,050 
20282,090 
20292,132 
Thereafter31,735 
Total Minimum Liability Payments41,494 
Imputed Interest(13,536)
Total$27,958 

H. 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 July 31, 2024 and April 30, 2024, right-of-use assets totaled $6,944,000 and $7,454,000, respectively. Operating cash paid to settle lease liabilities was $658,000 and $639,000 for the three months ended July 31, 2024 and July 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 expense was $882,000 for the three months ended July 31, 2024, inclusive of period cost for short-term leases, not included in lease liabilities, of $224,000. Operating lease expense was $867,000 for the three months ended July 31, 2023, inclusive of period cost for short-term leases, not included in lease liabilities, of $228,000.
At July 31, 2024, the weighted average remaining lease term for the capitalized operating leases was 4.1 years and the weighted average discount rate was 5.1%. For the financing leases, the weighted average remaining lease term was 4.3 years and the weighted average discount rate was 8.2%. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of those lease payments. The Company uses the implicit rate when readily determinable.
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Future minimum lease payments under non-cancelable leases as of July 31, 2024 were as follows:
($ in thousands)
OperatingFinancing
Remainder of fiscal 2025
$1,796 $113 
2026
1,977 112 
2027
1,674 40 
20281,080 40 
2029
825 40 
Thereafter560 55 
Total Minimum Lease Payments7,912 400 
Imputed Interest(770)(65)
Total$7,142 $335 
In November 2023, the Company entered into a new lease that has not yet commenced as of July 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.
I. 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 July 31, 2024 and April 30, 2024, there were approximately 2,872,000 and 2,839,000 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 months ended July 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. The Company did not purchase any shares under its share repurchase program during the three months ended July 31, 2024. As of July 31, 2024, the total remaining purchase authorization was 33,809 shares.
J. 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 no antidilutive RSUs and options outstanding at July 31, 2024. There were 33,700 antidilutive RSUs and options outstanding at July 31, 2023. The following is a reconciliation of basic to diluted weighted average common shares outstanding (in thousands):
Three Months Ended
July 31, 2024July 31, 2023
Basic2,849 2,860 
Dilutive effect of stock options and RSUs118 25 
Weighted average common shares outstanding - diluted2,967 2,885 
K. 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.
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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 Omnibus Incentive Plan ("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 2017 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 initially reserved for issuance under the 2023 Plan. At July 31, 2024, there were 383,572 shares available for future issuance under the 2023 Plan.
In June 2024, the Company granted 47,940 RSUs under the 2023 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 $318,000 during the three months ended July 31, 2024 with the remaining estimated stock-based compensation expense of $3,134,000 to be recorded over the remaining vesting periods. The Company recorded stock-based compensation expense of $173,000 during the three months ended July 31, 2023.

L. Income Taxes
Income tax expense of $192,000 and $897,000 was recorded for the three months ended July 31, 2024 and July 31, 2023, respectively. The effective tax rate was 7.9% and 26.3% for the three months ended July 31, 2024 and July 31, 2023, respectively. The effective tax rate for the current three month period 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. In addition, the income tax expense recorded for the three months ended July 31, 2024 was favorably impacted by a discrete tax benefit of $421,000 resulting from the issuance of stock through the vesting of restricted stock units and the exercise of stock options during the quarter.
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 $1,626,000 and $1,572,000 for the withholding tax related to Kewaunee Labway India Pvt. Ltd. as of July 31, 2024 and April 30, 2024, respectively.
M. Defined Benefit Pension Plans
During the year ended April 30, 2024, the Company settled its non-contributory defined benefit plans by transferring approximately $17.8 million of pension obligations through the purchase of group annuity contracts for all remaining liabilities under the pension plan. In connection with the transfer, the Company contributed $287,000 in cash to the pension plans, which was intended to fully fund the Company’s remaining defined benefit pension liabilities. These non-contributory defined benefit pension plans, which covered some domestic employees, were amended as of April 30, 2005. Following this amendment, no further benefits have been earned under the plans, and no additional participants have been added. The defined benefit plan for salaried employees provides pension benefits that are based on each employee's years of service and average annual compensation during the last ten consecutive calendar years of employment as of April 30, 2005. The benefit plan for hourly employees provides benefits at stated amounts based on years of service as of April 30, 2005.

There were no Company contributions paid to the plans for the three months ended July 31, 2023. The Company assumed an expected long-term rate of return of 7.75% for the period ended July 31, 2023.
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Pension expense consisted of the following (in thousands):
Three Months Ended
July 31, 2023
Service cost$ 
Interest cost224 
Expected return on plan assets(328)
Recognition of net loss145 
Net periodic pension expense$41 

N. 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 July 31, 2024 and 2023 (in thousands):
Domestic
Operations
International
Operations
Corporate /
Eliminations
Total
Three Months Ended July 31, 2024
Revenues from external customers$35,523 $12,870 $ $48,393 
Intersegment revenues113 1,348 (1,461) 
Earnings (loss) before income taxes3,635 787 (1,992)2,430 
Three Months Ended July 31, 2023
Revenues from external customers$35,420 $14,419 $ $49,839 
Intersegment revenues51 661 (712) 
Earnings (loss) before income taxes3,623 793 (1,004)3,412 

O. New Accounting Standards
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 adopted this standard effective May 1, 2024 for its fiscal year 2025 annual reporting and subsequent interim periods. The adoption of this standard did not 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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Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations
The Company's 2024 Annual Report to Stockholders on Form 10-K contains management's discussion and analysis of the Company's financial condition and results of operations as of and for the fiscal year ended April 30, 2024. The following discussion and analysis describes material changes in the Company's financial condition since April 30, 2024. The analysis of results of operations compares the three months ended July 31, 2024 with the comparable periods of the prior year.
Results of Operations
Sales for the quarter were $48,393,000, a decrease from sales of $49,839,000 in the comparable period of the prior year. Domestic sales for the quarter were $35,523,000, relatively flat when compared to sales of $35,420,000 in the comparable period of the prior year. International sales for the quarter were $12,870,000, down 10.7% when compared to sales of $14,419,000 in the comparable period of the prior year. International sales decreased when compared to the prior year period due to customer construction site delays in India which pushed out the timing of deliveries.
The Company's order backlog was $159.4 million at July 31, 2024, as compared to $140.8 million at July 31, 2023, and $155.6 million at April 30, 2024.
The gross profit margin for the three months ended July 31, 2024 was 25.8% of sales, as compared to 23.9% of sales in the comparable quarter of the prior year. The increase in gross profit margin percentage for the three months ended July 31, 2024 is primarily being generated from Domestic operations. Specifically, the increase is primarily driven by a favorable sales mix when compared to the prior year, which included installation services sold directly to end users that were completed at a loss for the Company.
Operating expenses for the three months ended July 31, 2024 were $9,913,000, or 20.5% of sales, as compared to $8,106,000, or 16.3% of sales, in the comparable period of the prior year. The increase in operating expenses for the three months ended July 31, 2024 was primarily due to increases in SG&A wages, benefits, incentive and stock-based compensation of $713,000, consulting and professional fees of $836,000, international operating expenses of $295,000, corporate governance expenses of $33,000, and depreciation expense of $23,000, partially offset by decreases in bad debt expense of $114,000.
Interest expense, net was $472,000 for the three months ended July 31, 2024, respectively, as compared to $430,000 and respectively, for the comparable periods of the prior year. The changes in interest expense were due to changes in the levels of bank borrowings and interest rates.
Income tax expense of $192,000 and $897,000 was recorded for the three months ended July 31, 2024 and 2023, respectively. The effective income tax rate for the three months ended July 31, 2024 was 7.9%, as compared to 26.3% for the three months ended July 31, 2023. The effective tax rate for the current three-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. In addition, the income tax expense recorded for the three months ended July 31, 2024 was favorably impacted by a discrete tax benefit of $421,000 resulting from the issuance of stock through the vesting of restricted stock units and the exercise of stock options during the quarter. See Note L, Income Taxes, of the Notes to Condensed Consolidated Financial Statements for additional information.
Non-controlling interests related to the Company's subsidiaries not 100% owned by the Company decreased net earnings by $45,000 for the three months ended July 31, 2024, as compared to $41,000, for the comparable periods of the prior year. The change in the net earnings attributable to the non-controlling interest in the current period was due to changes in earnings (losses) of the subsidiaries in the related period.
Net earnings was $2,193,000, or $0.74 per diluted share, for the three months ended July 31, 2024, compared to net earnings of $2,474,000, or $0.86 per diluted share, in the prior year period.
Liquidity and Capital Resources
Our principal sources of liquidity have historically been funds generated from operating activities, supplemented as needed by borrowings under our Revolving Credit Facility. Additionally, certain machinery and equipment are financed by non-cancellable operating and financing leases. The Company believes that these sources will be sufficient to support ongoing business requirements in the current fiscal year, including capital expenditures.
The Company had working capital of $56,012,000 at July 31, 2024, compared to $56,037,000 at April 30, 2024. The ratio of current assets to current liabilities was 2.5-to-1.0 at July 31, 2024, compared to 2.4-to-1.0 at April 30, 2024.
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The Company used cash of $794,000 during the three months ended July 31, 2024, primarily from decreases in accounts payable and other accrued expenses of $5.1 million, and the change in other, net of $1.9 million, of which $1.7 million related to an increase in other non-current assets, partially offset by operations, decreases in receivables of $1.5 million and decreases in inventories of $1.4 million. During the three months ended July 31, 2024, the Company used net cash of $278,000 in investing activities, all of which was used for capital expenditures. The Company's financing activities provided cash of $343,000 during the three months ended July 31, 2024, primarily from a net increase in short-term borrowings by the Company's International subsidiaries. See Note F, Long-term Debt and Other Credit Arrangements, for more details.
Outlook
The Company's ability to predict future demand for its products continues to be limited given its role as subcontractor or supplier to dealers for subcontractors. Demand for the Company's products is also dependent upon the number of laboratory construction projects planned and/or current progress in projects already under construction. The Company's earnings are also impacted by fluctuations in prevailing pricing for projects in the laboratory construction marketplace and costs of raw materials, including steel, wood, and epoxy resin.
The Company continues to focus on supporting its dealers and distribution channel partners domestically while continuing to provide turnkey solutions in the international markets it serves. The improved focus of the organization, combined with a strong global management team, a healthy backlog, improved manufacturing capabilities, and end-use markets that continue to prioritize investment in projects that require the products Kewaunee designs and manufactures, positions the Company well.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Certain statements in this document constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). All statements other than statements of historical fact included in this Annual Report, including statements regarding the Company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "predict," "believe" and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other important factors that could significantly impact results or achievements expressed or implied by such forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to: competitive and general economic conditions, including disruptions from government mandates, both domestically and internationally, as well as supplier constraints and other supply disruptions; changes in customer demands; technological changes in our operations or in our industry; dependence on customers’ required delivery schedules; risks related to fluctuations in the Company’s operating results from quarter to quarter; risks related to international operations, including foreign currency fluctuations; changes in the legal and regulatory environment; changes in raw materials and commodity costs; acts of terrorism, war, governmental action, natural disasters and other Force Majeure events. The cautionary statements made pursuant to the Reform Act herein and elsewhere by us should not be construed as exhaustive. We cannot always predict what factors would cause actual results to differ materially from those indicated by the forward-looking statements. Over time, our actual results, performance, or achievements will likely differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements, and such difference might be significant and harmful to our stockholders' interest. Many important factors that could cause such differences are described under the caption "Risk Factors" in Item 1A in the Company's 2024 Annual Report on Form 10-K and in Item 1A of Part II in this Quarterly Report on Form 10-Q, which you should review carefully. These forward-looking statements speak only as of the date of this document. The Company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Item 3.    Quantitative and Qualitative Disclosures About Market Risk
There are no material changes to the disclosures made on this matter in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2024.
Item 4.    Controls and Procedures
(a) Evaluation of disclosure controls and procedures
An evaluation was performed under the supervision and with the participation of the Company's management, including the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of July 31, 2024. Based on that evaluation, the Company's management, including the CEO and CFO,
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concluded that, as of July 31, 2024, the Company's disclosure controls and procedures were adequate and effective and designed to ensure that all material information required to be filed in this quarterly report is made known to them by others within the Company and its subsidiaries.
(b) Changes in internal controls
There was no significant change in the Company's internal control over financial reporting that occurred during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.
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PART II. OTHER INFORMATION
Item 1A.    Risk Factors
The business, financial condition and operating results of the Company can be affected by a number of factors, whether currently known or unknown, including but not limited to those described in Part I, Item 1A of the Company's 2024 Annual Report on Form 10-K under the heading "Risk Factors," any one or more of which could, directly or indirectly, cause the Company's actual financial condition and operating results to vary materially from its past, or from anticipated future, financial condition and operating results. Any of these factors, in whole or in part, could materially and adversely affect the Company's business, financial condition, operating results and stock price. There have been no material changes to the Company's risk factors from those set forth in the Company's Annual Report on Form 10-K for the year ended April 30, 2024 as filed with the SEC on June 28, 2024 beyond those set forth below.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

Sales of Unregistered Securities
None.

Issuer Purchases of Equity Securities
The Company's share repurchase program was adopted on August 31, 2023. The Company did not purchase any shares under its share repurchase program during the three months ended July 31, 2024. The share repurchase program had remaining authorization of 33,809 shares as of July 31, 2024.

Item 5.    Other Information
Securities Trading Plans of Directors and Executive Officers
Transactions in the Company's securities by its directors or executive officers are required to be made in accordance with its Insider Trading Policy, which, among other things, requires that the transaction be in accordance with applicable U.S. federal securities laws that prohibit trading while in the possession of material nonpublic information. Rule 10b5-1 under the Securities Exchange Act of 1934 provides an affirmative defense that enables prearranged transactions in securities in a manner that avoids concerns about initiating transactions at a future date while possibly in possession of material nonpublic information.
During the three months ended July 31, 2024, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) informed the Company of the adoption or termination of a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" (as defined in Item 408 of Regulation S-K).
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Item 6.    Exhibits
10.1
31.1
31.2
32.1
32.2
101.INSInline XBRL Instance Document
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 KEWAUNEE SCIENTIFIC CORPORATION
                             (Registrant)
Date: September 13, 2024 By/s/ Donald T. Gardner III
 Donald T. Gardner III
 (As duly authorized officer and Vice President, Finance and Chief Financial Officer)

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