AP Business SummaryBrief at 10:03 a.m. ESTInsider Decision: Miguel Vizcarrondo Offloads $276K Worth Of Evertec Stock
STATESVILLE, N.C. , Dec. 11, 2024 /PRNewswire/ -- Kewaunee Scientific Corporation KEQU today announced results for its second quarter ended October 31, 2024 . Fiscal Year 2025 Second Quarter Results: Sales during the second quarter of fiscal year 2025 were $47,764,000 , a decrease of 5.3% compared to sales of $50,436,000 from the prior year's second quarter. Pre-tax earnings for the quarter were $3,931,000 compared to $4,845,000 for the prior year quarter, a decrease of 18.9%. Net earnings were $3,008,000 compared to net earnings of $2,732,000 for the prior year quarter. EBITDA 1 for the quarter was $4,883,000 compared to $5,662,000 for the prior year quarter. Diluted earnings per share was $1.01 compared to diluted earnings per share of $0.93 in the prior year quarter. The Company's order backlog was at a historically high level of $184 .4 million on October 31, 2024 , as compared to $146 .3 million on October 31, 2023 , and $155 .6 million on April 30, 2024 . Domestic Segment - Domestic sales for the quarter were $36,409,000 , an increase of 6.5% from sales of $34,185,000 in the prior year quarter. Domestic segment net earnings was $4,524,000 compared to $3,054,000 in the prior year quarter. Domestic segment EBITDA was $6,838,000 compared to $5,230,000 for the prior year quarter. The increase in Domestic sales and earnings was primarily driven by higher product demand. International Segment - International sales for the quarter were $11,355,000 , a decrease of 30.1% from sales of $16,251,000 in the prior year quarter. International segment net earnings was $356,000 compared to $525,000 in the prior year quarter. International segment EBITDA was $592,000 compared to $1,635,000 for the prior year quarter. The decline in sales is attributable to customer construction site delays in India which pushed out the timing of deliveries. Corporate Segment – Corporate segment pre-tax net loss was $2,444,000 for the quarter, as compared to a pre-tax net loss of $1,243,000 in the prior year quarter. Corporate segment EBITDA for the quarter was ($2,547,000) compared to corporate segment EBITDA of ($1,203,000) for the prior year quarter. The change in EBITDA was primarily driven by an increase in professional service and other fees during the quarter related to the acquisition of Nu Aire, Inc., which closed on November 1, 2024 , and costs incurred related to Sarbanes-Oxley 404(b) compliance readiness. Total cash on hand on October 31, 2024 was $29,664,000 , as compared to $25,938,000 on April 30, 2024 . Working capital was $59,965,000 , as compared to $52,144,000 at the end of the second quarter last year and $56,037,000 on April 30, 2024 . The Company had short-term debt of $805,000 as of October 31, 2024 , as compared to $3,099,000 on April 30, 2024 . Long-term debt was $28,047,000 on October 31, 2024 , as compared to $28,479,000 on April 30, 2024 . The building lease from the Company's December 2021 sale-leaseback transaction accounts for $27,782,000 of the long-term debt on October 31, 2024 and $28,133,000 of the long-term debt on April 30, 2024 . Long-term debt, net of the sale-leaseback transaction, was $265,000 on October 31, 2024 as compared to $346,000 on April 30, 2024 . The Company's debt-to-equity ratio on October 31, 2024 was 0.59-to-1, as compared to 0.70-to-1 on April 30, 2024. The Company's debt-to-equity ratio, net of the sale-leaseback transaction, on October 31, 2024 was 0.14-to-1, as compared to 0.20-to-1 on April 30, 2024 . "Our financial performance for the second quarter of fiscal year 2025 was strong," said Thomas D. Hull III , Kewaunee's President and Chief Executive Officer. "Domestic segment operating performance improved compared to last year's second quarter as a result of higher product demand, highlighting our continued health and advantage in the market. As discussed during the first quarter of fiscal year 2025, customer construction site delays in India on multiple projects continue to impact our ability to ship products and deliver services, leading to a decrease in sales and earnings when compared to the prior year second quarter." "Looking ahead, our backlog remains very healthy, demonstrating the continued vitality and investment in the markets in which Kewaunee participates and the success both Kewaunee and our channel partners continue to achieve in the marketplace. The strength of Kewaunee's backlog positions the company well to deliver another strong year for our fiscal year." "Additionally, on November 1, 2024 , Kewaunee announced the acquisition of Nu Aire, Inc.," Hull continued. "Nu Aire is renowned for its manufacturing of robust containment solutions, such as biological safety cabinets, airflow products, and more, which serve a diverse range of industries. While not reflected in our second quarter fiscal year 2025 results, Nu Aire will be included going forward, beginning with our third quarter fiscal year 2025 results. It is worth noting the company incurred expenses related to the acquisition of $2.3 million in the current fiscal year, which are outlined in the attached exhibits." "The acquisition of Nu Aire presents a unique opportunity for Kewaunee to expand its capabilities, allowing the combined organization to better meet the diverse needs of end-users in laboratory furnishings and, through Nu Aire's established distribution partners, reach regions where Kewaunee has not previously had a presence. This move accelerates the Company's vision of becoming the market leader in the design and manufacturing of laboratory furniture and technical products essential for outfitting the laboratories of tomorrow." 1 EBITDA is a non-GAAP financial measure. See the table below for a reconciliation of EBITDA and segment EBITDA to net earnings (loss), the most directly comparable GAAP measure. EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA Reconciliation (Unaudited) ($ in thousands) Quarter Ended October 31, 2023 Domestic International Corporate Consolidated Net Earnings (Loss) $ 3,054 $ 525 $ (847) $ 2,732 Add/(Less): Interest Expense 323 35 14 372 Interest Income — (205) (22) (227) Income Taxes 1,232 1,179 (396) 2,015 Depreciation and Amortization 621 101 48 770 EBITDA $ 5,230 $ 1,635 $ (1,203) $ 5,662 Quarter Ended October 31, 2024 Domestic International Corporate Consolidated Net Earnings (Loss) $ 4,524 $ 356 $ (1,872) $ 3,008 Add/(Less): Interest Expense 413 19 10 442 Interest Income — (133) (156) (289) Income Taxes 1,241 247 (572) 916 Depreciation and Amortization 660 103 43 806 EBITDA $ 6,838 $ 592 $ (2,547) $ 4,883 Professional & Other Fees — — 1,540 2 1,540 Adjusted EBITDA $ 6,838 $ 592 $ (1,007) $ 6,423 Year to Date October 31, 2023 Domestic International Corporate Consolidated Net Earnings (Loss) $ 5,765 $ 994 $ (1,553) $ 5,206 Add/(Less): Interest Expense 703 71 28 802 Interest Income — (418) (23) (441) Income Taxes 2,145 1,461 (694) 2,912 Depreciation and Amortization 1,195 197 96 1,488 EBITDA $ 9,808 $ 2,305 $ (2,146) $ 9,967 Year to Date October 31, 2024 Domestic International Corporate Consolidated Net Earnings (Loss) $ 7,395 $ 819 $ (3,013) $ 5,201 Add/(Less): Interest Expense 854 40 20 914 Interest Income — (307) (329) (636) Income Taxes 2,005 526 (1,423) 1,108 Depreciation and Amortization 1,322 210 89 1,621 EBITDA $ 11,576 $ 1,288 $ (4,656) $ 8,208 Professional & Other Fees — — 2,270 3 2,270 Adjusted EBITDA $ 11,576 $ 1,288 $ (2,386) $ 10,478 ______________________________ 2 Professional and other fees incurred during the three months ended October 31, 2024 related to the Company's acquisition of Nu Aire, Inc. ("Nu Aire"), which closed on November 1, 2024 3 Professional and other fees incurred during the six months ended October 31, 2024 related to the Company's acquisition of Nu Aire Adjusted Consolidated Statement of Operations Reconciliation (Unaudited) ($ in thousands, except per share amounts) Three Months Ended October 31, As Reported 2024 Professional & Other Fees Adjusted 2024 2023 Net sales $ 47,764 $ — $ 47,764 $ 50,436 Cost of products sold 33,812 — 33,812 36,968 Gross profit 13,952 — 13,952 13,468 Operating expenses 9,518 1,216 4 8,302 8,359 Operating profit 4,434 1,216 5,650 5,109 Pension expense — — — (40) Other (expense) income, net (61) 324 5 263 148 Interest expense (442) — (442) (372) Profit before income taxes 3,931 1,540 5,471 4,845 Income tax expense 916 351 6 1,267 2,015 Net earnings 3,015 1,189 4,204 2,830 Less: Net earnings attributable to the non-controlling interest 7 — 7 98 Net earnings attributable to Kewaunee Scientific Corporation $ 3,008 $ 1,189 $ 4,197 $ 2,732 Net earnings per share attributable to Kewaunee Scientific Corporation stockholders Basic $ 1.05 $ 0.41 $ 1.46 $ 0.94 Diluted $ 1.01 $ 0.40 $ 1.41 $ 0.93 Six Months Ended October 31, As Reported 2024 Professional & Other Fees Adjusted 2024 2023 Net sales $ 96,157 $ — $ 96,157 $ 100,275 Cost of products sold 69,717 — 69,717 74,893 Gross profit 26,440 — 26,440 25,382 Operating expenses 19,431 1,946 7 17,485 16,465 Operating profit 7,009 1,946 8,955 8,917 Pension expense — — — (81) Other income, net 266 324 8 590 223 Interest expense (914) — (914) (802) Profit before income taxes 6,361 2,270 8,631 8,257 Income tax expense 1,108 518 9 1,626 2,912 Net earnings 5,253 1,752 7,005 5,345 Less: Net earnings attributable to the non-controlling interest 52 — 52 139 Net earnings attributable to Kewaunee Scientific Corporation $ 5,201 $ 1,752 $ 6,953 $ 5,206 Net earnings per share attributable to Kewaunee Scientific Corporation stockholders Basic $ 1.82 $ 0.61 $ 2.43 $ 1.81 Diluted $ 1.75 $ 0.59 $ 2.34 $ 1.79 ______________________________ 4 Professional fees incurred during the three months ended October 31, 2024 related to the Company's acquisition of Nu Aire 5 Cost incurred related to the early termination of the Company's Revolving Credit Facility 6 Estimated tax impact of professional and other fees incurred during the three months ended October 31, 2024 related to the Company's acquisition of Nu Aire 7 Professional fees incurred during the six months ended October 31, 2024 related to the Company's acquisition of Nu Aire 8 Cost incurred related to the early termination of the Company's Revolving Credit Facility 9 Estimated tax impact of professional and other fees incurred during the six months ended October 31, 2024 related to the Company's acquisition of Nu Aire About Non-GAAP Measures The Company includes non-GAAP financial measures such as adjusted net earnings and adjusted net earnings per share, in the information provided with this press release as supplemental information relating to its operating results. Adjusted net earnings represents GAAP net earnings adjusted for professional and other fees related to the acquisition of Nu Aire, Inc. and the corresponding tax impact. This financial information is not in accordance with, or an alternative for, GAAP-compliant financial information and may be different from the operating or non-GAAP financial information used by other companies. The Company believes that this presentation of adjusted net earnings and adjusted net earnings per share provides useful information to investors regarding certain additional financial and business trends relating to its financial condition and results of operations. EBITDA and Segment EBITDA are calculated as net earnings (loss), less interest expense and interest income, income taxes, depreciation, and amortization. Adjusted EBITDA and Adjusted Segment EBITDA are calculated as EBITDA or Segment EBITDA less the impact of the professional and other fees related to the Company's acquisition of Nu Aire, Inc., as discussed in more detail above. We believe EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA allow management and investors to compare our performance to other companies on a consistent basis without regard to depreciation and amortization or the professional fees not related to our core business incurred during the current period, which can vary significantly between companies depending upon many factors. EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA are not calculations based upon generally accepted accounting principles, and the method for calculating EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA can vary among companies. The amounts included in the EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA calculations, however, are derived from amounts included in the historical consolidated statements of operations. EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA should not be considered as alternatives to net earnings (loss) or operating earnings (loss) as an indicator of the Company's operating performance, or as an alternative to operating cash flows as a measure of liquidity. About Nu Aire Founded in 1971 and based in Minneapolis , the Company is a leading manufacturer of equipment for a diverse range of laboratory and pharmacy environments. Nu Aire is the North American market share leader in biological safety cabinets and other airflow products and also offers a complete line of CO2 incubators, ultralow freezers, animal handling equipment, pharmacy compounding isolators, and parts and accessories. Nu Aire's equipment is required for safety and quality in every type of laboratory: life sciences research, clinical, hospital, biotech and pharmaceutical R&D, academia, food and beverage, industrial and more. Nu Aire's website is located at http://www.nuaire.com/ . About Kewaunee Scientific Founded in 1906, Kewaunee Scientific Corporation is a recognized global leader in the design, manufacture, and installation of laboratory, healthcare, and technical furniture products. The Company's products include steel and wood casework, fume hoods, adaptable modular systems, moveable workstations, stand-alone benches, biological safety cabinets, and epoxy resin work surfaces and sinks. The Company's corporate headquarters are located in Statesville, North Carolina . Sales offices are located in the United States , India , Saudi Arabia , and Singapore . Three manufacturing facilities are located in Statesville serving the domestic and international markets, and one manufacturing facility is located in Bangalore, India serving the local, Asian, and African markets. Kewaunee Scientific's website is located at http://www.kewaunee.com . This press release contains statements that the Company believes to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, 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: our ability to realize the benefits anticipated as a result of the Nu Aire acquisition; 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, and 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 a difference are described under the caption "Risk Factors," in Item 1A of our Annual Report on Form 10-K for the fiscal year ended April 30, 2024 , which you should review carefully, and in our subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. These reports are available on our investor relations website at www.kewaunee.com and on the SEC website at www.sec.gov . 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. Kewaunee Scientific Corporation Condensed Consolidated Statements of Operations (Unaudited) ($ and shares in thousands, except per share amounts) Three Months Ended October 31, Six Months Ended October 31, 2024 2023 2024 2023 Net sales $ 47,764 $ 50,436 $ 96,157 $ 100,275 Cost of products sold 33,812 36,968 69,717 74,893 Gross profit 13,952 13,468 26,440 25,382 Operating expenses 9,518 8,359 19,431 16,465 Operating profit 4,434 5,109 7,009 8,917 Pension expense — (40) — (81) Other (expense) income, net (61) 148 266 223 Interest expense (442) (372) (914) (802) Profit before income taxes 3,931 4,845 6,361 8,257 Income tax expense 916 2,015 1,108 2,912 Net earnings 3,015 2,830 5,253 5,345 Less: Net earnings attributable to the non-controlling interest 7 98 52 139 Net earnings attributable to Kewaunee Scientific Corporation $ 3,008 $ 2,732 $ 5,201 $ 5,206 Net earnings per share attributable to Kewaunee Scientific Corporation stockholders Basic $ 1.05 $ 0.94 $ 1.82 $ 1.81 Diluted $ 1.01 $ 0.93 $ 1.75 $ 1.79 Weighted average number of common shares outstanding Basic 2,872 2,903 2,861 2,882 Diluted 2,974 2,931 2,971 2,908 Kewaunee Scientific Corporation Condensed Consolidated Balance Sheets ($ in thousands) October 31, 2024 April 30, 2024 (Unaudited) Assets Cash and cash equivalents $ 25,963 $ 23,267 Restricted cash 3,701 2,671 Receivables, less allowances 41,885 45,064 Inventories 18,659 20,679 Prepaid expenses and other current assets 6,228 5,136 Total Current Assets 96,436 96,817 Net Property, Plant and Equipment 16,990 17,649 Right of use assets 6,941 7,454 Deferred income taxes 8,305 7,401 Other assets 5,806 5,445 Total Assets $ 134,478 $ 134,766 Liabilities and Stockholders' Equity Short-term borrowings $ 805 $ 3,099 Current portion of lease obligations 2,221 2,234 Current portion of financing liability 750 713 Accounts payable 21,458 23,262 Other current liabilities 11,237 11,472 Total Current Liabilities 36,471 40,780 Long-term portion of lease obligations 5,191 5,669 Long-term portion of financing liability 27,032 27,420 Other non-current liabilities 5,127 4,688 Total Liabilities 73,821 78,557 Kewaunee Scientific Corporation Equity 59,328 54,760 Non-controlling interest 1,329 1,449 Total Stockholders' Equity 60,657 56,209 Total Liabilities and Stockholders' Equity $ 134,478 $ 134,766 Contact: Donald T. Gardner III 704/871-3274 View original content to download multimedia: https://www.prnewswire.com/news-releases/kewaunee-scientific-reports-results-for-second-quarter-of-fiscal-year-2025-302329479.html SOURCE Kewaunee Scientific Corporation © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Jim Rossman | Tribune News Service Cord cutting used to refer to abandoning pay TV and putting up an antenna to watch free over-the-air TV. Then cord cutting expanded to include streaming services like Netflix and Hulu and individual streaming sources. Related Articles TV and Streaming | Best TV of 2024: A modestly better lineup than usual, but why didn’t it feel that way? TV and Streaming | Column: 40 years after it premiered, ‘The Adventures of Sherlock Holmes’ remains one of the best Doyle adaptations TV and Streaming | What to watch: ‘Flow’ and ‘The Order’ are both worth your attention TV and Streaming | ‘Yacht Rock: A Dockumentary’ review: More than an ironic musical pleasure TV and Streaming | ‘The Agency’: Spy vs. spy with Michael Fassbender at the center Now we also include streaming bundles, like YouTube TV or Hulu Live or DirecTV Stream. These bundled services mimic cable and satellite service, in that they have hundreds of channels. The ease or complexity of the cord cutting experience depends on how you have things set up. Let’s take a look at some gift options for your favorite cord cutter. As far as I know DirecTV is the only streaming bundle service that offers its own hardware. The Gemini Air is a small dongle that plugs into an HDMI port on your TV. It is paired with a remote control to allow for easy navigation. If you were an AT&T U-Verse TV customer, the Gemini Air/DirecTV Stream experience will be very familiar. The Gemini Air is a rarity in that it has number buttons. DirecTV Stream has the option of turning on channel numbers in the guide. I’ve used DirecTV Stream with my Roku TV and with the Gemini Air and the Air makes navigating the huge list of channels much easier. The Gemini Air runs the Google operating system, so you can see and use all your other streaming services like Netflix, Hulu, Amazon Prime, Max and more. You can also load apps and games from the Google Play store. The Gemini Air connects to your home’s Wi-Fi network, and it can stream 4K content to your TV. The remote control has a microphone so you can use your voice to search or interact with Hey Google’s voice assistant. DirecTV Stream customers can get a free Gemini Air from AT&T with their service. Additional units are available for $120. There are lots of smart TV brands. Some run on the Roku operating system, some run Google TV and some use their own brand of smart TV apps. If you’d like to add Google TV to any set, you can get Google’s new TV Streamer (4K) for just $99 from store.google.com. The small device connects to your TV’s HDMI port. It also can connect to your home’s internet via Wi-Fi or wired Ethernet connection. The Google TV interface is not tied to any specific streaming service. You can use any streaming service or app that’s available on the Google Play store. It features a simple remote with voice control and the Google TV Streamer is also a hub and controller for Matter and Thread home devices that work with Google’s home ecosystem. If you use an over-the-air antenna for watching your free local channels, I’m betting you’d like the option to record those channels. TiVo used to be the best/easiest way to record OTA TV, but they’ve discontinued their OTA recorders. A great alternative is from TabloTV, which is a small box that you connect to your TV antenna. The TabloTV does not directly connect to your TV. Instead it connects to your home’s Wi-Fi, and the antenna signal is wirelessly sent to any TV or compatible device in your home. Your TV picks up the signal through a free app, which is compatible with smart TV brands like Samsung, LG, Google TV, Roku, Apple TV, Amazon Fire TV or Android TV. This method is extremely handy if you don’t want to be bothered running an antenna wire from your attic or roof all the way to your TV. It’s also great if you want to use an indoor antenna, but your TV is not situated in a room that faces the broadcast towers. You can place the antenna and TabloTV where you get the best reception. The TabloTV comes in two models – with either two or four tuners. This means you can record or watch two or four shows at a time. TabloTV has onboard storage to record up to 50 hours of shows, but you can plug in any USB hard drive and expand to record thousands of hours of programming. You can also bundle a TabloTV with an OTA antenna if you like, or you can use your own antenna. Two things to know, there are no ongoing subscription costs for guide data, and there is no streaming service integration. You will need another way to add in streaming services like Netflix and Hulu. TabloTV models start at $99.95 for the two tuner model at tablotv.com. The four-tuner model is $139.95, but they may be on sale during the holidays. ©2024 Tribune Content Agency, LLC.None
New banknotes, wow?