Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Apr. 30, 2022 | Jun. 28, 2022 | Oct. 31, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Apr. 30, 2022 | ||
Current Fiscal Year End Date | --04-30 | ||
Document Transition Report | false | ||
Entity File Number | 0-5286 | ||
Entity Registrant Name | KEWAUNEE SCIENTIFIC CORPORATION | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 38-0715562 | ||
Entity Address, Address Line One | 2700 West Front Street | ||
Entity Address, City or Town | Statesville | ||
Entity Address, State or Province | NC | ||
Entity Address, Postal Zip Code | 28677-2927 | ||
City Area Code | 704 | ||
Local Phone Number | 873-7202 | ||
Title of 12(b) Security | Common Stock $2.50 par value | ||
Trading Symbol | KEQU | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 32,465,075 | ||
Entity Common Stock, Shares Outstanding | 2,792,784 | ||
Documents Incorporated by Reference [Text Block] | DOCUMENTS INCORPORATED BY REFERENCE: Those portions of the Company's proxy statement for use in connection with Kewaunee Scientific Corporation's annual meeting of stockholders to be held on August 24, 2022, indicated in this report are incorporated by reference into Part III hereof. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000055529 |
Audit Information
Audit Information | 12 Months Ended |
Apr. 30, 2022 | |
Audit Information [Abstract] | |
Auditor Name | FORVIS, LLP |
Auditor Location | Charlotte, NC |
Auditor Firm ID | 686 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Income Statement [Abstract] | ||
Net sales | $ 168,872 | $ 147,469 |
Cost of products sold | 144,652 | 123,476 |
Gross profit | 24,220 | 23,993 |
Operating expenses | 26,828 | 25,309 |
Operating loss | (2,608) | (1,316) |
Pension income (expense) | 355 | (1,153) |
Other income, net | 400 | 241 |
Interest expense | (632) | (389) |
Loss before income taxes | (2,485) | (2,617) |
Income tax expense | 3,518 | 990 |
Net loss | (6,003) | (3,607) |
Less: net earnings attributable to the non-controlling interest | 123 | 65 |
Net loss attributable to Kewaunee Scientific Corporation | $ (6,126) | $ (3,672) |
Net loss per share attributable to Kewaunee Scientific Corporation stockholders | ||
Basic (in usd per share) | $ (2.20) | $ (1.33) |
Diluted (in usd per share) | $ (2.20) | $ (1.33) |
Weighted average number of common shares outstanding | ||
Basic (in shares) | 2,786 | 2,760 |
Diluted (in shares) | 2,786 | 2,760 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (6,003) | $ (3,607) |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation adjustments | (186) | (23) |
Change in unrecognized actuarial gain on pension obligations | 21 | 6,044 |
Comprehensive income (loss), net of tax | (6,168) | 2,414 |
Less comprehensive income attributable to the non-controlling interest | 123 | 65 |
Total comprehensive income (loss) attributable to Kewaunee Scientific Corporation | $ (6,291) | $ 2,349 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Apr. 30, 2020 | $ 38,415 | $ 6,885 | $ 3,360 | $ (53) | $ 37,821 | $ (9,598) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss attributable to Kewaunee Scientific Corporation | (3,672) | (3,672) | ||||
Other comprehensive income (loss) | 6,021 | 6,021 | ||||
Stock based compensation | 477 | 30 | 447 | |||
Ending balance at Apr. 30, 2021 | 41,241 | 6,915 | 3,807 | (53) | 34,149 | (3,577) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss attributable to Kewaunee Scientific Corporation | (6,126) | (6,126) | ||||
Other comprehensive income (loss) | (165) | (165) | ||||
Stock based compensation | 744 | 68 | 676 | |||
Ending balance at Apr. 30, 2022 | $ 35,694 | $ 6,983 | $ 4,483 | $ (53) | $ 28,023 | $ (3,742) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 4,433 | $ 5,206 |
Restricted cash | 2,461 | 525 |
Receivables, less allowance: $357 (2022); $636 (2021) | 41,254 | 32,882 |
Inventories | 23,796 | 16,517 |
Income tax receivable | 0 | 955 |
Note receivable | 13,457 | 0 |
Prepaid expenses and other current assets | 6,164 | 4,372 |
Total Current Assets | 91,565 | 60,457 |
Property, plant and equipment, net | 15,121 | 15,982 |
Right of use assets | 7,573 | 9,279 |
Other assets | 4,514 | 3,666 |
Total Assets | 118,773 | 89,384 |
Current Liabilities | ||
Short-term borrowings | 1,588 | 6,828 |
Current portion of financing liability | 575 | 0 |
Current portion of financing lease liability | 126 | 21 |
Current portion of operating lease liabilities | 1,319 | 1,348 |
Accounts payable | 27,316 | 16,780 |
Employee compensation and amounts withheld | 4,504 | 4,726 |
Deferred revenue | 3,529 | 3,123 |
Other accrued expenses | 3,336 | 1,355 |
Total Current Liabilities | 42,293 | 34,181 |
Long-term portion of financing liability | 28,775 | 0 |
Long-term portion of financing lease liability | 228 | 91 |
Long-term portion of operating lease liabilities | 6,179 | 7,860 |
Accrued pension and deferred compensation costs | 4,159 | 4,652 |
Deferred income taxes | 428 | 307 |
Other non-current liabilities | 531 | 806 |
Total Liabilities | 82,593 | 47,897 |
Commitments and Contingencies (Note 9) | ||
Stockholders' Equity | ||
Common stock | 6,983 | 6,915 |
Additional paid-in capital | 4,483 | 3,807 |
Retained earnings | 28,023 | 34,149 |
Accumulated other comprehensive loss | (3,742) | (3,577) |
Common stock in treasury, at cost: 3 shares | (53) | (53) |
Total Kewaunee Scientific Corporation Stockholders' Equity | 35,694 | 41,241 |
Non-controlling interest | 486 | 246 |
Total Stockholders' Equity | 36,180 | 41,487 |
Total Liabilities and Stockholders' Equity | $ 118,773 | $ 89,384 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for receivables | $ 357 | $ 636 |
Common stock, par value (in USD per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized (in shares) | 5,000 | 5,000 |
Common stock, shares issued (in shares) | 2,793 | 2,766 |
Common stock, shares outstanding (in shares) | 2,790 | 2,763 |
Treasury stock, shares (in shares) | 3 | 3 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Cash Flows from Operating Activities | ||
Net loss | $ (6,003) | $ (3,607) |
Adjustments to reconcile net loss to net cash (used) provided by operating activities: | ||
Depreciation | 2,769 | 2,687 |
Bad debt provision | 92 | 53 |
Stock based compensation expense | 729 | 634 |
Provision for deferred income taxes | 120 | 1,662 |
Change in assets and liabilities: | ||
Receivables | (8,464) | (4,874) |
Inventories | (7,279) | (1,188) |
Income tax receivable | 955 | 1,762 |
Accounts payable and other accrued expenses | 11,886 | 4,567 |
Deferred revenue | 406 | 615 |
Other, net | (3,096) | (1,399) |
Net cash (used) provided by operating activities | (7,885) | 912 |
Cash Flows from Investing Activities | ||
Capital expenditures | (1,908) | (2,397) |
Net cash used in investing activities | (1,908) | (2,397) |
Cash Flows from Financing Activities | ||
Dividends paid to non-controlling interest in subsidiaries | 0 | (108) |
Proceeds from short-term borrowings | 59,359 | 62,205 |
Repayments on short-term borrowings | (64,598) | (60,096) |
Proceeds from sale-leaseback transaction | 15,893 | 0 |
Proceeds from long-term debt | 377 | 0 |
Repayments on long-term debt | 0 | (19) |
Net cash provided by financing activities | 11,031 | 1,982 |
Effect of exchange rate changes on cash, net | (75) | 19 |
Increase in Cash, Cash Equivalents and Restricted Cash | 1,163 | 516 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 5,731 | 5,215 |
Cash, Cash Equivalents and Restricted Cash at End of Year | 6,894 | 5,731 |
Supplemental Disclosure of Cash Flow Information | ||
Interest paid | 480 | 65 |
Income taxes (refunded) paid | $ 1,006 | $ (1,800) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Kewaunee Scientific Corporation and subsidiaries (collectively the "Company") design, manufacture, and install laboratory, healthcare, and technical furniture products. The Company's products include steel, wood, and laminate furniture, fume hoods, biological safety cabinets, laminar flow and ductless fume hoods, adaptable modular and column systems, movable workstations and carts, epoxy resin worksurfaces, sinks and accessories and related design services. The Company's sales are made through purchase orders and contracts submitted by customers, dealers, its subsidiaries in Singapore and India, and a national stocking distributor. See Note 12 , Restructuring Costs for details on the closure status of the Company's China operations. The majority of the Company's products are sold to customers located in North America, primarily within the United States. The Company's laboratory products are used in chemistry, physics, biology and other general science laboratories in the pharmaceutical, biotechnology, industrial, chemical, commercial, educational, government and health care markets. Technical products are used in facilities manufacturing computers and light electronics and by users of computer and networking furniture. Laminate casework is used in educational, healthcare and industrial applications. Principles of Consolidation The Company's consolidated financial statements include the accounts of Kewaunee Scientific Corporation and its international subsidiaries. A brief description of each subsidiary, along with the amount of the Company's controlling financial interests, as of April 30, 2022 is as follows: (1) Kewaunee Labway Asia Pte. Ltd., a commercial sales organization for the Company's products in Singapore, is 100% owned by the Company; (2) Kewaunee Scientific Corporation Singapore Pte. Ltd., a holding company in Singapore, is 100% owned by the Company; (3) Kewaunee Labway India Pvt. Ltd., a manufacturing, assembly and commercial sales operation for the Company's products in Bangalore, India, is 95% owned by the Company; (4) Koncepo Scientech International Pvt. Ltd., a laboratory design and strategic advisory and construction management services firm, located in Bangalore, India, is 80% owned by the Company; (5) Kewaunee Scientific (Suzhou) Co., Ltd., a commercial sales organization for the Company's products in China, is 100% owned by the Company; (6) Kequip Global Lab Solutions Pvt. Ltd. is 70% owned by Kewaunee Scientific Corporation Singapore Pte. Ltd. All intercompany balances, transactions, and profits have been eliminated. Included in the consolidated financial statements are net assets of $13,127,000 and $11,126,000 at April 30, 2022 and 2021, respectively, of the Company's subsidiaries. Net sales by the Company's subsidiaries in the amounts of $42,024,000 and $36,434,000 were included in the consolidated statements of operations for fiscal years 2022 and 2021, respectively. Reclassifications The Company reclassified certain amounts in the Condensed Consolidated Balance Sheet as of April 30, 2021 and the Condensed Consolidated Statements of Cash Flows for the period ended April 30, 2021 to conform to the current year presentation. There was no impact to the Condensed Consolidated Statements of Operations or Condensed Consolidated Statement of Stockholders' Equity. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. During the years ended April 30, 2022 and 2021, the Company had cash deposits in excess of FDIC insured limits. The Company has not experienced any losses from such deposits. The Company includes restricted cash along with the cash balance for presentation in the consolidated statements of cash flows. The reconciliation between the consolidated balance sheet and the consolidated statement of cash flows at April 30 is as follows: $ in thousands 2022 2021 Cash and cash equivalents $ 4,433 $ 5,206 Restricted cash 2,461 525 Total cash, cash equivalents and restricted cash $ 6,894 $ 5,731 Restricted Cash Restricted cash includes bank deposits of subsidiaries used for performance guarantees against customer orders. Accounts Receivable and Allowance for Doubtful Accounts Receivables are stated at the amount owed by the customer, net of allowances for estimated doubtful accounts. The Company evaluates the collectability of its trade accounts receivable based on a number of factors. In circumstances where management is aware of a customer's inability to meet its financial obligations to the Company, or a project dispute makes it unlikely that all of the receivable owed by a customer will be collected, a specific reserve for bad debts is estimated and recorded to reduce the recognized receivable to the estimated amount the Company believes will ultimately be collected. In addition to specific customer identification of potential bad debts, a reserve for bad debts is estimated and recorded based on past loss history and an overall assessment of past due trade accounts receivable amounts outstanding. Accounts are written off when it is clearly established that the receivable is a bad debt. Recoveries of receivables previously written off are recorded when received. The activity in the allowance for doubtful accounts for each of the years ended April 30 was: $ in thousands 2022 2021 Balance at beginning of year $ 636 $ 606 Bad debt provision 92 53 Doubtful accounts written off (net) (371) (23) Balance at end of year $ 357 $ 636 Unbilled Receivables Accounts receivable include unbilled receivables that represent amounts earned which have not yet been billed in accordance with contractually stated billing terms, excluding retention, which is included in other assets. The amount of unbilled receivables, net of unbilled retention, at April 30, 2022 and 2021 was $9,287,000 and $5,716,000, respectively. Inventories The Company's inventories are valued at the lower of cost or net realizable value under the first-in, first-out ("FIFO") method. Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is determined for financial reporting purposes principally on the straight-line method over the estimated useful lives of the individual assets or, for leaseholds, over the terms of the related leases, if shorter. Property, plant and equipment consisted of the following at April 30: $ in thousands 2022 2021 Useful Life Land $ 41 $ 41 N/A Building and improvements 17,164 17,017 10-40 years Machinery and equipment 43,121 41,746 5-10 years Total 60,326 58,804 Less accumulated depreciation (45,205) (42,822) Net property, plant and equipment $ 15,121 $ 15,982 The Company reviews the carrying value of property, plant and equipment for impairment whenever changes in circumstances or events indicate that such carrying value may not be recoverable. If projected undiscounted cash flows are not sufficient to recover the carrying value of the potentially impaired asset, the carrying value is reduced to estimated fair value. There were no impairments in fiscal years 2022 or 2021. Other Assets Other assets at April 30, 2022 and 2021 included $1,293,000 and $1,213,000, respectively, of unbilled retainage, $2,480,000 and $2,649,000, respectively, of assets held in a trust account for non-qualified benefit plan, and $110,000 and $108,000, respectively, of cash surrender values of life insurance policies. Life insurance policies are recorded at the amount that could be realized under the insurance contract as of the date of the Company's consolidated balance sheets with the change in cash surrender or contract value being recorded as income or expense during each period. Use of Estimates 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, self-insurance reserves, and pension liabilities. Variable Interest Entity 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 (the “Property”) located at 2700 West Front Street in Statesville, North Carolina (the “Sale Agreement”) in exchange for $30,275,000 in sales proceeds, $14,864,000 of which was payable in redeemable preferred shares in CAI Investments Medical Products I Parent, LLC ("Parent"), a Delaware limited liability company and an affiliate of Buyer. The redemption feature on the preferred shares is personally guaranteed by a shareholder and manager of Buyer and its affiliates. At April 30, 2022, the carrying value of the redeemable preferred shares was $13.5 million. As of June 22, 2022, the Company had fully redeemed all shares and converted the Note Receivable to cash. The transfer of title was initially conditioned upon a 30-day acceptance period to permit Buyer to examine and evaluate the Property. The Sale Agreement was subsequently finalized on March 24, 2022 to complete Buyer’s purchase of the Property and to coincide with a 20-year lease, effective on such date between the Company and CAI Investments Medical Products I Master Lessee LLC (“Lessor”), an affiliate of Buyer, for the Property (the "Lease Agreement"). At the same time, the Buyer and its affiliates formed a new, debt-financed affiliate CAI Investments Medical Products I, DST (“Trust”) and contributed the Property to the Trust. According to the terms of the contemporaneous lease, the Trust leased the Property to its affiliated Lessor, which in turn sub-leased the Property to the Company (together with the Sale Agreement, the “Sale-Leaseback Arrangement”). For additional information on the accounting for the Sale-Leaseback Arrangement, refer to Note 5 , Sale-Leaseback Financing Transaction . The Company concluded as of April 30, 2022 that Parent and its direct affiliates, including the Trust, are designed primarily to acquire and manage the Property and constitute a variable interest entity because the Trust, wholly-owned through Parent’s subsidiaries, lacks sufficient equity on its own to finance its operations. The Company evaluated its lease arrangement and redeemable preferred shares in Parent as variable interests. The Company is not the primary beneficiary of Parent or its affiliates because the Company does not direct the activities that most significantly impact the economic performance of Parent and its affiliated Trust (e.g., property management, maintenance and budget oversight, residual ownership and price exposure to changes in the fair value of the Property, etc.). Further, the Company’s redeemable preferred shares in Parent do not provide the Company with a controlling financial interest in Parent or its affiliates. The Company’s redeemable preferred shares generally provide the Company with the same, non-majority right as other voting interests in Parent and the Buyer and its affiliates retain the substantive right to unilaterally “kick out” the Company by redeeming the Company’s preferred shares at any time. The Company concluded it should not consolidate Parent or its affiliates under the variable interest model or the voting interest model of ASC 810. The Company has no requirement to fund losses or finance future operations of the Buyer or its affiliates. The Company recorded the redeemable preferred shares in Parent and its affiliates as a Note Receivable on its Consolidated Balance Sheet, rather than as an investment in preferred equity, due to the mandatory redemption feature of the preferred shares. The Note Receivable is classified as held to maturity at amortized cost, subject to impairment. The Company’s maximum exposure to the Buyer and its affiliates as of April 30, 2022 was limited to the Company’s lease payments and right to use the Property as well as to the carrying value of the redeemable preferred shares. Fair Value of Financial Instruments A financial instrument is defined as cash equivalents, evidence of an ownership interest in an entity, or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from another party. The Company's financial instruments consist primarily of cash and equivalents, mutual funds, cash surrender value of life insurance policies, a note receivable and corresponding sale-leaseback financing liability, term loans and short-term borrowings. The carrying value of these assets and liabilities approximate their fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Expanded disclosures about instruments measured at fair value require the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value as follows: Level 1 Quoted prices in active markets for identical assets or liabilities as of the reporting date. Level 2 Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities as of the reporting date. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following tables summarize the Company's fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring and nonrecurring basis as of April 30, 2022 and 2021 (in thousands): 2022 Level 1 Level 2 Level 3 Total Financial Assets Trading securities held in non-qualified compensation plans (1) $ 1,219 $ — $ — $ 1,219 Cash surrender value of life insurance policies (1) — 1,371 — 1,371 Total $ 1,219 $ 1,371 $ — $ 2,590 Financial Liabilities Non-qualified compensation plans (2) $ — $ 3,003 $ — $ 3,003 Total $ — $ 3,003 $ — $ 3,003 2021 Level 1 Level 2 Level 3 Total Financial Assets Trading securities held in non-qualified compensation plans (1) $ 1,299 $ — $ — $ 1,299 Cash surrender value of life insurance policies (1) — 1,458 — 1,458 Total $ 1,299 $ 1,458 $ — $ 2,757 Financial Liabilities Non-qualified compensation plans (2) $ — $ 3,169 $ — $ 3,169 Total $ — $ 3,169 $ — $ 3,169 (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. Revenue Recognition Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. 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. Sales taxes that are collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales. Certain customers' cash discounts and volume rebates are offered as sales incentives. The discounts and volume rebates are recorded as a reduction in sales at the time revenue is recognized in an amount estimated based on historical experience and contractual obligations. Deferred revenue consists of customer deposits and advance billings of the Company's products where sales have not yet been recognized. Accounts receivable includes retainage in the amounts of $523,000 and $1,668,000 at April 30, 2022 and 2021, respectively. Shipping and handling costs are included in cost of product sales. Because of the nature and quality of the Company's products, any warranty issues are determined in a relatively short period after the sale and are infrequent in nature, and as such, warranty costs are immaterial to the Company's consolidated financial position and results of operations and are expensed as incurred. Credit Concentration The Company performs credit evaluations of its customers. Revenues from three of the Company's domestic dealers represented in the aggregate approximately 38% and 40% of the Company's sales in fiscal years 2022 and 2021, respectively. Accounts receivable for two domestic customers represented approximately 21% and 20% of the Company's total accounts receivable as of April 30, 2022 and 2021, respectively. Insurance The Company maintains a self-insured health-care program. The Company accrues estimated losses for claims incurred but not reported using actuarial models and assumptions based on historical loss experience. The Company has also purchased specific stop-loss insurance to limit claims above a certain amount. The Company adjusts insurance reserves, as needed, in the event that future loss experience differs from historical loss patterns. Income Taxes In accordance with ASC 740, "Income Taxes" ("ASC 740"), the Company uses the liability method in measuring the provision for income taxes and recognizing deferred income tax assets and liabilities on the consolidated balance sheets. ASC 740 clarifies the financial statement recognition threshold and measurement attribute of a tax position taken or expected to be taken in a tax return. Under ASC 740, the Company applies a more-likely-than-not recognition threshold for all tax uncertainties. ASC 740 only allows the recognition of those tax benefits that have a greater than 50% likelihood of being sustained upon examination by the taxing authorities. The Company did not have any significant uncertain tax positions at April 30, 2022 or 2021. Research and Development Costs Research and development costs are charged to cost of products sold in the periods incurred. Expenditures for research and development costs were $990,000 and $1,406,000 for the fiscal years ended April 30, 2022 and 2021, respectively. Advertising Costs Advertising costs are expensed as incurred, and include trade shows, training materials, sales, samples, and other related expenses and are included in operating expenses. Advertising costs for the years ended April 30, 2022 and 2021 were $175,000 and $174,000, respectively. Foreign Currency Translation The financial statements of subsidiaries located in India and China, and of Kewaunee Scientific Corporation Singapore Pte. Ltd., are measured using the local currency as the functional currency. The financial position and operating results of Kewaunee Labway Asia Pte. Ltd. are measured using the U.S. dollar as its functional currency. Assets and liabilities of the Company's foreign subsidiaries using local currencies are translated into United States dollars at fiscal year-end exchange rates. Sales, expenses, and cash flows are translated at weighted average exchange rates for each period. Net translation gains or losses are included in other comprehensive income, a separate component of stockholders' equity. Gains and losses from foreign currency transactions of these subsidiaries are included in operating expenses. 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 stock options and the conversion of restricted stock units ("RSUs") under the Company's various stock compensation plans, except when RSUs and stock options have an antidilutive effect. There were 44,750 antidilutive RSUs and stock options outstanding at April 30, 2022. There were 166,880 antidilutive RSUs and stock options outstanding at April 30, 2021. The following is a reconciliation of basic to diluted weighted average common shares outstanding: Shares in thousands 2022 2021 Weighted average common shares outstanding Basic 2,786 2,760 Dilutive effect of stock options and RSUs — — Weighted average common shares outstanding—diluted 2,786 2,760 Accounting for Stock Options and Other Equity Awards Compensation costs related to stock options and other stock awards granted by the Company are charged against operating expenses during their vesting period, under ASC 718, "Compensation—Stock Compensation." Forfeitures are accounted for in the period in which the awards are forfeited. The Company granted 67,750 RSUs under the 2017 Omnibus Incentive Plan in fiscal year 2022 and 95,861 RSUs in fiscal year 2021. There were no stock options granted during fiscal years 2022 and 2021. (See Note 7 , Stock Options and Share-Based Compensation ) New Accounting Standards In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments," which replaces the current incurred loss method used for determining credit losses on financial assets, including trade receivables, with an expected credit loss method. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company will adopt this standard in fiscal year 2024. 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. In January 2017, the FASB issued ASU 2017-04, "Simplifying the Test for Goodwill Impairment," which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted this standard effective May 1, 2020. The adoption of this standard did not have a significant impact on the Company's consolidated financial position or results of operations. In August 2018, the FASB issued ASU 2018-13, "Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement," which removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC Topic 820. The Company adopted this standard effective May 1, 2020. The adoption of this standard did not have a significant impact on the Company's consolidated financial position or results of operations. In August 2018, the FASB issued ASU 2018-14, "Compensation -Retirement Benefits -Defined Benefit Plans -General (Subtopic 715-20) - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans" ("ASU 2018-14"). The amendments in this update remove defined benefit plan disclosures that are no longer considered cost-beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company adopted this standard effective May 1, 2020. The adoption of this standard did not have a significant impact on the Company's consolidated financial position or results of operations. In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes ("Topic 740"): Simplifying the Accounting for Income Taxes." This update simplifies the accounting for income taxes through certain targeted improvements to various subtopics within Topic 740. The amendments in this update are effective for fiscal years and interim periods beginning after December 15, 2020. The Company adopted this standard effective May 1, 2021. The adoption of this standard did not have a significant impact on the Company's consolidated financial position or results of operations. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Apr. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 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. Performance Obligations A performance obligation is a distinct good or service or bundle of goods and services that is distinct or a series of distinct goods or services that are substantially the same and have the same pattern of transfer. The Company identifies performance obligations at the inception of a contract and allocates the transaction price to individual performance obligations to reasonably reflect the Company's performance in transferring control of the promised goods or services to the customer. The Company has elected to treat shipping and handling as a fulfillment activity instead of a separate performance obligation. The following are the primary performance obligations identified by the Company: Laboratory Furniture The Company principally generates revenue from the manufacture of custom laboratory, healthcare, and technical furniture and infrastructure products (herein referred to as "laboratory furniture"). The Company's products include steel, wood, and laminate furniture, fume hoods, biological safety cabinets, laminar flow and ductless hoods, adaptable modular and column systems, moveable workstations and carts, epoxy resin worksurfaces, sinks, and accessories and related design services. Customers can benefit from each piece of laboratory furniture on its own or with resources readily available in the market place such as separately purchased installation services. Each piece of laboratory furniture does not significantly modify or customize other laboratory furniture, and the pieces of laboratory furniture are not highly interdependent or interrelated with each other. The Company can, and frequently does, break portions of contracts into separate "runs" to meet manufacturing and construction schedules. As such, each piece of laboratory furniture is considered a separate and distinct performance obligation. The majority of the Company's products are customized to meet the specific architectural design and performance requirements of laboratory planners and end users. The finished laboratory furniture has no alternative use to the Company and the Company has an enforceable right to payment for performance completed to date. As such, revenue from the sales of customized laboratory furniture is recognized over time once the customization process has begun, using the units-of-production output method to measure progress towards completion. There is not a material amount of work-in-process for which the customization process has begun at the end of a reporting period. The Company believes this output method most reasonably reflects the Company's performance because it directly measures the value of the goods transferred to the customer. For standardized products sold by the Company, revenue is recognized when control transfers, which is typically freight on board ("FOB") shipping point. Warranties All orders contain a standard warranty that warrants that the product is free from defects in workmanship and materials under normal use and conditions for a limited period of time. Due to the nature and quality of the Company's products, any warranty issues have historically been determined in a relatively short period after the sale, have been infrequent in nature, and have been immaterial to the Company's financial position and results of operations. The Company's standard warranties are not considered a separate and distinct performance obligation as the Company does not provide a service to customers beyond assurance that the covered product is free of initial defects. Costs of providing these short term assurance warranties are immaterial and, accordingly, are expensed as incurred. Extended separately priced warranties are available which can last up to five years. Extended warranties are considered separate performance obligations as they are individually priced options providing assurances that the products are free of defects. Installation Services The Company sometimes performs installation services for customers. The scope of installation services primarily relates to setting up and ensuring the proper functioning of the laboratory furniture. In certain markets, the Company may provide a broader range of installation services involving the design and installation of the laboratory's mechanical services. Installation services can be, and often are, performed by third parties and thus may be distinct from the Company's products. Installation services create or enhance assets that the customer controls as the installation services are provided. As such, revenue from installation services is recognized over time, as the installation services are performed using the cost input method, as there is a direct relationship between the Company's inputs and the transfer of control by means of the performance of installation services to the customer. Custodial Services It is common in the laboratory and healthcare furniture industries for customers to request delivery at specific future dates, as products are often to be installed in buildings yet to be constructed. Frequently, customers will request the manufacture of these products prior to the customer's ability or readiness to receive the product due to various reasons such as changes to or delays in the construction of the building. As such, from time to time Kewaunee's customers require us to provide custodial services for their laboratory furniture. Custodial services are frequently provided by third parties and do not significantly alter the other goods or services covered by the contract and as such are considered a separate and distinct performance obligation. Custodial services are simultaneously received and consumed by the customer and as such revenue from custodial services is recognized over time using a straight-line time-based measure of progress towards completion, because the Company's services are provided evenly throughout the performance period. Payment Terms and Transaction Prices The Company's contracts with customers are fixed-price and do not contain variable consideration or a general right of return or refund. The Company's contracts with customers contain terms typical for Kewaunee's industry, including withholding a portion of the transaction price until after the goods or services have been transferred to the customer (i.e. "retainage"). The Company does not recognize this as a significant financing component because the primary purpose of retainage is to provide the customer with assurance that the Company will perform its obligations under the contract, rather than to provide financing to the customer. Allocation of Transaction Price The Company's contracts with customers may cover multiple goods and services, such as differing types of laboratory furniture and installation services. For these arrangements, each good or service is evaluated to determine whether it represents a distinct performance obligation. The total transaction price is then allocated to the distinct performance obligations based on their relative standalone selling price at the inception of the arrangement. If available, the Company utilizes observable prices for goods or services sold separately to similar customers in similar circumstances to determine its relative standalone selling price. Otherwise, list prices are used if they are determined to be representative of standalone selling prices. If neither of these methods are available at contract inception, such as when the Company does not sell the product or service separately, judgment may be required and the Company determines the standalone selling price using one, or a combination of, the adjusted market assessment or expected cost-plus margin approaches. Practical Expedients Used The Company has elected the following practical expedients: • The portfolio approach was applied in evaluating the accounting for the cost of obtaining a contract. • Payment terms with the Company's customers which are one year or less are not considered a significant financing component. • The Company excludes from revenues taxes it collects from customers that are assessed by a government authority. This is primarily relevant to domestic sales but also includes taxes on some international sales which are also excluded from the transaction price. • The Company's incremental cost to obtain a contract is limited to sales commissions. The Company applies the practical expedient to expense commissions as incurred for contracts having a duration of one year or less. Sales commissions related to contracts with a duration of greater than one year are immaterial to the Company's consolidated financial position and results of operations and are also expensed as incurred. Disaggregated Revenue A summary of net sales transferred to customers at a point in time and over time for the twelve months ended April 30 is as follows (in thousands): 2022 Domestic International Total Over Time $ 119,989 $ 42,024 $ 162,013 Point in Time 6,859 — 6,859 Total Revenue $ 126,848 $ 42,024 $ 168,872 2021 Domestic International Total Over Time $ 107,575 $ 36,434 $ 144,009 Point in Time 3,460 — 3,460 Total Revenue $ 111,035 $ 36,434 $ 147,469 Contract Balances The closing balances of contract assets included $9,287,000 in accounts receivable and $1,293,000 in other current assets at April 30, 2022. The opening balance of contract assets arising from contracts with customers included $5,716,000 in accounts receivable and $1,213,000 in other assets at April 30, 2021. The closing and opening balances of contract liabilities included in deferred revenue arising from contracts with customers were $3,529,000 at April 30, 2022 and $3,123,000 at April 30, 2021. The timing of revenue recognition, billings and cash collections results in accounts receivable, unbilled receivables, and deferred revenue which is disclosed on the consolidated balance sheets and in the notes to the 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. Accounts receivable 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 the Company performs under the contract. During the fiscal year ended April 30, 2022, changes in contract assets and liabilities were not materially impacted by any other factors. Approximately 100% of the contract liability balance at April 30, 2022 is expected to be recognized as revenue during fiscal year 2023. |
Inventories
Inventories | 12 Months Ended |
Apr. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following at April 30: (in thousands) 2022 2021 Finished goods $ 4,555 $ 2,988 Work-in-process 2,893 1,832 Materials and components 16,348 11,697 Total inventories $ 23,796 $ 16,517 |
Long-term Debt and Other Credit
Long-term Debt and Other Credit Arrangements | 12 Months Ended |
Apr. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt and Other Credit Arrangements | Long-term Debt and Other Credit Arrangements On May 6, 2013, the Company entered into a credit and security agreement (the "Loan Agreement") consisting of a $20 million revolving credit facility ("Line of Credit") which matured on May 1, 2018 and was subsequently extended to March 1, 2021. On June 19, 2019, the Company entered into a Security Agreement pursuant to which the Company granted a security interest in substantially all of its assets to secure its obligations under the Loan Agreement. On December 13, 2019, the Company entered into an amendment to the Loan Agreement and the Line of Credit to effect a change to an asset based lending arrangement based on eligible accounts receivable and inventory, with the available amount not to exceed $20 million through January 31, 2020, and with such maximum amount reduced to $15 million thereafter. This amendment replaced the prior financial covenants with new financial covenants, including minimum monthly liquidity and EBITDA requirements. Additionally, a requirement for the repatriation of foreign cash and restrictions on the payment of dividends were added. On January 28, 2021, the Company entered into another amendment which effected changes (i) extending the maturity date under the Credit Agreement and Revolving Note from February 1, 2021 to May 3, 2021; and (ii) modifying existing covenants. On April 27, 2021, the Company entered into another amendment which effected changes (i) extending the maturity date under the Credit Agreement and Revolving Note from May 3, 2021 to July 30, 2021; and (ii) revising existing covenants. On July 30, 2021, the Company entered into another amendment which effected changes (i) extending the maturity date under the Credit Agreement and Revolving Note from July 30, 2021 to April 30, 2022; (ii) removing the minimum EBITDA covenant; (iii) in addition to the existing Minimum Monthly Liquidity requirement as of the end of each calendar month of not less than $2,000,000, adding an additional covenant that the Company will maintain Supplemental Liquidity as of the first day of each calendar month not less than (a) during the period from August 1, 2021 through December 31, 2021, $1,000,000 and (b) thereafter $1,500,000; and (iv) restating the Credit Agreement to reflect all amendments to date. On March 11, 2022, the Company entered into another Amendment, the effectiveness of which was conditioned upon the consummation of the Sale-Leaseback Arrangement, described in Note 5 , Sale-Leaseback Financing Transaction below, which occurred on March 24, 2022. The Amendment effected changes (i) amending and replacing the $15,000,000 line of credit with a $7,500,000 line of credit; (ii) providing for the removal of liens on property of the Company previously existing pursuant to the terms of the Credit Agreement; (iii) changing the interest rate under the Credit Agreement; (iv) consenting to the consummation of the Sale-Leaseback Arrangement; and (v) restating the Credit Agreement to reflect all amendments to date. Effective as of April 29, 2022, the Company entered into another amendment which effected changes (i) reducing the amount available under the line of credit from $7,500,000 to $4,715,823; (ii) extending the maturity date under the Credit Agreement and Revolving Note from April 30, 2022 to May 31, 2022; and (iii) adding a cash collateral agreement whereby the Company shall deliver to the Bank cash in the amount of 105% of the outstanding issued Letters of Credit on or before May 23, 2022, which amount shall be deposited in, and maintained in, a blocked, non-interest-bearing deposit account at the Bank. As of May 27, 2022, the Company entered into an additional amendment which effected changes (i) further reducing the amount available under the line of credit from $4,715,823 to $3,000,000; (ii) extending the maturity date under the Credit Agreement and Revolving Note from May 31, 2022 to June 30, 2022; and (iii) permanently reducing the maximum aggregate principal amount committed under the line of credit. At April 30, 2022, there were advances of $1.6 million and $716,000 in letters of credit outstanding, leaving $2.4 million available under the Line of Credit. The borrowing rate under the Line of Credit at that date was 4.75%. Monthly interest payments under the Line of Credit were payable at the greater of the Daily One Month LIBOR interest rate, or 0.75%, plus 4.0%. At April 30, 2022, there were bank guarantees issued by foreign banks outstanding to customers in the amounts of $8.2 million, $111,000, $9,000, $3,000 and $249,000, and with expiration dates in fiscal years 2023, 2024, 2025, 2026 and 2027, respectively, collateralized by a $6.0 million corporate guarantee and certain assets of the Company's subsidiaries in India. At April 30, 2022, the Company was in compliance with all the financial covenants under its revolving credit facility. At April 30, 2021, there were advances of $6.8 million and $704,000 in letters of credit outstanding under the Line of Credit. The borrowing rate at that date was 4.75%. At April 30, 2021, there were foreign bank guarantees outstanding to customers in the amounts of $3.2 million, $61,000, $18,000, $9,000 and $257,000 with expiration dates in fiscal years 2022, 2023, 2024, 2025 and 2027, respectively, collateralized by a $6.0 million corporate guarantee and certain assets of the Company's subsidiaries in India. |
Sale-Leaseback Financing Transa
Sale-Leaseback Financing Transaction | 12 Months Ended |
Apr. 30, 2022 | |
Financing Liability [Abstract] | |
Sale-Leaseback Financing Transaction | Sale-Leaseback Financing Transaction On December 22, 2021, the Company entered into the Sale Agreement with the Buyer for the Company’s headquarters and manufacturing facilities located at 2700 West Front Street in Statesville, North Carolina. The Sale Agreement was finalized on March 24, 2022 and coincided with the Company and the Buyer entering into the Lease Agreement. The Sale-Leaseback Arrangement is repayable over 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 with the Buyer in accordance with ASC 842 as the Lease Agreement was determined to be a finance lease. The Company concluded the Lease Agreement met the qualifications to be classified as a finance lease due to the significance of the present value of the lease payments, using a discount rate of 4.75% to reflect 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 must be accounted for as a financing arrangement. As a result of this determination, the Company is viewed as having received the sales 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. As of April 30, 2022, the carrying value of the financing liability was $29,350,000, net of $768,000 in debt issuance costs, of which $575,000 was classified as current on the Consolidated Balance Sheet with $28,775,000 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 $147,000 for the year ended April 30, 2022. No gain or loss was recognized related to the Sale-Leaseback Arrangement under U.S. GAAP for the fiscal year ended April 30, 2022. 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 $41,000. Remaining future cash payments related to the financing liability for the fiscal years ending April 30 are as follows: ($ in thousands) 2023 $ 1,893 2024 1,931 2025 1,970 2026 2,009 2027 2,050 Thereafter 35,958 Total Minimum Liability Payments 45,811 Imputed Interest (16,461) Total $ 29,350 |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") was signed into law, which contains several income tax provisions, as well as other measures, aimed at assisting businesses impacted by the economic effects of the COVID-19 pandemic. The CARES Act includes a broad range of tax reform provisions affecting businesses, including permissible net operating losses ("NOLs") carrybacks up to five years, changes in business deductions limitations, and deferral of Social Security withholdings. The Company applied the NOL carryback provision of the CARES Act with respect to its estimated NOL for fiscal year 2021 to years that had higher enacted tax rates. The Company also applied the deferral of Social Security withholdings in accordance with the CARES Act; 50% of these deferred withholdings were due and paid by December 31, 2021, with the remainder due December 31, 2022. Effective August 1, 2019, the Company elected to revoke the indefinite reinvestment of foreign unremitted earnings position set forth by ASC 740-30-25-17 for multiple foreign subsidiaries. As a result of this election, the Company recorded a tax withholding expense imposed by the India Income Tax Department of $240,000 and $226,000 for the years ended April 30, 2022 and 2021, respectively. The Company's accounting policy with respect to the Global Intangible Low-Taxed Income ("GILTI") tax rules is that GILTI will be treated as a periodic charge in the year in which it arises. The Company had no tax expense related to GILTI for the years ended April 30, 2022 and 2021. Income tax expense consisted of the following: $ in thousands 2022 2021 Current tax expense (benefit): Federal $ 1,899 $ (396) State and local 490 8 Foreign 1,008 1,136 Total current tax expense (benefit) 3,397 748 Deferred tax expense (benefit): Federal — 449 State and local — (135) Foreign 121 (72) Total deferred tax expense 121 242 Net income tax expense $ 3,518 $ 990 The reasons for the differences between the above net income tax expense and the amounts computed by applying the statutory federal income tax rate to earnings before income taxes are as follows: $ in thousands 2022 2021 Income tax benefit at statutory rate $ (432) $ (470) State and local taxes, net of federal income tax benefit (29) (129) Tax credits (state, net of federal benefit) (457) (415) Effects of differing US and foreign tax rates 22 17 Tax on unrepatriated and repatriated foreign earnings — 226 Net operating loss adjustment (286) 118 Impact of foreign subsidiary income to parent 74 67 Increase in valuation allowance 4,170 1,538 Other items, net 456 38 Net income tax expense $ 3,518 $ 990 Significant items comprising deferred tax assets and liabilities as of April 30 were as follows: $ in thousands 2022 2021 Deferred tax assets: Accrued employee benefit expenses $ 228 $ 296 Allowance for doubtful accounts 142 154 Deferred compensation 1,196 1,283 Tax credits (state, net of federal benefits) 170 978 Foreign tax credit carryforwards 638 638 Unrecognized actuarial loss, defined benefit plans 1,202 1,196 Inventory reserves 62 69 Net operating loss carryforwards 112 572 Proceeds on Sale Leaseback 7,215 — Other 497 568 Total deferred tax assets 11,462 5,754 Deferred tax liabilities: Book basis in excess of tax basis of property, plant and equipment (1,758) (1,596) Book basis in excess of tax basis of Sale Leaseback property (1,122) — Prepaid pension (949) (847) APB 23 Assertion (976) (765) Debt Issuance Cost on Sale Leaseback (184) — Other — (122) Total deferred tax liabilities (4,989) (3,330) Valuation allowance (6,901) (2,731) Net deferred tax liabilities $ (428) $ (307) Deferred tax assets (liabilities) classified in the balance sheet: Non-current (428) (307) Net deferred tax liabilities $ (428) $ (307) The Company is required to evaluate the realization of the deferred tax asset and any requirement for a valuation allowance in accordance with ASC 740-10-30-2(b). The Company evaluates all available evidence, both positive and negative, to determine the amount of any required valuation allowance. A deferred tax asset valuation allowance of $6,901,000 was recorded in the period ended April 30, 2022 based on ASC 740-10-30-18. This guidance provides that the future realization of the tax benefit of an existing deductible temporary difference or carryforward ultimately depends on sufficient taxable income of the appropriate character within the carryback or carryforward period available under the tax law. At April 30, 2022, the Company had foreign tax credit carryforwards in the amount of $638,000, which are subject to a full valuation allowance, and which begin to expire in 2028. The Company files federal, state and local tax returns with statutes of limitation generally ranging from 3 to 4 years. The Company is generally no longer subject to federal tax examinations for years prior to fiscal year 2018 or state and local tax examinations for years prior to fiscal year 2017. Tax returns filed by the Company's significant foreign subsidiaries are generally subject to statutes of limitations of 3 to 7 years and are generally no longer subject to examination for years prior to fiscal year 2016. The Company has no unrecognized tax benefits. |
Stock Options and Share-Based C
Stock Options and Share-Based Compensation | 12 Months Ended |
Apr. 30, 2022 | |
Equity [Abstract] | |
Stock Options and Share-Based Compensation | Stock Options and Share-Based Compensation The Company's stockholders approved the 2017 Omnibus Incentive Plan ("2017 Plan") on August 30, 2017, which enables the Company to grant a broad range of equity, equity-related, and non-equity types of awards, with potential recipients including directors, consultants and employees. This plan replaced the 2010 Stock Option Plan for Directors and the 2008 Key Employee Stock Option Plan. No new awards will be granted under the prior plans and all outstanding options granted under the prior plans will remain subject to the prior plans. At the date of approval of the 2017 Plan there were 280,100 shares available for issuance under the prior plans. These shares and any shares subject to outstanding awards that subsequently cease to be subject to such awards are available under the 2017 Plan. The 2017 Plan did not increase the total number of shares available for issuance under the Company's equity compensation plans. At April 30, 2022 there were 147,509 shares available for future issuance. Under the 2017 Plan, the Company recorded stock-based compensation expense of $701,000 and $578,000 and deferred income tax benefit of $165,000 and $136,000 in fiscal years 2022 and 2021, respectively. The RSUs include grants with both a service and performance component vesting over a 3 year period and grants with only service components vesting over 2 and 3 year periods. The recognized expense is based upon the vesting period for service criteria and estimated attainment of the performance criteria at the end of the performance period based on the ratio of cumulative days incurred to total days over the performance period. The remaining estimated compensation expense of $760,000 will be recorded over the remaining vesting periods. The fair value of each RSU granted to employees was estimated on the date of grant based on the weighted average price of the Company's stock reduced by the present value of the expected dividend stream during the vesting period using the risk-free interest rate. The Company issued new shares of common stock to satisfy RSUs that vested during fiscal year 2022. The following table summarizes the RSU activity and weighted averages. 2022 2021 Number of RSUs Weighted Average Grant Date Fair Value Number of RSUs Weighted Average Grant Date Fair Value Outstanding at beginning of year 125,217 $ 12.71 52,850 $ 20.08 Granted 67,750 $ 13.74 95,861 $ 9.43 Vested (31,943) $ 12.44 (11,477) $ 13.55 Forfeited (16,197) $ 21.83 (12,017) $ 16.69 Outstanding at end of year 144,827 $ 12.24 125,217 $ 12.71 The stockholders approved the 2008 Key Employee Stock Option Plan ("2008 Plan") in fiscal year 2009 which allowed the Company to grant options on an aggregate of 300,000 shares of the Company's common stock. On August 26, 2015, the stockholders approved an amendment to this plan to increase the number of shares available under the 2008 Plan by 300,000 shares. Under the plan, options were granted at not less than the fair market value at the date of grant and options are exercisable in such installments, for such terms (up to 10 years), and at such times, as the Board of Directors determined at the time of the grant. At April 30, 2022, there were no shares available for future grants under the 2008 Plan. In order to determine the fair value of stock options on the date of grant, the Company applied the Black-Scholes option pricing model. Inherent in the model are assumptions related to expected stock-price volatility, option life, risk-free interest rate, and dividend yield. The stock options outstanding have the "plain-vanilla" characteristics as defined in SEC Staff Accounting Bulletin No. 107 (SAB 107). The Company utilized the Safe Harbor option "Simplified Method" to determine the expected term of these options in accordance with the guidance of SAB 107 for options outstanding. The stock-based compensation expense is recorded over the vesting period (4 years) for the options granted, net of tax. Under the 2008 Plan, the Company recorded no compensation expense or deferred income tax benefit in fiscal year 2022, as compared to $15,000 of compensation expense and $3,000 of deferred income tax benefit in fiscal year 2021. The Company issued new shares of common stock to satisfy options exercised during fiscal years 2022 and 2021. Stock option activity and weighted average exercise price are summarized as follows: 2022 2021 Number Weighted Average Exercise Price Number Weighted Average Exercise Price Outstanding at beginning of year 84,300 $ 18.56 88,000 $ 18.45 Canceled (35,400) $ 17.94 (3,700) $ 15.97 Exercised (1,500) $ 8.59 — $ — Outstanding at end of year 47,400 $ 19.34 84,300 $ 18.56 Exercisable at end of year 47,400 $ 19.34 84,300 $ 18.56 The number of options outstanding, exercisable, and their weighted average exercise prices were within the following ranges at April 30, 2022: Exercise Price Range $8.59-$11.78 $15.85-$23.62 Options outstanding 2,650 44,750 Weighted average exercise price $ 11.78 $ 19.79 Weighted average remaining contractual life 0.33 years 3.60 years Aggregate intrinsic value $ 6,572 $ — Options exercisable 2,650 44,750 Weighted average exercise price $ 11.78 $ 19.79 Aggregate intrinsic value $ 6,572 $ — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Apr. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The Company's other comprehensive income (loss) consists of unrealized gains and losses on the translation of the assets, liabilities, and equity of its foreign subsidiaries, and additional minimum pension liability adjustments, net of income taxes. The before tax income (loss), related income tax effect, and accumulated balances are as follows: $ in thousands Foreign Minimum Total Balance at April 30, 2020 $ (2,334) $ (7,264) $ (9,598) Foreign currency translation adjustment (23) — (23) Change in unrecognized actuarial loss on pension obligations — 6,044 6,044 Balance at April 30, 2021 (2,357) (1,220) (3,577) Foreign currency translation adjustment (186) — (186) Change in unrecognized actuarial loss on pension obligations — 21 21 Balance at April 30, 2022 $ (2,543) $ (1,199) $ (3,742) |
Leases, Commitments and Conting
Leases, Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Leases, Commitments and Contingencies | Leases, Commitments and Contingencies The Company recognizes lease assets and lease liabilities with respect to the rights and obligations created by leased assets previously classified as operating leases. The Company elected to: • Record the impact of adoption using a modified retrospective method with any cumulative effect as an adjustment to retained earnings (accumulated deficit) as opposed to restating comparative periods to reflect the effects of applying the new standard. • Elect the package of three transition practical expedients which alleviate the requirements to reassess embedded leases, lease classification and initial direct costs for leases that commenced prior to the adoption date. • Elected to use the short-term lease recognition exemption for all asset classes. This means, for those leases that qualify, the Company will not recognize right-of-use ("ROU") assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets. The Company has operating type leases for real estate and equipment in both the U.S. and internationally and financing leases for equipment in the United States. ROU assets totaled $7,573,000 and $9,279,000 at April 30, 2022 and 2021, respectively. Operating cash paid to settle lease liabilities was $2,019,000 and $1,799,000 for the fiscal year ended April 30, 2022 and 2021, 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 $3,067,000 for the twelve months ended April 30, 2022, inclusive of period cost for short-term leases, not included in lease liabilities, of $1,048,000. Operating lease expense was $2,854,000 for the fiscal year ended April 30, 2021, inclusive of period cost for short-term leases, not included in lease liabilities, of $1,055,000. At April 30, 2022, the weighted average remaining lease term for the capitalized operating leases was 5.8 years and the weighted average discount rate was 4.1%. At April 30, 2021, the weighted average remaining lease term for the capitalized operating leases was 5.9 years and the weighted average discount rate was 4.1%. For the financing leases, the weighted average remaining lease term was 3.8 years and the weighted average discount rate was 6.6% at April 30, 2022 as compared to 4.3 years and 10.0% at April 30, 2021. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. Future minimum payments under the non-cancelable lease arrangements for the fiscal years ending April 30 are as follows: ($ in thousands) Operating Financing 2023 $ 1,849 $ 148 2024 1,476 90 2025 1,432 90 2026 1,221 71 2027 996 — Thereafter 1,847 — Total Minimum Lease Payments 8,821 399 Imputed Interest (1,323) (45) Total $ 7,498 $ 354 The Company is involved in certain claims and legal proceedings in the normal course of business which management believes will not have a material adverse effect on the Company's consolidated financial condition or results of operations. |
Retirement Benefits
Retirement Benefits | 12 Months Ended |
Apr. 30, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | Retirement Benefits Defined Benefit Plans The Company has non-contributory defined benefit pension plans covering some of its domestic employees. These plans were amended as of April 30, 2005, no further benefits have been, or will be, earned under the plans subsequent to the amendment date, and no additional participants will be added to the plans. 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. The Company uses an April 30 measurement date for its defined benefit plans. The change in projected benefit obligations and the change in fair value of plan assets for the non-contributory defined benefit pension plans for each of the years ended April 30 are summarized as follows: $ in thousands 2022 2021 Accumulated Benefit Obligation, April 30 $ 20,022 $ 22,942 Change in Projected Benefit Obligations Projected benefit obligations, beginning of year $ 22,942 $ 23,720 Interest cost 710 723 Actuarial loss (2,218) (97) Actual benefits paid (1,412) (1,404) Projected benefit obligations, end of year $ 20,022 $ 22,942 Change in Plan Assets Fair value of plan assets, beginning of year $ 21,459 $ 17,316 Actual return on plan assets (1,180) 5,517 Employer contributions — 30 Actual benefits paid (1,412) (1,404) Fair value of plan assets, end of year $ 18,867 $ 21,459 Funded status—under $ (1,155) $ (1,483) Amounts Recognized in the Consolidated Balance Sheets consist of: Non-current liabilities $ (1,155) $ (1,483) Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Consist of: Net actual loss $ 5,116 $ 5,089 Deferred tax benefit (1,202) (1,196) After-tax actuarial loss $ 3,914 $ 3,893 Weighted-Average Assumptions Used to Determine Benefit Obligations at April 30 Discount rate 4.40 % 3.20 % Rate of compensation increase N/A N/A Mortality table Pri-2012 Pri-2012 Projection scale MP-2020 MP-2020 Year Ended April 30, Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost 2022 2021 Discount rate 4.40 % 3.20 % Expected long-term return on plan assets 7.75 % 7.75 % Rate of compensation increase N/A N/A The components of the net periodic pension (income) expense for each of the fiscal years ended April 30 are as follows: $ in thousands 2022 2021 Interest cost $ 710 $ 723 Expected return on plan assets (1,604) (1,284) Recognition of net loss 539 1,714 Net periodic pension (income) expense $ (355) $ 1,153 The estimated net actuarial loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during fiscal year 2023 is $660,000. The Company's funding policy is to contribute to the plans when pension laws and economics either require or encourage funding. The Company expects to make no contributions during fiscal year 2023. There were no contributions made to the plans in fiscal year 2022. The Company made $30,000 in contributions to the plans during fiscal year 2021. The following benefit payments are expected to be paid from the benefit plans in the fiscal years ending April 30: $ in thousands Amount 2023 $ 1,570 2024 1,610 2025 1,590 2026 1,580 2027 1,540 2028 & Beyond 7,230 The expected long-term portfolio return is established via a building block approach with proper consideration of diversification and rebalancing. Historical markets are studied and long-term historical relationships between equities and fixed-income securities are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long term. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. Peer data and historical returns are also reviewed to check for reasonableness and appropriateness. The Company uses a Yield Curve methodology to determine its GAAP discount rate. Under this approach, future benefit payment cash flows are projected from the pension plan on a projected benefit obligation basis. The payment stream is discounted to a present value using an interest rate applicable to the timing of each respective cash flow. The graph of these time-dependent interest rates is known as a yield curve. The interest rates comprising the Yield Curve are determined through a statistical analysis performed by the IRS and issued each month in the form of a pension discount curve. For this purpose, the universe of possible bonds consists of a set of bonds which are designated as corporate, have high quality ratings (AAA or AA) from nationally recognized statistical rating organizations, and have at least $250 million in par amount outstanding on at least one day during the reporting period. A 1% increase/decrease in the discount rate for fiscal years 2022 and 2021 would decrease/increase pension expense by approximately $271,000 and $286,000, respectively. The Company uses a total return investment approach, whereby a mix of equities and fixed-income investments are used to attempt to maximize the long-term return on plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities, plan funded status, and corporate financial condition. The investment portfolio contains a diversified blend of equity and fixed-income investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks, as well as growth, value, and small and large capitalizations. The target allocations based on the Company's investment policy were 75% in equity securities and 25% in fixed-income securities at April 30, 2022 and April 30, 2021. A 1% increase/decrease in the expected return on assets for fiscal years 2022 and 2021 would decrease/increase pension expense by approximately $207,000 and $165,000, respectively. Plan assets by asset categories as of April 30 were as follows: $ in thousands 2022 2021 Asset Category Amount % Amount % Equity Securities $ 13,856 73 $ 14,814 69 Fixed Income Securities 4,703 25 6,314 29 Cash and Cash Equivalents 308 2 331 2 Totals $ 18,867 100 $ 21,459 100 The following tables present the fair value of the assets in the Company's defined benefit pension plans at April 30: 2022 Asset Category Level 1 Level 2 Level 3 Large Cap $ 7,382 $ — $ — Small/Mid Cap 2,775 — — International 2,008 — — Emerging Markets 794 — — Fixed Income 4,703 — — Liquid Alternatives 897 — — Cash and Cash Equivalents 308 — — Totals $ 18,867 $ — $ — 2021 Asset Category Level 1 Level 2 Level 3 Large Cap $ 7,726 $ — $ — Small/Mid Cap 3,128 — — International 2,173 — — Emerging Markets 862 — — Fixed Income 6,314 — — Liquid Alternatives 925 — — Cash and Cash Equivalents 331 — — Totals $ 21,459 $ — $ — Level 1 retirement plan assets include United States currency held by a designated trustee and equity funds of common and preferred securities issued by domestic and foreign corporations. These equity funds are traded actively on exchanges and price quotes for these shares are readily available. Defined Contribution Plan The Company has a defined contribution plan covering substantially all domestic salaried and hourly employees. The plan provides benefits to all employees who have attained age 21, completed three months of service, and who elect to participate. The plan provides that the Company make matching contributions equal to 100% of the employee's qualifying contribution up to 3% of the employee's compensation, and make matching contributions equal to 50% of the employee's contributions between 3% and 5% of the employee's compensation, resulting in a maximum employer contribution equal to 4% of the employee's compensation. The Company's matching contributions were $967,000 and $997,000 for years ending April 30, 2022 and 2021. Additionally, the plan provides that the Company may elect to make a non-matching contribution for participants employed by the Company on December 31 of each year. The Company did not elect to make a non-matching contribution in fiscal years 2022 and 2021. |
Segment Information
Segment Information | 12 Months Ended |
Apr. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | 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, laminate casework, flexible systems, worksurfaces, workstations, workbenches, and computer enclosures. The International business segment, which consists of the foreign subsidiaries identified in Note 1 , Summary of Significant Accounting Policies , provides the Company's 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 table shows revenues, earnings, and other financial information by business segment for each of the years ended April 30: $ in thousands Domestic International Corporate Total Fiscal Year 2022 Revenues from external customers $ 126,848 $ 42,024 $ — $ 168,872 Intersegment revenues 882 3,519 (4,401) — Depreciation 2,402 276 91 2,769 Earnings (loss) before income taxes (179) 3,585 (5,891) (2,485) Income tax expense 50 1,129 2,339 3,518 Net earnings attributable to non-controlling interest — 123 — 123 Net earnings (loss) attributable to Kewaunee Scientific Corporation (229) 2,333 (8,230) (6,126) Segment assets 91,757 27,016 — 118,773 Expenditures for segment assets 1,613 295 — 1,908 Revenues (excluding intersegment) from customers in foreign countries 1,317 42,024 — 43,341 Fiscal Year 2021 Revenues from external customers $ 111,035 $ 36,434 $ — $ 147,469 Intersegment revenues 1,779 3,549 (5,328) — Depreciation 2,423 264 — 2,687 Earnings (loss) before income taxes 1,166 3,178 (6,961) (2,617) Income tax expense (benefit) 245 1,063 (318) 990 Net earnings attributable to non-controlling interest — 65 — 65 Net earnings (loss) attributable to Kewaunee Scientific Corporation 921 2,049 (6,642) (3,672) Segment assets 64,961 24,423 — 89,384 Expenditures for segment assets 2,312 85 — 2,397 Revenues (excluding intersegment) from customers in foreign countries 1,182 36,434 — 37,616 |
Restructuring Costs
Restructuring Costs | 12 Months Ended |
Apr. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs | Restructuring CostsIn December 2019, the Company initiated a restructuring, which included the closure of the Company's subsidiary in China, a commercial sales organization for the Company's products in China, that was substantially completed as of April 30, 2020. In fiscal year 2022, the legal closure of the Company's China subsidiary was delayed as a result of COVID-19-related shutdowns. As a result, the Company incurred operating expenses of $28,000 in its international operations related to the closure of the China subsidiary. The Company reflected all the expenses as operating expenses in the Consolidated Statement of Operations. The Company now expects the remaining administrative requirements for closure of the China subsidiary to be completed by the end of fiscal year 2023. |
Consolidated Quarterly Data (Un
Consolidated Quarterly Data (Unaudited) | 12 Months Ended |
Apr. 30, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Consolidated Quarterly Data (Unaudited) | Consolidated Quarterly Data ( Unaudited ) Selected quarterly financial data for fiscal years 2022 and 2021 were as follows: $ in thousands, except per share amounts First Second Third Fourth Fiscal Year 2022 Net sales $ 39,493 $ 39,031 $ 40,633 $ 49,715 Gross profit 5,674 3,597 5,622 9,327 Net loss (1,307) (3,082) (1,286) (328) Less: net earnings attributable to the non-controlling interest 38 18 33 34 Net loss attributable to Kewaunee Scientific Corporation (1,345) (3,100) (1,319) (362) Net loss per share attributable to Kewaunee Scientific Corporation Basic (0.48) (1.11) (0.47) (0.13) Diluted (0.48) (1.11) (0.47) (0.13) Fiscal Year 2021 Net sales $ 36,423 $ 39,000 $ 33,339 $ 38,707 Gross profit 5,881 6,395 5,654 6,063 Net (loss) earnings (608) (165) 95 (2,929) Less: net (loss) earnings attributable to the non-controlling interest (10) 15 14 46 Net (loss) earnings attributable to Kewaunee Scientific Corporation (598) (180) 81 (2,975) Net (loss) earnings per share attributable to Kewaunee Scientific Corporation Basic (0.22) (0.07) 0.03 (1.08) Diluted (0.22) (0.07) 0.03 (1.08) The sum of the quarterly net earnings per share amounts does not necessarily equal net earnings per share for the year due to rounding. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Company's consolidated financial statements include the accounts of Kewaunee Scientific Corporation and its international subsidiaries. A brief description of each subsidiary, along with the amount of the Company's controlling financial interests, as of April 30, 2022 is as follows: (1) Kewaunee Labway Asia Pte. Ltd., a commercial sales organization for the Company's products in Singapore, is 100% owned by the Company; (2) Kewaunee Scientific Corporation Singapore Pte. Ltd., a holding company in Singapore, is 100% owned by the Company; (3) Kewaunee Labway India Pvt. Ltd., a manufacturing, assembly and commercial sales operation for the Company's products in Bangalore, India, is 95% owned by the Company; (4) Koncepo Scientech International Pvt. Ltd., a laboratory design and strategic advisory and construction management services firm, located in Bangalore, India, is 80% owned by the Company; (5) Kewaunee Scientific (Suzhou) Co., Ltd., a commercial sales organization for the Company's products in China, is 100% owned by the Company; (6) Kequip Global Lab Solutions Pvt. Ltd. is 70% owned by Kewaunee Scientific Corporation Singapore Pte. Ltd. All intercompany balances, transactions, and profits have been eliminated. |
Reclassifications | Reclassifications The Company reclassified certain amounts in the Condensed Consolidated Balance Sheet as of April 30, 2021 and the Condensed Consolidated Statements of Cash Flows for the period ended April 30, 2021 to conform to the current year presentation. There was no impact to the Condensed Consolidated Statements of Operations or Condensed Consolidated Statement of Stockholders' Equity. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. During the years ended April 30, 2022 and 2021, the Company had cash deposits in excess of FDIC insured limits. The Company has not experienced any losses from such deposits. |
Restricted Cash | Restricted Cash Restricted cash includes bank deposits of subsidiaries used for performance guarantees against customer orders. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Receivables are stated at the amount owed by the customer, net of allowances for estimated doubtful accounts. The Company evaluates the collectability of its trade accounts receivable based on a number of factors. In circumstances where management is aware of a customer's inability to meet its financial obligations to the Company, or a project dispute makes it unlikely that all of the receivable owed by a customer will be collected, a specific reserve for bad debts is estimated and recorded to reduce the recognized receivable to the estimated amount the Company believes will ultimately be collected. In addition to specific customer identification of potential bad debts, a reserve for bad debts is estimated and recorded based on past loss history and an overall assessment of past due trade accounts receivable amounts outstanding. Accounts are written off when it is clearly established that the receivable is a bad debt. Recoveries of receivables previously written off are recorded when received. |
Unbilled Receivables | Unbilled Receivables Accounts receivable include unbilled receivables that represent amounts earned which have not yet been billed in accordance with contractually stated billing terms, excluding retention, which is included in other assets. |
Inventories | Inventories The Company's inventories are valued at the lower of cost or net realizable value under the first-in, first-out ("FIFO") method. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is determined for financial reporting purposes principally on the straight-line method over the estimated useful lives of the individual assets or, for leaseholds, over the terms of the related leases, if shorter. |
Property, Plant and Equipment, Impairment | The Company reviews the carrying value of property, plant and equipment for impairment whenever changes in circumstances or events indicate that such carrying value may not be recoverable. If projected undiscounted cash flows are not sufficient to recover the carrying value of the potentially impaired asset, the carrying value is reduced to estimated fair value. |
Other Assets | Other Assets Other assets at April 30, 2022 and 2021 included $1,293,000 and $1,213,000, respectively, of unbilled retainage, $2,480,000 and $2,649,000, respectively, of assets held in a trust account for non-qualified benefit plan, and $110,000 and $108,000, respectively, of cash surrender values of life insurance policies. Life insurance policies are recorded at the amount that could be realized under the insurance contract as of the date of the Company's consolidated balance sheets with the change in cash surrender or contract value being recorded as income or expense during each period. |
Use of Estimates | Use of Estimates 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, self-insurance reserves, and pension liabilities. |
Variable Interest Entity | The Company concluded as of April 30, 2022 that Parent and its direct affiliates, including the Trust, are designed primarily to acquire and manage the Property and constitute a variable interest entity because the Trust, wholly-owned through Parent’s subsidiaries, lacks sufficient equity on its own to finance its operations. The Company evaluated its lease arrangement and redeemable preferred shares in Parent as variable interests. The Company is not the primary beneficiary of Parent or its affiliates because the Company does not direct the activities that most significantly impact the economic performance of Parent and its affiliated Trust (e.g., property management, maintenance and budget oversight, residual ownership and price exposure to changes in the fair value of the Property, etc.). Further, the Company’s redeemable preferred shares in Parent do not provide the Company with a controlling financial interest in Parent or its affiliates. The Company’s redeemable preferred shares generally provide the Company with the same, non-majority right as other voting interests in Parent and the Buyer and its affiliates retain the substantive right to unilaterally “kick out” the Company by redeeming the Company’s preferred shares at any time. The Company concluded it should not consolidate Parent or its affiliates under the variable interest model or the voting interest model of ASC 810. The Company has no requirement to fund losses or finance future operations of the Buyer or its affiliates.The Company recorded the redeemable preferred shares in Parent and its affiliates as a Note Receivable on its Consolidated Balance Sheet, rather than as an investment in preferred equity, due to the mandatory redemption feature of the preferred shares. The Note Receivable is classified as held to maturity at amortized cost, subject to impairment. The Company’s maximum exposure to the Buyer and its affiliates as of April 30, 2022 was limited to the Company’s lease payments and right to use the Property as well as to the carrying value of the redeemable preferred shares. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments A financial instrument is defined as cash equivalents, evidence of an ownership interest in an entity, or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from another party. The Company's financial instruments consist primarily of cash and equivalents, mutual funds, cash surrender value of life insurance policies, a note receivable and corresponding sale-leaseback financing liability, term loans and short-term borrowings. The carrying value of these assets and liabilities approximate their fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Expanded disclosures about instruments measured at fair value require the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value as follows: Level 1 Quoted prices in active markets for identical assets or liabilities as of the reporting date. Level 2 Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities as of the reporting date. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Revenue Recognition | Revenue Recognition Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. 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. Sales taxes that are collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales. Certain customers' cash discounts and volume rebates are offered as sales incentives. The discounts and volume rebates are recorded as a reduction in sales at the time revenue is recognized in an amount estimated based on historical experience and contractual obligations. Deferred revenue consists of customer deposits and advance billings of the Company's products where sales have not yet been recognized. Accounts receivable includes retainage in the amounts of $523,000 and $1,668,000 at April 30, 2022 and 2021, respectively. Shipping and handling costs are included in cost of product sales. Because of the nature and quality of the Company's products, any warranty issues are determined in a relatively short period after the sale and are infrequent in nature, and as such, warranty costs are immaterial to the Company's consolidated financial position and results of operations and are expensed as incurred. |
Credit Concentration | Credit Concentration The Company performs credit evaluations of its customers. |
Insurance | Insurance The Company maintains a self-insured health-care program. The Company accrues estimated losses for claims incurred but not reported using actuarial models and assumptions based on historical loss experience. The Company has also purchased specific stop-loss insurance to limit claims above a certain amount. The Company adjusts insurance reserves, as needed, in the event that future loss experience differs from historical loss patterns. |
Income Taxes | Income Taxes In accordance with ASC 740, "Income Taxes" ("ASC 740"), the Company uses the liability method in measuring the provision for income taxes and recognizing deferred income tax assets and liabilities on the consolidated balance sheets. |
Research and Development Costs | Research and Development Costs Research and development costs are charged to cost of products sold in the periods incurred. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred, and include trade shows, training materials, sales, samples, and other related expenses and are included in operating expenses. |
Foreign Currency Translation | Foreign Currency Translation The financial statements of subsidiaries located in India and China, and of Kewaunee Scientific Corporation Singapore Pte. Ltd., are measured using the local currency as the functional currency. The financial position and operating results of Kewaunee Labway Asia Pte. Ltd. are measured using the U.S. dollar as its functional currency. Assets and liabilities of the Company's foreign subsidiaries using local currencies are translated into United States dollars at fiscal year-end exchange rates. Sales, expenses, and cash flows are translated at weighted average exchange rates for each period. Net translation gains or losses are included in other comprehensive income, a separate component of stockholders' equity. Gains and losses from foreign currency transactions of these subsidiaries are included in operating expenses. |
Earnings Per Share | 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 stock options and the conversion of restricted stock units ("RSUs") under the Company's various stock compensation plans, except when RSUs and stock options have an antidilutive effect. |
Accounting for Stock Options and Other Equity Awards | Accounting for Stock Options and Other Equity Awards Compensation costs related to stock options and other stock awards granted by the Company are charged against operating expenses during their vesting period, under ASC 718, "Compensation—Stock Compensation." Forfeitures are accounted for in the period in which the awards are forfeited. |
New Accounting Standards | New Accounting Standards In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments," which replaces the current incurred loss method used for determining credit losses on financial assets, including trade receivables, with an expected credit loss method. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company will adopt this standard in fiscal year 2024. 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. In January 2017, the FASB issued ASU 2017-04, "Simplifying the Test for Goodwill Impairment," which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted this standard effective May 1, 2020. The adoption of this standard did not have a significant impact on the Company's consolidated financial position or results of operations. In August 2018, the FASB issued ASU 2018-13, "Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement," which removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC Topic 820. The Company adopted this standard effective May 1, 2020. The adoption of this standard did not have a significant impact on the Company's consolidated financial position or results of operations. In August 2018, the FASB issued ASU 2018-14, "Compensation -Retirement Benefits -Defined Benefit Plans -General (Subtopic 715-20) - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans" ("ASU 2018-14"). The amendments in this update remove defined benefit plan disclosures that are no longer considered cost-beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company adopted this standard effective May 1, 2020. The adoption of this standard did not have a significant impact on the Company's consolidated financial position or results of operations. In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes ("Topic 740"): Simplifying the Accounting for Income Taxes." This update simplifies the accounting for income taxes through certain targeted improvements to various subtopics within Topic 740. The amendments in this update are effective for fiscal years and interim periods beginning after December 15, 2020. The Company adopted this standard effective May 1, 2021. The adoption of this standard did not have a significant impact on the Company's consolidated financial position or results of operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents and Restricted Cash | The reconciliation between the consolidated balance sheet and the consolidated statement of cash flows at April 30 is as follows: $ in thousands 2022 2021 Cash and cash equivalents $ 4,433 $ 5,206 Restricted cash 2,461 525 Total cash, cash equivalents and restricted cash $ 6,894 $ 5,731 |
Schedule Of Allowance For Doubtful Accounts | The activity in the allowance for doubtful accounts for each of the years ended April 30 was: $ in thousands 2022 2021 Balance at beginning of year $ 636 $ 606 Bad debt provision 92 53 Doubtful accounts written off (net) (371) (23) Balance at end of year $ 357 $ 636 |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following at April 30: $ in thousands 2022 2021 Useful Life Land $ 41 $ 41 N/A Building and improvements 17,164 17,017 10-40 years Machinery and equipment 43,121 41,746 5-10 years Total 60,326 58,804 Less accumulated depreciation (45,205) (42,822) Net property, plant and equipment $ 15,121 $ 15,982 |
Fair Value Hierarchy for Assets and Liabilities | The following tables summarize the Company's fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring and nonrecurring basis as of April 30, 2022 and 2021 (in thousands): 2022 Level 1 Level 2 Level 3 Total Financial Assets Trading securities held in non-qualified compensation plans (1) $ 1,219 $ — $ — $ 1,219 Cash surrender value of life insurance policies (1) — 1,371 — 1,371 Total $ 1,219 $ 1,371 $ — $ 2,590 Financial Liabilities Non-qualified compensation plans (2) $ — $ 3,003 $ — $ 3,003 Total $ — $ 3,003 $ — $ 3,003 2021 Level 1 Level 2 Level 3 Total Financial Assets Trading securities held in non-qualified compensation plans (1) $ 1,299 $ — $ — $ 1,299 Cash surrender value of life insurance policies (1) — 1,458 — 1,458 Total $ 1,299 $ 1,458 $ — $ 2,757 Financial Liabilities Non-qualified compensation plans (2) $ — $ 3,169 $ — $ 3,169 Total $ — $ 3,169 $ — $ 3,169 (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. |
Reconciliation of Basic to Diluted Weighted Average Shares Outstanding | The following is a reconciliation of basic to diluted weighted average common shares outstanding: Shares in thousands 2022 2021 Weighted average common shares outstanding Basic 2,786 2,760 Dilutive effect of stock options and RSUs — — Weighted average common shares outstanding—diluted 2,786 2,760 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | A summary of net sales transferred to customers at a point in time and over time for the twelve months ended April 30 is as follows (in thousands): 2022 Domestic International Total Over Time $ 119,989 $ 42,024 $ 162,013 Point in Time 6,859 — 6,859 Total Revenue $ 126,848 $ 42,024 $ 168,872 2021 Domestic International Total Over Time $ 107,575 $ 36,434 $ 144,009 Point in Time 3,460 — 3,460 Total Revenue $ 111,035 $ 36,434 $ 147,469 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consisted of the following at April 30: (in thousands) 2022 2021 Finished goods $ 4,555 $ 2,988 Work-in-process 2,893 1,832 Materials and components 16,348 11,697 Total inventories $ 23,796 $ 16,517 |
Sale-Leaseback Financing Tran_2
Sale-Leaseback Financing Transaction (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Financing Liability [Abstract] | |
Schedule of Remaining Future Cash Payments for Financing Liability | Remaining future cash payments related to the financing liability for the fiscal years ending April 30 are as follows: ($ in thousands) 2023 $ 1,893 2024 1,931 2025 1,970 2026 2,009 2027 2,050 Thereafter 35,958 Total Minimum Liability Payments 45,811 Imputed Interest (16,461) Total $ 29,350 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Income tax expense consisted of the following: $ in thousands 2022 2021 Current tax expense (benefit): Federal $ 1,899 $ (396) State and local 490 8 Foreign 1,008 1,136 Total current tax expense (benefit) 3,397 748 Deferred tax expense (benefit): Federal — 449 State and local — (135) Foreign 121 (72) Total deferred tax expense 121 242 Net income tax expense $ 3,518 $ 990 |
Schedule of Income Tax Reconciliation | The reasons for the differences between the above net income tax expense and the amounts computed by applying the statutory federal income tax rate to earnings before income taxes are as follows: $ in thousands 2022 2021 Income tax benefit at statutory rate $ (432) $ (470) State and local taxes, net of federal income tax benefit (29) (129) Tax credits (state, net of federal benefit) (457) (415) Effects of differing US and foreign tax rates 22 17 Tax on unrepatriated and repatriated foreign earnings — 226 Net operating loss adjustment (286) 118 Impact of foreign subsidiary income to parent 74 67 Increase in valuation allowance 4,170 1,538 Other items, net 456 38 Net income tax expense $ 3,518 $ 990 |
Summary of Deferred Tax Assets and Liabilities | Significant items comprising deferred tax assets and liabilities as of April 30 were as follows: $ in thousands 2022 2021 Deferred tax assets: Accrued employee benefit expenses $ 228 $ 296 Allowance for doubtful accounts 142 154 Deferred compensation 1,196 1,283 Tax credits (state, net of federal benefits) 170 978 Foreign tax credit carryforwards 638 638 Unrecognized actuarial loss, defined benefit plans 1,202 1,196 Inventory reserves 62 69 Net operating loss carryforwards 112 572 Proceeds on Sale Leaseback 7,215 — Other 497 568 Total deferred tax assets 11,462 5,754 Deferred tax liabilities: Book basis in excess of tax basis of property, plant and equipment (1,758) (1,596) Book basis in excess of tax basis of Sale Leaseback property (1,122) — Prepaid pension (949) (847) APB 23 Assertion (976) (765) Debt Issuance Cost on Sale Leaseback (184) — Other — (122) Total deferred tax liabilities (4,989) (3,330) Valuation allowance (6,901) (2,731) Net deferred tax liabilities $ (428) $ (307) Deferred tax assets (liabilities) classified in the balance sheet: Non-current (428) (307) Net deferred tax liabilities $ (428) $ (307) |
Stock Options and Share-Based_2
Stock Options and Share-Based Compensation (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Equity [Abstract] | |
Summary of RSU Activity and Weighted Average Exercise Price | The following table summarizes the RSU activity and weighted averages. 2022 2021 Number of RSUs Weighted Average Grant Date Fair Value Number of RSUs Weighted Average Grant Date Fair Value Outstanding at beginning of year 125,217 $ 12.71 52,850 $ 20.08 Granted 67,750 $ 13.74 95,861 $ 9.43 Vested (31,943) $ 12.44 (11,477) $ 13.55 Forfeited (16,197) $ 21.83 (12,017) $ 16.69 Outstanding at end of year 144,827 $ 12.24 125,217 $ 12.71 |
Summary of Stock Option Activity and Weighted Average Exercise Price | Stock option activity and weighted average exercise price are summarized as follows: 2022 2021 Number Weighted Average Exercise Price Number Weighted Average Exercise Price Outstanding at beginning of year 84,300 $ 18.56 88,000 $ 18.45 Canceled (35,400) $ 17.94 (3,700) $ 15.97 Exercised (1,500) $ 8.59 — $ — Outstanding at end of year 47,400 $ 19.34 84,300 $ 18.56 Exercisable at end of year 47,400 $ 19.34 84,300 $ 18.56 |
Summary of Options Outstanding, Exercisable, and Weighted Average Exercise Prices within Exercise Price Range | The number of options outstanding, exercisable, and their weighted average exercise prices were within the following ranges at April 30, 2022: Exercise Price Range $8.59-$11.78 $15.85-$23.62 Options outstanding 2,650 44,750 Weighted average exercise price $ 11.78 $ 19.79 Weighted average remaining contractual life 0.33 years 3.60 years Aggregate intrinsic value $ 6,572 $ — Options exercisable 2,650 44,750 Weighted average exercise price $ 11.78 $ 19.79 Aggregate intrinsic value $ 6,572 $ — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Equity [Abstract] | |
Schedule of Before Tax Income (Loss) Related Income Tax Effect and Accumulated Balances | The before tax income (loss), related income tax effect, and accumulated balances are as follows: $ in thousands Foreign Minimum Total Balance at April 30, 2020 $ (2,334) $ (7,264) $ (9,598) Foreign currency translation adjustment (23) — (23) Change in unrecognized actuarial loss on pension obligations — 6,044 6,044 Balance at April 30, 2021 (2,357) (1,220) (3,577) Foreign currency translation adjustment (186) — (186) Change in unrecognized actuarial loss on pension obligations — 21 21 Balance at April 30, 2022 $ (2,543) $ (1,199) $ (3,742) |
Leases, Commitments and Conti_2
Leases, Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Operating Lease Maturity | Future minimum payments under the non-cancelable lease arrangements for the fiscal years ending April 30 are as follows: ($ in thousands) Operating Financing 2023 $ 1,849 $ 148 2024 1,476 90 2025 1,432 90 2026 1,221 71 2027 996 — Thereafter 1,847 — Total Minimum Lease Payments 8,821 399 Imputed Interest (1,323) (45) Total $ 7,498 $ 354 |
Schedule of Finance Lease Maturity | Future minimum payments under the non-cancelable lease arrangements for the fiscal years ending April 30 are as follows: ($ in thousands) Operating Financing 2023 $ 1,849 $ 148 2024 1,476 90 2025 1,432 90 2026 1,221 71 2027 996 — Thereafter 1,847 — Total Minimum Lease Payments 8,821 399 Imputed Interest (1,323) (45) Total $ 7,498 $ 354 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Retirement Benefits [Abstract] | |
Summary of Change in Projected Benefit Obligations and Change in Fair Value of Plan Assets | The change in projected benefit obligations and the change in fair value of plan assets for the non-contributory defined benefit pension plans for each of the years ended April 30 are summarized as follows: $ in thousands 2022 2021 Accumulated Benefit Obligation, April 30 $ 20,022 $ 22,942 Change in Projected Benefit Obligations Projected benefit obligations, beginning of year $ 22,942 $ 23,720 Interest cost 710 723 Actuarial loss (2,218) (97) Actual benefits paid (1,412) (1,404) Projected benefit obligations, end of year $ 20,022 $ 22,942 Change in Plan Assets Fair value of plan assets, beginning of year $ 21,459 $ 17,316 Actual return on plan assets (1,180) 5,517 Employer contributions — 30 Actual benefits paid (1,412) (1,404) Fair value of plan assets, end of year $ 18,867 $ 21,459 Funded status—under $ (1,155) $ (1,483) Amounts Recognized in the Consolidated Balance Sheets consist of: Non-current liabilities $ (1,155) $ (1,483) Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Consist of: Net actual loss $ 5,116 $ 5,089 Deferred tax benefit (1,202) (1,196) After-tax actuarial loss $ 3,914 $ 3,893 Weighted-Average Assumptions Used to Determine Benefit Obligations at April 30 Discount rate 4.40 % 3.20 % Rate of compensation increase N/A N/A Mortality table Pri-2012 Pri-2012 Projection scale MP-2020 MP-2020 Year Ended April 30, Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost 2022 2021 Discount rate 4.40 % 3.20 % Expected long-term return on plan assets 7.75 % 7.75 % Rate of compensation increase N/A N/A |
Summary of Components of Net Periodic Pension Cost | The components of the net periodic pension (income) expense for each of the fiscal years ended April 30 are as follows: $ in thousands 2022 2021 Interest cost $ 710 $ 723 Expected return on plan assets (1,604) (1,284) Recognition of net loss 539 1,714 Net periodic pension (income) expense $ (355) $ 1,153 |
Summary of Expected Benefit Payments | The following benefit payments are expected to be paid from the benefit plans in the fiscal years ending April 30: $ in thousands Amount 2023 $ 1,570 2024 1,610 2025 1,590 2026 1,580 2027 1,540 2028 & Beyond 7,230 |
Summary of Plan Assets by Asset Categories | Plan assets by asset categories as of April 30 were as follows: $ in thousands 2022 2021 Asset Category Amount % Amount % Equity Securities $ 13,856 73 $ 14,814 69 Fixed Income Securities 4,703 25 6,314 29 Cash and Cash Equivalents 308 2 331 2 Totals $ 18,867 100 $ 21,459 100 |
Summary of Fair Value Assets in Defined Benefit Pension Plans | The following tables present the fair value of the assets in the Company's defined benefit pension plans at April 30: 2022 Asset Category Level 1 Level 2 Level 3 Large Cap $ 7,382 $ — $ — Small/Mid Cap 2,775 — — International 2,008 — — Emerging Markets 794 — — Fixed Income 4,703 — — Liquid Alternatives 897 — — Cash and Cash Equivalents 308 — — Totals $ 18,867 $ — $ — 2021 Asset Category Level 1 Level 2 Level 3 Large Cap $ 7,726 $ — $ — Small/Mid Cap 3,128 — — International 2,173 — — Emerging Markets 862 — — Fixed Income 6,314 — — Liquid Alternatives 925 — — Cash and Cash Equivalents 331 — — Totals $ 21,459 $ — $ — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | The following table shows revenues, earnings, and other financial information by business segment for each of the years ended April 30: $ in thousands Domestic International Corporate Total Fiscal Year 2022 Revenues from external customers $ 126,848 $ 42,024 $ — $ 168,872 Intersegment revenues 882 3,519 (4,401) — Depreciation 2,402 276 91 2,769 Earnings (loss) before income taxes (179) 3,585 (5,891) (2,485) Income tax expense 50 1,129 2,339 3,518 Net earnings attributable to non-controlling interest — 123 — 123 Net earnings (loss) attributable to Kewaunee Scientific Corporation (229) 2,333 (8,230) (6,126) Segment assets 91,757 27,016 — 118,773 Expenditures for segment assets 1,613 295 — 1,908 Revenues (excluding intersegment) from customers in foreign countries 1,317 42,024 — 43,341 Fiscal Year 2021 Revenues from external customers $ 111,035 $ 36,434 $ — $ 147,469 Intersegment revenues 1,779 3,549 (5,328) — Depreciation 2,423 264 — 2,687 Earnings (loss) before income taxes 1,166 3,178 (6,961) (2,617) Income tax expense (benefit) 245 1,063 (318) 990 Net earnings attributable to non-controlling interest — 65 — 65 Net earnings (loss) attributable to Kewaunee Scientific Corporation 921 2,049 (6,642) (3,672) Segment assets 64,961 24,423 — 89,384 Expenditures for segment assets 2,312 85 — 2,397 Revenues (excluding intersegment) from customers in foreign countries 1,182 36,434 — 37,616 |
Consolidated Quarterly Data (_2
Consolidated Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Selected quarterly financial data for fiscal years 2022 and 2021 were as follows: $ in thousands, except per share amounts First Second Third Fourth Fiscal Year 2022 Net sales $ 39,493 $ 39,031 $ 40,633 $ 49,715 Gross profit 5,674 3,597 5,622 9,327 Net loss (1,307) (3,082) (1,286) (328) Less: net earnings attributable to the non-controlling interest 38 18 33 34 Net loss attributable to Kewaunee Scientific Corporation (1,345) (3,100) (1,319) (362) Net loss per share attributable to Kewaunee Scientific Corporation Basic (0.48) (1.11) (0.47) (0.13) Diluted (0.48) (1.11) (0.47) (0.13) Fiscal Year 2021 Net sales $ 36,423 $ 39,000 $ 33,339 $ 38,707 Gross profit 5,881 6,395 5,654 6,063 Net (loss) earnings (608) (165) 95 (2,929) Less: net (loss) earnings attributable to the non-controlling interest (10) 15 14 46 Net (loss) earnings attributable to Kewaunee Scientific Corporation (598) (180) 81 (2,975) Net (loss) earnings per share attributable to Kewaunee Scientific Corporation Basic (0.22) (0.07) 0.03 (1.08) Diluted (0.22) (0.07) 0.03 (1.08) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 22, 2021 | Apr. 30, 2022 | Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2022 | Apr. 30, 2021 | |
Significant Accounting Policies [Line Items] | |||||||||||
Net sales | $ 49,715,000 | $ 40,633,000 | $ 39,031,000 | $ 39,493,000 | $ 38,707,000 | $ 33,339,000 | $ 39,000,000 | $ 36,423,000 | $ 168,872,000 | $ 147,469,000 | |
Unbilled receivables | 9,287,000 | 5,716,000 | 9,287,000 | 5,716,000 | |||||||
Property plant and equipment impairment charges | 0 | 0 | |||||||||
Sale agreement for property | $ 30,275,000 | ||||||||||
Portion of sale agreement payable in redeemable preferred stock | 14,864,000 | ||||||||||
Carrying value of redeemable preferred shares | $ 13,457,000 | 0 | $ 13,457,000 | 0 | |||||||
Acceptance period for sale agreement | 30 days | 30 days | |||||||||
Term of agreement | 20 years | 20 years | |||||||||
Retainage included in accounts receivable | $ 523,000 | 1,668,000 | $ 523,000 | 1,668,000 | |||||||
Research and development costs | 990,000 | 1,406,000 | |||||||||
Advertising costs | $ 175,000 | $ 174,000 | |||||||||
Anti-dilutive options exclude from computation of earning per share | 44,750 | 166,880 | |||||||||
Awards granted (in shares) | 0 | 0 | |||||||||
Operating Segments | International | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Net sales | $ 42,024,000 | $ 36,434,000 | |||||||||
Domestic | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Net sales | 126,848,000 | 111,035,000 | |||||||||
Subsidiaries | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Net assets | 13,127,000 | 11,126,000 | $ 13,127,000 | $ 11,126,000 | |||||||
Restricted Stock Units (RSUs) | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Restricted stock units granted (in shares) | 67,750 | 95,861 | |||||||||
Customer Concentration Risk | Sales Revenue, Segment | Domestic | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Concentration risk percentage | 38% | 40% | |||||||||
Customer Concentration Risk | Accounts Receivable | Domestic | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Concentration risk percentage | 21% | 20% | |||||||||
Prepaid Expenses and Other Current Assets | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Unbilled retainage included in other assets | 1,293,000 | 1,213,000 | $ 1,293,000 | $ 1,213,000 | |||||||
Other Noncurrent Assets | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Assets held in trust account for non-qualified benefit plans included in other assets | 2,480,000 | 2,649,000 | 2,480,000 | 2,649,000 | |||||||
Cash surrender value of life insurance policies included in other assets | $ 110,000 | $ 108,000 | $ 110,000 | $ 108,000 | |||||||
Kewaunee Scientific Corporation | Kewaunee Labway Asia Pte. Ltd. | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Percentage of controlling interest in subsidiaries | 100% | 100% | |||||||||
Kewaunee Scientific Corporation | Kewaunee Scientific Corporation Singapore Pte. Ltd. | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Percentage of controlling interest in subsidiaries | 100% | 100% | |||||||||
Kewaunee Scientific Corporation | Kewaunee Labway India Pvt. Ltd. | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Percentage of controlling interest in subsidiaries | 95% | 95% | |||||||||
Kewaunee Scientific Corporation | Koncepo Scientech International | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Percentage of controlling interest in subsidiaries | 80% | 80% | |||||||||
Kewaunee Scientific Corporation | Kewaunee Scientific Corporation China | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Percentage of controlling interest in subsidiaries | 100% | 100% | |||||||||
Kewaunee Scientific Corporation Singapore Pte. Ltd. | Kequip Global Lab Solutions Pvt. Ltd. | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Percentage of controlling interest in subsidiaries | 70% | 70% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Cash Equivalents Table (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 4,433 | $ 5,206 | |
Restricted cash | 2,461 | 525 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 6,894 | $ 5,731 | $ 5,215 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Activity in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of year | $ 636 | $ 606 |
Bad debt provision | 92 | 53 |
Doubtful accounts written off (net) | (371) | (23) |
Balance at end of year | $ 357 | $ 636 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Property Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 60,326 | $ 58,804 |
Less accumulated depreciation | (45,205) | (42,822) |
Net property, plant and equipment | 15,121 | 15,982 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 41 | 41 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 17,164 | $ 17,017 |
Building and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 10 years | 10 years |
Building and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 40 years | 40 years |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 43,121 | $ 41,746 |
Machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 5 years | 5 years |
Machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 10 years | 10 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Summary of Fair Value Hierarchy for Financial Assets and Liabilities Measured Recurring and Nonrecurring Basis (Detail) $ in Thousands | Apr. 30, 2022 USD ($) compensation_plan | Apr. 30, 2021 USD ($) compensation_plan |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Assets | $ 2,590 | $ 2,757 |
Financial Liabilities | $ 3,003 | $ 3,169 |
Number of non-qualified compensation plans maintained | compensation_plan | 2 | 2 |
Trading Securities Held in Non-Qualified Compensation Plans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Assets | $ 1,219 | $ 1,299 |
Cash Surrender Value of Life Insurance Policies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Assets | 1,371 | 1,458 |
Non Qualified Compensation Plans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 3,003 | 3,169 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Assets | 1,219 | 1,299 |
Level 1 | Trading Securities Held in Non-Qualified Compensation Plans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Assets | 1,219 | 1,299 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Assets | 1,371 | 1,458 |
Financial Liabilities | 3,003 | 3,169 |
Level 2 | Cash Surrender Value of Life Insurance Policies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Assets | 1,371 | 1,458 |
Level 2 | Non Qualified Compensation Plans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | $ 3,003 | $ 3,169 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Reconciliation of Basic to Diluted Weighted Average Common Shares Outstanding (Detail) - shares | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive options exclude from computation of earning per share | 44,750 | 166,880 |
Weighted average common shares outstanding | ||
Basic (in shares) | 2,786,000 | 2,760,000 |
Dilutive effect of stock options and RSUs (in shares) | 0 | 0 |
Weighted average common shares outstanding-diluted (in shares) | 2,786,000 | 2,760,000 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Net Sales Transferred to Customers at a Point in Time and Over Time (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Apr. 30, 2022 | Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2022 | Apr. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||||||||
Net sales transferred to customers | $ 49,715 | $ 40,633 | $ 39,031 | $ 39,493 | $ 38,707 | $ 33,339 | $ 39,000 | $ 36,423 | $ 168,872 | $ 147,469 |
Over Time | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net sales transferred to customers | 162,013 | 144,009 | ||||||||
Point in Time | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net sales transferred to customers | 6,859 | 3,460 | ||||||||
Domestic | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net sales transferred to customers | 126,848 | 111,035 | ||||||||
Domestic | Over Time | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net sales transferred to customers | 119,989 | 107,575 | ||||||||
Domestic | Point in Time | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net sales transferred to customers | 6,859 | 3,460 | ||||||||
International | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net sales transferred to customers | 42,024 | 36,434 | ||||||||
International | Over Time | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net sales transferred to customers | 42,024 | 36,434 | ||||||||
International | Point in Time | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net sales transferred to customers | $ 0 | $ 0 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Revenue Recognition [Line Items] | ||
Contract assets in accounts receivable | $ 9,287,000 | $ 5,716,000 |
Contract liabilities | 3,529,000 | 3,123,000 |
Prepaid Expenses and Other Current Assets | ||
Revenue Recognition [Line Items] | ||
Contract assets in other assets | $ 1,293,000 | $ 1,213,000 |
Fiscal Year 2022 | ||
Revenue Recognition [Line Items] | ||
Contract liability recognized as revenue percentage | 100% |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 4,555 | $ 2,988 |
Work-in-process | 2,893 | 1,832 |
Materials and components | 16,348 | 11,697 |
Total inventories | $ 23,796 | $ 16,517 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) | Apr. 30, 2022 | Apr. 30, 2021 |
International Subsidiaries | ||
Inventory [Line Items] | ||
Inventories measured using FIFO method | $ 2,811,000 | $ 2,560,000 |
Long-term Debt and Other Cred_2
Long-term Debt and Other Credit Arrangements - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||||||
Apr. 30, 2022 | Jun. 27, 2022 | May 27, 2022 | Apr. 29, 2022 | Mar. 11, 2022 | Jul. 30, 2021 | Apr. 30, 2021 | Feb. 01, 2020 | Dec. 13, 2019 | May 06, 2013 | |
Debt Instrument [Line Items] | ||||||||||
Loan agreement | $ 20,000,000 | |||||||||
Collateralized debt instrument, borrowing capacity | $ 4,715,823 | $ 7,500,000 | $ 15,000,000 | $ 20,000,000 | ||||||
Minimum monthly liquidity covenant requirement | $ 2,000,000 | |||||||||
Minimum supplemental liquidity covenant requirement, through calendar year 2021 | 1,000,000 | |||||||||
Minimum supplemental liquidity covenant requirement, thereafter calendar year 2021 | $ 1,500,000 | |||||||||
Cash collateral required, percentage of outstanding issued letters of credit | 105% | |||||||||
Unused and available credit facility | $ 2,400,000 | |||||||||
Subsequent Event | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Collateralized debt instrument, borrowing capacity | $ 3,000,000 | |||||||||
Long-term debt | $ 0 | |||||||||
Expiration Date, Period One | Bank Guarantees | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Bank Guarantees outstanding to customers | 6,000,000 | $ 6,000,000 | ||||||||
Term Loan B | Expiration Date, Period One | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Bank Guarantees outstanding to customers | 3,200,000 | |||||||||
Term Loan B | Expiration Date, Period Two | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Bank Guarantees outstanding to customers | 8,200,000 | 61,000 | ||||||||
Term Loan B | Expiration Date, Period Three | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Bank Guarantees outstanding to customers | 111,000 | 18,000 | ||||||||
Term Loan B | Expiration Date, Period Four | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Bank Guarantees outstanding to customers | 9,000 | 9,000 | ||||||||
Term Loan B | Expiration Date, Period Five | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Bank Guarantees outstanding to customers | 3,000 | 257,000 | ||||||||
Term Loan B | Expiration Date, Period Six | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Bank Guarantees outstanding to customers | 249,000 | |||||||||
Advance Amount One | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility outstanding | 1,600,000 | 6,800,000 | ||||||||
Advance Amount Two | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility outstanding | $ 716,000 | $ 704,000 | ||||||||
Advances | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate at period end | 4.75% | 4.75% | ||||||||
Line of Credit | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, variable interest rate | 0.75% | |||||||||
Line of Credit | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, variable interest rate | 4% |
Sale-Leaseback Financing Tran_3
Sale-Leaseback Financing Transaction - Narrative (Details) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 USD ($) numberOfRenewalOptions | Apr. 30, 2021 USD ($) | |
Financing Liability [Abstract] | ||
Term of agreement | 20 years | |
Number of renewal options | numberOfRenewalOptions | 4 | |
Renewal term | 5 years | |
Initial basic monthly rent | $ 158 | |
Annual rental increase, as a percent | 2% | |
Discount rate | 4.75% | |
Debt issuance costs on financing liability | $ 768 | |
Financing liability | 29,350 | |
Current portion of financing liability | 575 | $ 0 |
Long-term portion of financing liability | 28,775 | 0 |
Interest expense on financing liability | 147 | |
Gain (loss) on sale leaseback agreement | 0 | |
Financing Liability [Line Items] | ||
Property plant and equipment gross | $ 60,326 | 58,804 |
Building | ||
Financing Liability [Line Items] | ||
Useful Life (in years) | 20 years | |
Land | ||
Financing Liability [Line Items] | ||
Property plant and equipment gross | $ 41 | $ 41 |
Sale-Leaseback Financing Tran_4
Sale-Leaseback Financing Transaction - Remaining Future Cash Payments (Details) $ in Thousands | Apr. 30, 2022 USD ($) |
Financing Liability [Abstract] | |
2023 | $ 1,893 |
2024 | 1,931 |
2025 | 1,970 |
2026 | 2,009 |
2027 | 2,050 |
Thereafter | 35,958 |
Total Minimum Liability Payments | 45,811 |
Imputed Interest | (16,461) |
Total | $ 29,350 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Mar. 27, 2020 | Apr. 30, 2022 | Apr. 30, 2021 | |
Income Taxes [Line Items] | |||
CARES Act, NOL carryback period (in years) | 5 years | ||
Tax expense related to GILTI | $ 0 | $ 0 | |
Deferred tax assets | 11,462,000 | 5,754,000 | |
Deferred tax asset valuation allowance | 6,901,000 | 2,731,000 | |
Foreign tax credit carryforwards | $ 638,000 | 638,000 | |
Minimum | |||
Income Taxes [Line Items] | |||
Federal, state and local tax returns period (in years) | 3 years | ||
Foreign subsidiaries tax returns period (in years) | 3 years | ||
Maximum | |||
Income Taxes [Line Items] | |||
Federal, state and local tax returns period (in years) | 4 years | ||
Foreign subsidiaries tax returns period (in years) | 7 years | ||
India Income Tax Department | |||
Income Taxes [Line Items] | |||
Tax withholding expense | $ 240,000 | $ 226,000 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Current tax expense (benefit): | ||
Federal | $ 1,899 | $ (396) |
State and local | 490 | 8 |
Foreign | 1,008 | 1,136 |
Total current tax expense (benefit) | 3,397 | 748 |
Deferred tax expense (benefit): | ||
Federal | 0 | 449 |
State and local | 0 | (135) |
Foreign | 121 | (72) |
Total deferred tax expense | 121 | 242 |
Net income tax expense | $ 3,518 | $ 990 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income tax benefit at statutory rate | $ (432) | $ (470) |
State and local taxes, net of federal income tax benefit | (29) | (129) |
Tax credits (state, net of federal benefit) | (457) | (415) |
Effects of differing US and foreign tax rates | 22 | 17 |
Tax on unrepatriated and repatriated foreign earnings | 0 | 226 |
Net operating loss adjustment | (286) | 118 |
Impact of foreign subsidiary income to parent | 74 | 67 |
Increase in valuation allowance | 4,170 | 1,538 |
Other items, net | 456 | 38 |
Net income tax expense | $ 3,518 | $ 990 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Deferred tax assets: | ||
Accrued employee benefit expenses | $ 228 | $ 296 |
Allowance for doubtful accounts | 142 | 154 |
Deferred compensation | 1,196 | 1,283 |
Tax credits (state, net of federal benefits) | 170 | 978 |
Foreign tax credit carryforwards | 638 | 638 |
Unrecognized actuarial loss, defined benefit plans | 1,202 | 1,196 |
Inventory reserves | 62 | 69 |
Net operating loss carryforwards | 112 | 572 |
Proceeds on Sale Leaseback | 7,215 | 0 |
Other | 497 | 568 |
Total deferred tax assets | 11,462 | 5,754 |
Deferred tax liabilities: | ||
Book basis in excess of tax basis of property, plant and equipment | (1,758) | (1,596) |
Book basis in excess of tax basis of Sale Leaseback property | (1,122) | 0 |
Prepaid pension | (949) | (847) |
APB 23 Assertion | (976) | (765) |
Debt Issuance Cost on Sale Leaseback | (184) | 0 |
Other | 0 | (122) |
Total deferred tax liabilities | (4,989) | (3,330) |
Valuation allowance | (6,901) | (2,731) |
Net deferred tax liabilities | (428) | (307) |
Deferred tax assets (liabilities) classified in the balance sheet: | ||
Deferred tax labilities | (428) | (307) |
Net deferred tax liabilities | (428) | (307) |
Non-current | ||
Deferred tax assets (liabilities) classified in the balance sheet: | ||
Deferred tax labilities | $ (428) | $ (307) |
Stock Options and Share-Based_3
Stock Options and Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Aug. 26, 2015 | Apr. 30, 2022 | Apr. 30, 2021 | Aug. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred income tax benefit | $ (121) | $ (242) | ||
Vesting period (in years) | 4 years | |||
Awards granted (in shares) | 0 | 0 | ||
Stock based compensation expense | $ 0 | $ 15 | ||
Deferred income tax benefit | $ 0 | 3 | ||
2010 and 2008 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future grants (in shares) | 0 | |||
2017 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future grants (in shares) | 147,509 | 280,100 | ||
2017 Plan | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 701 | 578 | ||
Deferred income tax benefit | $ 165 | $ 136 | ||
Vesting period (in years) | 3 years | |||
Remaining estimated compensation expense | $ 760 | |||
2017 Plan | Service Components | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 2 years | |||
2017 Plan | Service Components | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 3 years | |||
2008 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized under stock option plan (in shares) | 300,000 | |||
Increase in number of shares available under stock option plan (in shares) | 300,000 | |||
Awards granted (in shares) | 0 | |||
2008 Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Terms of award (in years) | 10 years |
Stock Options and Share-Based_4
Stock Options and Share-Based Compensation - Summary of RSU Activity and Weighted Average Exercise Price (Details) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Number of RSUs | |||
Outstanding at beginning of year (in shares) | 125,217 | 52,850 | |
Granted (in shares) | 67,750 | 95,861 | |
Vested (in shares) | (31,943) | (11,477) | |
Forfeited (in shares) | (16,197) | (12,017) | |
Outstanding at end of year (in shares) | 144,827 | 125,217 | |
Weighted Average Grant Date Fair Value | |||
Outstanding at beginning of year (in dollar per shares) | $ 12.24 | $ 12.71 | $ 20.08 |
Granted (in dollar per shares) | 13.74 | 9.43 | |
Vested (in dollar per shares) | 12.44 | 13.55 | |
Forfeited (in dollar per shares) | 21.83 | 16.69 | |
Outstanding at end of year (in dollar per shares) | $ 12.24 | $ 12.71 | $ 20.08 |
Stock Options and Share-Based_5
Stock Options and Share-Based Compensation - Summary of Stock Option Activity and Weighted Average Exercise Price (Detail) - $ / shares | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Number of Shares | |||
Outstanding at beginning of year (in shares) | 84,300 | 88,000 | |
Canceled (in shares) | (35,400) | (3,700) | |
Exercised (in shares) | (1,500) | 0 | |
Outstanding at end of year (in shares) | 47,400 | 84,300 | |
Exercisable at end of year (in shares) | 47,400 | 84,300 | |
Weighted Average Exercise Price | |||
Outstanding at beginning of year (in dollar per shares) | $ 19.34 | $ 18.56 | $ 18.45 |
Canceled (in dollar per shares) | 17.94 | 15.97 | |
Exercised (in dollar per shares) | 8.59 | 0 | |
Outstanding at end of year (in dollar per shares) | 19.34 | 18.56 | $ 18.45 |
Exercisable at end of year (in dollar per shares) | $ 19.34 | $ 18.56 |
Stock Options and Share-Based_6
Stock Options and Share-Based Compensation - Summary of Options Outstanding, Exercisable, and Weighted Average Exercise Prices within Exercise Price Range (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Options outstanding (in shares) | 47,400 | 84,300 | 88,000 |
Weighted average exercise price (in dollar per shares) | $ 19.34 | $ 18.56 | $ 18.45 |
Exercise Price Range Range One | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Exercise price range lower limit (in dollar per shares) | 8.59 | ||
Exercise price range upper limit (in dollar per shares) | $ 11.78 | ||
Options outstanding (in shares) | 2,650 | ||
Weighted average exercise price (in dollar per shares) | $ 11.78 | ||
Weighted average remaining contractual life (in years) | 3 months 29 days | ||
Aggregate intrinsic value | $ 6,572 | ||
Options exercisable (in shares) | 2,650 | ||
Weighted average exercise price (in dollar per shares) | $ 11.78 | ||
Aggregate intrinsic value | $ 6,572 | ||
Exercise Price Range Range Two | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Exercise price range lower limit (in dollar per shares) | $ 15.85 | ||
Exercise price range upper limit (in dollar per shares) | $ 23.62 | ||
Options outstanding (in shares) | 44,750 | ||
Weighted average exercise price (in dollar per shares) | $ 19.79 | ||
Weighted average remaining contractual life (in years) | 3 years 7 months 6 days | ||
Aggregate intrinsic value | $ 0 | ||
Options exercisable (in shares) | 44,750 | ||
Weighted average exercise price (in dollar per shares) | $ 19.79 | ||
Aggregate intrinsic value | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of Before Tax Income (Loss) Related Income Tax effect and Accumulated Balances (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | $ (3,577) | $ (9,598) |
Foreign currency translation adjustment | (186) | (23) |
Change in unrecognized actuarial loss on pension obligations | 21 | 6,044 |
Ending Balance | (3,742) | (3,577) |
Foreign Currency Translation Adjustment | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (2,357) | (2,334) |
Foreign currency translation adjustment | (186) | (23) |
Ending Balance | (2,543) | (2,357) |
Minimum Pension Liability Adjustment | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (1,220) | (7,264) |
Change in unrecognized actuarial loss on pension obligations | 21 | 6,044 |
Ending Balance | $ (1,199) | $ (1,220) |
Leases, Commitments and Conti_3
Leases, Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
ROU assets | $ 7,573 | $ 9,279 |
Operating lease payments | $ 2,019 | 1,799 |
Remaining lease term (in years) | 8 years | |
Option to extend, term (in years) | 5 years | |
Option to terminate, term (in years) | 1 year | |
Operating lease expense | $ 3,067 | 2,854 |
Operating lease, short term, expense | $ 1,048 | $ 1,055 |
Operating lease, weighted average remaining lease term (in years) | 5 years 9 months 18 days | 5 years 10 months 24 days |
Operating lease, weighted average discount rate (as a percent) | 4.10% | 4.10% |
Finance lease, weighted average remaining lease term (in years) | 3 years 9 months 18 days | 4 years 3 months 18 days |
Finance lease, weighted average discount rate (as a percent) | 6.60% | 10% |
Leases, Commitments and Conti_4
Leases, Commitments and Contingencies - Schedule of Operating and Finance Lease Maturity (Details) $ in Thousands | Apr. 30, 2022 USD ($) |
Operating | |
2023 | $ 1,849 |
2024 | 1,476 |
2025 | 1,432 |
2026 | 1,221 |
2027 | 996 |
Thereafter | 1,847 |
Total Minimum Lease Payments | 8,821 |
Imputed Interest | (1,323) |
Total | 7,498 |
Financing | |
2023 | 148 |
2024 | 90 |
2025 | 90 |
2026 | 71 |
2027 | 0 |
Thereafter | 0 |
Total Minimum Lease Payments | 399 |
Imputed Interest | (45) |
Total | $ 354 |
Retirement Benefits - Summary o
Retirement Benefits - Summary of Change in Projected Benefit Obligations and Change in Fair Value of Plan Assets (Detail) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Retirement Benefits [Abstract] | ||
Accumulated Benefit Obligation, April 30 | $ 20,022,000 | $ 22,942,000 |
Change in Projected Benefit Obligations | ||
Projected benefit obligations, beginning of year | 22,942,000 | 23,720,000 |
Interest cost | 710,000 | 723,000 |
Actuarial loss | (2,218,000) | (97,000) |
Actual benefits paid | (1,412,000) | (1,404,000) |
Projected benefit obligations, end of year | 20,022,000 | 22,942,000 |
Change in Plan Assets | ||
Fair value of plan assets, beginning of year | 21,459,000 | 17,316,000 |
Actual return on plan assets | (1,180,000) | 5,517,000 |
Employer contributions | 0 | 30,000 |
Actual benefits paid | (1,412,000) | (1,404,000) |
Fair value of plan assets, end of year | 18,867,000 | 21,459,000 |
Funded status—under | (1,155,000) | (1,483,000) |
Amounts Recognized in the Consolidated Balance Sheets consist of: | ||
Non-current liabilities | (1,155,000) | (1,483,000) |
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Consist of: | ||
Net actual loss | 5,116,000 | 5,089,000 |
Deferred tax benefit | (1,202,000) | (1,196,000) |
After-tax actuarial loss | $ 3,914,000 | $ 3,893,000 |
Weighted-average Assumptions Used to Determine Benefit Obligations at April 30 | ||
Discount rate | 4.40% | 3.20% |
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended April 30 | ||
Discount rate | 4.40% | 3.20% |
Expected long-term return on plan assets (as a percent) | 7.75% | 7.75% |
Retirement Benefits - Summary_2
Retirement Benefits - Summary of Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Retirement Benefits [Abstract] | ||
Interest cost | $ 710 | $ 723 |
Expected return on plan assets | (1,604) | (1,284) |
Recognition of net loss | 539 | 1,714 |
Net periodic pension (income) expense | $ (355) | $ 1,153 |
Retirement Benefits - Additiona
Retirement Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined pension benefit plan, net periodic benefit cost | $ 660,000 | |
Anticipated contribution in the next fiscal year related to pension plans | 0 | |
Employer contributions | $ 0 | $ 30,000 |
Increase decrease in the discount rate | 1% | 1% |
Decrease increase pension expense | $ 207,000 | $ 165,000 |
Age limit of employees to be eligible for contribution (in years) | 21 years | |
Minimum service period of employees to be eligible for contribution (in months) | 3 months | |
Employee's compensation (as a percent) | 3% | |
Employer matching contributions | $ 967,000 | $ 997,000 |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Matching contributions by company (as a percent) | 100% | |
Contributions by employer per employee's compensation (as a percent) | 3% | |
Employee's compensation (as a percent) | 4% | |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Matching contributions by company (as a percent) | 50% | |
Contributions by employer per employee's compensation (as a percent) | 5% | |
Equity Securities | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, Plan asset percentage | 75% | 75% |
Fixed Income | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, Plan asset percentage | 25% | 25% |
Yield Curve Technique | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Increase decrease in the discount rate | 1% | 1% |
Decrease increase pension expense | $ 271,000 | $ 286,000 |
Yield Curve Technique | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Par amount outstanding | $ 250,000,000 |
Retirement Benefits - Summary_3
Retirement Benefits - Summary of Expected Benefit Payments (Detail) $ in Thousands | Apr. 30, 2022 USD ($) |
Retirement Benefits [Abstract] | |
2023 | $ 1,570 |
2024 | 1,610 |
2025 | 1,590 |
2026 | 1,580 |
2027 | 1,540 |
2028 & Beyond | $ 7,230 |
Retirement Benefits - Summary_4
Retirement Benefits - Summary of Plan Assets by Asset Categories (Detail) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, Plan asset | $ 18,867 | $ 21,459 | $ 17,316 |
Defined benefit plan, Plan asset percentage | 100% | 100% | |
Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, Plan asset | $ 13,856 | $ 14,814 | |
Defined benefit plan, Plan asset percentage | 73% | 69% | |
Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, Plan asset | $ 4,703 | $ 6,314 | |
Defined benefit plan, Plan asset percentage | 25% | 29% | |
Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, Plan asset | $ 308 | $ 331 | |
Defined benefit plan, Plan asset percentage | 2% | 2% |
Retirement Benefits - Summary_5
Retirement Benefits - Summary of Fair Value Assets in Defined Benefit Pension Plans (Detail) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 18,867 | $ 21,459 | $ 17,316 |
Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,856 | 14,814 | |
Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,703 | 6,314 | |
Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 308 | 331 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18,867 | 21,459 | |
Level 1 | Large Cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,382 | 7,726 | |
Level 1 | Small/Mid Cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,775 | 3,128 | |
Level 1 | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,008 | 2,173 | |
Level 1 | Emerging Markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 794 | 862 | |
Level 1 | Liquid Alternatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 897 | 925 | |
Level 1 | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,703 | 6,314 | |
Level 1 | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 308 | 331 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | Large Cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | Small/Mid Cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | Emerging Markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | Liquid Alternatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | Large Cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | Small/Mid Cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | Emerging Markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | Liquid Alternatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Apr. 30, 2022 segment | |
Segment Reporting [Abstract] | |
Number of business segment | 2 |
Segment Information - (Detail)
Segment Information - (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Apr. 30, 2022 | Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2022 | Apr. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||||||||
Net sales | $ 49,715 | $ 40,633 | $ 39,031 | $ 39,493 | $ 38,707 | $ 33,339 | $ 39,000 | $ 36,423 | $ 168,872 | $ 147,469 |
Intersegment revenues | 0 | 0 | ||||||||
Depreciation | 2,769 | 2,687 | ||||||||
Earnings (loss) before income taxes | (2,485) | (2,617) | ||||||||
Income tax expense (benefit) | 3,518 | 990 | ||||||||
Net earnings attributable to non-controlling interest | 34 | 33 | 18 | 38 | 46 | 14 | 15 | (10) | 123 | 65 |
Net earnings (loss) attributable to Kewaunee Scientific Corporation | (362) | $ (1,319) | $ (3,100) | $ (1,345) | (2,975) | $ 81 | $ (180) | $ (598) | (6,126) | (3,672) |
Segment assets | 118,773 | 89,384 | 118,773 | 89,384 | ||||||
Expenditures for segment assets | 1,908 | 2,397 | ||||||||
Non-US | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 43,341 | 37,616 | ||||||||
Corporate | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Earnings (loss) before income taxes | (5,891) | (6,961) | ||||||||
Income tax expense (benefit) | 2,339 | (318) | ||||||||
Net earnings (loss) attributable to Kewaunee Scientific Corporation | (8,230) | (6,642) | ||||||||
Intersegment revenues | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Intersegment revenues | (4,401) | (5,328) | ||||||||
Depreciation | 91 | |||||||||
Domestic | Operating Segments | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 126,848 | 111,035 | ||||||||
Depreciation | 2,402 | 2,423 | ||||||||
Earnings (loss) before income taxes | (179) | 1,166 | ||||||||
Income tax expense (benefit) | 50 | 245 | ||||||||
Net earnings (loss) attributable to Kewaunee Scientific Corporation | (229) | 921 | ||||||||
Segment assets | 91,757 | 64,961 | 91,757 | 64,961 | ||||||
Expenditures for segment assets | 1,613 | 2,312 | ||||||||
Domestic | Operating Segments | Non-US | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 1,317 | 1,182 | ||||||||
Domestic | Intersegment revenues | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Intersegment revenues | 882 | 1,779 | ||||||||
International | Operating Segments | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 42,024 | 36,434 | ||||||||
Depreciation | 276 | 264 | ||||||||
Earnings (loss) before income taxes | 3,585 | 3,178 | ||||||||
Income tax expense (benefit) | 1,129 | 1,063 | ||||||||
Net earnings attributable to non-controlling interest | 123 | 65 | ||||||||
Net earnings (loss) attributable to Kewaunee Scientific Corporation | 2,333 | 2,049 | ||||||||
Segment assets | $ 27,016 | $ 24,423 | 27,016 | 24,423 | ||||||
Expenditures for segment assets | 295 | 85 | ||||||||
International | Operating Segments | Non-US | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 42,024 | 36,434 | ||||||||
International | Intersegment revenues | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Intersegment revenues | $ 3,519 | $ 3,549 |
Restructuring Costs - Additiona
Restructuring Costs - Additional Information (Details) $ in Thousands | 12 Months Ended |
Apr. 30, 2022 USD ($) | |
Facility Closing | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring costs | $ 28 |
Consolidated Quarterly Data (_3
Consolidated Quarterly Data (Unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Apr. 30, 2022 | Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2022 | Apr. 30, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Net sales | $ 49,715 | $ 40,633 | $ 39,031 | $ 39,493 | $ 38,707 | $ 33,339 | $ 39,000 | $ 36,423 | $ 168,872 | $ 147,469 |
Gross profit | 9,327 | 5,622 | 3,597 | 5,674 | 6,063 | 5,654 | 6,395 | 5,881 | 24,220 | 23,993 |
Net loss | (328) | (1,286) | (3,082) | (1,307) | (2,929) | 95 | (165) | (608) | (6,003) | (3,607) |
Less: net earnings attributable to the non-controlling interest | 34 | 33 | 18 | 38 | 46 | 14 | 15 | (10) | 123 | 65 |
Net loss attributable to Kewaunee Scientific Corporation | $ (362) | $ (1,319) | $ (3,100) | $ (1,345) | $ (2,975) | $ 81 | $ (180) | $ (598) | $ (6,126) | $ (3,672) |
Net loss per share attributable to Kewaunee Scientific Corporation | ||||||||||
Basic (in usd per share) | $ (0.13) | $ (0.47) | $ (1.11) | $ (0.48) | $ (1.08) | $ 0.03 | $ (0.07) | $ (0.22) | $ (2.20) | $ (1.33) |
Diluted (in usd per share) | $ (0.13) | $ (0.47) | $ (1.11) | $ (0.48) | $ (1.08) | $ 0.03 | $ (0.07) | $ (0.22) | $ (2.20) | $ (1.33) |