Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Jul. 31, 2014 | Sep. 08, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Jul-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Registrant Name | 'KEWAUNEE SCIENTIFIC CORP /DE/ | ' |
Entity Central Index Key | '0000055529 | ' |
Current Fiscal Year End Date | '--07-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 2,626,691 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Net Sales | $30,534 | $32,003 |
Costs of products sold | 24,386 | 25,427 |
Gross profit | 6,148 | 6,576 |
Operating expenses | 4,348 | 4,144 |
Operating earnings | 1,800 | 2,432 |
Other income | 126 | 80 |
Interest expense | -81 | -88 |
Earnings before income taxes | 1,845 | 2,424 |
Income tax expense | 585 | 807 |
Net earnings | 1,260 | 1,617 |
Less: net earnings attributable to the noncontrolling interest | 26 | 30 |
Net earnings attributable to Kewaunee Scientific Corporation | $1,234 | $1,587 |
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders | ' | ' |
Basic | $0.47 | $0.61 |
Diluted | $0.47 | $0.61 |
Weighted average number of common shares outstanding | ' | ' |
Basic | 2,620 | 2,596 |
Diluted | 2,651 | 2,618 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' |
Net earnings | $1,260 | $1,617 |
Other comprehensive income (loss), net of tax: | ' | ' |
Foreign currency translation adjustments | 10 | -524 |
Change in fair value of cash flow hedge | 13 | 65 |
Other comprehensive income (loss) | 23 | -459 |
Comprehensive income, net of tax | 1,283 | 1,158 |
Less: comprehensive income attributable to the noncontrolling interest | 26 | 30 |
Comprehensive income attributable to Kewaunee Scientific Corporation | $1,257 | $1,128 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholder's Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands | ||||||
Beginning Balance at Apr. 30, 2014 | $33,959 | $6,557 | $1,642 | ($57) | $32,090 | ($6,273) |
Net earnings attributable to Kewaunee Scientific Corporation | 1,234 | ' | ' | ' | 1,234 | ' |
Other comprehensive income | 23 | ' | ' | ' | ' | 23 |
Cash dividends declared, $0.11 per share | -288 | ' | ' | ' | -288 | ' |
Stock options exercised, 1,659 shares | 21 | 9 | -13 | 25 | ' | ' |
Stock based compensation | 58 | ' | 58 | ' | ' | ' |
Purchase of treasury stock, 1,159 shares | -21 | ' | ' | -21 | ' | ' |
Ending Balance at Jul. 31, 2014 | $34,986 | $6,566 | $1,687 | ($53) | $33,036 | ($6,250) |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholder's Equity (Parenthetical) (USD $) | 3 Months Ended |
Jul. 31, 2014 | |
Cash dividends declared, per share | $0.11 |
Stock options exercised, shares | 1,659 |
Treasury stock, shares | 1,159 |
Common Stock [Member] | ' |
Stock options exercised, shares | 1,659 |
Additional Paid-in Capital [Member] | ' |
Stock options exercised, shares | 1,659 |
Treasury Stock [Member] | ' |
Stock options exercised, shares | 1,659 |
Treasury stock, shares | 1,159 |
Retained Earnings [Member] | ' |
Cash dividends declared, per share | $0.11 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jul. 31, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $4,368 | $6,248 |
Restricted cash | 2,336 | 368 |
Receivables, less allowance | 25,709 | 23,473 |
Inventories | 12,213 | 11,938 |
Deferred income taxes | 639 | 646 |
Prepaid expenses and other current assets | 1,438 | 680 |
Total Current Assets | 46,703 | 43,353 |
Property, plant and equipment, at cost | 46,837 | 46,391 |
Accumulated depreciation | -32,354 | -31,821 |
Net Property, Plant and Equipment | 14,483 | 14,570 |
Deferred income taxes | 1,407 | 1,385 |
Other | 3,553 | 3,409 |
Total Other Assets | 4,960 | 4,794 |
Total Assets | 66,146 | 62,717 |
Current Liabilities: | ' | ' |
Short-term borrowings and interest rate swap | 5,214 | 3,150 |
Current portion of long-term debt | 421 | 421 |
Accounts payable | 9,131 | 8,542 |
Employee compensation and amounts withheld | 1,673 | 2,000 |
Deferred revenue | 283 | 137 |
Other accrued expenses | 2,528 | 1,913 |
Total Current Liabilities | 19,250 | 16,163 |
Long-term debt | 4,087 | 4,192 |
Accrued pension and deferred compensation costs | 7,531 | 7,250 |
Other non-current liabilities | ' | 888 |
Total Liabilities | 30,868 | 28,493 |
Commitments and Contingencies | ' | ' |
Equity: | ' | ' |
Common Stock | 6,566 | 6,557 |
Additional paid-in-capital | 1,687 | 1,642 |
Retained earnings | 33,036 | 32,090 |
Accumulated other comprehensive loss | -6,250 | -6,273 |
Common stock in treasury, at cost | -53 | -57 |
Total Kewaunee Scientific Corporation Stockholders' Equity | 34,986 | 33,959 |
Noncontrolling interest | 292 | 265 |
Total Equity | 35,278 | 34,224 |
Total Liabilities and Equity | $66,146 | $62,717 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net earnings | $1,260 | $1,617 |
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities: | ' | ' |
Depreciation | 628 | 631 |
Bad debt provision | 26 | 29 |
Stock based compensation expense | 58 | 59 |
Provision for deferred income tax expense | -15 | -35 |
Change in assets and liabilities: | ' | ' |
(Increase) decrease in receivables | -2,262 | 1,103 |
(Increase) decrease in inventories | -275 | 869 |
Increase (decrease) in accounts payable and other accrued expenses | 877 | -2,105 |
Increase in deferred revenue | 146 | 160 |
Other, net | -638 | -523 |
Net cash (used in) provided by operating activities | -195 | 1,805 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -541 | -528 |
(Increase) decrease in restricted cash | -1,968 | 72 |
Net cash used in investing activities | -2,509 | -456 |
Cash flows from financing activities: | ' | ' |
Dividends paid | -288 | -260 |
Increase (decrease) in short-term borrowings and interest rate swap | 2,064 | -1,896 |
Proceeds from long-term debt | ' | 5,000 |
Payments on long-term debt | -105 | -3,504 |
Payment toward purchase of noncontrolling interest in subsidiary | -888 | -1,780 |
Net proceeds from exercise of stock options (including tax benefit) | ' | 57 |
Net cash provided by (used) in financing activities | 783 | -2,383 |
Effect of exchange rate changes on cash | 41 | -369 |
Decrease in cash and cash equivalents | -1,880 | -1,403 |
Cash and cash equivalents, beginning of period | 6,248 | 5,811 |
Cash and cash equivalents, end of period | 4,368 | 4,408 |
Supplemental Disclosure of Cash Flow Information | ' | ' |
Purchase of noncontrolling interest in subsidiary - other accrued expenses and other non-current liabilities | ' | $1,775 |
Financial_Information
Financial Information | 3 Months Ended |
Jul. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Financial Information | ' |
A. Financial Information | |
The unaudited interim consolidated financial statements of Kewaunee Scientific Corporation (the “Company”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, although the Company believes that the disclosures are adequate to make the information presented not misleading. | |
These interim consolidated financial statements include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of these financial statements and should be read in conjunction with the consolidated financial statements and notes included in the Company’s 2014 Annual Report to Stockholders. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. The condensed consolidated balance sheet as of April 30, 2014 included in this interim period filing has been derived from the audited financial statements at that date, but does not include all of the information and related notes required by generally accepted accounting principles (GAAP) for complete financial statements. | |
The preparation of the interim consolidated financial statements requires management to make certain estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended |
Jul. 31, 2014 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share | ' |
B. Earnings Per Share | |
Basic earnings per share is based on the weighted average number of common shares outstanding during the three month period. Diluted earnings per share reflects the assumed exercise and conversion of outstanding options under the Company’s stock option plans, except when options have an anti-dilutive effect. Options to purchase 36,200 shares were not included in the computation of diluted earnings per share for the three month period ended July 31, 2014, because the option exercise prices were greater than the average market price of the common shares at that date, and accordingly, such options would have an antidilutive effect. Options to purchase 72,850 shares were not included in the computation of diluted earnings per share for the three month period ended July 31, 2013, because the effect would be anti-dilutive. |
Inventories
Inventories | 3 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
C. Inventories | |||||||||
Inventories consisted of the following (in thousands): | |||||||||
July 31, 2014 | April 30, 2014 | ||||||||
Finished products | $ | 3,294 | $ | 2,909 | |||||
Work in process | 1,410 | 1,550 | |||||||
Raw materials | 7,509 | 7,479 | |||||||
$ | 12,213 | $ | 11,938 | ||||||
For interim reporting, LIFO inventories are computed based on year-to-date quantities and interim changes in price levels. Changes in quantities and price levels are reflected in the interim consolidated financial statements in the period in which they occur. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
D. Segment Information | |||||||||||||||||
The following table provides financial information by business segments for the three months ended July 31, 2014 and 2013 (in thousands): | |||||||||||||||||
Domestic | International | Corporate | Total | ||||||||||||||
Operations | Operations | ||||||||||||||||
Three months ended July 31, 2014 | |||||||||||||||||
Revenues from external customers | $ | 24,248 | $ | 6,286 | $ | — | $ | 30,534 | |||||||||
Intersegment revenues | 124 | 532 | (656 | ) | — | ||||||||||||
Earnings (loss) before income taxes | 2,203 | 704 | (1,062 | ) | 1,845 | ||||||||||||
Three months ended July 31, 2013 | |||||||||||||||||
Revenues from external customers | $ | 27,073 | $ | 4,930 | $ | — | $ | 32,003 | |||||||||
Intersegment revenues | 1,404 | 486 | (1,890 | ) | — | ||||||||||||
Earnings (loss) before income taxes | 3,182 | 557 | (1,315 | ) | 2,424 |
Defined_Benefit_Pension_Plans
Defined Benefit Pension Plans | 3 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||
Defined Benefit Pension Plans | ' | ||||||||
E. Defined Benefit Pension Plans | |||||||||
The Company has non-contributory defined benefit pension plans covering substantially all salaried and hourly 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 Company did not make any contributions to the plans during the three months ended July 31, 2014 and 2013. The Company does not expect any contributions to be paid to the plans during fiscal year 2015. | |||||||||
Pension expense consisted of the following (in thousands): | |||||||||
Three months ended | Three months ended | ||||||||
31-Jul-14 | July 31, 2013 | ||||||||
Service cost | $ | -0- | $ | -0- | |||||
Interest cost | 222 | 212 | |||||||
Expected return on plan assets | (325 | ) | (317 | ) | |||||
Recognition of net loss | 234 | 283 | |||||||
Net periodic pension expense | $ | 131 | $ | 178 | |||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
Inventories consisted of the following (in thousands): | |||||||||
July 31, 2014 | April 30, 2014 | ||||||||
Finished products | $ | 3,294 | $ | 2,909 | |||||
Work in process | 1,410 | 1,550 | |||||||
Raw materials | 7,509 | 7,479 | |||||||
$ | 12,213 | $ | 11,938 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
The following table provides financial information by business segments for the three months ended July 31, 2014 and 2013 (in thousands): | |||||||||||||||||
Domestic | International | Corporate | Total | ||||||||||||||
Operations | Operations | ||||||||||||||||
Three months ended July 31, 2014 | |||||||||||||||||
Revenues from external customers | $ | 24,248 | $ | 6,286 | $ | — | $ | 30,534 | |||||||||
Intersegment revenues | 124 | 532 | (656 | ) | — | ||||||||||||
Earnings (loss) before income taxes | 2,203 | 704 | (1,062 | ) | 1,845 | ||||||||||||
Three months ended July 31, 2013 | |||||||||||||||||
Revenues from external customers | $ | 27,073 | $ | 4,930 | $ | — | $ | 32,003 | |||||||||
Intersegment revenues | 1,404 | 486 | (1,890 | ) | — | ||||||||||||
Earnings (loss) before income taxes | 3,182 | 557 | (1,315 | ) | 2,424 |
Defined_Benefit_Pension_Plans_
Defined Benefit Pension Plans (Tables) | 3 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||
Pension Expenses | ' | ||||||||
Pension expense consisted of the following (in thousands): | |||||||||
Three months ended | Three months ended | ||||||||
31-Jul-14 | July 31, 2013 | ||||||||
Service cost | $ | -0- | $ | -0- | |||||
Interest cost | 222 | 212 | |||||||
Expected return on plan assets | (325 | ) | (317 | ) | |||||
Recognition of net loss | 234 | 283 | |||||||
Net periodic pension expense | $ | 131 | $ | 178 | |||||
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (Stock Options [Member]) | 3 Months Ended | |
Jul. 31, 2014 | Jul. 31, 2013 | |
Stock Options [Member] | ' | ' |
Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive options excluded from computation of earnings per share | 36,200 | 72,850 |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Jul. 31, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished products | $3,294 | $2,909 |
Work in process | 1,410 | 1,550 |
Raw materials | 7,509 | 7,479 |
Total inventories | $12,213 | $11,938 |
Segment_Information_Segment_In
Segment Information - Segment Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Revenues from external customers | $30,534 | $32,003 |
Intersegment revenues | ' | ' |
Earnings (loss) before income taxes | 1,845 | 2,424 |
Corporate [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues from external customers | ' | ' |
Intersegment revenues | -656 | -1,890 |
Earnings (loss) before income taxes | -1,062 | -1,315 |
Domestic Operations [Member] | Operating Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues from external customers | 24,248 | 27,073 |
Intersegment revenues | 124 | 1,404 |
Earnings (loss) before income taxes | 2,203 | 3,182 |
International Operations [Member] | Operating Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues from external customers | 6,286 | 4,930 |
Intersegment revenues | 532 | 486 |
Earnings (loss) before income taxes | $704 | $557 |
Defined_Benefit_Pension_Plans_1
Defined Benefit Pension Plans - Additional Information (Detail) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
Compensation And Retirement Disclosure [Abstract] | ' | ' |
Company expected contributions | $0 | $0 |
Defined_Benefit_Pension_Plans_2
Defined Benefit Pension Plans - Pension Expenses (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Compensation And Retirement Disclosure [Abstract] | ' | ' |
Service cost | $0 | $0 |
Interest cost | 222 | 212 |
Expected return on plan assets | -325 | -317 |
Recognition of net loss | 234 | 283 |
Net periodic pension expense | $131 | $178 |