Unassociated Document Kewaunee Scientific Announces Results for Third Quarter and Quarterly Dividend Exchange: NASDAQ (KEQU) Contact: D. Michael Parker 704/871-3290 STATESVILLE, NC

Scientific Announces

for Third Quarter and Quarterly Dividend

NC, February 25, 2010--Kewaunee Scientific Corporation (NASDAQ: KEQU) today

announced results for its third quarter ended January 31, 2010.

the quarter were $21,814,000, down from sales of $26,023,000 in the same period

last year. Sales were affected by a soft market for small laboratory

furniture projects, lower sales to international customers, and unusually bad

weather which delayed the start of many construction projects. The

lower sales also reflect the typical slowdown in construction activity during

the winter months, which did not occur last year. Sales from domestic

operations during the quarter were $19,081,000, down from sales of $22,498,000

in the same period last year. Sales from international operations

were $2,733,000, down from sales of $3,525,000 in the same period last

backlog increased to a record $65.5 million at January 31, 2010, up from $60.7

million at January 31, 2009, and $65.2 million at the end of last

earnings for the quarter were $621,000, or $0.24 per diluted share, down from

$882,000, or $0.35 per diluted share, in the same period last year. Earnings

were unfavorably impacted by lower sales and an after-tax increase in pension

expense of $157,000, or $0.06 per diluted share, as compared to the third

quarter last year. The pension expense increase primarily resulted

from last year's decline in the market value of pension

the lower earnings, I am pleased with our progress during the quarter,"

said William A. Shumaker, President and Chief Executive Officer. "The

order backlog is strong at $65.5 million, and outstanding quotations are at

record levels. Quotation opportunities in the international

marketplace have increased dramatically in recent months. The

international marketplace appears to show signs of recovery from the economic

slowdown, and we expect to see improved results from our international

operations in the fourth quarter. Quotation activity also remains

strong in the domestic marketplace for larger laboratory projects, although we

expect our results in the short-term will continue to be impacted by changes to

construction schedules and project delivery dates. All of our markets remain

highly-competitive with aggressive pricing; however, we continue to successfully

compete and win projects."

the nine months ended January 31, 2010 were $75,151,000, down from sales of

$79,150,000 in the same period last year. Domestic sales for the nine months

ended January 31, 2010 were $67,152,000, down from sales of $67,296,000 in the

same period last year. Sales from international operations were

$7,999,000 for the nine months ended January 31, 2010, down from sales of

$11,854,000 in the same period last year.

earnings for the nine months ended January 31, 2010 were $3,044,000, or $1.18

per diluted share, down from net earnings of $3,327,000, or $1.30 per diluted

share, in the same period last year. Earnings for the nine months

were unfavorably impacted by an after-tax increase in pension expense of

$470,000, or $0.18 per diluted share, as compared to the same period last

Company's financial condition continues to be strong. Bank borrowings and

capital lease obligations decreased to $3,144,000 at January 31, 2010, down from

$6,318,000 at January 31, 2009. Cash on hand was $2,443,000, as compared to

$3,089,000 at the end of the same period last year. Working capital increased to

$21,327,000 at the end of the quarter, up from $17,749,000 at the end of the

same period last year.

look forward, I am optimistic about Kewaunee's future," continued Mr.

Shumaker. "Our strategies to expand into new markets, introduce new

products, and reduce costs are positioning Kewaunee well for long-term growth

and success. We also continue to expand our manufacturing

capabilities, with the recently announced expansion of our Statesville facility

following the move into our new, larger Bangalore factory last

news, the Company announced today that its Board of Directors approved a cash

dividend of ten cents per outstanding share to stockholders of record at the

close of business on March 8, 2010, payable on March 22, 2010.

Scientific Corporation is a recognized leader in the design, manufacture, and

installation of scientific and technical furniture. The Company's corporate

headquarters are located in Statesville, North Carolina. The Company's

manufacturing facilities are located in Statesville and Bangalore, India. The

Company has subsidiaries in Singapore and Bangalore that serve the Asian and

Middle East markets. Kewaunee Scientific's website is located at

http://www.kewaunee.com.

statements in this release constitute "forward-looking" statements within the

meaning of the Private Securities Litigation Reform Act of 1995. Such

forward-looking statements involve known and unknown risks, uncertainties and

other factors that could significantly impact results or achievements expressed

or implied by such forward-looking statements. These factors include, but are

not limited to, economic, competitive, governmental, and technological factors

affecting the Company's operations, markets, products, services, and

Statements of Operations

thousands, except per share data)

Consolidated Balance Sheets