Unassociated Document Kewaunee Scientific Reports Record Results Net Earnings for Year Increase 36%, Sales Increase 16% Exchange: NASDAQ (KEQU) Contact: D. Michael Parker 704/871-3290 STATESVILLE, N.C.

Scientific Reports Record Results

Earnings for Year Increase 36%,

N.C. June 24, 2009 -- Kewaunee Scientific Corporation (Nasdaq: KEQU) today

reported record sales, earnings, and order backlog for its fiscal year ended

for the year increased 36% to $4,247,000, or $1.66 per diluted share, up from

net earnings of $3,134,000, or $1.23 per diluted share, in the prior year.

Earnings benefited from higher sales volume, lower manufacturing costs and

improved operational efficiencies.

the year increased 16% to $103,978,000, up from sales of $89,510,000 in the

prior year. Sales from domestic operations increased to $90,250,000, up 22.0%

from the prior year. Sales from international operations were $13,728,000, down

13% from the prior year. Incoming orders activity was strong throughout

the year, as a healthy domestic laboratory furniture marketplace more than

offset the impact of a soft Asian marketplace. The order backlog increased to a

record $62.7 million at April 30, 2009, up from $60.7 million at January 31,

2009 and $58.7 million at April 30, 2008.

earnings for the fourth quarter were $920,000, or $0.36 per diluted share, up

from net earnings of $446,000, or $0.17 per diluted share, in the prior year.

Sales for the fourth quarter increased to $24,828,000, up 12% from sales of

$22,116,000 in the same period of the prior year. Sales from domestic operations

for the quarter were $22,954,000, up from sales of $18,015,000 in the same

quarter of the prior year, while sales from international operations were

$1,874,000, down from sales of $4,101,000 in the prior year.

Company's balance sheet remains strong. Working capital increased to $18.9

million at April 30, 2009, up from $15.9 million at the end of the prior

year. Cash on hand at the end of the year was $4.0 million, as compared to

$4.3 million at the end of the prior year. Bank borrowings and capital lease

obligations were $6.1 million at year-end, as compared to $5.0 million at the

end of the prior year, and the debt-to-equity ratio was .23-to-1 at year-end, as

compared to .19-to-1 at the end of the prior year.

past year was a rewarding, yet challenging year," said William A. Shumaker,

President and Chief Executive Officer. "Our programs and strategies over the

past few years to make Kewaunee a stronger and more competitive company were put

to the test. During the first half of the year, we were confronted with

escalating prices for certain raw materials, particularly steel and epoxy resin,

and higher energy and transportation costs. This was followed by the global

economic slowdown in the second half of the year. Despite these and other

challenges, year-over-year increases in sales and net earnings were achieved for

each quarter of the year, and we continued to build our order

toward fiscal year 2010, we believe a number of factors have the Company

well-positioned for another good year," continued Mr. Shumaker. "A healthy

domestic laboratory furniture marketplace, our record order backlog, and

excellent performances by our factories are providing us strong momentum. The

Asian laboratory furniture marketplace, which was soft the past year, is

expected to improve and provide increased opportunities. The move to our new,

modern plant in Bangalore, India, is now complete. This plant has full

manufacturing capabilities which positions us to compete more broadly for

additional projects in Asia and the Middle East. Next year will also

present a number of challenges. These include uncertainty as to when the global

economic slowdown will end and higher pension costs for the Company due to

losses in our pension investments portfolio."

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

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

headquarters and domestic manufacturing facilities are located in Statesville,

North Carolina. The Company has subsidiaries in Singapore and Bangalore, India

which serve the Asian and Middle East markets. Kewaunee Scientific's website is

located at 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