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Kewaunee Scientific Reports Results for First Quarter of Fiscal Year 2021
STATESVILLE, N.C., Sept. 8, 2020 /PRNewswire/ -- Kewaunee Scientific Corporation (NASDAQ: KEQU) today reported results for its first quarter of fiscal year
About this update from Kewaunee Scientific Corporation
[{"type":"text","content":"STATESVILLE, N.C., Sept. 8, 2020 /PRNewswire/ -- Kewaunee Scientific Corporation (NASDAQ: KEQU) today reported results for its first quarter of fiscal year 2021, ended July 31, 2020.\n\n \n \n \n \n \n \n\n \nSales for the quarter were $36,423,000, a 7.4% decrease from sales of $39,336,000 in the prior year first quarter. Pre-tax loss for the quarter was $587,000 compared to pre-tax earnings of $665,000 for the prior year period. Net earnings decreased 227% for the quarter to a loss of $598,000, or ($0.22) per diluted share, as compared to net earnings of $471,000, or $0.17 per diluted share, for the quarter ended July 31, 2019. EBITDA for the quarter was $137,000 compared to $1,300,000 for the prior year period. The Company's order backlog was $101 million at July 31, 2020, as compared to $101 million at April 30, 2020 and $102 million at July 31, 2019. \nDomestic Segment\nDomestic sales for the quarter were $30,058,000, an increase of 2.6% from sales of $29,287,000 in the first quarter of last year. Net earnings for the Domestic Segment was $993,000 compared to $1,395,000 for the prior year period. Domestic segment EBITDA was $1,605,000 compared to $2,125,000 for the prior year period. While sales increased slightly during the period when compared to the prior year period, delays in project completion and access to construction sites due to the coronavirus (COVID-19) pandemic continued to impact the pace at which the segment was able to operate during the quarter. Segment gross profit was generally flat year-over-year, while an increase in operating expenses, to support our strategic initiatives, unfavorably impacted pre-tax earnings as compared to the prior year period.\nInternational Segment\nInternational sales for the quarter were $6,365,000, down 36.7% from sales of $10,049,000 in the first quarter last year. Net earnings for the International Segment was $124,000 compared to $420,000 for the prior year period. International Segment EBITDA was $165,000 compared to $514,000 for the prior year period. The decrease in sales and profitability was similarly attributable to reduced access to construction sites and re-imposed government mandated shut-downs in India during the quarter due to COVID-19. \nCorporate Expenses\nCorporate expenses for the quarter were $1,715,000, an increase of 27.6% from corporate expenses of $1,344,0...