Kewaunee Scientific Reports Results for First Quarter of Fiscal Year 2022

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[{"type":"text","content":"STATESVILLE, N.C., Sept. 8, 2021 /PRNewswire/ -- PRNewswire / Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its first quarter ended July 31, 2021. \n\n \n \n \n \n \n \n\n \nFiscal Year 2022 First Quarter Results:\nSales during the first quarter of fiscal year 2022 were $39,493,000, an increase of 8.4%, as compared to sales of $36,423,000 from the prior year first quarter. Pre-tax loss for the quarter was $1,056,000 compared to a pre-tax loss of $587,000 for the prior year period. The Company experienced higher raw material costs in the first quarter of approximately $1,651,000, net of surcharges, when compared to the prior year period, as well as supplier constraints resulting from COVID-19 and other supply disruptions. Net loss was $1,345,000 compared to a loss of $598,000 for the prior year period. EBITDA1 for the quarter was ($342,000) compared to $137,000 for the prior year period. Diluted loss per share was ($0.48), as compared to diluted loss per share of ($0.22) in the prior year first quarter. \nThe Company's order backlog was $120.6 million on July 31, 2021, increasing from $101.2 million at July 31, 2020, and $114.5 million at April 30, 2021. This is the highest order backlog in the Company's history.\nDomestic Segment - Domestic sales for the quarter were $29,663,000, a decrease of 1.3% from sales of $30,058,000 in the prior year period. Domestic segment net loss was $209,000 compared to net earnings of $993,000 in the prior year period. Domestic segment EBITDA was $399,000 compared to $1,605,000 for the prior year period, as raw material input costs increased compared to the prior year period and were partially offset by surcharges implemented during the quarter for those shipments where we were not restricted by the fixed nature of our contracts with our customers.\nInternational Segment - International sales for the quarter were $9,830,000, an increase of 54.4% from sales of $6,365,000 in the prior year period. International sales were stronger when compared to the prior year due to strong demand in the current year period, coupled with reduced COVID-19 restrictions on construction site access, and reduced prevalence of government mandated shut-downs in India that had significantly impacted the prior period. International segment net income was $375,000 compared to $124,000 in the prio...

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