Kewaunee Scientific Reports Results for First Quarter of Fiscal Year 2023

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[{"type":"text","content":"STATESVILLE, N.C., Sept. 8, 2022 /PRNewswire/ -- Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its first quarter ended July 31, 2022.\n\n \n \n \n \n \n \n\n \nFiscal Year 2023 First Quarter Results:\nSales during the first quarter of fiscal year 2023 were $50,123,000, an increase of 26.9% compared to sales of $39,493,000 from the prior year first quarter. Pre-tax loss for the quarter was $340,000 compared to a pre-tax loss of $1,056,000 for the prior year period. Kewaunee recorded a net loss of $747,000 compared to net loss of $1,345,000 for the prior year period. Margins for the current quarter were negatively impacted as the Company worked to deliver a large portion of the remaining direct orders in its order backlog. Nearly 25% of the current period's domestic segment revenue was for direct orders that, in aggregate, were delivered at a loss for the Company. Most of these projects were tied to contracts that were executed prior to the broad-based inflation experienced last fiscal year. EBITDA1 for the quarter was $275,000 compared to ($342,000) for the prior year period. Diluted loss per share was ($0.27), as compared to diluted loss per share of ($0.48) in the prior year first quarter.\nThe Company's order backlog was $174.0 million on July 31, 2022, increasing from $120.6 million on July 31, 2021, and $173.9 million on April 30, 2022. This is the fourth time in the last five quarters that the Company has recorded a record order backlog.\nDomestic Segment - Domestic sales for the quarter were $37,468,000, an increase of 26.3% from sales of $29,663,000 in the prior year period. The increase in sales was predominantly from higher input costs being rolled into product pricing. Domestic segment net income was $98,000 compared to net loss of $209,000 in the prior year period. Domestic segment EBITDA was $711,000 compared to $399,000 for the prior year period.\nInternational Segment - International sales for the quarter were $12,655,000, an increase of 28.7% from sales of $9,830,000 in the prior year period due to the commencement of delivery of large projects booked in the prior fiscal year. International segment net income was $687,000 compared to $375,000 in the prior year period. International segment EBITDA was $1,051,000 compared to $647,000 for the prior year period.\nCorporate Segment – Corpor...

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