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Kewaunee Scientific Reports Results for Second Quarter of Fiscal Year 2021
STATESVILLE, N.C., Dec. 9, 2020 /PRNewswire/ -- Kewaunee Scientific Corporation (NASDAQ: KEQU) today reported results for its second quarter of fiscal year
About this update from Kewaunee Scientific Corporation
[{"type":"text","content":"STATESVILLE, N.C., Dec. 9, 2020 /PRNewswire/ -- Kewaunee Scientific Corporation (NASDAQ: KEQU) today reported results for its second quarter of fiscal year 2021, ended October 31, 2020.\n\n \n \n \n \n \n \n\n \nSales for the quarter were $39,000,000, a 1.8% decrease from sales of $39,722,000 in the prior year second quarter. Pre-tax loss for the quarter was $362,000 compared to $158,000 for the prior year period. Net losses improved for the quarter to a loss of $180,000, or ($0.07) per diluted share, as compared to a loss of $2,178,000, or $(0.79) per diluted share, for the quarter ended October 31, 2019. EBITDA for the quarter was $353,000 compared to $502,000 for the prior year period. The Company's order backlog was $96 million at October 31, 2020, as compared to $101 million at April 30, 2020 and $92 million at October 31, 2019. \nDomestic Segment\nDomestic sales for the quarter were $28,772,000, a decrease of 8.9% from sales of $31,584,000 in the second quarter of last year. Net earnings for the Domestic Segment were $168,000 compared to $149,000 for the prior year period. Domestic segment EBITDA was $1,189,000 compared to $1,314,000 for the prior year period. Sales and EBITDA declined during the period when compared to the prior year period as delays in project completion and access to construction sites due to the coronavirus (\"COVID\") pandemic continued to impact the pace at which the segment was able to operate during the quarter. Operating costs were higher than normal due to additional COVID-related expenses as well as expenses related to previously disclosed strategic initiatives, including investing in domestic technology infrastructure and the re-capitalization of certain aspects of domestic manufacturing operations. \nInternational Segment\nInternational sales for the quarter were $10,228,000, up 25.7% from sales of $8,138,000 in the second quarter last year. Net earnings for the International Segment were $465,000 compared to a net loss of $1,724,000 for the prior year period. International Segment EBITDA was $775,000 compared to $463,000 for the prior year period. The increase in sales and profitability resulted from strong international demand coupled with reduced COVID-related restrictions in certain markets that allowed access to project sites that were closed in the prior quarter, which resulted in increa...