Kewaunee Scientific Reports Results for Third Quarter of Fiscal Year 2021

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[{"type":"text","content":"STATESVILLE, N.C., March 10, 2021 /PRNewswire/ -- Kewaunee Scientific Corporation (NASDAQ: KEQU) today reported results for its third quarter of fiscal year 2021, ended January 31, 2021.\n\n \n \n \n \n \n \n\n \nSales for the quarter were $33,339,000, a 2.6% decrease from sales of $34,225,000 in the prior year third quarter. Pre-tax loss for the quarter was $718,000 compared to a loss of $2,251,000 for the prior year period. Net earnings improved for the quarter to $81,000, or $0.03 per diluted share, as compared to a loss of $1,918,000, or ($0.70) per diluted share, for the quarter ended January 31, 2020. A tax benefit in the amount of $989,000 was recorded in the period based on the provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act (\"the Act\") signed into law on March 27, 2020. The Act allows companies with a net operating loss arising in a taxable year beginning in 2018, 2019, or 2020 to carry the loss back to each of the five preceding tax years. EBITDA1 for the quarter was ($17,000) compared to ($1,551,000) for the prior year period. The Company's order backlog was $103 million on January 31, 2021, as compared to $101 million at April 30, 2020 and $93 million at January 31, 2020.\nDomestic Segment\nDomestic sales for the quarter were $25,066,000, a decrease of 6.1% from sales of $26,699,000 in the third quarter of last year. Net losses for the Domestic segment were $184,000 compared to a net loss of $552,000 for the prior year period. Domestic segment EBITDA was $800,000 compared to ($294,000) for the prior year period. Domestic sales declined during the period when compared to the prior year period due to continued delays in construction projects due to the coronavirus pandemic. Domestic segment EBITDA improved as compared to the prior year period due to actions taken to reduce operating expenses and improve manufacturing productivity.\nInternational Segment\nInternational sales for the quarter were $8,273,000, up 9.9% from sales of $7,526,000 in the third quarter last year. Net earnings for the International segment were $499,000 compared to break even, zero earnings, for the prior year period. International segment EBITDA was $695,000 compared to $515,000 for the prior year period. The increase in sales and profitability resulted from strong international demand coupled with reduced COVID-re...

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