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Kewaunee Scientific Reports Results for Third Quarter of Fiscal Year 2022
STATESVILLE, N.C., March 9, 2022 /PRNewswire/ -- Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its third quarter ended January
About this update from Kewaunee Scientific Corporation
[{"type":"text","content":"STATESVILLE, N.C., March 9, 2022 /PRNewswire/ -- Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its third quarter ended January 31, 2022. \n\n \n \n \n \n \n \n\n \nFiscal Year 2022 Third Quarter Results:\nSales during the third quarter of fiscal year 2022 were $40,633,000, an increase compared to sales of $33,339,000 from the prior year third quarter. Kewaunee's third quarter was negatively impacted by increased COVID-19 related disruptions, a previously disclosed cyber attack, ongoing supply chain issues, labor shortages, and elevated inflation. The impact of higher raw material costs in the third quarter, net of surcharges, was $424,000 when compared to the prior year period. The profit impact, to domestic operations, of the cyber attack in the period was $1,131,000. Finally, the Company experienced other one-time costs in the amount of $325,000 related to the Company's previously announced decision to exit certain markets where the Company had historically sold products directly, and professional services related to ongoing financing related activities. \nOverall, these negative factors resulted in a pre-tax loss for the quarter of $887,000 compared to a pre-tax loss of $718,000 for the prior year period. Kewaunee recorded a net loss of $1,319,000 compared to net earnings of $81,000 for the prior year period due to a tax benefit being recorded in the prior period which did not occur in the most recent period. EBITDA1 for the quarter was ($117,000) compared to ($17,000) for the prior year period. Diluted loss per share was ($0.47), as compared to diluted earnings per share of $0.03 in the prior year third quarter. \nThe Company's order backlog was $138.1 million on January 31, 2022, increasing from $103.0 million at January 31, 2021, and $114.5 million at April 30, 2021. Also being announced today, the Company's International segment has been awarded a $17.3 million contract for laboratory furniture and equipment by Dangote Oil Refinery Company Limited (hereinafter \"Dangote Oil\"), located in Lagos, Nigeria (https://www.dangote.com//). This award was not included in the above reported order backlog amounts and will be reflected in the Company's order backlog when it reports earnings for the fourth quarter of the Company's 2022 fiscal year.\nDomestic Segment - Domestic sales for the quarter were $2...