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KEWAUNEE SCIENTIFIC CORP /DE/ - Quarter Report: 2003 July (Form 10-Q)

Form 10-Q
Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 


 

FORM 10-Q

 

x   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

       For the quarterly period ended July 31, 2003

 

¨   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

       For the transition period from                          to                         

 

Commission file number 0-5286

 


 

KEWAUNEE SCIENTIFIC CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware   38-0715562

(State or other jurisdiction

of incorporation or organization)

 

(I.R.S.Employer

Identification No.)

 

     

2700 West Front Street

Statesville, North Carolina

  28677
(Address of principal executive offices)   (Zip Code)

 

(704) 873-7202

(Registrant’s telephone number, including area code)

 


 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  x  No  ¨

 

As of August 29, 2003, the Registrant had outstanding 2,485,245 shares of Common Stock.

 

Pages: This report, excluding exhibits, contains 17 pages numbered sequentially from this cover page.

 



Table of Contents

KEWAUNEE SCIENTIFIC CORPORATION

 

INDEX TO FORM 10-Q

 

FOR THE QUARTERLY PERIOD ENDED JULY 31, 2003


Table of Contents
         Page

PART I. FINANCIAL INFORMATION     

Item 1.

 

Financial Statements

    
    Condensed Consolidated Statements of Operations—Three months ended July 31, 2003 and 2002    3
    Condensed Consolidated Balance Sheets—July 31, 2003 and April 30, 2003    4
    Condensed Consolidated Statements of Cash Flows—Three months ended July 31, 2003 and 2002    5
    Notes to Condensed Consolidated Financial Statements    6

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

   9
    Review by Independent Accountants    12
    Report of Independent Accountants    13

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

   14

Item 4.

 

Controls and Procedures

   14

PART II. OTHER INFORMATION

    

Item 1.

 

Legal Proceedings

   15

Item 4.

 

Submission of Matters to a Vote of Security Holders

   15

Item 5.

 

Other Matters

   15

Item 6.

 

Exhibits and Reports on Form 8-K

   16

SIGNATURE

   17

 


Table of Contents

Part 1. Financial Information

 

Item 1.   Financial Statements

 

Kewaunee Scientific Corporation

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands, except per share data)

 

     Three months ended
July 31


 
     2003

    2002

 

Net sales

   $ 24,213     $ 19,405  

Costs of products sold

     20,610       15,964  
    


 


Gross profit

     3,603       3,441  

Operating expenses

     3,001       2,898  
    


 


Operating earnings

     602       543  

Interest expense

     (78 )     (42 )

Other income

     196       1  
    


 


Earnings before income taxes

     720       502  

Income tax expense

     259       178  
    


 


Net earnings

   $ 461     $ 324  
    


 


Net earnings per share

                

Basic

   $ 0.19     $ 0.13  

Diluted

   $ 0.19     $ 0.13  

Weighted average number of common shares outstanding (in thousands)

                

Basic

     2,485       2,470  

Diluted

     2,489       2,484  

 

See accompanying notes to condensed financial statements.

 

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Kewaunee Scientific Corporation

Condensed Consolidated Balance Sheets

(in thousands)

 

    

July 31

2003


    April 30
2003


 
     (Unaudited)        

Assets

                

Current assets:

                

Cash and cash equivalents

   $ 400     $ 520  

Receivables, less allowance

     22,814       16,138  

Inventories

     5,490       5,958  

Deferred income taxes

     103       89  

Prepaid income taxes

     1,213       1,499  

Prepaid expenses and other current assets

     1,162       782  
    


 


Total current assets

     31,182       24,986  

Property, plant and equipment, at cost

     33,000       31,926  

Accumulated depreciation

     (20,633 )     (20,135 )
    


 


Net property, plant and equipment

     12,367       11,791  
    


 


Other assets

     6,648       6,877  
    


 


Total Assets

   $ 50,197     $ 43,654  
    


 


Liabilities and Stockholders’ Equity

                

Current liabilities:

                

Short-term borrowings

   $ 6,919     $ 1,416  

Current portion of long-term debt

     1,117       681  

Accounts payable

     6,787       8,338  

Employee compensation and amounts withheld

     1,451       1,203  

Deferred Revenue

     1,347       856  

Other accrued expenses

     1,295       834  
    


 


Total current liabilities

     18,916       13,328  

Long-term debt

     1,770       1,249  

Deferred income taxes

     1,151       1,150  

Accrued employee benefit plan costs

     1,645       1,634  

Other long-term liabilities

     449       355  
    


 


Total Liabilities

     23,931       17,716  

Stockholders’ equity:

                

Common stock

     6,550       6,550  

Additional paid-in-capital

     136       145  

Retained earnings

     20,397       20,110  

Accumulated other comprehensive income (loss)

     13       (9 )

Common stock in treasury, at cost

     (830 )     (858 )
    


 


Total stockholders’ equity

     26,266       25,938  
    


 


Total Liabilities and Stockholders’ Equity

   $ 50,197     $ 43,654  
    


 


 

See accompanying notes to condensed financial statements.

 

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Kewaunee Scientific Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

 

     Three months ended
July 31


 
     2003

    2002

 

Cash flows from operating activities:

                

Net earnings

   $ 461     $ 324  

Adjustments to reconcile net earnings to net cash used in operating activities:

                

Depreciation

     490       591  

Provision for bad debts

     (33 )     31  

(Increase) in deferred income tax expense

     (13 )     —    

Decrease in prepaid income taxes

     286       166  

(Increase) decrease in receivables

     (6,643 )     317  

Decrease (increase) in inventories

     468       (335 )

(Decrease) increase in accounts payable and other current liabilities

     (842 )     (2,100 )

Increase (decrease) in deferred revenue

     491       (37 )

Other, net

     (24 )     (24 )
    


 


Net cash used in operating activities

     (5,359 )     (1,067 )

Cash flows from investing activities:

                

Capital expenditures

     (1,066 )     (1,055 )

Proceeds from sale of fixed assets

     —         366  
    


 


Net cash used in investing activities

     (1,066 )     (689 )

Cash flows from financing activities:

                

Increase in short-term borrowings

     5,503       977  

Proceeds from long-term debt

     1,200       —    

Payments on long-term debt

     (243 )     (170 )

Dividends paid

     (174 )     (173 )

Proceeds from exercise of stock options (including tax benefit)

     19       34  
    


 


Net cash provided by financing activities

     6,305       668  
    


 


Decrease in cash and cash equivalents

     (120 )     (1,088 )

Cash and cash equivalents, beginning of period

     520       1,747  
    


 


Cash and cash equivalents, end of period

   $ 400     $ 659  
    


 


 

See accompanying notes to condensed financial statements.

 

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Kewaunee Scientific Corporation

Notes to Condensed Consolidated Financial Statements

(unaudited)

 

A. Financial Information

 

The unaudited interim condensed consolidated financial statements of Kewaunee Scientific Corporation (the “Company” or “Kewaunee”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These interim condensed financial statements should be read in conjunction with the financial statements and notes included in the Company’s 2003 Annual Report to Stockholders.

 

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates.

 

In the opinion of management, the interim condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the interim periods. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year.

 

B. Inventories

 

Inventories consisted of the following (in thousands):

 

     July 31, 2003

   April 30, 2003

Finished products

   $ 2,518    $ 2,402

Work in process

     1,348      1,812

Raw materials

     1,624      1,744
    

  

     $ 5,490    $ 5,958
    

  

 

C. Balance Sheet

 

The Company’s April 30, 2003 condensed consolidated balance sheet as presented herein is derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles.

 

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D. Segment Information

 

The following table shows net sales and profits by business segment for three months ended July 31, 2003 and 2002 (in thousands):

 

    

Laboratory

Products


  

Technical

Products


    Corporate

    Total

Three months ended

                           

July 31, 2003

                           

Revenues from external customers

   $ 22,601    $ 1,612     —       $ 24,213

Intersegment revenues

     1,042      —       (1,042 )     —  

Segment profit (loss)

     874      83     (237 )     720

Segment assets

     45,202      —       4,995       50,197

Three months ended

                           

July 31, 2002

                           

Revenues from external customers

   $ 18,048    $ 1,357     —       $ 19,405

Intersegment revenues

     162      —       (162 )     —  

Segment profit (loss)

     868      (116 )   (250 )     502

Segment assets

     35,017      3,199     2,852       41,068

 

The Company’s technical products operation was relocated from Texas to North Carolina in the fourth quarter of fiscal year 2003, and segment assets were combined with the laboratory products segment at that time.

 

E. Comprehensive Income

 

The Company adopted SFAS No. 133, “Accounting for Derivative Instruments and Hedging Activities,” effective January 1, 2001. SFAS No. 133 requires that the Company record derivatives on the balance sheet at fair value and establishes criteria for designation and effectiveness of hedging relationships. The nature of the Company’s business activities involves the management of various financial and market risks, including those related to changes in interest rates. The Company may from time-to-time employ derivative financial instruments, such as interest rate swap contracts, to mitigate or eliminate certain of those risks. The Company does not enter into derivative instruments for speculative purposes.

 

The Company had one interest rate swap agreement outstanding at July 31, 2003. The change in fair value of this cash flow hedge during the current quarter resulted in a decrease of $6,000, net of tax to accumulated other comprehensive loss in the accompanying condensed consolidated balance sheet.

 

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For the Company’s foreign subsidiaries, assets and liabilities are translated at exchange rates prevailing on the balance sheet date. Revenues and expenses are translated at average exchange rates prevailing during the period and any resulting translation adjustments are reported separately in shareholders’ equity. Changes in exchange rates for the current quarter resulted in a decrease of $16,000 in accumulated other comprehensive loss in the accompanying condensed consolidated balance sheet.

 

A reconciliation of net income and total comprehensive income for the three months ended July 31, 2003 and 2002 is as follows (in thousands):

 

     July 31, 2003

   July 31, 2002

 

Net income

   $ 720    $ 324  

Change in fair value of cash flow hedge, net of income tax

     6      (29 )

Change in cumulative foreign currency translation adjustments

     16      20  
    

  


Total comprehensive income

   $ 742    $ 315  

 

F. Commitments and Contingencies

 

The Company is involved in a legal dispute with Bernards Bros. Inc., a former customer of the Company. The dispute was the subject of lengthy arbitration proceedings completed in December 2000. In June 2003, a judgment was entered in the case against the Company and two other defendants identifying the responsibility for the payment of the Arbitrator’s award. The Company believes that its ultimate liability regarding this matter ranges from $100,000 to $400,000. At July 31, 2003, the Company had an accrual of $134,000 for final settlement of this matter, unchanged from April 30, 2003.

 

G. Stock Options

 

The Company accounts for stock options granted to employees and directors using the intrinsic value method. Under this method no compensation expense is recorded since the exercise price of the stock options is equal to the market price of the underlying stock on the grant date. Had compensation expense for the stock options issued been determined consistent with Financial Accounting Standards Board (“FASB”) Statement No. 123, “Accounting for Stock-Based Compensation,” net earnings and net earnings per share would have been reduced to the following pro forma amounts (in thousands, except per share data):

 

     July 31, 2003

    July 31, 2002

 

Net earnings as reported

   $ 461     $ 324  

Pro forma compensation cost

     (20 )     (27 )

Net earnings pro forma

     441       297  

Net earnings per share – Basic

                

As reported

   $ 0.19     $ 0.13  

Pro forma

     0.18       0.12  

Net earnings per share – Diluted

                

As reported

   $ 0.19     $ 0.13  

Pro forma

     0.18       0.12  

 

 

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Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The Company’s 2003 Annual Report to Stockholders contains management’s discussion and analysis of financial condition and results of operations at and for the year ended April 30, 2003. The following discussion and analysis describes material changes in the Company’s financial condition since April 30, 2003. The analysis of results of operations compares the three months ended July 31, 2003 with the comparable period of the prior fiscal year.

 

Results of Operations

 

Sales for the three months ended July 31, 2003 were $24.2 million, an increase of 24.8% from sales of $19.4 million in the same quarter last year. Strong sales increases were experienced for all of the Company’s major product lines, as well as international business. Sales of laboratory products increased 25.2% to $22.6 million, while sales of technical furniture increased 18.8% to $1.6 million. The order backlog was $50.7 million at July 31, 2003, down slightly from $51.5 million at April 30, 2003, reflecting the continued strong demand for the Company’s laboratory products. The order backlog at July 31, 2002 was $33.1 million.

 

The gross profit margin on sales for the current quarter was 14.9%, as compared to 17.7% for the same period of the prior year. The gross profit margin for the current quarter was unfavorably impacted by manufacturing problems in the Company’s metal furniture operation, and to a lesser degree, an unfavorable product sales mix. Among the problems in the metal furniture operation, a significant number of orders received for the quarter were for the Company’s new products and appropriate machinery and procedures were not in place to handle the large volume of these orders. This disrupted the manufacturing operations and resulted in significantly higher costs, including costs of short-term outsourcing of certain activities. Immediate actions were taken to address the manufacturing problems, and the Company is now experiencing lower costs. Automated equipment to efficiently manufacture the parts for these new products is expected to become operational in October 2003, and further cost improvements are expected to be realized once this equipment becomes operational.

 

Operating expenses for the three months ended July 31, 2003 were $3.0 million, as compared to $2.9 million for the same period of the prior year. As a percentage of sales, operating expenses declined to 12.4% of sales in the current quarter from 14.9% of sales in the same period of the prior year. Cost reduction activities allowed the Company to maintain the dollar level of its general and administrative expenses at relatively flat

 

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levels, while sales increased significantly during the current quarter.

 

Operating earnings of $602,000 were recorded for the three months ended July 31, 2003, as compared to $543,000 recorded in the comparable period of the prior year.

 

Interest expense was $78,000 for the three months ended July 31, 2003, compared to $42,000 for the comparable period of the prior year. The increase in interest expense for the current quarter resulted primarily from higher levels of borrowings.

 

Other income was $196,000 for the three months ended July 31, 2003, as compared to other income of $1,000 in the same period of the prior year. Other income for the current quarter was increased by $295,000 resulting from the resolution of a disputed claim for laboratory furniture sold by the Company several years ago.

 

Income tax expense of $259,000 was recorded for the three months ended July 31, 2003, as compared to an income tax expense of $178,000 recorded for the comparable period of the prior year. The effective tax rate was approximately 36% for each of these periods.

 

Net earnings for the three months ended July 31, 2003 were $461,000, or $0.19 per diluted share, as compared to net earnings of $324,000, or $0.13 per diluted share, in the same quarter last year. Net earnings of the current quarter were improved by $189,000, or $.08 per diluted share, resulting from the resolution of the old disputed claim discussed above. Earnings for the quarter also benefited from the higher sales volume, cost reduction activities, and the return to profitability of the Company’s technical furniture business.

 

Liquidity and Capital Resources

 

Historically, the Company’s principal sources of liquidity have been funds generated from operations, supplemented as needed by the Company’s credit facility. The Company believes that these sources will be sufficient to support ongoing business levels, including capital expenditures through the current fiscal year.

 

The Company had working capital of $12.2 million at July 31, 2003, as compared to $11.7 million at April 30, 2003. The ratio of current assets to current liabilities was 1.6-to-1 at July 31, 2003. At July 31, 2003, advances of $6,919,000 were outstanding under the Company’s revolving credit loan and other short-term borrowing arrangements. During the current quarter, the revolving credit loan was amended to increase allowable advances under the loan from $7.0 million to $9.0 million.

 

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At July 31, 2003, long-term debt of the company was comprised of $2.9 million of obligations under a bank note. The note includes certain covenants as to tangible net worth, funds flow coverage, current ratio and ratio of liabilities to tangible net worth. At July 31, 2003, the Company’s funds flow coverage ratio fell below the minimum required under the financial covenant at the beginning of the quarter because of non-recurring costs reported by the Company in fiscal year 2003. The bank has waived the funds flow coverage ratio requirement as of July 31, 2003 and amended the ratio calculation for the periods ending October 31, 2003 and January 31, 2004 to exclude the non-recurring costs. The Company expects to be in compliance with all covenants, as amended, under the note in future periods.

 

The Company’s operations used cash of $5.4 million during the three months ended July 31, 2003. The cash used was primarily to fund the increase in accounts receivable resulting from the significantly higher sales volume during the quarter. Cash flow for the quarter included receipt of approximately $500,000, as anticipated, from the settlement of a disputed claim for laboratory furniture sold by the Company. The Company’s operations used cash of $1.1 million during the three months ended July 31, 2002, primarily to reduce accounts payable and other accrued liabilities, including payments under incentive and sales commission programs.

 

During the three months ended July 31, 2003, the Company used net cash of $1,066,000 in investing activities, primarily for production equipment, compared to the use of $689,000 for such expenditures in the comparable period of the prior year.

 

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

 

Certain statements in this report constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could significantly impact results or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, economic, competitive, governmental, and technological factors affecting the Company’s operations, markets, products, services, and prices. The cautionary statements made pursuant to the Reform Act herein and elsewhere by the Company should not be construed as exhaustive. The Company cannot always predict what factors would cause actual results to differ materially from those indicated by the forward-looking statements. In addition, readers are urged to consider statements that include the terms “believes”, “belief”, “expects”, “plans”, “objectives”, “anticipates”, “intends” or the like to be uncertain and forward-looking.

 

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REVIEW BY INDEPENDENT ACCOUNTANTS

 

A review of the interim financial information included in this Quarterly Report on Form 10-Q for the three months ended July 31, 2003 has been performed by PricewaterhouseCoopers LLP, the Company’s independent accountants. Their report on the interim financial information follows.

 

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REPORT OF INDEPENDENT ACCOUNTANTS

 

To the Board of Directors and Stockholders of

Kewaunee Scientific Corporation

Statesville, North Carolina

 

We have reviewed the accompanying condensed consolidated balance sheet of Kewaunee Scientific Corporationas of July 31, 2003, and the related condensed consolidated statements of operations for the three-month period ended July 31, 2003 and July 31, 2002 and the condensed consolidated statement of cash flows for the three-month period ended July 31, 2003 and July 31, 2003. These financial statements are the responsibility of the Company’s management.

 

We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

 

Based on our review, we are not aware of any material modifications that should be made to the accompanying condensed consolidated interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

 

We previously audited in accordance with auditing standards generally accepted in the United States of America, the consolidated balance sheet as of April 30, 2003, and the related consolidated statements of operations, of stockholder’s equity, and of cash flows for the year then ended (not presented herein), and in our report dated June 4, 2003, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of April 30, 2003 is fairly stated in all material respects in relation to the consolidated balance sheet from which it has been derived.

 

PricewaterhouseCoopers LLP

Charlotte, North Carolina

August 25, 2003

 

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Item 3.   Quantitative and Qualitative Disclosures About Market Risk

 

There were no material changes to the disclosures made on this matter in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2003.

 

Item 4.   Controls and Procedures

 

(a) Evaluation of disclosure controls and procedures

 

An evaluation was performed under the supervision and the participation of the company’s management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of July 31, 2003. Based on that evaluation, the Company’s management, including the CEO and CFO, concluded that, as of July 31, 2003, the Company’s disclosure controls and procedures were adequate and effective and designed to ensure that all material information required to be filed in this quarterly report is made known to them by others within the Company and its subsidiaries.

 

(b) Changes in internal controls

 

There were no significant changes in the Company’s internal controls or in other factors that could significantly affect these controls subsequent to July 31, 2003. As no significant deficiencies or material weaknesses were found, no corrective actions were taken.

 

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PART II. OTHER INFORMATION

 

Item 1.   Legal Proceedings

 

The Company is involved in a legal dispute with Bernards Bros. Inc., a former customer of the Company. The dispute was the subject of lengthy arbitration proceedings completed in December 2000. In June 2003, a judgment was entered in the case against the Company and two other defendants identifying the responsibility for the payment of the Arbitrator’s award. The Company believes that its ultimate liability regarding this matter ranges from $100,000 to $400,000. At July 31, 2003, the Company had accrual of $134,000 for final settlement of this matter, unchanged from April 30, 2003.

 

Item 4.   Submission of Matters to a Vote of Security Holders

 

The Company’s Annual Meeting of Stockholders was held on August 27, 2003. Each of the nominees for Class II directors was re-elected. The votes cast for and withheld from each such director were as follows:

 

Director


 

For


 

Withheld


Class II Directors:

       

John C. Campbell, Jr.

  2,395,014       6,120

James T. Rhind

  2,126,714   274,420

William A. Shumaker

  2,397,964       3,170

 

Item 5.   Other Matters

 

Consistent with Section 10A(I)(2) of the Securities Exchange Act of 1934, as added by Section 202 of the Public Company Accounting Reform and Investor Protection Act of 2002, the Company is responsible for disclosing the nature of non-audit services approved by our Audit Committee during each quarter to be performed by PricewaterhouseCoopers LLP, our independent auditors. Non-audit services are services other than those provided by PricewaterhouseCoopers LLP in

 

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connection with an audit or review of the Company’s financial statements. During the first quarter of fiscal year 2004 the Company’s Audit Committee approved non-audit services to be performed by PricewaterhouseCoopers LLP for fiscal year 2004 in the amount up to $48,000, which included fees in connection with audits of the Company’s benefit plans and tax return and tax advisory services.

 

Item 6.   Exhibits and Reports on Form 8-K

 

(a) Exhibits

 

  10.47    Long-Term Performance Incentive Plan
31.1    Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2    Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1    Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2    Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

(b) Reports on Form 8-K

 

A Form 8-K was filed on June 4, 2003 with the Commission, which included as an exhibit the Company’s Press Release announcing the financial results for the fourth quarter and year ended April 30, 2003.

 

 

 

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SIGNATURE

 

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

       

KEWAUNEE SCIENTIFIC CORPORATION

       

(Registrant)

Date: September 15, 2003       By:  

/s/    D. MICHAEL PARKER        


               

D. Michael Parker

Senior Vice President, Finance

Chief Financial Officer

 

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