Core Insights - Kewaunee Scientific Corporation reported strong financial results for fiscal year 2024, with significant improvements in net earnings and adjusted earnings despite a decrease in sales compared to the previous year [3][5][8] - The company ended the fiscal year with a robust order backlog of $155.6 million, indicating stability in the markets served and continued investment from dealer and distribution partners [4][5] Financial Performance - Total sales for fiscal year 2024 were $203,755,000, a decrease of 7.2% from $219,494,000 in the prior year [5][8] - Net earnings for the fiscal year were $18,753,000, compared to $738,000 in the prior year, with diluted earnings per share increasing to $6.38 from $0.25 [5][8] - Adjusted net earnings for the fiscal year were $12,319,000, an increase of 1,570% compared to the previous year [5][8] - EBITDA for the fiscal year was $16,646,000, up from $7,517,000 in the prior year [5][8] Segment Performance - Domestic sales for fiscal year 2024 were $137,238,000, a decrease of 6.5% from $146,716,000 in the prior year, primarily due to the cessation of direct sales to end users [5][8] - International sales for the fiscal year were $66,517,000, a decrease of 8.6% from $72,778,000 in the prior year, attributed to a large project delivered in the previous year that did not repeat [5][8] - The Corporate segment reported net earnings of $3,890,000 for the fiscal year, compared to a net loss of $7,181,000 in the prior year [5][8] Cash and Debt Position - Total cash on hand as of April 30, 2024, was $25,938,000, up from $13,815,000 a year earlier, driven by improved operating performance [1][8] - The company's debt-to-equity ratio improved to 0.70-to-1 from 1.08-to-1 year-over-year, indicating a stronger balance sheet [1][8] - Long-term debt decreased slightly to $28,479,000 from $29,007,000 in the prior year, with a significant portion attributed to a sale-leaseback transaction [1][8] Strategic Decisions - The company emphasized the benefits of strategic decisions made in recent years, which contributed to the strong financial results and market capitalization increase [1][4] - Kewaunee's mission to encourage new discovery worldwide remains a focal point as the company continues to adapt to market conditions [4][5]

STATESVILLE, N.C., June 12, 2024 /PRNewswire/ -- Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced that the Company plans to release financial results for its fourth quarter and fiscal year ended April 30, 2024 on Wednesday, June 26, 2024 after the close of trading. This information will be available on the Company's website www.kewaunee.com after the release. Founded in 1906, Kewaunee Scientific Corporation is a recognized global leader in the design, manufacture, and installation of laborator ...

Financial Performance - Net sales for the three months ended January 31, 2024, were $46,778,000, a decrease of 23.2% compared to $60,821,000 in the same period of 2023[10] - Gross profit increased to $12,029,000 for the three months ended January 31, 2024, compared to $10,330,000 in the same period of 2023, reflecting a gross margin improvement[10] - Operating profit for the three months ended January 31, 2024, was $3,806,000, up 65.3% from $2,304,000 in the same period of 2023[10] - Net earnings attributable to Kewaunee Scientific Corporation for the three months ended January 31, 2024, were $2,521,000, compared to $723,000 in the same period of 2023, representing a significant increase[10] - Basic net earnings per share for the three months ended January 31, 2024, were $0.87, up from $0.26 in the same period of 2023[10] - Comprehensive earnings attributable to Kewaunee Scientific Corporation for the three months ended January 31, 2024, were $2,481,000, compared to $617,000 in the same period of 2023[13] - Net earnings for the nine months ended January 31, 2024, were $7,878,000, a significant increase from $265,000 in the same period of 2023[20] - Revenues for the three months ended January 31, 2024, were $46,778,000, a decrease of 23.2% from $60,821,000 in the prior year[64] - Domestic sales for the quarter were $31,774,000, down 12.1% from $36,134,000 in the prior year, primarily due to the reduction in non-product revenue[64] - International sales for the quarter were $15,004,000, down 39.2% from $24,687,000 in the prior year, attributed to the delivery of large projects in the previous year[64] - Net earnings for the three months ended January 31, 2024, were $2,521,000, or $0.85 per diluted share, compared to $723,000, or $0.25 per diluted share in the prior year[73] Assets and Liabilities - Total current assets increased to $96,156,000 as of January 31, 2024, compared to $87,920,000 as of April 30, 2023[18] - Total assets rose to $126,305,000 as of January 31, 2024, compared to $118,898,000 as of April 30, 2023[18] - Total liabilities increased slightly to $80,963,000 as of January 31, 2024, from $80,413,000 as of April 30, 2023[18] - Stockholders' equity for Kewaunee Scientific Corporation increased to $44,083,000 as of January 31, 2024, compared to $37,409,000 as of April 30, 2023[18] - Cash, cash equivalents, and restricted cash at the end of the period totaled $27,112,000, up from $18,416,000 at the end of the previous year[20] - The company reported a total of $10,248,000 in deferred revenue as of January 31, 2024, compared to $4,097,000 at April 30, 2023, indicating a significant increase in contract liabilities[31] - The company had $3,000,000 outstanding under its Revolving Credit Facility as of January 31, 2024, with a borrowing capacity of $9,300,000[35] - The company’s inventories totaled $21,845,000 as of January 31, 2024, slightly down from $21,889,000 at April 30, 2023[32] - The company’s international subsidiaries reported inventories of $2,869,000 as of January 31, 2024, compared to $2,740,000 at April 30, 2023[32] - As of January 31, 2024, the carrying value of the financing liability was $28,298,000, a decrease from $28,774,000 as of April 30, 2023[41] - Remaining future cash payments related to the financing liability total $42,471,000, with $485,000 due in the remainder of 2024[42] Operating Expenses and Cash Flow - Operating expenses for the three months ended January 31, 2024, were $8,223,000, or 17.6% of sales, compared to $8,026,000, or 13.2% of sales in the prior year[68] - Net cash provided by operating activities was $18,419,000, compared to a cash outflow of $3,547,000 in the prior year[20] - Operating cash paid to settle lease liabilities was $1,930,000 for the nine months ended January 31, 2024, up from $1,652,000 in the same period of 2023[43] Tax and Compensation - The effective tax rate was 27.9% for the three months ended January 31, 2024, compared to 46.7% for the same period in 2023[53] - The Company recorded stock-based compensation expense of $241,000 for the three months ended January 31, 2024, compared to $332,000 for the same period in 2023[50] - The effective income tax rate for the three months ended January 31, 2024, was 27.9%, significantly lower than 46.7% in the prior year[71] - The company expects to contribute approximately $750,000 to its non-contributory defined benefit pension plans in 2024[77] Share Repurchase Program - The Company repurchased 27,033 shares of common stock for approximately $745,000 during the three months ended January 31, 2024[47] - The total remaining purchase authorization for the share repurchase program was 70,544 shares as of January 31, 2024[47] - The company adopted a share repurchase program on August 31, 2023, authorizing the repurchase of up to 100,000 shares of common stock, which commenced on September 1, 2023[86] - During the three months ended January 31, 2024, the company repurchased a total of 27,033 shares at an average price of $25.98 per share[86] - The share repurchase program aims to offset future share dilution from employee stock issuances, but it does not obligate the company to acquire any specific amount of stock[85] - The company cannot guarantee that the share repurchase program will enhance long-term stockholder value or mitigate the dilutive effect of employee equity awards[85] Management and Controls - The company's management evaluated the effectiveness of disclosure controls and procedures as of January 31, 2024, concluding they were adequate and effective[82] - There were no significant changes in the company's internal control over financial reporting during the most recent fiscal quarter[83] - The company has not experienced any material changes to its risk factors since the last annual report filed on April 30, 2023[84] - The company has not reported any unregistered sales of equity securities during the reporting period[86] Future Outlook - The company is focusing on supporting its dealers and distribution partners while improving manufacturing capabilities, positioning itself well for future demand[79] - The order backlog was $152.3 million at January 31, 2024, slightly down from $153.2 million at January 31, 2023[66] - The company’s financial condition and operating results may be affected by various risks, including competitive conditions and changes in customer demands[84]

Kewaunee Scientific Reports Results for Third Quarter of Fiscal Year 2024 Exchange: NASDAQ (KEQU) Contact: Donald T. Gardner III 704/871-3274 STATESVILLE, N.C. March 6, 2024 – PRNewswire / Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its third quarter ended January 31, 2024. Fiscal Year 2024 Third Quarter Results: Sales during the third quarter of fiscal year 2024 were $46,778,000, a decrease of 23.1% compared to sales of $60,821,000 from the prior year's third quarter. Pre-tax ...

Financial Performance - Net sales for the three months ended October 31, 2023, were $50,436,000, a decrease of 7.8% compared to $54,564,000 for the same period in 2022[10] - Gross profit for the three months ended October 31, 2023, increased to $13,468,000, representing a gross margin of 26.7%, compared to $8,701,000 and a margin of 15.9% in the prior year[10] - Net earnings attributable to Kewaunee Scientific Corporation for the three months ended October 31, 2023, were $2,732,000, compared to a net loss of $243,000 in the same period last year[10] - Basic earnings per share for the three months ended October 31, 2023, were $0.94, compared to a loss per share of $0.09 in the prior year[10] - Operating profit for the six months ended October 31, 2023, was $8,917,000, significantly higher than $359,000 for the same period in 2022[10] - Net earnings for the six months ended October 31, 2023, were $5.345 million, a significant improvement from a net loss of $833,000 in the same period of 2022[23] - Total revenue for the six months ended October 31, 2023, was $100.275 million, a decrease of 4.0% from $104.687 million in the same period of 2022[33] - Domestic revenue for the six months ended October 31, 2023, was $69.605 million, down from $75.459 million in the previous year, representing a decline of 7.4%[33] - International revenue for the same period was $30.670 million, an increase of 4.9% from $29.228 million in 2022[33] - Revenues for the three months ended October 31, 2023, were $50,436,000, a decrease of 7.8% from $54,564,000 in the same period last year[64] - Domestic sales for the quarter were $34,185,000, down 10.0% from $37,991,000 in the prior year, primarily due to the reduction of installation revenue[64] - International sales for the quarter were $16,251,000, relatively flat compared to $16,573,000 in the prior year[64] Assets and Liabilities - Total assets as of October 31, 2023, were $121,708,000, an increase from $118,898,000 as of April 30, 2023[20] - Total liabilities decreased to $78,294,000 as of October 31, 2023, from $80,413,000 as of April 30, 2023[20] - Cash and cash equivalents increased to $13,722,000 as of October 31, 2023, compared to $8,078,000 as of April 30, 2023[20] - The company’s retained earnings increased to $33,967,000 as of October 31, 2023, from $28,761,000 as of April 30, 2023[20] - Cash, cash equivalents, and restricted cash at the end of the period totaled $21.711 million, up from $16.317 million at the end of the same period last year[23] - The Company had working capital of $52,144,000 at October 31, 2023, compared to $47,867,000 at April 30, 2023[75] Cash Flow and Expenditures - Net cash provided by operating activities increased to $8.919 million for the six months ended October 31, 2023, compared to a cash outflow of $586,000 in the prior year[23] - Capital expenditures for the six months ended October 31, 2023, were $2.919 million, compared to $919,000 in the prior year[23] - Operating cash paid to settle lease liabilities was $1,282,000 for the six months ended October 31, 2023, compared to $1,026,000 for the same period in 2022[46] Financing and Debt - The company had $5.0 million outstanding under its Revolving Credit Facility as of October 31, 2023, with a borrowing capacity of $7.4 million remaining[38] - The borrowing rate under the Revolving Credit Facility increased to 9.53% as of October 31, 2023, from 9.02% at the end of April 2023[38] - As of October 31, 2023, the carrying value of the financing liability was $28,459,000, down from $28,774,000 as of April 30, 2023[44] - Interest expense associated with the financing arrangement was $322,000 for the three months ended October 31, 2023, compared to $330,000 for the same period in 2022[44] - Remaining future cash payments related to the financing liability total $42,953,000, with $28,459,000 classified as the total liability after imputed interest[45] Tax and Compliance - The effective tax rate was 41.6% for the three months ended October 31, 2023, influenced by foreign operations and additional foreign tax expense of $534,000 related to India tax matters[56] - The effective income tax rate for the three months ended October 31, 2023, was 41.6%, compared to 125.0% in the prior year[70] - The Company has a deferred tax liability of $1,421,000 related to withholding tax for Kewaunee Labway India Pvt. Ltd. as of October 31, 2023[57] Shareholder Actions - The Company recorded stock-based compensation expense of $241,000 for the three months ended October 31, 2023, with an estimated remaining expense of $1,791,000 to be recorded over the vesting periods[53] - The Company has authorized a share repurchase program to buy back up to 100,000 shares, with 2,423 shares repurchased for approximately $44,000 during the three months ended October 31, 2023[50] - Kewaunee Scientific Corporation's share repurchase program was authorized to repurchase up to 100,000 shares, commencing on September 1, 2023, with no expiration date[87] - During October 2023, the company repurchased 2,423 shares at an average price of $18.00 per share, leaving 97,577 shares available for repurchase under the program[87] - The share repurchase program aims to offset future share dilution from employee stock issuances, but it does not obligate the company to acquire any specific amount of common stock[86] Operational Insights - The Company's order backlog was $146.3 million at October 31, 2023, down from $157.8 million at October 31, 2022[66] - The Company has not declared or paid any dividends during the three and six months ended October 31, 2023, with future dividends dependent on various factors[49] - There have been no material changes to the company's risk factors since the last annual report filed on June 30, 2023[85]

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2023 WASHINGTON, D.C. 20549 _________________________ FORM 10-Q _________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION or ☐ 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 (Exac ...

Financial Performance - Sales for fiscal year 2023 were $219.5 million, an increase of 30% compared to fiscal year 2022 sales of $168.9 million[84]. - Net earnings for fiscal year 2023 were $738,000, or $0.25 per diluted share, compared to a net loss of $6.1 million, or $2.20 per diluted share, in fiscal year 2022[94]. - The company reported net earnings of $1.359 million for fiscal year 2023, a turnaround from a net loss of $6.003 million in the previous year[118]. - Revenues from external customers for fiscal year 2023 totaled $219,494,000, an increase from $168,872,000 in fiscal year 2022, representing a growth of 30.00%[222]. - The net earnings attributable to Kewaunee Scientific Corporation for fiscal year 2023 were $738,000, compared to a loss of $6,126,000 in fiscal year 2022[222]. Segment Performance - Domestic Segment sales increased by 15.7% to $146.7 million in fiscal year 2023, up from $126.8 million in fiscal year 2022[84]. - International Segment sales surged by 73.2% to $72.8 million in fiscal year 2023, compared to $42.0 million in fiscal year 2022, driven by large project deliveries in India, Asia, and Africa[84]. - The Domestic segment generated revenues of $146,716,000 in fiscal year 2023, up from $126,848,000 in fiscal year 2022, marking a 15.67% increase[222]. - The International segment's revenues rose significantly from $42,024,000 in fiscal year 2022 to $72,778,000 in fiscal year 2023, an increase of 73.60%[222]. Profitability and Margins - Gross profit margin improved to 16.2% in fiscal year 2023 from 14.3% in fiscal year 2022, attributed to higher International Segment sales[86]. - Gross profit for fiscal year 2023 was $35.588 million, compared to $24.220 million in 2022, indicating a gross margin improvement[118]. - Operating earnings for fiscal year 2023 were $5.364 million, a significant recovery from an operating loss of $2.608 million in 2022[118]. Expenses and Costs - Operating expenses rose to $30.2 million in fiscal year 2023 from $26.8 million in fiscal year 2022, representing 13.8% of sales compared to 15.9% in the prior year[87]. - The company incurred operating expenses of $32,000 related to the closure of its China subsidiary in fiscal year 2023, offset by a recovery of bad debt collections of $51,000[223]. - Advertising costs increased to $226,000 in 2023 from $175,000 in 2022, marking a rise of approximately 29.1%[154]. Cash Flow and Capital Expenditures - Capital expenditures increased to $4.1 million in fiscal year 2023 from $1.9 million in fiscal year 2022, with anticipated expenditures of approximately $4.4 million for fiscal year 2024[101][102]. - Total cash, cash equivalents, and restricted cash at the end of 2023 amounted to $13,815,000, up from $6,894,000 in 2022, reflecting a year-over-year increase of 100%[131]. - Cash flows from operating activities resulted in a net cash outflow of $3,790,000 in 2023, compared to an outflow of $7,885,000 in 2022, indicating improved operational efficiency[126]. Assets and Liabilities - Total assets as of April 30, 2023, were $118.898 million, slightly up from $118.773 million in 2022[125]. - The company’s total stockholders' equity increased to $38.485 million as of April 30, 2023, compared to $36.180 million in 2022[125]. - The order backlog was $147.9 million as of April 30, 2023, down from $173.9 million a year earlier, primarily due to the completion of the Dangote Oil project[85]. Taxation - The effective tax rate for fiscal year 2023 was 69.8%, impacted by changes in the valuation allowance related to research expenditures[91]. - Total current tax expense decreased from $3,397,000 in 2022 to $2,624,000 in 2023, a reduction of approximately 22.7%[193]. - Net income tax expense for 2023 was $3,139,000, down from $3,518,000 in 2022, reflecting a decrease of about 10.8%[195]. Research and Development - The Company recognized research and experimentation expenditures of $1,012,000 for the fiscal year ended April 30, 2023, compared to $990,000 in 2022, reflecting an increase of about 2.2%[153]. Stock and Compensation - The Company granted 87,969 RSUs in fiscal year 2023, an increase from 67,750 RSUs granted in fiscal year 2022, representing a growth of approximately 29.8%[157]. - The number of outstanding RSUs at the end of 2023 was 159,640, up from 144,827 in 2022, an increase of about 10.2%[201]. - The Company recorded stock-based compensation expense of $845,000 in 2023, compared to $701,000 in 2022, marking an increase of approximately 20.5%[199].

Financial Performance - Net sales for the three months ended January 31, 2023, increased to $60,821,000, a 49.6% increase from $40,633,000 in the same period of 2022[10] - Gross profit for the three months ended January 31, 2023, was $10,330,000, compared to $5,622,000 in the prior year, representing an 83.5% increase[10] - Operating profit for the three months ended January 31, 2023, was $2,304,000, a significant recovery from an operating loss of $868,000 in the same period of 2022[10] - Net earnings attributable to Kewaunee Scientific Corporation for the three months ended January 31, 2023, were $723,000, compared to a net loss of $1,319,000 in the same period of 2022[10] - Basic earnings per share for the three months ended January 31, 2023, was $0.26, compared to a loss per share of $0.47 in the same period of 2022[10] - Net earnings for the nine months ended January 31, 2023, were $265,000, a significant improvement from a net loss of $5,675,000 in the same period of 2022[20] - Revenue for the nine months ended January 31, 2023, was $165,508,000, up from $119,157,000 in the same period of 2022, representing an increase of approximately 39%[30] - Revenues from external customers for the three months ended January 31, 2023, were $60,821,000, a 49.7% increase from $40,633,000 in the same period of 2022[60] - Domestic segment generated revenues of $111,593,000 for the nine months ended January 31, 2023, compared to $89,128,000 for the same period of 2022, reflecting a 25.2% increase[60] Assets and Liabilities - Total assets as of January 31, 2023, increased to $121,786,000 from $118,773,000 as of April 30, 2022[17] - Cash and cash equivalents increased to $13,047,000 as of January 31, 2023, compared to $4,433,000 as of April 30, 2022[17] - Total liabilities as of January 31, 2023, were $85,448,000, up from $82,593,000 as of April 30, 2022[17] - Total cash, cash equivalents, and restricted cash increased to $18,416,000 as of January 31, 2023, compared to $6,894,000 at April 30, 2022[27] - The closing balance of contract liabilities (deferred revenue) was $5,062,000 as of January 31, 2023, up from $3,529,000 at April 30, 2022[31] - The company had outstanding short-term borrowings of $3,000,000 under its Revolving Credit Facility as of January 31, 2023, with remaining borrowing capacity of $11,300,000[38] - The Company had working capital of $47,348,000 at January 31, 2023, compared to $49,272,000 at April 30, 2022[73] Operating Expenses - The company’s operating expenses for the three months ended January 31, 2023, were $8,026,000, an increase from $6,490,000 in the same period of 2022[10] - Operating expenses for the three months ended January 31, 2023 were $8,026,000, or 13.2% of sales, down from 16.0% in the comparable period of the prior year[67] - Operating cash paid to settle lease liabilities was $1,652,000 for the nine months ended January 31, 2023, compared to $1,515,000 for the same period in 2022[49] Cash Flow - Cash flows from operating activities resulted in a net cash outflow of $3,547,000 for the nine months ended January 31, 2023, compared to a net cash outflow of $1,087,000 in the prior year[20] - The Company used cash of $3,547,000 during the nine months ended January 31, 2023, primarily for decreases in accounts payable and other accrued expenses[75] Tax and Compensation - The effective tax rate for the three months ended January 31, 2023, was 46.7%, compared to (45.0)% for the same period of 2022[55] - The Company recorded stock-based compensation expense of $332,000 for the three months ended January 31, 2023, up from $109,000 in the same period of 2022[54] - The effective income tax rate for the three months ended January 31, 2023 was 46.7%, compared to (45.0)% for the comparable period of the prior year[69] - The Company recognized a net periodic pension expense of $18,000 for the three months ended January 31, 2023, compared to a net income of $(88,000) for the same period in 2022[58] Inventory and Sales - Inventory decreased to $21,412,000 as of January 31, 2023, from $23,796,000 at April 30, 2022, reflecting a reduction of approximately 10%[32] - Domestic sales for the quarter were $36,134,000, up 22.4% from $29,531,000 in the comparable period of the prior year[63] - International sales for the quarter were $24,687,000, up 122.4% from $11,102,000 in the comparable period of the prior year[63] - The gross profit margin for the three months ended January 31, 2023 was 17.0%, compared to 13.8% in the comparable quarter of the prior year[66] Other Financial Information - The Company entered into a Sale-Leaseback Arrangement with a financing liability carrying value of $28,923,000 as of January 31, 2023, net of debt issuance costs[46] - The initial monthly rent under the Lease Agreement is approximately $158,000, with annual increases of about 2%[43] - Total minimum liability payments related to the financing liability amount to $44,393,000, with imputed interest of $15,470,000[48] - The Company's order backlog was $153.2 million at January 31, 2023, compared to $138.1 million at January 31, 2022[65] - The Company reported capital expenditures of $1,562,000 for the nine months ended January 31, 2023, compared to $1,222,000 in the same period of 2022[20] - Kewaunee Scientific Corporation signed a Credit and Security Agreement on December 19, 2022, with Mid Cap Funding IV Trust and various lenders[84] - The certifications of the Chief Executive Officer and Chief Financial Officer were completed in accordance with the Sarbanes-Oxley Act of 2002[84] - The report was signed on behalf of Kewaunee Scientific Corporation by Donald T. Gardner III, Vice President, Finance and Chief Financial Officer, on March 10, 2023[87]

Financial Performance - Net sales for the three months ended October 31, 2022, were $54,564,000, a 39.9% increase from $39,031,000 in the same period of 2021[10] - Gross profit for the six months ended October 31, 2022, was $14,897,000, up 60.5% from $9,271,000 in the prior year[10] - Net loss attributable to Kewaunee Scientific Corporation for the three months ended October 31, 2022, was $243,000, compared to a net loss of $3,100,000 in the same period of 2021[10] - Comprehensive loss attributable to Kewaunee Scientific Corporation for the six months ended October 31, 2022, was $1,451,000, a decrease from $4,604,000 in the prior year[13] - For the six months ended October 31, 2022, the net loss was $833,000, a significant improvement compared to a net loss of $4,389,000 for the same period in 2021[21] - Operating profit for the three months ended October 31, 2022, was $755,000, a significant improvement from an operating loss of $2,890,000 in the prior year[10] Revenue and Sales - Revenue for the six months ended October 31, 2022, totaled $104,687,000, an increase from $78,524,000 in the same period of 2021, representing a growth of approximately 33.3%[31] - The company recognized $100,955,000 in revenue over time and $3,732,000 at a point in time for the six months ended October 31, 2022[31] - For the quarter ended October 31, 2022, the Company reported sales of $54,564,000, an increase of 39.9% from $39,031,000 in the same period last year[60] - Domestic sales for the quarter were $37,991,000, up 26.9% from $29,934,000 in the comparable period of the prior year[60] - International sales for the quarter were $16,573,000, up 82.2% from $9,097,000 in the comparable period of the prior year[60] - For the six months ended October 31, 2022, total sales were $104,687,000, an increase of 33.3% from $78,524,000 in the same period last year[61] - Domestic sales for the six months were $75,459,000, up 26.6% from $59,597,000 in the comparable period of the prior year[61] - International sales for the six months were $29,228,000, up 54.4% from $18,927,000 in the comparable period of the prior year[61] Assets and Liabilities - Total assets as of October 31, 2022, were $119,118,000, slightly up from $118,773,000 as of April 30, 2022[19] - Cash and cash equivalents increased to $9,419,000 as of October 31, 2022, from $4,433,000 at the end of April 2022[19] - Total current liabilities were $42,858,000 as of October 31, 2022, compared to $42,293,000 as of April 30, 2022[19] - The carrying value of the financing liability as of October 31, 2022, was $29,067,000, net of debt issuance costs[42] - The total minimum lease payments under non-cancelable leases as of October 31, 2022, were $9,745,000 for operating leases and $235,000 for financing leases[46] Cash Flow and Working Capital - Cash flows from operating activities resulted in a net cash used of $586,000, a notable decrease from $6,071,000 in the prior year[21] - Total cash, cash equivalents, and restricted cash at the end of the period was $16,317,000, up from $5,532,000 at the end of the previous year[21] - The Company had working capital of $47,756,000 at October 31, 2022, down from $49,272,000 at April 30, 2022[71] - The Company used cash of $586,000 during the six months ended October 31, 2022, primarily due to decreases in accounts payable and other accrued expenses[73] Deferred Revenue and Order Backlog - The closing balance of contract liabilities included in deferred revenue was $11,398,000 at October 31, 2022, compared to $3,529,000 at April 30, 2022[32] - The increase in deferred revenue during the six months ended October 31, 2022, was $7.9 million, primarily related to advance payments for a large international order[73] - The Company's order backlog was $157.8 million at October 31, 2022, compared to $139.7 million at October 31, 2021[62] Tax and Operating Expenses - Income tax expense for the three months ended October 31, 2022, was $570,000, with an effective tax rate of 125.0%[50] - Operating expenses for the three months ended October 31, 2022, were $7,946,000, or 14.6% of sales, compared to $6,487,000, or 16.6% in the prior year[64] - The effective income tax rate for the three months ended October 31, 2022, was 125.0%, compared to (6.8)% in the prior year[67] Financing Activities - The company completed a sale-leaseback financing transaction, generating proceeds of $13,456,000, which will be repaid over a 20-year term[21] - The initial basic rent under the lease agreement is approximately $158,000 per month, with annual increases of about 2%[39] - The Company executed a Sale-Leaseback financing transaction on March 24, 2022, to provide additional liquidity[70] Inventory and Quality Improvement - Inventories increased to $24,502,000 as of October 31, 2022, from $23,796,000 at April 30, 2022[33] - The Company continues to improve the quality of the order backlog by replacing lower margin direct sales orders with higher margin product orders[75] - The Company's ability to predict future demand remains limited, influenced by the number of laboratory construction projects planned[74]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________ FORM 10-Q _________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2022 or ☐ 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 _________________________ Registrant's telephone number, includ ...