Kewaunee Scientific (KEQU) - 2022 Q3 - Quarterly Report

Sales Performance - Sales for the quarter were $40,633,000, an increase of 21.8% from $33,339,000 in the comparable period of the prior year [55]. - Domestic sales for the quarter were $29,531,000, up 17.8% from $25,066,000 in the comparable period of the prior year, positively impacted by $2,956,000 of raw material surcharges [55]. - International sales for the quarter were $11,102,000, up 34.2% from $8,273,000 in the comparable period of the prior year, driven by strong demand and delayed billings [55]. Profitability and Expenses - The gross profit margin for the three months ended January 31, 2022 was 13.8%, down from 17.0% in the comparable quarter of the prior year, due to supply chain disruptions and increased raw material costs [58]. - Operating expenses for the three months ended January 31, 2022 were $6,490,000, or 16.0% of sales, compared to $6,030,000, or 18.1% of sales in the prior year [59]. - Net loss for the three months ended January 31, 2022 was $1,319,000, or $(0.47) per diluted share, compared to net earnings of $81,000, or $0.03 per diluted share in the prior year [64]. Order Backlog and Working Capital - The Company's order backlog was $138.1 million at January 31, 2022, compared to $103.0 million at January 31, 2021 [57]. - The Company had working capital of $21,412,000 at January 31, 2022, down from $26,276,000 at April 30, 2021 [66]. Future Outlook - The Company expects improved financial performance through the remainder of this fiscal year and into fiscal year 2023, driven by project awards and manufacturing capacity expansion [72]. - The Company continues to monitor the impact of COVID-19 and its potential effects on operations and financial performance [69].