STATESVILLE, N.C. – Healthcare and laboratory furniture manufacturer Kewaunee Scientific Corp. announced results for its fourth quarter and fiscal year, which ended April 30. Kewaunee is a global designer, manufacturer, and installer of laboratory, healthcare, and technical furniture products.
Fourth quarter 2016 results:
· Sales of $34,090,000, an increase of 12.6% from the prior year fourth quarter.
· Net earnings of $1,337,000, an increase of 119.5% from the prior year fourth quarter.
· Diluted earnings per share of $0.50, an increase of 117.4% from the prior year fourth quarter.
Full year fiscal 2016 results:
· Record sales of $128,266,000, an increase of 8.2% from the prior year.
· Net earnings of $3,802,000, an increase of 7.7% from the prior year.
· Diluted earnings per share of $1.42, an increase of 6.8% from the prior year.
Sales for the fourth quarter were $34,090,000, up 12.6 percent from sales of $30,282,000 in the same period of the prior year. Net earnings for the quarter were $1,337,000, or $0.50 per diluted share, up 119.8 percent compared to earnings of $609,000, or $0.23 per diluted share, in the same period of the prior year.
"The fourth quarter was our strongest quarter of fiscal year 2016 as we continue to benefit from increased project activity across all of our key markets," said David M. Rausch, Kewaunee's CEO. "I am pleased that our fourth quarter net earnings and diluted earnings per share significantly outpaced our prior year's performance."
Record sales of $128,626,000 were delivered during fiscal year 2016, an increase of 8.2 percent from sales of $118,828,000 in the prior year. Net earnings for the year were $3,802,000, or $1.42 per diluted share, up 7.7 percent from net earnings of $3,529,000, or $1.33 per diluted share, in the prior year. Record sales were generated due to the overall strength of the laboratory furniture markets domestically, as well as in Asia and the Middle East.
Sales from domestic operations for the year were $103,047,000, up 10.7 percent from sales of $93,098,000 in the prior year. Domestic sales grew throughout the year when compared to the prior year, driven by increased activity across our dealer and distribution networks. International sales for fiscal year 2016 were $25.6 million, relatively unchanged from fiscal year 2015 sales of $25.7 million.
Kewaunee's products include wood and laminate casework, modular systems, moveable workstations, stand-alone benches, safety cabinets, and steel. The company is headquartered and runs three manufacturing facilities in Statesville, North Carolina, along with one facility in Bangalore, India, which serves the Asian market. Kewaunee also recently expanded into China with a distribution facility.