Kewaunee Lab Casework Sales Drop as Client Delays Ship DateSTATESVILLE, NC  -- Laboratory casework company Kewaunee Scientific (NASDAQ: KEQU) reported net earnings of $3.9 million in 2014, up 26% from 2013. This was despite a sales decline to $111.2 million, a 5% drop  from 2013, in large part due to delays in a required ship date for a large international order.

Kewaunee says an increase in international orders more than offset a decline in domestic orders. The positive impact of Kewaunee's purchase of the minority interest in its principal international subsidiary increased net earnings for the year by $475,000.

Sales from domestic operations for the year fell 2% to $91.7 million. The domestic laboratory construction marketplace was challenged by fewer projects and is very competitive, Kewaunee says. 

Sales from international operations for the year were $19.4 million, a decline of 18% of $23.6 million in the prior year. Nevertheless, the company is winning contracts for arhcitectural millwork projects abroad.

Kewaunee says a large contract in the fourth quarter for a major petroleum company in Bangalore and two significant contracts during the year for projects in Thailand, a new geographic market for the casegoods firm, are examples of recent wins in Asia.

Overall, net earnings for the fourth quarter were $979,000, down from $1.21 million.

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