STATESVILLE, NC -- Kewaunee Scientific Corp., a manufacturer of laboratory furniture, reported sales sales of $24,858,000 for its first quarter ended July 31, 2010, down 5% from the first quarter of the prior year.
The company noted that this decline primarily the result of on-going softness in the domestic marketplace for small and mid-sized laboratory projects and the scheduled timing of shipments in the order backlog, partially offset by increased international sales.
Net earnings for the quarter were $657,000 down from net earnings of $1,071,000 in the first quarter of the prior year.
“Overall, the domestic marketplace for laboratory furniture continues to be healthy, although opportunities vary depending on the size of the project and geographic area,” said William Shumaker, President and Chief Executive Officer. “Capital spending for larger laboratory projects continues to hold up relatively well, while funding and spending for small and mid-sized projects continues to be the most affected by the economic slowdown. Capital spending for international laboratory projects appears to be recovering, as we have seen a significant increase in international sales opportunities over the past several months."
Read Kewaunee Scientific Corp.'s press release.
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