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Kewaunee Scientific Reports Results for Third Quarter

STATESVILLE, N.C., March 3, 2020 /PRNewswire/ -- Kewaunee Scientific Corporation (NASDAQ: KEQU) today reported results for its third quarter of fiscal year 2020, ended JanuaryA 31, 2020.
Kewaunee Scientific Reports Results for Third Quarter
Sales for the quarter were $34,225,000, a 5.7% increase from sales of $32,372,000 in the prior year third quarter. Domestic sales for the quarter were $26,699,000, up 5.9% from sales of $25,217,000 in the third quarter of last year.A  International sales for the quarter were $7,526,000, up 5.2% from sales of $7,155,000 in the third quarter last year. The increase in Domestic sales was a result of increased activity in the Company's dealer and distribution sales channels. International sales increased year-over-year as a result of continued deliveries of a large order in the Middle East market.Pre-tax loss for the quarter was $2,251,000 compared to a profit of $35,000 for the prior year period. Profitability was negatively impacted during the quarter by a restructuring that was initiated and substantially completed within the quarter, higher operating costs due to equipment down-time and a lighter manufacturing load in the quarter.A  Profitability was also negatively impacted by a strategic order in the Middle East that the Company aggressively secured over two years ago at lower than normal margins.A  The Company also elected to close its China operations, resulting in a one-time charge in the quarter for exiting the Chinese market.A  Net earnings for the third quarter were a loss of $1,918,000, or $0.70 per diluted share, as compared to a loss of $22,000, or $0.01 per diluted share, for the third quarter ended January 31, 2019.
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