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Kewaunee Scientific (KEQU) filed its FY 2025 Form 10-K covering the year ended 30 April 2025. The laboratory-furnishings specialist delivered sales of $240.5 million (+18%), driven by a 30.7% jump in Domestic revenue following the $55 million acquisition of Nu Aire, Inc. on 1 Nov 2024. International revenue slipped 8.2% to $61.1 million, reflecting project delays in India.
Profitability improved at the gross level: gross margin expanded 310 bps to 28.6% thanks to Nu Aire’s higher-margin product mix, productivity gains and cost discipline. Operating expenses swelled to $51.1 million (21.2% of sales) from $33.8 million as the company absorbed Nu Aire overhead and $2.1 million of deal-related professional fees, plus consulting costs for SOX-404(b) readiness. Interest expense almost doubled to $3.2 million on acquisition financing.
The company recorded net income of $11.4 million ($3.83 per diluted share), down 39% from the prior year when results benefited from a one-time $4.0 million pension settlement gain and a $5.9 million tax benefit. Ex-pension effects, underlying earnings were broadly stable.
Balance-sheet & liquidity. Working capital rose to $64.7 million and the current ratio remains healthy at 2.2×. Kewaunee closed the year with no borrowings on its new $20 million PNC revolving credit facility; however, it carries a $13.8 million term loan (4-yr amortization) and $23.0 million of seller notes that PIK until maturity in Nov 2027, elevating leverage and future cash-interest obligations. Goodwill and intangibles recorded from Nu Aire total $30.3 million.
Backlog & outlook. Order backlog surged 38% to $214.6 million; management expects at least 93% to convert to revenue in FY 2026. Nu Aire strengthens the portfolio with biosafety cabinets, CO2 incubators and ultra-low freezers, adds distribution reach in under-penetrated regions and creates a second U.S. manufacturing hub in Minnesota. Management sees FY 2026 capex at roughly $7 million, funded principally from operating cash.
Key risks highlighted include: 41% of FY 2025 sales concentrated in two dealers and one national distributor; integration execution for Nu Aire; higher leverage; and exposure to construction-cycle timing, raw material inflation and large project delays.
Kewaunee Scientific Corp. (KEQU) – Form 4 insider filing, dated 27 Jun 2025
The filing reports an equity award granted on 25 Jun 2025 to Thomas David Hull III, the company’s President, Chief Executive Officer, and Board member. The award consists of 25,328 restricted stock units (RSUs) recorded in Table II with transaction code “A” (award/acquisition) at an exercise price of $0.00 because the units were granted, not purchased.
• Vesting mechanics: 50 % of the RSUs are service-based and vest in three equal annual tranches beginning 30 Jun 2026, contingent on continued employment. The remaining 50 % are performance-based and will vest only if undisclosed performance targets are met over a three-year period. Each vested unit converts into one share of KEQU common stock.
• Post-grant ownership: Following the transaction, Mr. Hull directly holds 25,328 derivative securities representing the right to receive an equivalent number of common shares.
No open-market purchase or sale occurred, so there is no immediate cash inflow/outflow for the insider and no direct trading signal for the market. The award aligns executive incentives with shareholder value but introduces potential future dilution equal to roughly 0.9 % of KEQU’s 2.8 million outstanding shares (based on the last reported share count; actual dilution will depend on vesting outcomes).
Kewaunee Scientific (KEQU) filed a Form 4 showing that Chief Financial Officer Donald T. Gardner III received an equity award of 9,047 restricted stock units on 06/25/2025. The grant is evenly split: 50% service-based RSUs vest in three equal annual installments beginning 06/30/2026, while 50% are performance-based and vest only if three-year performance goals are achieved. Following the transaction, the CFO beneficially owns 9,047 derivative securities. No open-market buys or sells of common shares were reported, and the filing contains no other material events.