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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended April 30, 1996 or
--------------
[ _ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from ______________ to _______________
Commission file number 0-5286
------
KEWAUNEE SCIENTIFIC CORPORATION
-------------------------------
(Exact name of registrant as specified in its charter)
Delaware 38-0715562
- ------------------------------- ---------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
2700 West Front Street
Statesville, North Carolina 28677-2927
- ------------------------------- ---------------------------------
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code: (704) 873-7202
--------------
Securities registered pursuant to Section 12(b) of the Act: None
----
Securities registered pursuant to Section 12(g) of the Act:
Common Stock $2.50 par value
----------------------------
(Title of Class)
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No ___
---
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]
The aggregate market value of 1,817,515 shares of voting stock held by non-
affiliates of the Registrant was approximately $6,134,113 based on the last
reported sale price of the Registrant's Common Stock on July 12, 1996. (Only
shares beneficially owned by directors of the Registrant were excluded as shares
held by affiliates. By including or excluding shares owned by anyone,
Registrant does not admit for any other purpose that any person is or is not an
affiliate of the Registrant.)
As of July 12, 1996, the Registrant had outstanding 2,366,717 shares of Common
Stock.
DOCUMENTS INCORPORATED BY REFERENCE: Those portions of Kewaunee Scientific
Corporation's annual report to stockholders for the fiscal year ended April 30,
1996, and of the proxy statement for use in connection with Kewaunee Scientific
Corporation's annual meeting of stockholders to be held on August 28, 1996,
described in the cross-reference sheet appearing on pages 2 and 3 of this
report, are incorporated by reference into Parts I, II and III hereof.
1
Table of Contents and Cross-Reference Sheet
-------------------------------------------
Page or Reference
-----------------
PART I........................................ 4
Item 1. Business....................... 4
Item 2. Properties..................... 6
Item 3. Legal Proceedings.............. 6
Item 4. Submission of Matters to a
Vote of Security Holders....... 6
Executive Officers....................... 6
PART II....................................... 7
Item 5. Market for Registrant's
Common Equity and Related
Stockholder Matters............ Annual Report, p. 20,*
"Range of Market Prices,"
and "Quarterly Financial
Data"
Item 6. Selected Financial Data........ Annual Report,
pp. 18-19,*
"Summary of Selected
Financial Data"
Item 7. Management's Discussion and
Analysis of Financial Condition
and Results of Operations...... Annual Report, pp. 6-7,*
"Management's Discussion
and Analysis"
Item 8. Financial Statements and
Supplementary Data............. Annual Report, pp. 8-20,*
Item 9. Changes in and Disagreements
with Accountants on Accounting
and Financial Disclosure....... 7
____________________
* Matters incorporated by reference from Kewaunee Scientific Corporation's
annual report to stockholders for the fiscal year ended April 30, 1996
("Annual Report").
2
Page or Reference
-----------------
PART III...................................... 8
Item 10. Directors and Executive
Officers of the Registrant..... Proxy Statement, pp. 1-4,*
"Election of Directors"
Item 11. Executive Compensation......... Proxy Statement, p. 5,*
"Executive Compensation,"
p. 6,* "Option Grants in
Last Fiscal Year," p. 6,*
"Aggregate Option Exercises
in Last Fiscal Year and
Option Values at Fiscal
Year-End," pp. 8-9,*
"Compensation Committee
Report on Executive
Compensation," and p. 14,*
"Agreements with Certain
Executives"
Item 12. Security Ownership of
Certain Beneficial Owners
and Management................. Proxy Statement, pp. 15-16,*
"Security Ownership of
Directors and Executive
Officers" and "Security
Ownership of Certain
Beneficial Owners"
Item 13. Certain Relationships and
Related Transactions........... Proxy Statement, pp. 1-4,*
"Election of Directors"
PART IV....................................... 10
Item 14. Exhibits, Financial Statement
Schedules, and Reports on
Form 8-K....................... 10
SIGNATURES.................................... S-1
____________________
* Matters incorporated by reference from the proxy statement of Kewaunee
Scientific Corporation for use in connection with its annual meeting of
stockholders to be held on August 28, 1996 ("Proxy Statement").
3
PART I
ITEM 1. BUSINESS
- ------------------
GENERAL
The principal business of the Registrant is the manufacture and sale
of scientific laboratory and technical workstations and equipment for
professionals, including wood and steel furniture for use in chemistry, physics,
biology and other general science laboratories, and benches for electronic light
assembly and testing. Other products for laboratory use include fume hoods and
accessories, apparatus benches, worksurfaces, sinks and sink assemblies, and
glove boxes.
Scientific laboratory and technical workstations and equipment and
related installation accounted for 100 percent of the Registrant's sales in each
of the fiscal years ended April 30, 1996, 1995, and 1994.
The Registrant's products are sold principally to industrial and
commercial research laboratories, educational institutions, health-care
institutions and governmental entities. These products are primarily sold
through purchase orders and contracts submitted by customers, through the
Registrant's commissioned dealers, through a national distributor and through
competitive bids submitted by the Registrant. It is common in the scientific
laboratory furniture industry for customer orders to require delivery at
extended future dates, because the products are frequently to be installed in
buildings yet to be constructed. Changes or delays in building construction may
cause further delayed delivery dates. Since prices are normally quoted on a firm
basis in the industry, the Registrant bears the burden of possible increases in
labor and material costs between receipt of an order and delivery of the
product.
The need for working capital and the credit practices of the
Registrant are comparable to those of other companies selling similar products
in similar markets. Payments for products which the Registrant manufactures and
installs are received over longer periods of time and require greater working
capital than for manufacturers of most products. In addition, payment terms of
some building projects allow for a percentage retention amount which extends the
collection period of accounts receivable, thus requiring more working capital.
The principal raw materials and products manufactured by others used
by the Registrant in its products are cold-rolled carbon and stainless steel,
hardwood lumber and plywood, paint, chemicals, resins, hardware, plumbing and
electrical fittings. Such materials and products are purchased from multiple
suppliers and are readily available.
The Registrant holds various patents and patent rights but does not
consider that its success or growth is dependent upon its patents or patent
rights. The Registrant's business is not dependent upon licenses, franchises or
concessions.
4
The Registrant's scientific laboratory and technical workstation and
equipment business is neither cyclical nor seasonal, nor is it dependent on any
one or a few customers. However, sales to VWR Corporation ("VWR Scientific")
represented 14 percent, 17 percent, and 13 percent of the Registrant's total
sales, for fiscal years 1996, 1995, and 1994, respectively. VWR Scientific is a
distributor of the Registrant's products. In the event that VWR Scientific were
not a sales channel, the Registrant would distribute these products through its
other sales agents, dealers, and direct sales force or through another outside
distributor or distributors.
The Registrant's sales backlog as of April 30, 1996 was $23.2 million
compared to $24.1 million and $25.3 million as of April 30, 1995 and 1994,
respectively. In the Registrant's business, planning for purchases frequently
commences several years before installation; therefore, increases and decreases
in the business activities of the Registrant usually trail the normal economic
cycle. It is expected that the amount of the backlog as of the beginning of the
fiscal year, together with orders received for current delivery, will be
sufficient to permit the Registrant to operate at satisfactory levels during the
current year. All but $281,000 of the backlog as of the beginning of the current
fiscal year is scheduled for shipment during the year; however, it may
reasonably be expected that delays in shipments will occur because of customer
rescheduling or delay in completion of buildings in which the Registrant's
products are to be installed. Based on past experience, the Registrant expects
that more than 90 percent of its backlog scheduled for shipment in the current
fiscal year will be shipped in the current fiscal year.
COMPETITION
The scientific laboratory and technical workstation and equipment
industry is highly competitive. The Registrant believes that the principal
competitive factors in the scientific laboratory and technical workstation and
equipment industry are price, product performance, and customer service. A
substantial portion of the business of the Registrant is based upon competitive
public bidding.
RESEARCH AND DEVELOPMENT
The amount spent during the fiscal year ended April 30, 1996 on
company-sponsored research and development activities related to new products or
services or improvement of existing products or services was $591,972. The
amounts spent for similar purposes in the fiscal years ended April 30, 1995 and
1994 were $527,647 and $490,481, respectively. Six professional employees were
engaged in such research at April 30, 1996.
ENVIRONMENTAL COMPLIANCE
In the last three fiscal years, compliance with federal, state or
local provisions enacted or adopted regulating the discharge of materials into
the environment has had no material effect on the Registrant. There are no
material capital expenditures anticipated for such purposes, and no material
effect therefrom is anticipated on the earnings or competitive position of the
Registrant.
5
EMPLOYEES
The number of persons employed by the Registrant at April 30, 1996
was 499.
ITEM 2. PROPERTIES
- --------------------
The Registrant owns and operates three plants in Statesville, North
Carolina and one in Lockhart, Texas. The plants are involved in the production
of scientific laboratory and technical workstations and equipment.
The plants in Statesville, North Carolina are located in three
separate adjacent buildings which contain manufacturing facilities. Office,
engineering and drafting personnel and facilities are located in two of the
three buildings. The Registrant's corporate offices are located in the largest
building. The plant buildings together comprise approximately 382,000 square
feet and are located on approximately 20 acres of land. In addition, the
Registrant leases a warehouse of 22,000 square feet in Statesville, North
Carolina.
The plant in Lockhart, Texas is housed in a building of approximately
129,000 square feet located on approximately 30 acres. In addition, a separate
10,000 square foot office building on this site houses certain administrative
personnel.
At April 30, 1996, the Registrant's land and buildings were pledged as
collateral securing borrowings and letters of credit outstanding under a
revolving credit facility. The Registrant believes its facilities are suitable
for their respective uses and are adequate for its current needs.
ITEM 3. LEGAL PROCEEDINGS
- ---------------------------
Not Applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
- -------------------------------------------------------------
Not Applicable.
6
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
- -----------------------------------------------------------
STOCKHOLDER MATTERS
-------------------
Incorporated by reference from the Registrant's annual report to
stockholders for the fiscal year ended April 30, 1996, page 20, sections
entitled "Range of Market Prices" and "Quarterly Financial Data". As of July 12,
1996, the Registrant estimates there were approximately 1,400 stockholders of
Kewaunee common shares, of which 407 were stockholders of record.
ITEM 6. SELECTED FINANCIAL DATA
- ---------------------------------
Incorporated by reference from the Registrant's annual report to
stockholders for the fiscal year ended April 30, 1996, pages 18-19, section
entitled "Summary of Selected Financial Data".
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
- -----------------------------------------------------------
CONDITION AND RESULTS OF OPERATIONS
-----------------------------------
Incorporated by reference from the Registrant's annual report to
stockholders for the fiscal year ended April 30, 1996, pages 6-7, section
entitled "Management's Discussion and Analysis".
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
- -----------------------------------------------------
Incorporated by reference from the Registrant's annual report to
stockholders for the fiscal year ended April 30, 1996, pages 8-20.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
- ----------------------------------------------------------
ACCOUNTING AND FINANCIAL DISCLOSURE
-----------------------------------
Not Applicable.
7
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
- ------------------------------------------------------------
(a) Incorporated by reference from the Registrant's proxy statement
for use in connection with its annual meeting of stockholders to be held on
August 28, 1996, pages 1-4, section entitled "Election of Directors".
(b) The names and ages of the Registrant's executive officers and
their business experience during the past five years are set forth below:
Executive Officers of the Registrant
------------------------------------
Name Age Position
---- --- --------
Eli Manchester, Jr. 65 President and Chief Executive Officer
T. Ronald Gewin 53 Vice President-Operations Technical
Products Group
D. Michael Parker 44 Vice President-Finance, Chief
Financial Officer, Treasurer and
Secretary
Ronald D. Popiel 54 Vice President-Manufacturing
James J. Rossi 54 Vice President-Human Resources
William A. Shumaker 47 Vice President-Sales and Marketing
Eli Manchester, Jr. was elected a director of the Registrant in
November 1990. He was elected President and Chief Executive Officer of the
Registrant on July 11, 1990.
T. Ronald Gewin joined the Registrant in December 1992 as Vice
President of Manufacturing and has served as Vice President of Operations for
the Technical Products Group since January 1996. Prior to joining the
Registrant, Mr. Gewin was General Manager of a Division of the Grinnell
Corporation from 1990 to 1992.
D. Michael Parker joined the Registrant in November 1990 as Director
of Financial Reporting and Accounting and was promoted to Corporate Controller
in November 1991. Mr. Parker has served as Vice President of Finance, Chief
Financial Officer, Treasurer and Secretary since August 1995.
Ronald D. Popiel joined the Registrant in June 1993 as a plant manager
and was promoted to Director of Manufacturing in August 1995. Mr. Popiel has
served as Vice President of Manufacturing since January 1996. Prior to joining
the Registrant, Mr. Popiel was with Arvin Industries where he served as Vice
President of Manufacturing from 1977 to 1993.
8
James J. Rossi joined the Registrant in March 1984 as Corporate
Director of Human Resources and has served as Vice President of Human Resources
since January 1996.
William A. Shumaker joined the Registrant in December 1993 as Vice
President of Sales and Marketing. Prior to joining the Registrant, Mr. Shumaker
was with the St. Charles Companies of St. Charles, Illinois, where he served as
Vice President of Sales and Marketing with their Institutional Division from
1989 to 1993 and held various other sales and customer service positions from
1969 through 1989.
ITEM 11. EXECUTIVE COMPENSATION
- --------------------------------
Incorporated by reference from the Registrant's proxy statement for
use in connection with its annual meeting of stockholders to be held on August
28, 1996, page 5, section entitled "Executive Compensation," page 6, section
entitled "Option Grants in Last Fiscal Year," page 6, section entitled
"Aggregate Option Exercises in Last Fiscal Year and Option Values at Fiscal
Year-End," pages 8-9, section entitled "Compensation Committee Report on
Executive Compensation," and page 14, section entitled "Agreements with Certain
Executives".
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
--------------------------------------------------------------
Incorporated by reference from the Registrant's proxy statement for
use in connection with its annual meeting of stockholders to be held on August
28, 1996, pages 15-16, sections entitled "Security Ownership of Directors and
Executive Officers" and "Security Ownership of Certain Beneficial Owners".
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
- --------------------------------------------------------
Incorporated by reference from the Registrant's proxy statement for
use in connection with its annual meeting of stockholders to be held on August
28, 1996, pages 1-4, section entitled "Election of Directors".
9
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
---------------------------------------------------------------
The following documents are filed or incorporated by reference
as part of this report:
Page or
(a)(1) Financial Statements Reference
-------------------- ---------
Statements of Operations and Retained Earnings -
Years ended April 30, 1996, 1995, and 1994 8.
Balance Sheets - April 30, 1996 and 1995 9.
Statements of Cash Flows - Years ended
April 30, 1996, 1995 and 1994 10.
Notes to Financial Statements 11-16.
Report of Independent Auditors 17.
(a)(2) Financial Statement Schedule
----------------------------
Independent Auditors' Report -
Deloitte & Touche LLP 11
Schedule II - Valuation and Qualifying Accounts 12
All other schedules for which provision is made in the applicable
accounting regulations of the Securities and Exchange Commission are not
required under the related instructions or are inapplicable and, therefore, have
been omitted.
(a)(3) Exhibits
--------
Exhibits required by Item 601 of Regulation S-K are listed in the
Exhibit Index which is attached hereto at pages S-2 through S-4 and which is
incorporated herein by reference.
(b) Reports on Form 8-K
-------------------
No reports on Form 8-K were filed during the fourth quarter of the
Registrant's fiscal year ended April 30, 1996.
____________________
. Matters incorporated by reference from the Registrant's annual report to
stockholders for the year ended April 30, 1996.
10
INDEPENDENT AUDITORS' REPORT
To the Stockholders and Board of Directors
Kewaunee Scientific Corporation
Statesville, North Carolina
We have audited the balance sheets of Kewaunee Scientific Corporation as of
April 30, 1996 and 1995, and the related statements of operations and retained
earnings, and of cash flows for each of the three years in the period ended
April 30, 1996; such financial statements are included in your 1996 Annual
Report to Stockholders. Our audits also included the financial statement
schedule listed in the Index at Item 14(a)(2). These financial statements and
financial statement schedule are the responsibility of the Company's management.
Our responsibility is to express an opinion on the financial statements and
financial statement schedule based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Kewaunee Scientific Corporation as of April
30, 1996 and 1995, and the results of its operations and its cash flows for each
of the three years in the period ended April 30, 1996 in conformity with
generally accepted accounting principles. Also, in our opinion, such financial
statement schedule, when considered in relation to the basic financial
statements taken as a whole, presents fairly in all material respects the
information set forth therein.
Deloitte & Touche LLP
May 31, 1996
11
Schedule II
Kewaunee Scientific Corporation
Valuation and Qualifying Accounts
($ in thousands)
Charged
Balance (Credited)
at to Costs Balance
Beginning and at End
Description of Period Expenses Deductions* of Period
- ------------------ --------- -------- ---------- ---------
Year ended April 30, 1996
Allowance for doubtful accounts $624 $ 186 $(249) $561
==== ====== ====== ====
Year ended April 30, 1995
Allowance for doubtful accounts $628 $ 125 $(129) $624
==== ====== ====== ====
Year ended April 30, 1994
Allowance for doubtful accounts $800 $ (67) $(105) $628
==== ====== ====== ====
* Uncollectible accounts written off, net of recoveries.
12
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
KEWAUNEE SCIENTIFIC CORPORATION
By: /s/ Eli Manchester
--------------------------------------
Eli Manchester, Jr.
President and Chief Executive Officer
Date: July 24, 1996
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
(i) Principal Executive Officer )
)
/s/ Eli Manchester, Jr. )
-------------------------------------- )
Eli Manchester, Jr. )
President and Chief Executive Officer )
)
(ii) Principal Financial and Accounting Officer )
)
/s/ D. Michael Parker )
-------------------------------------- )
D. Michael Parker )
Vice President-Finance, Chief Financial Officer )
Treasurer and Secretary )
)
(iii) A majority of the Board of Directors: ) July 24, 1996
)
)
)
/s/ Margaret Barr Bruemmer /s/ Eli Manchester, Jr. )
- ---------------------------- ------------------------ )
Margaret Barr Bruemmer Eli Manchester, Jr. )
)
)
/s/ Wiley N. Caldwell /s/ James T. Rhind )
- ---------------------------- ------------------------ )
Wiley N. Caldwell James T. Rhind )
)
)
/s/ John C. Campbell, Jr. /s/ Thomas F. Pyle )
- ---------------------------- ------------------------ )
John C. Campbell, Jr. Thomas F. Pyle )
)
)
/s/ Kingman Douglass )
- ---------------------------- )
Kingman Douglass )
S-1
KEWAUNEE SCIENTIFIC CORPORATION
Exhibit Index
-------------
Page Number
Number Description of Exhibit (or Reference)
- ------ ---------------------- --------------
3 Articles of incorporation and by-laws
3.1 Restated Certificate of
incorporation (as amended) (3)
3.2 By-Laws (as amended as of August 28, 1991) (9)
10 Material Contracts
10.2 Kewaunee Scientific Corporation 1982
Incentive Stock Option Plan (5)
10.2A Amendment dated February 24, 1988 to
1982 Incentive Stock Option Plan (6)
10.9 Kewaunee Scientific Corporation
Supplemental Retirement Plan (4)
10.12 Employee Stock Ownership Plan of 1985
for Salaried Employees and Hourly
Employees of Kewaunee Scientific
Corporation (2)
10.13 Kewaunee Scientific Corporation 1985
Re-Established Retirement Plan for
Salaried Employees (2)
10.14 Kewaunee Scientific Corporation 1985
Re-Established Retirement Plan for
Hourly Employees (2)
10.15 Employment Agreement dated as of
December 11, 1990 between
Eli Manchester, Jr. and the
Registrant (7)
10.19 Kewaunee Scientific Corporation 1991
Key Employee Stock Option Plan (8)
S-2
_________________
All footnotes located on page S-5
Page Number
Number Description of Exhibit (or Reference)
- ------ ---------------------- --------------
10.21 Kewaunee Scientific Corporation
Executive Deferred Compensation Plan (9)
10.23 Employment Agreement dated as of
December 8, 1992 between T. Ronald
Gewin and the Registrant (10)
10.25 Employment Agreement dated as of
December 7, 1993 between William A.
Shumaker and the Registrant (12)
10.26 Kewaunee Scientific Corporation Stock
Option (11)
Plan for Directors
10.27 Agreement dated as of December 14, 1994
between T. Ronald Gewin and the Registrant (13)
10.28 Accounts Receivable Financing Agreement dated
as of January 6, 1995 between the CIT Group/
Business Credit, Inc. and the Registrant (13)
10.29 Accounts Receivable Financing Agreement
Supplement Inventory dated as of
January 6, 1995 between The CIT Group/
Business Credit, Inc. and the Registrant (13)
10.30 Security Agreement (Equipment & Machinery)
dated as of January 6, 1995 between The
CIT Group/Business Credit, Inc. and the
Registrant (13)
10.31 Employment Agreement dated April 22, 1996
Between Ronald D. Popiel and the Registrant (1)
10.32 Fiscal Year 1997 Incentive Bonus Plan (1)
10.33 Trademark and Service Mark Security Agreement
Dated October 6, 1995 between The CIT Group/
Business Credit, Inc. and the Registrant. (1)
S-3
__________________
All footnotes located on page S-5
Page Number
Number Description of Exhibit (or Reference)
- ------ ---------------------- --------------
10.34 Amended and Merged Incentive Savings Plan
For Salaried and Hourly Employees of
Kewaunee Scientific Corporation (1)
13 Annual Report to Stockholders for the fiscal year
ended April 30, 1996 (Such Report, except to the
extent incorporated herein by reference, is being
furnished for the information of the Securities
and Exchange Commission only and is not deemed filed
as a part of this annual report on Form 10-K) (1)
(All other exhibits are either inapplicable or not required.)
S-4
__________________
All footnotes located on page S-5
Footnotes
---------
(1) Appearing only in the manually signed, original Form 10-K filed with
the Securities and Exchange Commission.
(2) Filed as an exhibit to the Kewaunee Scientific Corporation Annual
Report to the Securities and Exchange Commission on Form 10-K
(Commission File No. 0-5286) for the fiscal year ended April 30,
1987, and incorporated herein by reference.
(3) Filed as an exhibit to the Kewaunee Scientific Corporation Annual
Report to the Securities and Exchange Commission on Form 10-K
(Commission File No. 0-5286) for the fiscal year ended April 30,
1985, and incorporated herein by reference.
(4) Filed as an exhibit to the Kewaunee Scientific Corporation Annual
Report to the Securities and Exchange Commission on Form 10-K
(Commission File No. 0-5286) for the fiscal year ended April 30,
1985, and incorporated herein by reference.
(5) Filed as an exhibit to the Kewaunee Scientific Corporation Proxy
Statement dated July 30, 1982, and incorporated herein by reference.
(6) Filed as an exhibit to the Kewaunee Scientific Corporation Annual
Report to the Securities and Exchange Commission on Form 10-K
(Commission File No. 0-5286) for the fiscal year ended April 30,
1989, and incorporated herein by reference.
(7) Filed as an exhibit to the Kewaunee Scientific Corporation Annual
Report to the Securities and Exchange Commission on Form 10-K
(Commission File No. 0-5286) for the fiscal year ended April 30,
1991, and incorporated herein by reference.
(8) Filed as an exhibit to the Kewaunee Scientific Corporation Proxy
Statement dated July 26, 1991, and incorporated herein by reference.
(9) Filed as an exhibit to the Kewaunee Scientific Corporation Annual
Report to the Securities and Exchange Commission on Form 10-K
(Commission File No. 0-5286) for the fiscal year ended April 30,
1992, and incorporated herein by reference.
(10) Filed as an exhibit to the Kewaunee Scientific Corporation Annual
Report to the Securities and Exchange Commission on Form 10-K
(Commission File No. 0-5286) for the fiscal year ended April 30,
1993, and incorporated herein by reference.
(11) Filed as an exhibit to the Kewaunee Scientific Corporation Proxy
Statement dated July 23, 1993, and incorporated herein by reference.
(12) Filed as an exhibit to the Kewaunee Scientific Corporation Annual
Report to the Securities and Exchange Commission on Form 10-K
(Commission File No. 0-5286) for the fiscal year ended April 30,
1994, and incorporated herein by reference.
(13) Filed as an exhibit to the Kewaunee Scientific Corporation Annual
Report to the Securities and Exchange Commission on Form 10-K
(Commission File No. 0-5286) for the fiscal year ended April 30,
1995, and incorporated herein by reference.
S-5