Kewaunee Scientific Corp. (KEQU) reported that its first-quarter net earnings attributable to the company were $634,000, or $0.25 per share, up from net earnings of $22,000, or $0.01 per share, in the first quarter of the prior year.
Earnings for the quarter were favorably impacted by lower operating costs resulting from cost savings initiatives commenced in the second half of the prior year and the Company's strategy to move toward a more profitable product sales mix.
Sales for the quarter were $26.68 million, up 1.4% from sales of $26.32 million in the first quarter last year.
"Looking forward, I expect sales and earnings for fiscal year 2013 to be much improved over fiscal year 2012. Our strengthened dealer organization, both domestically and internationally, is providing us increased opportunities for sales and orders, while our lower operating costs are improving profit margins and making us more competitive in the marketplace," said William Shumaker, Kewaunee's Chief Executive Officer.
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