Page 1

K KEWAUNEE Scientific Corporation Kewaunee Scientific Reports Results for Second Quarter of Fiscal Year 2022 Exchange : NASDAQ ( KEQU ) Contact : Donald T. Gardner III 704 / 871-3274 STATESVILLE , N.C. December 16 , 2021 - PRNewswire / Kewaunee Scientific Corporation ( NASDAQ : KEQU ) today announced results for its second quarter ended October 31 , 2021 . Fiscal Year 2022 Second Quarter Results : Sales during the second quarter of fiscal year 2022 were $ 39,031,000 , relatively flat compared to sales of $ 39,000,000 from the prior year second quarter . Pre - tax loss for the quarter was $ 2,887,000 compared to a pre - tax loss of $ 362,000 for the prior year period . The Company experienced significantly higher raw material costs in the second quarter , which increased approximately $ 2,112,000 , net of surcharges , when compared to the prior year period . These material cost increases , which could not be passed along to customers due to the fixed nature of the Company's contracts , as well as supply chain and labor constraints resulting from COVID - 19 , resulted in a net loss of $ 3,100,000 compared to a net loss of $ 180,000 for the prior year period . EBITDA¹ for the quarter was ( $ 2,116,000 ) compared to $ 353,000 for the prior year period . Diluted loss per share was ( $ 1.11 ) , as compared to diluted loss per share of ( $ 0.07 ) in the prior year second quarter . The Company's order backlog was $ 139.7 million on October 31 , 2021 , increasing from $ 96.0 million at October 31 , 2020 , and $ 114.5 million at April 30 , 2021. This is the highest order backlog in the Company's history . This includes a significant award received by our team in India during the quarter from Laurus Synthesis ( http://laurussynthesis.com ) , a subsidiary of Laurus Labs . A separate press release will be issued today by the Company that will provide greater detail about this project . Domestic Segment - Domestic sales for the quarter were $ 29,934,000 , an increase of 4.0 % from sales of $ 28,772,000 in the prior year period . Domestic segment net loss was $ 2,095,000 compared to net earnings of $ 168,000 in the prior year period . Domestic segment EBITDA was ( $ 1,480,000 ) compared to $ 1,189,000 for the prior year period . The year over year sales increase was driven by $ 1,213,000 of surcharges , which only partially offset $ 3,325,000 of gross raw material cost increases experienced during the quarter . Raw material cost increases accelerated in the quarter across virtually all categories with the most significant year - over - year increases in epoxy resin ( increase of 236 % ) and cold rolled carbon steel ( increase of 101 % ) . ¹ EBITDA is a non - GAAP financial measure . See the table below for a reconciliation of EBITDA and segment EBITDA to net earnings ( loss ) , the most directly comparable GAAP measure . CORPORATE OFFICES ⚫P . O. BOX 1842 , STATESVILLE , NORTH CAROLINA 28687-1842 • 2700 WEST FRONT STREET , STATESVILLE , NORTH CAROLINA 28677-2927 PHONE 704-873-7202 FAX 704-873-1275