The annual meeting of stockholders of Kewaunee Scientific Corporation will please come to order. Good morning, ladies and gentlemen. I'm David Rhind, Chairman of the Board of Directors of Kewaunee Scientific Corporation, and it is my pleasure to welcome you to Kewaunee's 2026 annual meeting of stockholders. I will serve as Chairman of the meeting and Don Gardner, Executive Vice President of Finance, Chief Financial Officer, Treasurer, and Secretary of the company, will act as Secretary of the meeting. You are participating in the meeting virtually. We are pleased to hold our annual meeting virtually to increase access and participation for our stockholders, associates, and Directors. A replay of the audio webcast of this meeting will be made available on our website for approximately one year, but no other recording of this meeting is permitted. I am pleased to introduce the other members of our Board of Directors participating in this meeting today. Keith M. Gehl, Thomas D. Hull III, Margaret B. Pyle, John D. Russell, Donald F. Shaw, and J. Jette Campbell. We will now proceed with the formalities of this meeting. This meeting will take place in three parts. First, we will conduct the formal business of the meeting. After the meeting is adjourned, Tom Hull, President and Chief Executive Officer, will review the company's progress for the past year, as well as discuss the company's strategy and outlook moving forward. Upon conclusion of Mr. Hull's remarks, we will open the floor to questions you may have about the company. If we encounter any technical difficulties or are unable to proceed with the meeting for any reason, please be advised of the following. The notice of this meeting has been properly served. I have been advised on a preliminary basis that a quorum is present. All proposals will be deemed to be properly presented before the meeting. Appointed proxies have cast all votes as set forth on the individual proxy cards. Polls will be closed at such time as I indicate. The meeting will be adjourned at such time as I indicate. Final voting results will be reported on a Form 8-K filed by the company within four business days. Your Board of Directors fixed the close of business on June 29th, 2026, as the record date for the determination of stockholders entitled to notice of, and to vote at this meeting. I have appointed Summer Raub, Corporate Controller of the company, as Inspector of Election. She has signed and filed her oath as Inspector and will function in that capacity. I have also asked the Secretary to file the letter of appointment and oath with the permanent records of the company. Will the Secretary now please confirm proof of the mailing of the applicable proxy materials for this meeting? I have received an affidavit from an authorized officer of the company's annual meeting agent, which states that on or about July 7th, 2026, the applicable proxy materials were mailed to all stockholders of record of the company at the close of business on the record date. This affidavit will be available under the Meeting Materials tab as shown on your screen. Thank you. Please file the affidavit and appended materials with the permanent records of the company. If you have not already delivered a proxy or would like to change your vote, ballots can be accessed under the Meeting Materials tab on your screen. The polls for all matters on which stockholders may vote at this meeting are now open and will remain open until I announce the polls have been closed. Will the Secretary please give us his report on the stockholders present? Mr. Chairman, 2,868,511 shares of common stock of the company were issued and outstanding at the close of business on June 29th, 2026, the record date for this meeting. The inspector reports that at least 2,517,156 shares, or at least approximately 87.8% of the shares entitled to vote, are represented at this meeting, so, a quorum for the transaction of business is present. Notice of this meeting has been duly given and a quorum is present. The meeting is now legally convened and ready for the transaction of business. The minutes of the annual meeting of stockholders held on August 27th, 2025, are located under the Meeting Materials tab as shown on your screen. Unless there is an objection, we will dispense with the reading of the minutes. Hearing no objection, we will proceed. We can now proceed with the election of directors. As provided in its restated certificate of incorporation, the company has a classified board of directors with the terms of the members of one of the three classes expiring at each annual meeting. The term of three Class I directors, Thomas D. Hull III, David S. Rhind, and John D. Russell, expires at this meeting. Your board of directors has nominated Mr. Hull, Mr. Rhind, and Mr. Russell for re-election to a three-year term and has recommended a vote for their election as a Class I director to serve as a director for a term expiring at the annual meeting of stockholders in the year 2029, and until his or her successor has been elected and qualified. If you wish to vote during the meeting and have not yet done so, please do so now. After a brief pause, I will declare the polls closed. The polls are now closed. I will now report the preliminary election results. The Inspector of Election has tabulated the votes received prior to the meeting and provided me with the preliminary results. On a preliminary basis, the Inspector of Election has reported that Mr. Hull, Mr. Rhind, and Mr. Russell each received the affirmative vote of a plurality of the shares represented at the meeting, in person or by proxy. Accordingly, Mr. Hull, Mr. Rhind, and Mr. Russell each have been re-elected as directors of the company to serve for the term specified. We will file a report on Form 8-K with the SEC following this meeting, which will reflect the final vote totals, including any shares voted during this meeting. The Audit Committee has selected the independent registered public accounting firm of Forvis Mazars, LLP as the company's independent auditors for fiscal year ending April 30th, 2027. Although not required by law to submit the appointment to a vote by stockholders, the Audit Committee is requesting that the stockholders ratify the appointment of Forvis Mazars, LLP as independent auditors for fiscal year 2027. Mr. John Stewart of Forvis Mazars, LLP is available to answer any questions from stockholders. Any questions for Mr. Stewart may be submitted online in the same manner as indicated previously. I will pause briefly to permit any such questions to be submitted. I will now report the preliminary voting results. The Inspector of Election has tabulated the votes received prior to the meeting and provided me with the preliminary results. On a preliminary basis, the Inspector of Election has reported that the ratification of Forvis Mazars, LLP has been approved. As previously indicated, the final voting results will be reported on our Form 8-K. Last on the agenda is the approval on an advisory basis of the compensation of our named executive officers in the fiscal year ended April 30th, 2026. The Inspector of Election has tabulated the votes received prior to the meeting and provided me with the preliminary results. On a preliminary basis, the Inspector of Election has reported that the compensation of our named executive officers has been approved on an advisory basis. As previously indicated, the final voting results will be reported on our Form 8-K. There being no other business to come before the meeting, the meeting is adjourned. At this time, Tom Hull, President and Chief Executive Officer, will review the company's progress for the past year, as well as discuss the company's strategy and outlook moving forward. If you have signed on to the meeting as a shareholder, you may submit a question for Mr. Hull online now. You must have your control number to do so. Any questions will be reviewed for relevance and to avoid duplication and addressed by Mr. Hull following his remarks. Tom? Thank you, David. Good morning, everyone. I would like to extend a warm welcome to our shareholders who set aside time to join us today at Kewaunee Scientific Corporation's 2026 Annual Shareholder Meeting. This year's meeting is again being conducted virtually, providing our shareholders with an accessible format in which to participate. Before proceeding, a brief comment regarding forward-looking statements. Additionally, please see the notice regarding any non-GAAP measures included in today's financial review. Today, we will discuss highlights from our recently completed fiscal year ended April 30th, 2026, including our consolidated results, strategic investments, and business outlook. I will also discuss how we are strengthening our corporate platform, expanding internationally, and leveraging the strengths and combined portfolios of our business segments to deliver more comprehensive solutions for our customers while creating new opportunities for growth and long-term shareholder value. There will be time for questions at the end of the presentation, and we will take as many as possible. If you're logged in as a shareholder and would like to submit a question, please do so online during the presentation. We will also post all meeting materials to the investor information section of our website for future reference following this meeting. In thinking about the last five years, I'm incredibly proud of what Kewaunee has accomplished and the strength and stability we have built into the business. We have successfully expanded profitability, nearly doubling our revenue, strengthened our operating model, and built a larger, more resilient platform for growth. Just as importantly, we have established a track record of consistent execution and demonstrated our ability to deliver solid results across a wide range of market and economic conditions. That consistency reflects the fundamental changes we have made in how we run the business. We strengthened our processes and operational discipline, sharpened our strategic focus, and continue to invest in our people and our capabilities. As a result, Kewaunee today operates with greater scale, stability, and resilience, providing a strong foundation for our continued growth. Fiscal year 2026 was driven by our team's execution and provided further evidence of the strength of the foundation we built, brick by brick, in the years preceding. Across Kewaunee, we remain focused on operating with excellence, serving our customers, and advancing our strategic priorities. Despite volatility in project delivery timelines, geopolitical and economic uncertainty, and changing conditions across several of our markets, we delivered record revenue, strong profitability, and meaningful strategic progress. As we look ahead, we remain focused on investing in the business and continue to grow our platform, both organically and inorganically. We are pushing that growth from a position of strength, supported by a scale and resilient business and consistent financial performance. We will continue to pursue disciplined opportunities that expand our market presence and create compelling strategic and financial value, positioning Kewaunee to drive sustained growth and long-term shareholder value. With that broad perspective in mind, I'd like to turn specifically to our fiscal year 2026 results. While a complete review of our financial performance can be found in our annual report and Form 10-K, which is available on our website, I would like to highlight a few key results today. Revenue reached $282 million, extending the company's multi-year growth trajectory and representing nearly a 14% compound annual growth rate since fiscal year 2021. At the same time, EBITDA increased to $22.4 million, reflecting continued operational improvements and strong earnings leverage, with EBITDA growing at nearly 157% compound annual growth rate for the same period. Our consolidated order backlog was $165.9 million at April 30th, 2026, compared with $214.6 million the year prior, primarily reflecting the completion and delivery of several large international projects during the year. We also strengthened our balance sheet, reducing long-term debt by approximately $20 million and fully repaying the NuAire seller note. Our debt-to-equity ratio improved from 0.99x to 1.0x, further positioning the company for future growth. During the first quarter, we renamed our domestic reportable segment to the Lab Products Group to better reflect its business activity, structure, and strategy. The change did not affect the composition or previously reported results of the segment. Lab Products Group sales were $214.9 million for fiscal year 2026, an increase of 19.8%, compared with $179.4 million in fiscal year 2025. The increase was primarily attributed to the inclusion of a full-year of NuAire results following the acquisition on November 1st, 2024. The Lab Products Group generated EBITDA of $25.1 million, compared with $25.6 million in the year prior. The comparison reflects the NuAire integration, softer life science market conditions, and investments intended to strengthen the combined organization as market conditions recover. International segment sales were $67.1 million, an increase of 9.9%, compared with $61.1 million in fiscal year 2025. The increase primarily reflected the delivery of projects in India that had experienced customer site delays during the prior year. International EBITDA increased to $5.9 million from $4.5 million, demonstrating strong execution. Unallocated corporate costs were $11.2 million, compared with $9.9 million in the prior year. This increase included investments in public company readiness, governance, financial systems, and talent needed to support a larger enterprise. Taken together, these results show a business that continued to move forward in a demanding environment. It was a challenging year, but our team executed phenomenally, solving problems, improving operations, serving our customers, and delivering record revenue while building a strong foundation for Kewaunee's future. One of the year's most important steps was formally introducing the Lab Products Group, which brings together Kewaunee Scientific, NuAire, EVERHUTCH, and our global commercial organization in one aligned platform. Kewaunee's century of leadership in laboratory infrastructure is now combined with NuAire's expertise in containment and airflow solutions and EVERHUTCH's growing presence in healthcare storage. Together, we offer a broader portfolio spanning casework, table systems, ventilated and containment products, healthcare storage, work surfaces, and custom solutions, supported by integrated design, engineering, manufacturing, project execution, installation, and service. Bringing these capabilities together allow us to simplify how complex laboratory and healthcare environments are designed, sourced, and delivered. Customers gain access to a broader range of integrated solutions, while our channel partners have more opportunities to support end users through the project lifecycle. This structure also strengthens our platform for growth. By expanding our addressable market and increasing the value we can provide for each project, the Lab Products Group creates meaningful opportunities for both organic and complementary acquisitions. These opportunities are supported by capabilities few companies can match. Kewaunee is the only American manufacturer producing wood, metal, and epoxy resin laboratory furniture at one location. Combined with NuAire's Minneapolis, Minnesota operations, international infrastructure, and our combined global dealer network, we can support projects of nearly any size and complexity. Our manufacturing strength is reinforced by experts who have helped shape industry standards and an integrated operating model that provides exceptional control over quality, consistency, and execution. Together, these capabilities give customers confidence that Kewaunee has both the resources to execute globally and the technical expertise to navigate the industry's most complex project requirements. International growth remains an important part of our strategy. To support our next phase of international growth, we welcomed Jorge Santos as Vice President of International Sales for the Lab Products Group, and Lucia Lema as Director of Operations for the Lab Products Group. Jorge brings more than two decades of global sales and dealer network experience across Europe, Latin America, the Middle East, and Asia. His leadership will help expand the reach of our portfolio and deepen dealer relationships. Lucia's operational leadership will help further align our processes and resources so we can provide consistent, reliable support as we grow across these new regions. Together, Jorge and Lucia strengthen our ability to connect global commercial opportunities with disciplined execution. We are taking an intentional approach to expanding in new and emerging markets while working alongside our dealers to bring the full Lab Products Group portfolio to more customers. As we expand our global commercial reach, we are also sharpening the focus of our established international segment operations around their most differentiated capabilities. Going forward, this team's concentration will be on delivering turnkey laboratory projects across India and the surrounding markets, an area where the team has developed exceptional expertise and a strong record of execution. By managing the full project lifecycle from planning and engineering through construction, installation, and commissioning, the team provides customers with an integrated solution and a single point of accountability while positioning Kewaunee to pursue attractive opportunities in the region. As Kewaunee grows into a larger, more diversified enterprise, we are building the infrastructure, talent, and governance capabilities needed to scale with efficiency and discipline. During fiscal year 2026, this included advancing SOX 404(b) readiness, implementing a corporate consolidation platform, expanding accounting capabilities, and planning resources for growth in key functions. We also strengthened governance through updated bylaw reviews, a more robust expenditure policy, expanded compliance training, and preparation for a new entity in Spain to support European growth. Together, these investments create the scalable platform required to support organic growth, integrate future acquisitions, and meet increasing public company requirements. They also give our operating business stronger systems and support while preserving the accountability and responsiveness that enable them to serve customers well. Kewaunee has undergone a significant transformation in recent years, and I believe we've only begun to see the momentum we can create. The guiding principles we established at the start of this journey have been central to our progress. They challenged us to be easier to do business with, to get closer to our customers, to pursue excellence in everything we do, and ultimately to lead through innovation. Together, they have provided a consistent framework for how we operate and make decisions, creating the foundation for the progress we have made and the growth ahead. As we enter fiscal year 2027, those principles continue to guide our path forward. While uncertainty remains in the geopolitical and economic landscape, our focus remains steady and clear. We will continue to execute with discipline, allocate capital thoughtfully, pursue opportunities to grow our platform, and serve our customers with excellence. We are confident in our direction and excited about the opportunities ahead. As we build on that foundation, our focus is increasingly on the opportunities that will shape Kewaunee's next chapter. We will invest in product innovation, manufacturing efficiency and capacity, and global commercial expansion. We will also continue to pursue disciplined opportunities that complement our business, expand our capabilities, strengthen our portfolio, and extend our reach. With more than 120 years of continuous operation, public company governance, and a long-term perspective, Kewaunee offers prospective partners stewardship and continuity, as well as capital. For business owners seeking a thoughtful succession solution, Kewaunee offers the stewardship, continuity, and long-term perspective needed to preserve what made their company successful while supporting its next chapter of growth. This same disciplined approach guides every aspect of our strategy. With a stronger platform, broader capabilities, and an exceptional team, we enter fiscal year 2027 confident in our direction and well-positioned to create lasting value for our customers, associates, partners, and shareholders. As I close, I want to express my sincere gratitude to Kewaunee's global associates for their dedication and relentless pursuit in moving the company forward. Our progress is the result of their hard work, adaptability, and continued focus on delivering the amazing lab environments our customers require. I also want to thank our customers, dealers, distribution partners, and suppliers for their continued trust and support. I am grateful to our board of directors for their guidance and counsel and to our shareholders for your continued confidence in Kewaunee. Please note that Kewaunee expects to release earnings for the first quarter of fiscal year 2027 on Wednesday, September 9th, after the market closes. We will now open the floor for questions. Mr. Chairman, there are no additional shareholder questions at this time. As there are no more questions, this now concludes our program for today. Thank you very much for your participation in the meeting and for your support of Kewaunee. That concludes our meeting today. You may now disconnect.
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