Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2017 | Jul. 12, 2017 | Oct. 31, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | KEQU | ||
Entity Registrant Name | KEWAUNEE SCIENTIFIC CORP /DE/ | ||
Entity Central Index Key | 55,529 | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 2,712,797 | ||
Entity Public Float | $ 49,757,484 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Income Statement [Abstract] | |||
Net sales | $ 138,558 | $ 128,626 | $ 118,828 |
Costs of products sold | 111,951 | 104,918 | 97,062 |
Gross profit | 26,607 | 23,708 | 21,766 |
Operating expenses | 20,065 | 18,010 | 16,540 |
Operating earnings | 6,542 | 5,698 | 5,226 |
Other income, net | 496 | 347 | 484 |
Interest expense | (292) | (306) | (325) |
Earnings before income taxes | 6,746 | 5,739 | 5,385 |
Income tax expense | 2,126 | 1,862 | 1,745 |
Net earnings | 4,620 | 3,877 | 3,640 |
Less: net earnings attributable to the noncontrolling interest | 105 | 75 | 111 |
Net earnings attributable to Kewaunee Scientific Corporation | $ 4,515 | $ 3,802 | $ 3,529 |
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders | |||
Basic | $ 1.67 | $ 1.43 | $ 1.34 |
Diluted | $ 1.66 | $ 1.42 | $ 1.33 |
Weighted average number of common shares outstanding | |||
Basic | 2,705 | 2,667 | 2,626 |
Diluted | 2,726 | 2,687 | 2,658 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 4,620 | $ 3,877 | $ 3,640 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | 231 | (217) | (346) |
Change in unrecognized actuarial loss on pension obligations | 1,012 | 448 | (1,266) |
Change in fair value of cash flow hedges | 64 | 23 | 5 |
Comprehensive income, net of tax | 5,927 | 4,131 | 2,033 |
Less comprehensive income attributable to the noncontrolling interest | 105 | 75 | 111 |
Total comprehensive income attributable to Kewaunee Scientific Corporation | $ 5,822 | $ 4,056 | $ 1,922 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Apr. 30, 2014 | $ 33,959 | $ 6,557 | $ 1,642 | $ (57) | $ 32,090 | $ (6,273) |
Net earnings attributable to Kewaunee Scientific Corporation | 3,529 | 3,529 | ||||
Other comprehensive income (loss) | (1,607) | (1,607) | ||||
Cash dividends paid | (1,234) | (1,234) | ||||
Stock options exercised | 54 | 26 | 3 | 25 | ||
Stock based compensation | 196 | 196 | ||||
Purchase of treasury stock, 1,159 shares | (21) | (21) | ||||
Balance at Apr. 30, 2015 | 34,876 | 6,583 | 1,841 | (53) | 34,385 | (7,880) |
Net earnings attributable to Kewaunee Scientific Corporation | 3,802 | 3,802 | ||||
Other comprehensive income (loss) | 254 | 254 | ||||
Cash dividends paid | (1,361) | (1,361) | ||||
Stock options exercised | 479 | 137 | 342 | |||
Stock based compensation | 192 | 192 | ||||
Balance at Apr. 30, 2016 | 38,242 | 6,720 | 2,375 | (53) | 36,826 | (7,626) |
Net earnings attributable to Kewaunee Scientific Corporation | 4,515 | 4,515 | ||||
Other comprehensive income (loss) | 1,307 | 1,307 | ||||
Cash dividends paid | (1,570) | (1,570) | ||||
Stock options exercised | 190 | 69 | 121 | |||
Stock based compensation | 199 | 199 | ||||
Balance at Apr. 30, 2017 | $ 42,883 | $ 6,789 | $ 2,695 | $ (53) | $ 39,771 | $ (6,319) |
Consolidated Statements of Sto5
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Cash dividends paid, per share | $ 0.58 | $ 0.51 | $ 0.47 |
Stock options exercised, shares | 50,075 | 84,000 | 29,075 |
Treasury stock, shares | 1,159 | ||
Common Stock [Member] | |||
Stock options exercised, shares | 29,075 | ||
Additional Paid-in Capital [Member] | |||
Stock options exercised, shares | 50,075 | 84,000 | 29,075 |
Treasury Stock [Member] | |||
Stock options exercised, shares | 29,075 | ||
Treasury stock, shares | 1,159 | ||
Retained Earnings [Member] | |||
Cash dividends paid, per share | $ 0.58 | $ 0.51 | $ 0.47 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2017 | Apr. 30, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 12,506 | $ 5,222 |
Restricted cash | 1,435 | 1,567 |
Receivables, less allowance: $191 (2017); $202 (2016) | 29,889 | 27,835 |
Inventories | 14,935 | 15,626 |
Prepaid expenses and other current assets | 1,047 | 707 |
Total Current Assets | 59,812 | 50,957 |
Property, Plant and Equipment, Net | 14,027 | 14,118 |
Other Assets | ||
Deferred income taxes | 3,158 | 3,392 |
Other | 3,919 | 3,938 |
Total Other Assets | 7,077 | 7,330 |
Total Assets | 80,916 | 72,405 |
Current Liabilities | ||
Short-term borrowings and interest rate swaps | 3,591 | 3,818 |
Current portion of long-term debt | 918 | 421 |
Accounts payable | 11,995 | 11,722 |
Employee compensation and amounts withheld | 2,765 | 2,333 |
Deferred revenue | 5,806 | 785 |
Other accrued expenses | 1,852 | 1,871 |
Total Current Liabilities | 26,927 | 20,950 |
Long-term debt | 2,431 | 3,349 |
Accrued pension and deferred compensation costs | 8,301 | 9,554 |
Total Liabilities | 37,659 | 33,853 |
Commitments and Contingencies (Note 7) | ||
Stockholders' Equity | ||
Common stock, $2.50 par value, Authorized - 5,000 shares; Issued - 2,715 shares (2017); 2,688 shares; (2016); Outstanding - 2,712 shares (2017); 2,685 shares (2016); | 6,789 | 6,720 |
Additional paid-in-capital | 2,695 | 2,375 |
Retained earnings | 39,771 | 36,826 |
Accumulated other comprehensive loss | (6,319) | (7,626) |
Common stock in treasury, at cost: 3 shares | (53) | (53) |
Total Kewaunee Scientific Corporation Stockholders' Equity | 42,883 | 38,242 |
Noncontrolling Interest | 374 | 310 |
Total Equity | 43,257 | 38,552 |
Total Liabilities and Stockholders' Equity | $ 80,916 | $ 72,405 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Apr. 30, 2017 | Apr. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for receivables | $ 191 | $ 202 |
Common stock, par value | $ 2.50 | $ 2.50 |
Common stock, shares authorized | 5,000 | 5,000 |
Common stock, shares issued | 2,715 | 2,688 |
Common stock, shares outstanding | 2,712 | 2,685 |
Treasury stock, shares | 3 | 3 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Cash Flows from Operating Activities | |||
Net earnings | $ 4,620 | $ 3,877 | $ 3,640 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation | 2,702 | 2,592 | 2,615 |
Bad debt provision | 37 | 74 | 55 |
Stock based compensation expense | 199 | 192 | 196 |
Provision (benefit) for deferred income tax expense | 234 | (335) | (513) |
Change in assets and liabilities: | |||
(Increase) decrease in receivables | (2,091) | 1,197 | (5,688) |
(Decrease) increase in inventories | 691 | (2,881) | (807) |
Increase in accounts payable and other accrued expenses | 686 | 1,351 | 3,008 |
Increase in deferred revenue | 5,021 | 569 | 79 |
Other, net | (437) | 635 | (294) |
Net cash provided by operating activities | 11,662 | 7,271 | 2,291 |
Cash Flows from Investing Activities | |||
Capital expenditures | (2,611) | (2,187) | (2,568) |
Decrease (increase) in restricted cash | 132 | 709 | (1,908) |
Net cash used in investing activities | (2,479) | (1,478) | (4,476) |
Cash Flows from Financing Activities | |||
Dividends paid | (1,570) | (1,361) | (1,234) |
Dividends paid to noncontrolling interest in subsidiaries | (56) | (75) | (38) |
(Decrease) increase in short-term borrowings and interest rate swaps, net | (227) | (1,137) | 1,805 |
Payment toward purchase of noncontrolling interest in subsidiary | (888) | (888) | |
Payments on long-term debt | (421) | (422) | (421) |
Net proceeds from exercise of stock options (including tax benefit) | 190 | 479 | 33 |
Net cash used in financing activities | (2,084) | (3,404) | (743) |
Effect of exchange rate changes on cash, net | 185 | (211) | (276) |
Increase (Decrease) in Cash and Cash Equivalents | 7,284 | 2,178 | (3,204) |
Cash and Cash Equivalents at Beginning of Year | 5,222 | 3,044 | 6,248 |
Cash and Cash Equivalents at End of Year | 12,506 | 5,222 | 3,044 |
Supplemental Disclosure of Cash Flow Information | |||
Interest paid | 292 | 306 | 323 |
Income taxes paid | $ 2,618 | $ 2,387 | $ 1,873 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1—Summary of Significant Accounting Policies Kewaunee Scientific Corporation and subsidiaries (collectively the “Company”) design, manufacture, and install laboratory, healthcare, and technical furniture products. The Company’s products include steel, wood, and laminate furniture, fume hoods, biological safety cabinets, laminare flow and ductless fume hoods, adaptable modular and column systems, movable workstations and carts, epoxy resin worksurfaces, sinks and accessories and related design services. The Company’s sales are made through purchase orders and contracts submitted by customers, dealers and agents, a national stocking distributor, and competitive bids submitted by the Company and its subsidiaries located in Singapore, India, and China. The majority of the Company’s products are sold to customers located in North America, primarily within the United States. The Company’s laboratory products are used in chemistry, physics, biology and other general science laboratories in the pharmaceutical, biotechnology, industrial, chemical, commercial, educational, government and health care markets. Technical products are used in facilities manufacturing computers and light electronics and by users of computer and networking furniture. Laminate casework is used in educational, healthcare and industrial applications. Principles of Consolidation Cash and Cash Equivalents Restricted Cash Accounts Receivable and Allowance for Doubtful Accounts $ in thousands 2017 2016 2015 Balance at beginning of year $ 202 $ 171 $ 229 Bad debt provision 37 74 55 Doubtful accounts written off (net) (48 ) (43 ) (113 ) Balance at end of year $ 191 $ 202 $ 171 Unbilled Receivables Inventories Property, Plant and Equipment $ in thousands 2017 2016 Useful Life Land $ 41 $ 41 N/A Building and improvements 15,892 15,638 10-40 years Machinery and equipment 35,635 34,249 5-10 years Total 51,568 49,928 Less accumulated depreciation (37,541 ) (35,810 ) Net property, plant and equipment $ 14,027 $ 14,118 Management reviews the carrying value of property, plant and equipment for impairment whenever changes in circumstances or events indicate that such carrying value may not be recoverable. If projected undiscounted cash flows are not sufficient to recover the carrying value of the potentially impaired asset, the carrying value is reduced to estimated fair value. There were no impairments in fiscal years 2017, 2016, or 2015. Other Assets Use of Estimates Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Expanded disclosures about instruments measured at fair value require the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value as follows: Level 1 Quoted prices in active markets for identical assets or liabilities as of the reporting date. Level 2 Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities as of the reporting date. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following tables summarize the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring and nonrecurring basis as of April 30, 2017 and 2016 (in thousands): 2017 Financial Assets Level 1 Level 2 Level 3 Total Trading securities held in non-qualified compensation plans (1) $ 3,748 $ — $ — $ 3,748 Cash surrender value of life insurance policies (1) — 75 — 75 Total $ 3,748 $ 75 $ — $ 3,823 Financial Liabilities Non-qualified compensation plans (2) $ — $ 4,186 $ — $ 4,186 Interest rate swap derivatives — 62 — 62 Total $ — $ 4,248 $ — $ 4,248 2016 Financial Assets Level 1 Level 2 Level 3 Total Trading securities held in non-qualified compensation plans (1) $ 3,867 $ — $ — $ 3,867 Cash surrender value of life insurance policies (1) — 62 — 62 Total $ 3,867 $ 62 $ — $ 3,929 Financial Liabilities Non-qualified compensation plans (2) $ — $ 4,215 $ — $ 4,215 Interest rate swap derivatives — 166 — 166 Total $ — $ 4,381 $ — $ 4,381 (1) The Company maintains two non-qualified compensation plans which include investment assets in a rabbi trust. These assets consist of marketable securities, which are valued using quoted market prices multiplied by the number of shares owned, and life insurance policies, which are valued at their cash surrender value. (2) Plan liabilities are equal to the individual participants’ account balances and other earned retirement benefits. Revenue Recognition Deferred revenue consists of customer deposits and advance billings of the Company’s products where sales have not yet been recognized. Accounts receivable includes retainage in the amounts of $2,839,000 and $1,562,000 at April 30, 2017 and 2016, respectively. Shipping and handling costs are included in cost of product sales. Because of the nature and quality of the Company’s products, any warranty issues are determined in a relatively short period after the sale and are infrequent in nature, and as such, warranty costs are immaterial to the Company’s consolidated financial position and results of operations and are expensed as incurred. Product sales resulting from fixed-price construction contracts involve a signed contract for a fixed price to provide the Company’s laboratory furniture and fume hoods for a construction project. In these instances, the Company is usually in the role of a subcontractor, but in some cases may enter into a contract directly with the end-user of the products. Contract arrangements normally do not contain a general right of return relative to the delivered items. Product sales resulting from fixed-price construction contracts are generated from multiple-element arrangements that require separate units of accounting and estimates regarding the fair value of individual elements. The Company has determined that its multiple-element arrangements that qualify as separate units of accounting are (1) product sales and (2) installation services. There is objective and reliable evidence of fair value for both the product sales and installation services and allocation of arrangement consideration for each of these units is based on their relative fair values. Each of these elements represent individual units of accounting, as the delivered item has value to a customer on a stand-alone basis. The Company’s products are regularly sold on a stand-alone basis to customers which provides vendor-specific objective evidence of fair value. The fair value of installation services is separately calculated using expected costs of installation services. Many times the value of installation services is calculated using price quotations from subcontractors to the Company who perform installation services on a stand-alone basis. Product sales resulting from purchase orders involve a purchase order received by the Company from its dealers or stocking distributor. This category includes product sales for standard products, as well as products which require some customization. Any customization requirements are approved by the customer prior to manufacture of the customized product. Sales from purchase orders are recognized under the terms of the purchase order which generally are freight on board (“FOB”) shipping point and do not include rights of return. Accordingly, these sales are recognized at the time of shipment. Credit Concentration Insurance Income Taxes Research and Development Costs Advertising Costs Derivative Financial Instruments Foreign Currency Translation Earnings Per Share The following is a reconciliation of basic to diluted weighted average common shares outstanding: Shares in thousands 2017 2016 2015 Weighted average common shares outstanding Basic 2,705 2,667 2,626 Dilutive effect of stock options 21 20 32 Weighted average common shares outstanding—diluted 2,726 2,687 2,658 Accounting for Stock Options New Accounting Standards In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements-Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” which requires management to evaluate whether there are conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern, and requires related footnote disclosures. This guidance was effective for fiscal years, and interim periods within those years, ending after December 15, 2016. The Company adopted this standard effective May 1, 2016. The adoption of this standard did not have a significant impact on the Company’s consolidated financial position or results of operations. In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs.” This guidance requires that debt issuance costs related to a recognized liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This guidance was effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company adopted this standard effective May 1, 2016. The adoption of this standard did not have a significant impact on the Company’s consolidated financial position or results of operations. In July 2015, the FASB issued ASU 2015-11, “Inventory – Simplifying the Measurement of Inventory.” This guidance changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company adopted this standard effective May 1, 2017. The Company does not expect the adoption of this standard to have a significant impact on the Company’s consolidated financial position or results of operations. In November 2015, the FASB issued ASU 2015-17, “Income Taxes – Balance Sheet Classification of Deferred Taxes.” This guidance eliminates the requirement to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. Instead, the update requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted prospectively or retrospectively. The Company early adopted this guidance prospectively beginning with the Consolidated Balance Sheet at April 30, 2016. Prior periods were not retrospectively adjusted. In February 2016, the FASB issued ASU 2016-2, “Leases.” This guidance establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company will adopt this standard in fiscal year 2020. The Company has not yet determined the effect, if any, that the adoption of this standard will have on the Company’s financial position or results of operations. In March 2016, the FASB issued ASU 2016-9, “Stock Compensation – Improvements to Employee Share-Based Payment Accounting.” This guidance simplifies various aspects related to how share-based payments are accounted for and presented in the financial statements. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company adopted this standard effective May 1, 2017. The Company does not expect the adoption of this standard to have a significant impact on the Company’s consolidated financial position or results of operations. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments,” which replaces the current incurred loss method used for determining credit losses on financial assets, including trade receivables, with an expected credit loss method. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company will adopt this standard in fiscal year 2021. The Company does not expect the adoption of this standard to have a significant impact on the Company’s consolidated financial position or results of operations. In August 2016, the FASB issued ASU 2016-15, “Cash Flow Classification of Certain Cash Receipts and Cash Payments,” which clarifies guidance on classification of certain transactions in the statement of cash flows, including classification of debt prepayments, debt extinguishment costs and contingent consideration payments after a business combination. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company will adopt this standard in fiscal year 2019. The Company does not expect the adoption of this standard to have a significant impact on the Company’s consolidated financial position or results of operations. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows – Restricted Cash,” which requires that the statement of cash flows reconcile the change during the period in total cash, cash equivalents and restricted cash. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company will adopt this standard in fiscal year 2019. The Company does not expect the adoption of this standard to have a significant impact on the Company’s consolidated financial position or results of operations In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment,” which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company will adopt this standard in fiscal year 2021. The Company does not expect the adoption of this standard to have a significant impact on the Company’s consolidated financial position or results of operations. In March 2017, the FASB issued ASU 2017-07, “Compensation – Retirement Benefits – Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” which requires that the service cost component of net periodic pension cost is presented in the same line as other compensation costs arising from services rendered by the respective employees during the year. The other components of net periodic pension cost are required to be presented in the income statement separately from the service cost component and outside of earnings from operations. This guidance allows for the service cost component to be eligible for capitalization when applicable. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company will adopt this standard in fiscal year 2019. The Company does not expect the adoption of this standard to have a significant impact on the Company’s consolidated financial position or results of operations. |
Inventories
Inventories | 12 Months Ended |
Apr. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 2—Inventories Inventories consisted of the following at April 30: $ in thousands 2017 2016 Finished goods $ 3,179 $ 3,707 Work-in-process 1,950 1,889 Materials and components 9,806 10,030 Total inventories $ 14,935 $ 15,626 At April 30, 2017 and 2016, the Company’s international subsidiaries’ inventories were $2,205,000 and $2,253,000, respectively, measured using the first-in, first-out (“FIFO”) method. If all of the Company’s inventories had been determined using the FIFO method at April 30, 2017 and 2016, reported inventories would have been $748,000 and $714,000 greater, respectively. During fiscal year 2017, the LIFO index was higher than 100% due to higher prices for certain raw materials. This increase resulted in the addition of LIFO inventory quantities carried at lower costs prevailing in prior years as compared to the cost of purchases in fiscal year 2016, the effect of which increased the costs of product sales by $14,000. During fiscal year 2016, the LIFO index was lower than 100% due to lower prices for certain raw materials. This decrease resulted in the liquidation of LIFO inventory quantities carried at higher costs prevailing in fiscal year 2016 as compared to the cost of purchases in the fiscal year 2015, the effect of which decreased the cost of product sales by $336,000. |
Long-term Debt and Other Credit
Long-term Debt and Other Credit Arrangements | 12 Months Ended |
Apr. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-term Debt and Other Credit Arrangements | Note 3—Long-term Debt and Other Credit Arrangements On May 6, 2013, the Company entered into a credit and security agreement (the “Loan Agreement”) with a new lender consisting of (1) a $20 million revolving credit facility (“Line of Credit”) which originally matured on May 1, 2016 and was extended to May 1, 2018 on June 3, 2015, (2) a term loan in the amount of $3,450,000 which matures on May 1, 2020 (“Term Loan A”) and (3) a term loan in the amount of $1,550,000 which matures on May 1, 2020 (Term Loan B and together with Term Loan A, the “Term Loans”). The Loan Agreement provided funds to refinance all existing indebtedness to the Company’s previous lender and for working capital and other general corporate purposes. In addition, the credit facility provided a sub-line for the issuance of up to $6.5 million of letters of credit at April 30, 2017 and April 30, 2016. At April 30, 2017, there were advances of $3.5 million and $4.2 million in letters of credit outstanding, leaving $12.3 million available under the Line of Credit. The borrowing rate under the Line of Credit at that date was 2.5%. Monthly interest payments under the Line of Credit were payable at the Daily One Month LIBOR interest rate plus 1.5% per annum. Payments are due under Term Loan A in consecutive equal monthly principal payments in the amount of $17,000 until August 1, 2017, and then in consecutive equal monthly principal payments in the amount of $79,000 each, commencing on September 1, 2017 and continuing on the first business day of each month thereafter until May 1, 2020, and at that time, all principal, accrued unpaid interest and other charges outstanding under Term Loan A shall be due and payable in full. The interest rate on Term Loan A, after consideration of related interest rate swap agreements, is a fixed rate per annum equal to 4.875%, and effective August 1, 2017, such rate converts to a fixed rate per annum of 4.37%. Payments are due under Term Loan B in consecutive equal monthly principal payments in the amount of $18,000 until May 1, 2020, and at that time, all principal, accrued unpaid interest and other charges outstanding under Term Loan B shall be due and payable in full. The interest rate on Term Loan B, after consideration of the related interest rate swap agreement, effective November 3, 2014, converted to a fixed rate per annum of 3.07%. Scheduled annual principal payments for the term loans are $918,000, $1,167,000 and $1,264,000 for fiscal years 2018, 2019 and 2020, respectively. Term Loan A and Term Loan B are secured by liens against certain machinery and equipment. At April 30, 2017, there were bank guarantees issued by foreign banks outstanding to customers in the amount of $1,403,000, $112,000 and $117,000 with expiration dates in fiscal years 2018, 2019 and 2020, respectively, collateralized by a $4.0 million letter of credit under the Line of Credit and certain assets of the Company’s subsidiaries in India. The Loan Agreement includes financial covenants with respect to certain ratios, including (a) debt-to-net worth, (b) fixed charge coverage, and (c) asset coverage. At April 30, 2017, the Company was in compliance with all of the financial covenants. At April 30, 2016, there were advances of $3.6 million and $4.2 million in letters of credit outstanding under the Line of Credit. The borrowing rate at that date was 2.0%. At April 30, 2016, there were foreign bank guarantees outstanding to customers in the amount of $3,686,000 and $478,000 with expiration dates in fiscal years 2017 and 2018, respectively. At April 30, 2016, the Company was in compliance with all of the financial covenants. Amounts outstanding under the term loans were as follows as of April 30: $ in thousands 2017 2016 Term Loan A payable $ 2,667 $ 2,866 Term Loan B payable 682 904 Less: current portion (918) (421) Long-term debt $ 2,431 $ 3,349 |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 4—Income Taxes Income tax expense consisted of the following: $ in thousands 2017 2016 2015 Current tax expense: Federal $ 891 $ 974 $ 759 State and local 120 117 151 Foreign 1,467 1,122 1,348 Total current tax expense 2,478 2,213 2,258 Deferred tax expense (benefit): Federal (108) (431) (187) State and local 24 98 (70) Foreign (268) (18) (256) Total deferred tax benefit (352) (351) (513) Net income tax expense $ 2,126 $ 1,862 $ 1,745 The reasons for the differences between the above net income tax expense and the amounts computed by applying the statutory federal income tax rate to earnings before income taxes are as follows: $ in thousands 2017 2016 2015 Income tax expense at statutory rate $ 2,294 $ 1,952 $ 1,831 State and local taxes, net of federal income tax benefit (expense) 100 102 97 Tax credits (state, net of federal benefit) (110) (407) (157) Effects of differing US and foreign tax rates (7) 173 47 Increase (decrease) in valuation allowance 82 (10) (40) Other items, net (233) 52 (33) Net income tax expense $ 2,126 $ 1,862 $ 1,745 Significant items comprising deferred tax assets and liabilities as of April 30 were as follows: $ in thousands 2017 2016 Deferred tax assets: Accrued employee benefit expenses $ 549 $ 529 Allowance for doubtful accounts 67 74 Deferred compensation 1,792 1,753 Tax credits 208 224 Unrecognized actuarial loss, defined benefit plans 3,223 3,850 Inventory Reserves 360 118 Net operating loss carryforwards 224 — Other 113 353 Total deferred tax assets 6,536 6,901 Deferred tax liabilities: Book basis in excess of tax basis of property, plant and equipment (1,600) (1,655) Prepaid pension (1,696) (1,854) Total deferred tax liabilities (3,296) (3,509) Less: valuation allowance (82) — Net deferred tax assets $ 3,158 $ 3,392 Deferred tax assets classified in the balance sheet: Non-current 3,158 3,392 Net deferred tax assets (liabilities) $ 3,158 $ 3,392 Unremitted earnings of subsidiaries outside the United States are considered to be reinvested indefinitely at April 30, 2017. It is not practicable to determine the deferred tax liability for temporary differences related to those unremitted earnings. At April 30, 2017, the Company had state tax credit carryforwards in the amount of $208,000, net of federal benefit, expiring beginning in 2018. At April 30, 2017, the Company had $1,049,000 gross net operating losses in jurisdictions outside of the United States, of which $569,000 is set to expire in years 2020 to 2022. After a review of the expiration schedule of the net operating loss carryforwards and future taxable income required to utilize such carryforwards before their expiration, a valuation allowance of $82,000 was recorded at April 30, 2017. |
Stock Options and Share-Based C
Stock Options and Share-Based Compensation | 12 Months Ended |
Apr. 30, 2017 | |
Equity [Abstract] | |
Stock Options and Share-Based Compensation | Note 5—Stock Options and Share-Based Compensation The stockholders approved the 2010 Stock Option Plan for Directors (“2010 Plan”) in fiscal year 2011 which allows the Company to grant options on an aggregate of 100,000 shares of the Company’s common stock. Under this plan, each eligible director was granted options to purchase 10,000 shares at the fair market value at the date of grant for a term of five years. These options are exercisable in four equal installments, one-fourth becoming exercisable on the next August 1 following the date of grant, and one-fourth becoming exercisable on August 1 of each of the next three years. At April 30, 2017, there were 25,000 shares available for future grants under the 2010 Plan. The stockholders approved the 2008 Key Employee Stock Option Plan (“2008 Plan”) in fiscal year 2009 which allowed the Company to grant options on an aggregate of 300,000 shares of the Company’s common stock. On August 26, 2015, the stockholders approved an amendment to this plan to increase the number of shares available under the 2008 Plan by 300,000. Under the plan, options are granted at not less than the fair market value at the date of grant and options are exercisable in such installments, for such terms (up to 10 years), and at such times, as the Board of Directors may determine at the time of the grant. At April 30, 2017, there were 255,100 shares available for future grants under the 2008 Plan. The Company recorded stock-based compensation expense in accordance with ASC 718. In order to determine the fair value of stock options on the date of grant, the Company applied the Black-Scholes option pricing model. Inherent in the model are assumptions related to expected stock-price volatility, option life, risk-free interest rate, and dividend yield. For stock options granted during the fiscal years 2017, 2016 and 2015, the Company believes that its historical share option experience does not provide a reasonable basis upon which to estimate expected term. The stock options granted have the “plain-vanilla” characteristics as defined in SEC Staff Accounting Bulletin No. 107 (SAB 107). The Company utilized the Safe Harbor option “Simplified Method” to determine the expected term of these options in accordance with the guidance of SAB 107 for options granted. The Company intends to continue to utilize the “Simplified Method” for future grants in accordance with the guidance of SAB 110 until such time that the Company believes that its historical share option experience will provide a reasonable basis to estimate expected term. The fair value of the options granted as shown below was estimated using the Black-Scholes model with the following assumptions: 2017 2016 2015 2008 Plan 2008 Plan 2008 Plan 2010 Plan Options granted 45,200 40,200 35,800 10,000 Weighted average expected stock price volatility 29.17% 30.45% 46.67% 30.37% Expected option life 6.25 years 6.25 years 6.25 years 3.38 years Average risk-free interest rate 2.10% 1.97% 1.91% 1.28% Average dividend yield 3.00% 2.78% 2.61% 2.69% Estimated fair value of each option $5.04 $3.97 $6.60 $3.04 The stock-based compensation expense is recorded over the vesting period (4 years) for the options granted, net of tax. The Company recorded $199,000, $192,000 and $196,000 of compensation expense and $74,000, $72,000 and $75,000 deferred income tax benefit in fiscal years 2017, 2016 and 2015, respectively. The remaining compensation expense of $381,000 and deferred income tax benefit of $141,000 will be recorded over the remaining vesting periods. The Company issued new shares of common stock and treasury stock to satisfy options exercised during fiscal years 2017, 2016 and 2015. Stock option activity and weighted average exercise price is summarized as follows: 2017 2016 2015 Number Weighted Number Weighted Number Weighted Outstanding at beginning of year 185,375 $ 14.68 239,575 $ 13.24 228,250 $ 12.17 Granted 45,200 22.92 40,200 16.92 45,800 17.78 Canceled (150) 10.64 (10,400) 16.37 (5,400) 11.74 Exercised (50,075) 12.72 (84,000) 11.44 (29,075) 12.28 Outstanding at end of year 180,350 $ 17.29 185,375 $ 14.68 239,575 $ 13.24 Exercisable at end of year 78,650 $ 14.22 92,075 $ 12.83 136,700 $ 11.66 The number of options outstanding, exercisable, and their weighted average exercise prices were within the following price ranges at April 30, 2017 Exercise Price Range $8.59-$12.66 $13.12-$18.14 $18.31-$23.62 Options outstanding 34,150 101,000 45,200 Weighted average exercise price $ 10.92 $ 16.92 $ 22.92 Weighted average remaining contractual life 4.74 years 6.92 years 9.31 years Aggregate intrinsic value $ 409,000 $ 604,000 $ 28,000 Options exercisable 34,150 44,500 — Weighted average exercise price $ 10.92 $ 16.75 — Aggregate intrinsic value $ 409,000 $ 274,000 — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Apr. 30, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 6—Accumulated Other Comprehensive Income (Loss) The Company’s other comprehensive income (loss) consists of unrealized gains and losses on the translation of the assets, liabilities, and equity of its foreign subsidiaries, changes in the fair value of its cash flow hedges, and additional minimum pension liability adjustments, net of income taxes. The before tax income (loss), related income tax effect, and accumulated balances are as follows: $ in thousands Cash Flow Foreign Minimum Total Balance at April 30, 2014 $ (132) $ (665) $ (5,476) $ (6,273) Effect of changes in tax rates (2) — 63 61 Foreign currency translation adjustment — (346) — (346) Change in fair value of cash flow hedges 8 — — 8 Change in unrecognized actuarial loss on pension obligations — — (2,049) (2,049) Income tax effect (1) — 720 719 Balance at April 30, 2015 (127) (1,011) (6,742) (7,880) Effect of changes in tax rates 1 — 88 89 Foreign currency translation adjustment — (217) — (217) Change in fair value of cash flow hedges 37 — — 37 Change in unrecognized actuarial loss on pension obligations — — 716 716 Income tax effect (15) — (356) (371) Balance at April 30, 2016 (104) (1,228) (6,294) (7,626) Effect of changes in tax rates 1 — 30 31 Foreign currency translation adjustment — 231 — 231 Change in fair value of cash flow hedges 104 — — 104 Change in unrecognized actuarial loss on pension obligations — — 1,609 1,609 Income tax effect (41) — (627) (668) Balance at April 30, 2017 $ (40) $ (997) $ (5,282) $ (6,319) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 7—Commitments and Contingencies The Company leases both its primary distribution facility and warehouse facility under non-cancelable operating leases. The Company also leases some of its machinery and equipment under non-cancelable operating leases. Most of these leases provide the Company with renewal and purchase options, and most leases of machinery and equipment have certain early cancellation rights. Rent expense for these operating leases was $2,225,000, $2,283,000 and $2,269,000 in fiscal years 2017, 2016, and 2015, respectively. Future minimum payments under the above non-cancelable lease arrangements for the years ending April 30 are as follows: $ in thousands Operating 2018 $ 1,191 2019 655 2020 308 2021 63 Total minimum lease payments $ 2,217 The Company is involved in certain claims and legal proceedings in the normal course of business which management believes will not have a material adverse effect on the Company’s consolidated financial condition or results of operations. |
Retirement Benefits
Retirement Benefits | 12 Months Ended |
Apr. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Benefits | Note 8—Retirement Benefits Defined Benefit Plans The Company has non-contributory defined benefit pension plans covering some of its domestic employees. These plans were amended as of April 30, 2005, no further benefits have been, or will be, earned under the plans, subsequent to the amendment date, and no additional participants will be added to the plans. The defined benefit plan for salaried employees provides pension benefits that are based on each employee’s years of service and average annual compensation during the last 10 consecutive calendar years of employment as of April 30, 2005. The benefit plan for hourly employees provides benefits at stated amounts based on years of service as of April 30, 2005. The Company uses an April 30 measurement date for its defined benefit plans. The change in projected benefit obligations and the change in fair value of plan assets for the non-contributory defined benefit pension plans for each of the years ended April 30 are summarized as follows: $ in thousands 2017 2016 Accumulated Benefit Obligation, April 30 $ 21,313 $ 21,156 Change in Projected Benefit Obligations Projected benefit obligations, beginning of year $ 21,156 $ 22,441 Interest cost 927 912 Actuarial (gain) loss 299 (1,155) Actual benefits paid (1,069) (1,042) Projected benefit obligations, end of year 21,313 21,156 Change in Plan Assets Fair value of plan assets, beginning of year 15,817 17,094 Actual (loss) return on plan assets 1,895 (299) Employer contributions 555 64 Actual benefits paid (1,069) (1,042) Fair value of plan assets, end of year 17,198 15,817 Funded status – under $ (4,115) $ (5,339) Amounts Recognized in the Consolidated Balance Sheets consist of: Noncurrent liabilities $ (4,115) $ (5,339) Amounts recognized in accumulated other comprehensive income (loss) consist of: Net actual loss $ 8,686 $ 10,295 Deferred tax benefit (3,223) (3,850) After-tax actuarial loss $ 5,463 $ 6,445 Weighted-Average Assumptions Used to Determine Benefit Obligations at April 30 Discount rate 4.10% 4.50% Rate of compensation increase N/A N/A Mortality table RP-2014 RP-2014 Projection scale MP-2016 MP-2015 Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended April 30 Discount rate 4.50% 4.20% Expected long-term return on plan assets 8.00% 8.25% Rate of compensation increase N/A N/A The components of the net periodic pension cost for each of the fiscal years ended April 30 are as follows: $ in thousands 2017 2016 2015 Interest cost $ 927 $ 912 $ 893 Expected return on plan assets (1,244) (1,363) (1,324) Recognition of net loss 1,257 1,223 934 Net periodic pension cost $ 940 $ 772 $ 503 The estimated net actuarial loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during the fiscal year 2018 is $1,060,000. The Company’s funding policy is to contribute to the plans when pension laws and economics either require or encourage funding. Contributions are anticipated for fiscal year 2018 to be $600,000. Contributions of $555,000 and $64,000 were made to the plan in fiscal years 2017 and 2016, respectively. The following benefit payments are expected to be paid from the benefit plans in the fiscal years ending April 30: $ in thousands Amount 2018 $ 1,250 2019 1,270 2020 1,310 2021 1,360 2022 1,370 2023-2027 7,010 The expected long-term portfolio return is established via a building block approach with proper consideration of diversification and rebalancing. Historical markets are studied and long-term historical relationships between equities and fixed-income securities are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long-term. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. Peer data and historical returns are also reviewed to check for reasonableness and appropriateness. The Company uses a Yield Curve methodology to determine its GAAP discount rate. Under this approach, future benefit payment cash flows are projected from the pension plan on a projected benefit obligation basis. The payment stream is discounted to a present value using an interest rate applicable to the timing of each respective cash flow. The graph of these time-dependent interest rates is known as a yield curve. The interest rates comprising the Yield Curve are determined through a statistical analysis performed by the IRS and issued each month in the form of a pension discount curve. For this purpose, the universe of possible bonds consists of a set of bonds which are designated as corporate, have high quality ratings (AAA or AA) from nationally recognized statistical rating organizations, and have at least $250 million in par amount outstanding on at least one day during the reporting period. A 1% increase/decrease in the discount rate for fiscal years 2017 and 2016 would decrease/increase pension expense by approximately $240,000 and $248,000, respectively. The Company uses a total return investment approach, whereby a mix of equities and fixed-income investments are used to attempt to maximize the long-term return on plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities, plan funded status, and corporate financial condition. The investment portfolio contains a diversified blend of equity and fixed-income investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks, as well as growth, value, and small and large capitalizations. The target allocations based on the Company’s investment policy were 75% in equity securities and 25% in fixed-income securities at April 30, 2017 and April 30, 2016. A 1% increase/decrease in the expected return on assets for fiscal years 2017 and 2016 would decrease/increase pension expense by approximately $152,000 and $165,000, respectively. Plan assets by asset categories as of April 30 were as follows: $ in thousands 2017 2016 Asset Category Amount % Amount % Equity Securities $ 10,611 62 $ 11,851 75 Fixed Income Securities 6,466 37 3,917 25 Cash and Cash Equivalents 121 1 49 — Totals $ 17,198 100 $ 15,817 100 The following tables present the fair value of the assets in our defined benefit pension plans at April 30: 2017 Asset Category Level 1 Level 2 Level 3 Large Cap $ 8,060 $ — $ — Small/Mid Cap 1,728 — — International 823 — — Fixed Income 6,466 — — Cash and Cash Equivalents 121 — — Totals $ 17,198 $ — $ — 2016 Asset Category Level 1 Level 2 Level 3 Large Cap $ 7,946 $ — $ — Small/Mid Cap 2,586 — — International 1,319 — — Fixed Income 3,917 — — Cash and Cash Equivalents 49 — — Totals $ 15,817 $ — $ — Level 1 retirement plan assets include United States currency held by a designated trustee and equity funds of common and preferred securities issued by domestic and foreign corporations. These equity funds are traded actively on exchanges and price quotes for these shares are readily available. Defined Contribution Plan The Company has a defined contribution plan covering substantially all domestic salaried and hourly employees. The plan provides benefits to all employees who have attained age 21, completed three months of service, and who elect to participate. The plan provides that the Company make matching contributions equal to 100% of the employee’s qualifying contribution up to 3% of the employee’s compensation, and make matching contributions equal to 50% of the employee’s contributions between 3% and 5% of the employee’s compensation, resulting in a maximum employer contribution equal to 4% of the employee’s compensation. Additionally, the plan provides that the Company may elect to make a non-matching contribution for participants employed by the Company on December 31 of each year. The Company contributed 1% of the participant’s qualifying compensation to the plan in fiscal years 2017, 2016 and 2015 amounting to $1,118,000, $1,057,000 and $834,000, respectively. |
Segment Information
Segment Information | 12 Months Ended |
Apr. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Note 9—Segment Information The Company’s operations are classified into two business segments: Domestic and International. The Domestic business segment principally designs, manufactures, and installs scientific and technical furniture, including steel and wood laboratory cabinetry, fume hoods, laminate casework, flexible systems, worksurfaces, workstations, workbenches, and computer enclosures. The International business segment, which consists of five foreign subsidiaries as identified in Note 1, provides the Company’s products and services, including facility design, detailed engineering, construction, and project management from the planning stage through testing and commissioning of laboratories. Intersegment transactions are recorded at normal profit margins. All intercompany balances and transactions have been eliminated. Certain corporate expenses shown below have not been allocated to the business segments. The following table shows revenues, earnings, and other financial information by business segment for each of the three years ended April 30: $ in thousands Domestic International Corporate Total Fiscal Year 2017 Revenues from external customers $ 113,081 $ 25,477 $ — $ 138,558 Intersegment revenues 4,463 3,691 (8,154 ) — Depreciation 2,478 224 — 2,702 Earnings (loss) before income taxes 8,221 3,507 (4,982 ) 6,746 Income tax expense (benefit) 2,522 1,199 (1,595 ) 2,126 Net earnings attributable to noncontrolling interest — 105 — 105 Net earnings (loss) attributable to Kewaunee Scientific Corporation 5,699 2,203 (3,387 ) 4,515 Segment assets 57,246 23,670 — 80,916 Expenditures for segment assets 2,572 39 — 2,611 Revenues (excluding intersegment) from customers in foreign countries 1,568 25,477 — 27,045 Fiscal Year 2016 Revenues from external customers $ 103,047 $ 25,579 $ — $ 128,626 Intersegment revenues 3,612 3,309 (6,921 ) — Depreciation 2,375 217 — 2,592 Earnings (loss) before income taxes 7,471 2,738 (4,470 ) 5,739 Income tax expense (benefit) 1,834 1,104 (1,076 ) 1,862 Net earnings attributable to noncontrolling interest — 75 — 75 Net earnings (loss) attributable to Kewaunee Scientific Corporation 5,637 1,559 (3,394 ) 3,802 Segment assets 54,030 18,375 — 72,405 Expenditures for segment assets 1,995 192 — 2,187 Revenues (excluding intersegment) from customers in foreign countries 1,794 25,579 — 27,373 Fiscal Year 2015 Revenues from external customers $ 93,098 $ 25,730 $ — $ 118,828 Intersegment revenues 1,433 2,419 (3,852 ) — Depreciation 2,399 216 — 2,615 Earnings (loss) before income taxes 5,810 3,073 (3,498 ) 5,385 Income tax expense (benefit) 1,794 1,092 (1,141 ) 1,745 Net earnings attributable to noncontrolling interest — 111 — 111 Net earnings (loss) attributable to Kewaunee Scientific Corporation 4,016 1,870 (2,357 ) 3,529 Segment assets 52,723 16,767 — 69,490 Expenditures for segment assets 2,259 309 — 2,568 Revenues (excluding intersegment) from customers in foreign countries 1,169 25,730 — 26,899 |
Purchase of Noncontrolling Inte
Purchase of Noncontrolling Interest | 12 Months Ended |
Apr. 30, 2017 | |
Noncontrolling Interest [Abstract] | |
Purchase of Noncontrolling Interest | Note 10—Purchase of Noncontrolling Interest On June 24, 2013, the Company entered into an Agreement (the “Agreement”) whereby it purchased the 49% minority ownership of its subsidiary, Kewaunee Labway Asia Pte. Ltd. (the “Subsidiary”) for a total purchase price of $3,555,000. The purchase was recorded in the consolidated balance sheet as a $1,874,000 reduction in retained earnings, a $1,681,000 reduction in noncontrolling interest, an increase of other current accrued expenses of $887,500, and an increase of other non-current liabilities of $887,500. On the date of the Agreement, the Company paid cash of $1,780,000 to the minority stockholder. In June 2014, the Company paid the second installment of $887,500. The final installment of $887,500 was paid in June 2015. The Subsidiary and its subsidiary in India, Kewanee Labway India Pvt. Ltd., serve as the Company’s principal sales and distribution organization for sales to international customers. |
Consolidated Quarterly Data (Un
Consolidated Quarterly Data (Unaudited) | 12 Months Ended |
Apr. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Consolidated Quarterly Data (Unaudited) | Note 11—Consolidated Quarterly Data ( Unaudited Selected quarterly financial data for fiscal years 2017 and 2016 were as follows: $ in thousands, except per share amounts First Second Third Fourth Fiscal Year 2017 Net sales $ 37,279 $ 36,329 $ 30,371 $ 34,579 Gross profit 7,139 7,104 5,032 7,332 Net earnings 1,330 1,537 358 1,395 Less: net earnings attributable to the noncontrolling interest 30 51 17 7 Net earnings attributable to Kewaunee Scientific Corporation 1,300 1,486 341 1,388 Net earnings per share attributable to Kewaunee Scientific Corporation Basic 0.48 0.55 0.13 0.51 Diluted 0.48 0.54 0.13 0.51 Cash dividends paid per share 0.13 0.15 0.15 0.15 Fiscal Year 2016 Net sales $ 31,089 $ 31,037 $ 32,410 $ 34,090 Gross profit 5,843 5,532 5,488 6,845 Net earnings 963 707 848 1,359 Less: net earnings attributable to the noncontrolling interest 23 12 18 22 Net earnings attributable to Kewaunee Scientific Corporation 940 695 830 1,337 Net earnings per share attributable to Kewaunee Scientific Corporation Basic 0.36 0.26 0.31 0.50 Diluted 0.35 0.26 0.31 0.50 Cash dividends paid per share 0.12 0.13 0.13 0.13 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Restricted Cash | Restricted Cash |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts $ in thousands 2017 2016 2015 Balance at beginning of year $ 202 $ 171 $ 229 Bad debt provision 37 74 55 Doubtful accounts written off (net) (48 ) (43 ) (113 ) Balance at end of year $ 191 $ 202 $ 171 |
Unbilled Receivables | Unbilled Receivables |
Inventories | Inventories |
Property, Plant and Equipment | Property, Plant and Equipment $ in thousands 2017 2016 Useful Life Land $ 41 $ 41 N/A Building and improvements 15,892 15,638 10-40 years Machinery and equipment 35,635 34,249 5-10 years Total 51,568 49,928 Less accumulated depreciation (37,541 ) (35,810 ) Net property, plant and equipment $ 14,027 $ 14,118 Management reviews the carrying value of property, plant and equipment for impairment whenever changes in circumstances or events indicate that such carrying value may not be recoverable. If projected undiscounted cash flows are not sufficient to recover the carrying value of the potentially impaired asset, the carrying value is reduced to estimated fair value. There were no impairments in fiscal years 2017, 2016, or 2015. |
Other Assets | Other Assets |
Use of Estimates | Use of Estimates |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Expanded disclosures about instruments measured at fair value require the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value as follows: Level 1 Quoted prices in active markets for identical assets or liabilities as of the reporting date. Level 2 Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities as of the reporting date. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following tables summarize the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring and nonrecurring basis as of April 30, 2017 and 2016 (in thousands): 2017 Financial Assets Level 1 Level 2 Level 3 Total Trading securities held in non-qualified compensation plans (1) $ 3,748 $ — $ — $ 3,748 Cash surrender value of life insurance policies (1) — 75 — 75 Total $ 3,748 $ 75 $ — $ 3,823 Financial Liabilities Non-qualified compensation plans (2) $ — $ 4,186 $ — $ 4,186 Interest rate swap derivatives — 62 — 62 Total $ — $ 4,248 $ — $ 4,248 2016 Financial Assets Level 1 Level 2 Level 3 Total Trading securities held in non-qualified compensation plans (1) $ 3,867 $ — $ — $ 3,867 Cash surrender value of life insurance policies (1) — 62 — 62 Total $ 3,867 $ 62 $ — $ 3,929 Financial Liabilities Non-qualified compensation plans (2) $ — $ 4,215 $ — $ 4,215 Interest rate swap derivatives — 166 — 166 Total $ — $ 4,381 $ — $ 4,381 (1) The Company maintains two non-qualified compensation plans which include investment assets in a rabbi trust. These assets consist of marketable securities, which are valued using quoted market prices multiplied by the number of shares owned, and life insurance policies, which are valued at their cash surrender value. (2) Plan liabilities are equal to the individual participants’ account balances and other earned retirement benefits. |
Revenue Recognition | Revenue Recognition Deferred revenue consists of customer deposits and advance billings of the Company’s products where sales have not yet been recognized. Accounts receivable includes retainage in the amounts of $2,839,000 and $1,562,000 at April 30, 2017 and 2016, respectively. Shipping and handling costs are included in cost of product sales. Because of the nature and quality of the Company’s products, any warranty issues are determined in a relatively short period after the sale and are infrequent in nature, and as such, warranty costs are immaterial to the Company’s consolidated financial position and results of operations and are expensed as incurred. Product sales resulting from fixed-price construction contracts involve a signed contract for a fixed price to provide the Company’s laboratory furniture and fume hoods for a construction project. In these instances, the Company is usually in the role of a subcontractor, but in some cases may enter into a contract directly with the end-user of the products. Contract arrangements normally do not contain a general right of return relative to the delivered items. Product sales resulting from fixed-price construction contracts are generated from multiple-element arrangements that require separate units of accounting and estimates regarding the fair value of individual elements. The Company has determined that its multiple-element arrangements that qualify as separate units of accounting are (1) product sales and (2) installation services. There is objective and reliable evidence of fair value for both the product sales and installation services and allocation of arrangement consideration for each of these units is based on their relative fair values. Each of these elements represent individual units of accounting, as the delivered item has value to a customer on a stand-alone basis. The Company’s products are regularly sold on a stand-alone basis to customers which provides vendor-specific objective evidence of fair value. The fair value of installation services is separately calculated using expected costs of installation services. Many times the value of installation services is calculated using price quotations from subcontractors to the Company who perform installation services on a stand-alone basis. Product sales resulting from purchase orders involve a purchase order received by the Company from its dealers or stocking distributor. This category includes product sales for standard products, as well as products which require some customization. Any customization requirements are approved by the customer prior to manufacture of the customized product. Sales from purchase orders are recognized under the terms of the purchase order which generally are freight on board (“FOB”) shipping point and do not include rights of return. Accordingly, these sales are recognized at the time of shipment. |
Credit Concentration | Credit Concentration |
Insurance | Insurance |
Income Taxes | Income Taxes |
Research and Development Costs | Research and Development Costs |
Advertising Costs | Advertising Costs |
Derivative Financial Instruments | Derivative Financial Instruments |
Foreign Currency Translation | Foreign Currency Translation |
Earnings Per Share | Earnings Per Share The following is a reconciliation of basic to diluted weighted average common shares outstanding: Shares in thousands 2017 2016 2015 Weighted average common shares outstanding Basic 2,705 2,667 2,626 Dilutive effect of stock options 21 20 32 Weighted average common shares outstanding—diluted 2,726 2,687 2,658 |
Accounting for Stock Options | Accounting for Stock Options |
New Accounting Standards | New Accounting Standards In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements-Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” which requires management to evaluate whether there are conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern, and requires related footnote disclosures. This guidance was effective for fiscal years, and interim periods within those years, ending after December 15, 2016. The Company adopted this standard effective May 1, 2016. The adoption of this standard did not have a significant impact on the Company’s consolidated financial position or results of operations. In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs.” This guidance requires that debt issuance costs related to a recognized liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This guidance was effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company adopted this standard effective May 1, 2016. The adoption of this standard did not have a significant impact on the Company’s consolidated financial position or results of operations. In July 2015, the FASB issued ASU 2015-11, “Inventory – Simplifying the Measurement of Inventory.” This guidance changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company adopted this standard effective May 1, 2017. The Company does not expect the adoption of this standard to have a significant impact on the Company’s consolidated financial position or results of operations. In November 2015, the FASB issued ASU 2015-17, “Income Taxes – Balance Sheet Classification of Deferred Taxes.” This guidance eliminates the requirement to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. Instead, the update requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted prospectively or retrospectively. The Company early adopted this guidance prospectively beginning with the Consolidated Balance Sheet at April 30, 2016. Prior periods were not retrospectively adjusted. In February 2016, the FASB issued ASU 2016-2, “Leases.” This guidance establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company will adopt this standard in fiscal year 2020. The Company has not yet determined the effect, if any, that the adoption of this standard will have on the Company’s financial position or results of operations. In March 2016, the FASB issued ASU 2016-9, “Stock Compensation – Improvements to Employee Share-Based Payment Accounting.” This guidance simplifies various aspects related to how share-based payments are accounted for and presented in the financial statements. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company adopted this standard effective May 1, 2017. The Company does not expect the adoption of this standard to have a significant impact on the Company’s consolidated financial position or results of operations. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments,” which replaces the current incurred loss method used for determining credit losses on financial assets, including trade receivables, with an expected credit loss method. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company will adopt this standard in fiscal year 2021. The Company does not expect the adoption of this standard to have a significant impact on the Company’s consolidated financial position or results of operations. In August 2016, the FASB issued ASU 2016-15, “Cash Flow Classification of Certain Cash Receipts and Cash Payments,” which clarifies guidance on classification of certain transactions in the statement of cash flows, including classification of debt prepayments, debt extinguishment costs and contingent consideration payments after a business combination. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company will adopt this standard in fiscal year 2019. The Company does not expect the adoption of this standard to have a significant impact on the Company’s consolidated financial position or results of operations. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows – Restricted Cash,” which requires that the statement of cash flows reconcile the change during the period in total cash, cash equivalents and restricted cash. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company will adopt this standard in fiscal year 2019. The Company does not expect the adoption of this standard to have a significant impact on the Company’s consolidated financial position or results of operations In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment,” which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company will adopt this standard in fiscal year 2021. The Company does not expect the adoption of this standard to have a significant impact on the Company’s consolidated financial position or results of operations. In March 2017, the FASB issued ASU 2017-07, “Compensation – Retirement Benefits – Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” which requires that the service cost component of net periodic pension cost is presented in the same line as other compensation costs arising from services rendered by the respective employees during the year. The other components of net periodic pension cost are required to be presented in the income statement separately from the service cost component and outside of earnings from operations. This guidance allows for the service cost component to be eligible for capitalization when applicable. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company will adopt this standard in fiscal year 2019. The Company does not expect the adoption of this standard to have a significant impact on the Company’s consolidated financial position or results of operations. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Activity in Allowance for Doubtful Accounts | The activity in the allowance for doubtful accounts for each of the three years ended April 30 was: $ in thousands 2017 2016 2015 Balance at beginning of year $ 202 $ 171 $ 229 Bad debt provision 37 74 55 Doubtful accounts written off (net) (48 ) (43 ) (113 ) Balance at end of year $ 191 $ 202 $ 171 |
Schedule of Property Plant and Equipment | Property, plant and equipment consisted of the following at April 30: $ in thousands 2017 2016 Useful Life Land $ 41 $ 41 N/A Building and improvements 15,892 15,638 10-40 years Machinery and equipment 35,635 34,249 5-10 years Total 51,568 49,928 Less accumulated depreciation (37,541 ) (35,810 ) Net property, plant and equipment $ 14,027 $ 14,118 |
Summary of Fair Value Hierarchy for Financial Assets and Liabilities Measured Recurring and Nonrecurring Basis | The following tables summarize the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring and nonrecurring basis as of April 30, 2017 and 2016 (in thousands): 2017 Financial Assets Level 1 Level 2 Level 3 Total Trading securities held in non-qualified compensation plans (1) $ 3,748 $ — $ — $ 3,748 Cash surrender value of life insurance policies (1) — 75 — 75 Total $ 3,748 $ 75 $ — $ 3,823 Financial Liabilities Non-qualified compensation plans (2) $ — $ 4,186 $ — $ 4,186 Interest rate swap derivatives — 62 — 62 Total $ — $ 4,248 $ — $ 4,248 2016 Financial Assets Level 1 Level 2 Level 3 Total Trading securities held in non-qualified compensation plans (1) $ 3,867 $ — $ — $ 3,867 Cash surrender value of life insurance policies (1) — 62 — 62 Total $ 3,867 $ 62 $ — $ 3,929 Financial Liabilities Non-qualified compensation plans (2) $ — $ 4,215 $ — $ 4,215 Interest rate swap derivatives — 166 — 166 Total $ — $ 4,381 $ — $ 4,381 (1) The Company maintains two non-qualified compensation plans which include investment assets in a rabbi trust. These assets consist of marketable securities, which are valued using quoted market prices multiplied by the number of shares owned, and life insurance policies, which are valued at their cash surrender value. (2) Plan liabilities are equal to the individual participants’ account balances and other earned retirement benefits. |
Reconciliation of Basic to Diluted Weighted Average Common Shares Outstanding | The following is a reconciliation of basic to diluted weighted average common shares outstanding: Shares in thousands 2017 2016 2015 Weighted average common shares outstanding Basic 2,705 2,667 2,626 Dilutive effect of stock options 21 20 32 Weighted average common shares outstanding—diluted 2,726 2,687 2,658 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consisted of the following at April 30: $ in thousands 2017 2016 Finished goods $ 3,179 $ 3,707 Work-in-process 1,950 1,889 Materials and components 9,806 10,030 Total inventories $ 14,935 $ 15,626 |
Long-term Debt and Other Cred23
Long-term Debt and Other Credit Arrangements (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Amounts Outstanding Under Term Loan | Amounts outstanding under the term loans were as follows as of April 30: $ in thousands 2017 2016 Term Loan A payable $ 2,667 $ 2,866 Term Loan B payable 682 904 Less: current portion (918) (421) Long-term debt $ 2,431 $ 3,349 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Income tax expense consisted of the following: $ in thousands 2017 2016 2015 Current tax expense: Federal $ 891 $ 974 $ 759 State and local 120 117 151 Foreign 1,467 1,122 1,348 Total current tax expense 2,478 2,213 2,258 Deferred tax expense (benefit): Federal (108) (431) (187) State and local 24 98 (70) Foreign (268) (18) (256) Total deferred tax benefit (352) (351) (513) Net income tax expense $ 2,126 $ 1,862 $ 1,745 |
Schedule of Income Tax Reconciliation | The reasons for the differences between the above net income tax expense and the amounts computed by applying the statutory federal income tax rate to earnings before income taxes are as follows: $ in thousands 2017 2016 2015 Income tax expense at statutory rate $ 2,294 $ 1,952 $ 1,831 State and local taxes, net of federal income tax benefit (expense) 100 102 97 Tax credits (state, net of federal benefit) (110) (407) (157) Effects of differing US and foreign tax rates (7) 173 47 Increase (decrease) in valuation allowance 82 (10) (40) Other items, net (233) 52 (33) Net income tax expense $ 2,126 $ 1,862 $ 1,745 |
Summary of Deferred Tax Assets and Liabilities | Significant items comprising deferred tax assets and liabilities as of April 30 were as follows: $ in thousands 2017 2016 Deferred tax assets: Accrued employee benefit expenses $ 549 $ 529 Allowance for doubtful accounts 67 74 Deferred compensation 1,792 1,753 Tax credits 208 224 Unrecognized actuarial loss, defined benefit plans 3,223 3,850 Inventory Reserves 360 118 Net operating loss carryforwards 224 — Other 113 353 Total deferred tax assets 6,536 6,901 Deferred tax liabilities: Book basis in excess of tax basis of property, plant and equipment (1,600) (1,655) Prepaid pension (1,696) (1,854) Total deferred tax liabilities (3,296) (3,509) Less: valuation allowance (82) — Net deferred tax assets $ 3,158 $ 3,392 Deferred tax assets classified in the balance sheet: Non-current 3,158 3,392 Net deferred tax assets (liabilities) $ 3,158 $ 3,392 |
Stock Options and Share-Based25
Stock Options and Share-Based Compensation (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Equity [Abstract] | |
Fair Value of Options Granted Using Black-Scholes Model | The fair value of the options granted as shown below was estimated using the Black-Scholes model with the following assumptions: 2017 2016 2015 2008 Plan 2008 Plan 2008 Plan 2010 Plan Options granted 45,200 40,200 35,800 10,000 Weighted average expected stock price volatility 29.17% 30.45% 46.67% 30.37% Expected option life 6.25 years 6.25 years 6.25 years 3.38 years Average risk-free interest rate 2.10% 1.97% 1.91% 1.28% Average dividend yield 3.00% 2.78% 2.61% 2.69% Estimated fair value of each option $5.04 $3.97 $6.60 $3.04 |
Summary of Stock Option Activity and Weighted Average Exercise Price | Stock option activity and weighted average exercise price is summarized as follows: 2017 2016 2015 Number Weighted Number Weighted Number Weighted Outstanding at beginning of year 185,375 $ 14.68 239,575 $ 13.24 228,250 $ 12.17 Granted 45,200 22.92 40,200 16.92 45,800 17.78 Canceled (150) 10.64 (10,400) 16.37 (5,400) 11.74 Exercised (50,075) 12.72 (84,000) 11.44 (29,075) 12.28 Outstanding at end of year 180,350 $ 17.29 185,375 $ 14.68 239,575 $ 13.24 Exercisable at end of year 78,650 $ 14.22 92,075 $ 12.83 136,700 $ 11.66 |
Summary of Options Outstanding, Exercisable, and Weighted Average Exercise Prices within Exercise Price Range | The number of options outstanding, exercisable, and their weighted average exercise prices were within the following price ranges at April 30, 2017 Exercise Price Range $8.59-$12.66 $13.12-$18.14 $18.31-$23.62 Options outstanding 34,150 101,000 45,200 Weighted average exercise price $ 10.92 $ 16.92 $ 22.92 Weighted average remaining contractual life 4.74 years 6.92 years 9.31 years Aggregate intrinsic value $ 409,000 $ 604,000 $ 28,000 Options exercisable 34,150 44,500 — Weighted average exercise price $ 10.92 $ 16.75 — Aggregate intrinsic value $ 409,000 $ 274,000 — |
Accumulated Other Comprehensi26
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Equity [Abstract] | |
Schedule of Before Tax Income (Loss) Related Income Tax Effect and Accumulated Balances | The before tax income (loss), related income tax effect, and accumulated balances are as follows: $ in thousands Cash Flow Foreign Minimum Total Balance at April 30, 2014 $ (132) $ (665) $ (5,476) $ (6,273) Effect of changes in tax rates (2) — 63 61 Foreign currency translation adjustment — (346) — (346) Change in fair value of cash flow hedges 8 — — 8 Change in unrecognized actuarial loss on pension obligations — — (2,049) (2,049) Income tax effect (1) — 720 719 Balance at April 30, 2015 (127) (1,011) (6,742) (7,880) Effect of changes in tax rates 1 — 88 89 Foreign currency translation adjustment — (217) — (217) Change in fair value of cash flow hedges 37 — — 37 Change in unrecognized actuarial loss on pension obligations — — 716 716 Income tax effect (15) — (356) (371) Balance at April 30, 2016 (104) (1,228) (6,294) (7,626) Effect of changes in tax rates 1 — 30 31 Foreign currency translation adjustment — 231 — 231 Change in fair value of cash flow hedges 104 — — 104 Change in unrecognized actuarial loss on pension obligations — — 1,609 1,609 Income tax effect (41) — (627) (668) Balance at April 30, 2017 $ (40) $ (997) $ (5,282) $ (6,319) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Payment Under Non-Cancelable Leases | Future minimum payments under the above non-cancelable lease arrangements for the years ending April 30 are as follows: $ in thousands Operating 2018 $ 1,191 2019 655 2020 308 2021 63 Total minimum lease payments $ 2,217 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Summary of Change in Projected Benefit Obligations and Change in Fair Value of Plan Assets | The change in projected benefit obligations and the change in fair value of plan assets for the non-contributory defined benefit pension plans for each of the years ended April 30 are summarized as follows: $ in thousands 2017 2016 Accumulated Benefit Obligation, April 30 $ 21,313 $ 21,156 Change in Projected Benefit Obligations Projected benefit obligations, beginning of year $ 21,156 $ 22,441 Interest cost 927 912 Actuarial (gain) loss 299 (1,155) Actual benefits paid (1,069) (1,042) Projected benefit obligations, end of year 21,313 21,156 Change in Plan Assets Fair value of plan assets, beginning of year 15,817 17,094 Actual (loss) return on plan assets 1,895 (299) Employer contributions 555 64 Actual benefits paid (1,069) (1,042) Fair value of plan assets, end of year 17,198 15,817 Funded status – under $ (4,115) $ (5,339) Amounts Recognized in the Consolidated Balance Sheets consist of: Noncurrent liabilities $ (4,115) $ (5,339) Amounts recognized in accumulated other comprehensive income (loss) consist of: Net actual loss $ 8,686 $ 10,295 Deferred tax benefit (3,223) (3,850) After-tax actuarial loss $ 5,463 $ 6,445 Weighted-Average Assumptions Used to Determine Benefit Obligations at April 30 Discount rate 4.10% 4.50% Rate of compensation increase N/A N/A Mortality table RP-2014 RP-2014 Projection scale MP-2016 MP-2015 Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended April 30 Discount rate 4.50% 4.20% Expected long-term return on plan assets 8.00% 8.25% Rate of compensation increase N/A N/A |
Summary of Components of Net Periodic Pension Cost | The components of the net periodic pension cost for each of the fiscal years ended April 30 are as follows: $ in thousands 2017 2016 2015 Interest cost $ 927 $ 912 $ 893 Expected return on plan assets (1,244) (1,363) (1,324) Recognition of net loss 1,257 1,223 934 Net periodic pension cost $ 940 $ 772 $ 503 |
Summary of Expected Benefit Payments | The following benefit payments are expected to be paid from the benefit plans in the fiscal years ending April 30: $ in thousands Amount 2018 $ 1,250 2019 1,270 2020 1,310 2021 1,360 2022 1,370 2023-2027 7,010 |
Summary of Plan Assets by Asset Categories | Plan assets by asset categories as of April 30 were as follows: $ in thousands 2017 2016 Asset Category Amount % Amount % Equity Securities $ 10,611 62 $ 11,851 75 Fixed Income Securities 6,466 37 3,917 25 Cash and Cash Equivalents 121 1 49 — Totals $ 17,198 100 $ 15,817 100 |
Summary of Fair Value Assets in Defined Benefit Pension Plans | The following tables present the fair value of the assets in our defined benefit pension plans at April 30: 2017 Asset Category Level 1 Level 2 Level 3 Large Cap $ 8,060 $ — $ — Small/Mid Cap 1,728 — — International 823 — — Fixed Income 6,466 — — Cash and Cash Equivalents 121 — — Totals $ 17,198 $ — $ — 2016 Asset Category Level 1 Level 2 Level 3 Large Cap $ 7,946 $ — $ — Small/Mid Cap 2,586 — — International 1,319 — — Fixed Income 3,917 — — Cash and Cash Equivalents 49 — — Totals $ 15,817 $ — $ — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | The following table shows revenues, earnings, and other financial information by business segment for each of the three years ended April 30: $ in thousands Domestic International Corporate Total Fiscal Year 2017 Revenues from external customers $ 113,081 $ 25,477 $ — $ 138,558 Intersegment revenues 4,463 3,691 (8,154 ) — Depreciation 2,478 224 — 2,702 Earnings (loss) before income taxes 8,221 3,507 (4,982 ) 6,746 Income tax expense (benefit) 2,522 1,199 (1,595 ) 2,126 Net earnings attributable to noncontrolling interest — 105 — 105 Net earnings (loss) attributable to Kewaunee Scientific Corporation 5,699 2,203 (3,387 ) 4,515 Segment assets 57,246 23,670 — 80,916 Expenditures for segment assets 2,572 39 — 2,611 Revenues (excluding intersegment) from customers in foreign countries 1,568 25,477 — 27,045 Fiscal Year 2016 Revenues from external customers $ 103,047 $ 25,579 $ — $ 128,626 Intersegment revenues 3,612 3,309 (6,921 ) — Depreciation 2,375 217 — 2,592 Earnings (loss) before income taxes 7,471 2,738 (4,470 ) 5,739 Income tax expense (benefit) 1,834 1,104 (1,076 ) 1,862 Net earnings attributable to noncontrolling interest — 75 — 75 Net earnings (loss) attributable to Kewaunee Scientific Corporation 5,637 1,559 (3,394 ) 3,802 Segment assets 54,030 18,375 — 72,405 Expenditures for segment assets 1,995 192 — 2,187 Revenues (excluding intersegment) from customers in foreign countries 1,794 25,579 — 27,373 Fiscal Year 2015 Revenues from external customers $ 93,098 $ 25,730 $ — $ 118,828 Intersegment revenues 1,433 2,419 (3,852 ) — Depreciation 2,399 216 — 2,615 Earnings (loss) before income taxes 5,810 3,073 (3,498 ) 5,385 Income tax expense (benefit) 1,794 1,092 (1,141 ) 1,745 Net earnings attributable to noncontrolling interest — 111 — 111 Net earnings (loss) attributable to Kewaunee Scientific Corporation 4,016 1,870 (2,357 ) 3,529 Segment assets 52,723 16,767 — 69,490 Expenditures for segment assets 2,259 309 — 2,568 Revenues (excluding intersegment) from customers in foreign countries 1,169 25,730 — 26,899 |
Consolidated Quarterly Data (30
Consolidated Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Selected quarterly financial data for fiscal years 2017 and 2016 were as follows: $ in thousands, except per share amounts First Second Third Fourth Fiscal Year 2017 Net sales $ 37,279 $ 36,329 $ 30,371 $ 34,579 Gross profit 7,139 7,104 5,032 7,332 Net earnings 1,330 1,537 358 1,395 Less: net earnings attributable to the noncontrolling interest 30 51 17 7 Net earnings attributable to Kewaunee Scientific Corporation 1,300 1,486 341 1,388 Net earnings per share attributable to Kewaunee Scientific Corporation Basic 0.48 0.55 0.13 0.51 Diluted 0.48 0.54 0.13 0.51 Cash dividends paid per share 0.13 0.15 0.15 0.15 Fiscal Year 2016 Net sales $ 31,089 $ 31,037 $ 32,410 $ 34,090 Gross profit 5,843 5,532 5,488 6,845 Net earnings 963 707 848 1,359 Less: net earnings attributable to the noncontrolling interest 23 12 18 22 Net earnings attributable to Kewaunee Scientific Corporation 940 695 830 1,337 Net earnings per share attributable to Kewaunee Scientific Corporation Basic 0.36 0.26 0.31 0.50 Diluted 0.35 0.26 0.31 0.50 Cash dividends paid per share 0.12 0.13 0.13 0.13 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||||||
Apr. 30, 2017USD ($) | Jan. 31, 2017USD ($) | Oct. 31, 2016USD ($) | Jul. 31, 2016USD ($) | Apr. 30, 2016USD ($) | Jan. 31, 2016USD ($) | Oct. 31, 2015USD ($) | Jul. 31, 2015USD ($) | Apr. 30, 2017USD ($)Storeshares | Apr. 30, 2016USD ($)shares | Apr. 30, 2015USD ($)shares | Jun. 24, 2013 | May 31, 2013USD ($) | |
Significant Accounting Policies [Line Items] | |||||||||||||
Net sales | $ 34,579,000 | $ 30,371,000 | $ 36,329,000 | $ 37,279,000 | $ 34,090,000 | $ 32,410,000 | $ 31,037,000 | $ 31,089,000 | $ 138,558,000 | $ 128,626,000 | $ 118,828,000 | ||
Unbilled receivables | 450,000 | 323,000 | 450,000 | 323,000 | |||||||||
Property plant and equipment impairment charges | 0 | 0 | 0 | ||||||||||
Assets held in trust account for non-qualified benefit plans included in other assets | 3,748,000 | 3,867,000 | 3,748,000 | 3,867,000 | |||||||||
Cash surrender value of life insurance policies included in other assets | 75,000 | 62,000 | 75,000 | 62,000 | |||||||||
Retainage included in accounts receivable | $ 2,839,000 | 1,562,000 | $ 2,839,000 | $ 1,562,000 | |||||||||
Total accounts receivable | 25.00% | 24.00% | |||||||||||
Research and development costs | $ 1,163,000 | $ 1,167,000 | 936,000 | ||||||||||
Advertising costs | $ 352,000 | $ 311,000 | $ 404,000 | ||||||||||
Anti-dilutive options exclude from computation of earning per share | shares | 39,200 | 110,100 | 80,800 | ||||||||||
Stock options granted | shares | 45,200 | 40,200 | 45,800 | ||||||||||
May 1, 2013 to August 1, 2017 [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Outstanding advances under the long-term debt | $ 3,450,000 | ||||||||||||
Interest rate swap, conversion rate | 4.875% | 4.875% | |||||||||||
Interest rate swap, beginning date of conversion | May 1, 2013 | ||||||||||||
Interest rate swap, ending date of conversion | Aug. 1, 2017 | ||||||||||||
August 1, 2017 to May 1, 2020 [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Outstanding advances under the long-term debt | 2,600,000 | ||||||||||||
Interest rate swap, conversion rate | 4.37% | 4.37% | |||||||||||
Interest rate swap, beginning date of conversion | Aug. 1, 2017 | ||||||||||||
Interest rate swap, ending date of conversion | May 1, 2020 | ||||||||||||
November 3, 2014 to May 1, 2020 [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Outstanding advances under the long-term debt | $ 1,218,000 | ||||||||||||
Interest rate swap, conversion rate | 3.07% | 3.07% | |||||||||||
Interest rate swap, beginning date of conversion | Nov. 3, 2014 | ||||||||||||
Interest rate swap, ending date of conversion | May 1, 2020 | ||||||||||||
Accounts Receivable [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Number of domestic customers | Store | 2 | ||||||||||||
Customer Concentration Risk [Member] | Sales Revenue, Segment [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Total sales percentage | 38.00% | 40.00% | 36.00% | ||||||||||
Number of domestic customers | Store | 3 | ||||||||||||
Kewaunee Labway Asia Pte. Ltd. [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Percentage of controlling interest in subsidiaries | 100.00% | 100.00% | 49.00% | ||||||||||
Kewaunee Labway India Pvt. Ltd. [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Percentage of controlling interest in subsidiaries | 90.00% | 90.00% | |||||||||||
Kewaunee Scientific Corporation India Pvt. Ltd. [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Percentage of controlling interest in subsidiaries | 100.00% | 100.00% | |||||||||||
Kewaunee Scientific Corporation Singapore Pte. Ltd. [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Percentage of controlling interest in subsidiaries | 100.00% | 100.00% | |||||||||||
Kewaunee Scientific Corporation China [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Percentage of controlling interest in subsidiaries | 100.00% | 100.00% | |||||||||||
Subsidiaries [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Net assets | $ 12,268,000 | $ 12,298,000 | $ 12,268,000 | $ 12,298,000 | |||||||||
Net sales | $ 25,477,000 | $ 25,579,000 | $ 25,730,000 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Schedule of Activity in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Accounting Policies [Abstract] | |||
Balance at beginning of year | $ 202 | $ 171 | $ 229 |
Bad debt provision | 37 | 74 | 55 |
Doubtful accounts written off (net) | (48) | (43) | (113) |
Balance at end of year | $ 191 | $ 202 | $ 171 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - Schedule of Property Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 51,568 | $ 49,928 |
Less accumulated depreciation | (37,541) | (35,810) |
Net property, plant and equipment | 14,027 | 14,118 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 41 | 41 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 15,892 | $ 15,638 |
Building and Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life | 10 years | 10 years |
Building and Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life | 40 years | 40 years |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 35,635 | $ 34,249 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life | 5 years | 5 years |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life | 10 years | 10 years |
Summary of Significant Accoun34
Summary of Significant Accounting Policies - Summary of Fair Value Hierarchy for Financial Assets and Liabilities Measured Recurring and Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Apr. 30, 2017 | Apr. 30, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Assets | $ 3,823 | $ 3,929 |
Financial Liabilities | 4,248 | 4,381 |
Trading Securities Held in Non-Qualified Compensation Plans [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Assets | 3,748 | 3,867 |
Cash Surrender Value of Life Insurance Policies [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Assets | 75 | 62 |
Non Qualified Compensation Plans [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 4,186 | 4,215 |
Interest Rate Swap Derivatives [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 62 | 166 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Assets | 3,748 | 3,867 |
Level 1 [Member] | Trading Securities Held in Non-Qualified Compensation Plans [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Assets | 3,748 | 3,867 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Assets | 75 | 62 |
Financial Liabilities | 4,248 | 4,381 |
Level 2 [Member] | Cash Surrender Value of Life Insurance Policies [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Assets | 75 | 62 |
Level 2 [Member] | Non Qualified Compensation Plans [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 4,186 | 4,215 |
Level 2 [Member] | Interest Rate Swap Derivatives [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | $ 62 | $ 166 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies - Summary of Fair Value Hierarchy for Financial Assets and Liabilities Measured Recurring and Nonrecurring Basis (Parenthetical) (Detail) | Apr. 30, 2017CompensationPlan |
Regulatory Assets [Abstract] | |
Number of non-qualified compensation plans maintained | 2 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Reconciliation of Basic to Diluted Weighted Average Common Shares Outstanding (Detail) - shares shares in Thousands | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Weighted average common shares outstanding | |||
Basic | 2,705 | 2,667 | 2,626 |
Dilutive effect of stock options | 21 | 20 | 32 |
Weighted average common shares outstanding-diluted | 2,726 | 2,687 | 2,658 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Apr. 30, 2017 | Apr. 30, 2016 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 3,179 | $ 3,707 |
Work-in-process | 1,950 | 1,889 |
Materials and components | 9,806 | 10,030 |
Total inventories | $ 14,935 | $ 15,626 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Inventories [Line Items] | ||
LIFO inventory reserve | $ 748,000 | $ 714,000 |
Increase or decrease in cost of product sales as a result of liquidation of LIFO inventory | 14,000 | 336,000 |
International Subsidiaries [Member] | ||
Inventories [Line Items] | ||
Inventories measured using FIFO method | $ 2,205,000 | $ 2,253,000 |
Long-term Debt and Other Cred39
Long-term Debt and Other Credit Arrangements - Additional Information (Detail) - USD ($) | Jun. 03, 2015 | May 06, 2013 | Apr. 30, 2017 | Apr. 30, 2016 |
Debt Instrument [Line Items] | ||||
Loan agreement | $ 20,000,000 | |||
Letters of credit | $ 6,500,000 | $ 6,500,000 | ||
Loan agreement, Maturity date | May 1, 2018 | May 1, 2016 | ||
Interest rate description | The borrowing rate under the Line of Credit at that date was 2.5%. Monthly interest payments under the Line of Credit were payable at the Daily One Month LIBOR interest rate plus 1.5% per annum. | |||
Unused and available credit facility | $ 12,300,000 | |||
Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility outstanding | 4,200,000 | 4,200,000 | ||
Bank Guarantees [Member] | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility outstanding | 4,000,000 | |||
Expiration Dates in Fiscal Year 2018 [Member] | Bank Guarantees [Member] | ||||
Debt Instrument [Line Items] | ||||
Bank Guarantees outstanding to customers | 1,403,000 | |||
Expiration Dates in Fiscal Year 2019 [Member] | Bank Guarantees [Member] | ||||
Debt Instrument [Line Items] | ||||
Bank Guarantees outstanding to customers | 112,000 | |||
Expiration Dates in Fiscal Year 2020 [Member] | Bank Guarantees [Member] | ||||
Debt Instrument [Line Items] | ||||
Bank Guarantees outstanding to customers | $ 117,000 | |||
Term Loan A [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility outstanding | $ 3,450,000 | |||
Loan agreement, Maturity date | May 1, 2020 | |||
Term loan, Payment terms | Payments are due under Term Loan A in consecutive equal monthly principal payments in the amount of $17,000 until August 1, 2017, and then in consecutive equal monthly principal payments in the amount of $79,000 each, commencing on September 1, 2017 and continuing on the first business day of each month thereafter until May 1, 2020, and at that time, all principal, accrued unpaid interest and other charges outstanding under Term Loan A shall be due and payable in full. | |||
Term Loan A [Member] | August 1, 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Periodic payments | $ 17,000 | |||
Fixed rate percentage | 4.37% | |||
Term Loan A [Member] | September 1, 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Periodic payments | $ 79,000 | |||
Term Loan A [Member] | Interest Rate Swap Derivatives [Member] | August 1, 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Fixed rate percentage | 4.875% | |||
Term Loan B [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility outstanding | $ 1,550,000 | |||
Loan agreement, Maturity date | May 1, 2020 | |||
Periodic payments | $ 18,000 | |||
Term loan, Payment terms | Payments in the amount of $18,000 until May 1, 2020, and at that time, all principal | |||
Term Loan B [Member] | November 3, 2014 [Member] | ||||
Debt Instrument [Line Items] | ||||
Fixed rate percentage | 3.07% | |||
Term Loan B [Member] | Expiration Dates in Fiscal Year 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Bank Guarantees outstanding to customers | 478,000 | |||
Term Loan B [Member] | Expiration Dates in Fiscal Year 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Bank Guarantees outstanding to customers | 3,686,000 | |||
Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, variable interest rate | 1.50% | |||
Advances [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility outstanding | $ 3,500,000 | $ 3,600,000 | ||
Interest rate at period end | 2.50% | 2.00% | ||
Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal payment for the year 2018 | $ 918,000 | |||
Principal payment for the year 2019 | 1,167,000 | |||
Principal payment for the year 2020 | $ 1,264,000 |
Long-term Debt and Other Cred40
Long-term Debt and Other Credit Arrangements - Summary of Amounts Outstanding Under Term Loan (Detail) - USD ($) $ in Thousands | Apr. 30, 2017 | Apr. 30, 2016 |
Debt Instrument [Line Items] | ||
Less: current portion | $ (918) | $ (421) |
Long-term debt | 2,431 | 3,349 |
Term Loan A [Member] | ||
Debt Instrument [Line Items] | ||
Term Loan payable | 2,667 | 2,866 |
Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Term Loan payable | $ 682 | $ 904 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Current tax expense: | |||
Federal | $ 891 | $ 974 | $ 759 |
State and local | 120 | 117 | 151 |
Foreign | 1,467 | 1,122 | 1,348 |
Total current tax expense | 2,478 | 2,213 | 2,258 |
Deferred tax expense (benefit): | |||
Federal | (108) | (431) | (187) |
State and local | 24 | 98 | (70) |
Foreign | (268) | (18) | (256) |
Total deferred tax benefit | (352) | (351) | (513) |
Net income tax expense | $ 2,126 | $ 1,862 | $ 1,745 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense at statutory rate | $ 2,294 | $ 1,952 | $ 1,831 |
State and local taxes, net of federal income tax benefit (expense) | 100 | 102 | 97 |
Tax credits (state, net of federal benefit) | (110) | (407) | (157) |
Effects of differing US and foreign tax rates | (7) | 173 | 47 |
Increase (decrease) in valuation allowance | 82 | (10) | (40) |
Other items, net | (233) | 52 | (33) |
Net income tax expense | $ 2,126 | $ 1,862 | $ 1,745 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Apr. 30, 2017 | Apr. 30, 2016 |
Deferred tax assets: | ||
Accrued employee benefit expenses | $ 549 | $ 529 |
Allowance for doubtful accounts | 67 | 74 |
Deferred compensation | 1,792 | 1,753 |
Tax credits | 208 | 224 |
Unrecognized actuarial loss, defined benefit plans | 3,223 | 3,850 |
Inventory Reserves | 360 | 118 |
Net operating loss carryforwards | 224 | |
Other | 113 | 353 |
Total deferred tax assets | 6,536 | 6,901 |
Deferred tax liabilities: | ||
Book basis in excess of tax basis of property, plant and equipment | (1,600) | (1,655) |
Prepaid pension | (1,696) | (1,854) |
Total deferred tax liabilities | (3,296) | (3,509) |
Less: valuation allowance | (82) | |
Net deferred tax assets | 3,158 | 3,392 |
Deferred tax assets classified in the balance sheet: | ||
Non-current | 3,158 | 3,392 |
Net deferred tax assets | $ 3,158 | $ 3,392 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended |
Apr. 30, 2017USD ($) | |
Income Taxes [Line Items] | |
State tax credit carry forward | $ 208,000 |
State tax credit carry forwards, expiration beginning date | 2,018 |
Valuation allowance | $ 82,000 |
Gross net operating losses | 1,049,000 |
Gross net operating losses subject to expiration | $ 569,000 |
Minimum [Member] | |
Income Taxes [Line Items] | |
Gross net operating losses expiration year | 2,020 |
Maximum [Member] | |
Income Taxes [Line Items] | |
Gross net operating losses expiration year | 2,022 |
Stock Options and Share-Based45
Stock Options and Share-Based Compensation - Additional Information (Detail) - USD ($) | Aug. 26, 2015 | Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | Aug. 25, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Stock based compensation expense | $ 199,000 | $ 192,000 | $ 196,000 | ||
Deferred income tax benefit | 74,000 | $ 72,000 | $ 75,000 | ||
Compensation expense not yet recorded | 381,000 | ||||
Deferred income tax on remaining compensation expense | $ 141,000 | ||||
2010 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized under stock option plan | 100,000 | ||||
Number of shares each director can purchase | 10,000 | ||||
Terms of award | 5 years | ||||
Stock options plan, description | Options will be exercisable in four equal installments, one-fourth becoming exercisable on the next August 1 following the date of grant, and one-fourth becoming exercisable on August 1 of each of the next three years | ||||
Shares available for future grants | 25,000 | ||||
2008 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized under stock option plan | 300,000 | ||||
Shares available for future grants | 255,100 | ||||
Increase in number of shares available under stock option plan | 300,000 | ||||
2008 Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Terms of award | 10 years |
Stock Options and Share-Based46
Stock Options and Share-Based Compensation - Fair Value of Options Granted Using Black-Scholes Model (Detail) - $ / shares | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted | 45,200 | 40,200 | 45,800 |
2008 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted | 45,200 | 40,200 | 35,800 |
Weighted average expected stock price volatility | 29.17% | 30.45% | 46.67% |
Expected option life | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Average risk-free interest rate | 2.10% | 1.97% | 1.91% |
Average dividend yield | 3.00% | 2.78% | 2.61% |
Estimated fair value of each option | $ 5.04 | $ 3.97 | $ 6.60 |
2010 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted | 10,000 | ||
Weighted average expected stock price volatility | 30.37% | ||
Expected option life | 3 years 4 months 17 days | ||
Average risk-free interest rate | 1.28% | ||
Average dividend yield | 2.69% | ||
Estimated fair value of each option | $ 3.04 |
Stock Options and Share-Based47
Stock Options and Share-Based Compensation - Summary of Stock Option Activity and Weighted Average Exercise Price (Detail) - $ / shares | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of Shares, Outstanding at beginning of year | 185,375 | 239,575 | 228,250 |
Number of Shares, Granted | 45,200 | 40,200 | 45,800 |
Number of Shares, Canceled | (150) | (10,400) | (5,400) |
Number of Shares, Exercised | (50,075) | (84,000) | (29,075) |
Number of Shares, Outstanding at end of year | 180,350 | 185,375 | 239,575 |
Number of Shares, Exercisable at end of year | 78,650 | 92,075 | 136,700 |
Weighted Average Exercise Price, Outstanding at beginning of year | $ 14.68 | $ 13.24 | $ 12.17 |
Weighted Average Exercise Price, Granted | 22.92 | 16.92 | 17.78 |
Weighted Average Exercise Price, Canceled | 10.64 | 16.37 | 11.74 |
Weighted Average Exercise Price, Exercised | 12.72 | 11.44 | 12.28 |
Weighted Average Exercise Price, Outstanding at end of year | 17.29 | 14.68 | 13.24 |
Weighted Average Exercise Price, Exercisable at end of year | $ 14.22 | $ 12.83 | $ 11.66 |
Stock Options and Share-Based48
Stock Options and Share-Based Compensation - Summary of Options Outstanding, Exercisable, and Weighted Average Exercise Prices within Exercise Price Range (Detail) - USD ($) | 12 Months Ended | |||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options outstanding | 180,350 | 185,375 | 239,575 | 228,250 |
Weighted average exercise price | $ 17.29 | $ 14.68 | $ 13.24 | $ 12.17 |
Exercise Price Range Range One [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range lower limit | 8.59 | |||
Exercise price range upper limit | $ 12.66 | |||
Options outstanding | 34,150 | |||
Weighted average exercise price | $ 10.92 | |||
Weighted average remaining contractual life | 4 years 8 months 26 days | |||
Aggregate intrinsic value | $ 409,000 | |||
Options exercisable | 34,150 | |||
Weighted average exercise price | $ 10.92 | |||
Aggregate intrinsic value | $ 409,000 | |||
Exercise Price Range Range Two [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range lower limit | $ 13.12 | |||
Exercise price range upper limit | $ 18.14 | |||
Options outstanding | 101,000 | |||
Weighted average exercise price | $ 16.92 | |||
Weighted average remaining contractual life | 6 years 11 months 1 day | |||
Aggregate intrinsic value | $ 604,000 | |||
Options exercisable | 44,500 | |||
Weighted average exercise price | $ 16.75 | |||
Aggregate intrinsic value | $ 274,000 | |||
Exercise Price Range Three [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range lower limit | $ 18.31 | |||
Exercise price range upper limit | $ 23.62 | |||
Options outstanding | 45,200 | |||
Weighted average exercise price | $ 22.92 | |||
Weighted average remaining contractual life | 9 years 3 months 22 days | |||
Aggregate intrinsic value | $ 28,000 |
Accumulated Other Comprehensi49
Accumulated Other Comprehensive Income (Loss) - Schedule of Before Tax Income (Loss) Related Income Tax effect and Accumulated Balances (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (7,626) | $ (7,880) | $ (6,273) |
Effect of changes in tax rates | 31 | 89 | 61 |
Foreign currency translation adjustment | 231 | (217) | (346) |
Change in fair value of cash flow hedges | 104 | 37 | 8 |
Change in unrecognized actuarial loss on pension obligations | 1,609 | 716 | (2,049) |
Income tax effect | (668) | (371) | 719 |
Ending Balance | (6,319) | (7,626) | (7,880) |
Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (104) | (127) | (132) |
Effect of changes in tax rates | 1 | 1 | (2) |
Foreign currency translation adjustment | 0 | 0 | 0 |
Change in fair value of cash flow hedges | 104 | 37 | 8 |
Change in unrecognized actuarial loss on pension obligations | 0 | 0 | 0 |
Income tax effect | (41) | (15) | (1) |
Ending Balance | (40) | (104) | (127) |
Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (1,228) | (1,011) | (665) |
Effect of changes in tax rates | 0 | 0 | 0 |
Foreign currency translation adjustment | 231 | (217) | (346) |
Change in fair value of cash flow hedges | 0 | 0 | 0 |
Change in unrecognized actuarial loss on pension obligations | 0 | 0 | 0 |
Income tax effect | 0 | 0 | 0 |
Ending Balance | (997) | (1,228) | (1,011) |
Minimum Pension Liability Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (6,294) | (6,742) | (5,476) |
Effect of changes in tax rates | 30 | 88 | 63 |
Foreign currency translation adjustment | 0 | 0 | 0 |
Change in fair value of cash flow hedges | 0 | 0 | 0 |
Change in unrecognized actuarial loss on pension obligations | 1,609 | 716 | (2,049) |
Income tax effect | (627) | (356) | 720 |
Ending Balance | $ (5,282) | $ (6,294) | $ (6,742) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease rent expense | $ 2,225,000 | $ 2,283,000 | $ 2,269,000 |
Commitments and Contingencies51
Commitments and Contingencies - Summary of Future Minimum Payment Under Non-Cancelable Leases (Detail) $ in Thousands | Apr. 30, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 1,191 |
2,019 | 655 |
2,020 | 308 |
2,021 | 63 |
Total minimum lease payments | $ 2,217 |
Retirement Benefits - Additiona
Retirement Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Average annual compensation period | Ten years | ||
Defined pension benefit plan, net periodic benefit cost | $ 1,060,000 | ||
Employer contributions | 555,000 | $ 64,000 | |
Anticipated contribution in the next fiscal year related to pension plans | $ 600,000 | ||
Increase decrease in the discount rate | 1.00% | 1.00% | |
Decrease increase pension expense | $ 152,000 | $ 165,000 | |
Age limit of employees to be eligible for contribution | 21 years | ||
Minimum service period of employees to be eligible for contribution | 3 months | ||
Employee's compensation | 3.00% | ||
Non-matching contribution for participants employed | 1.00% | ||
Contribution made by company | $ 1,118,000 | $ 1,057,000 | $ 834,000 |
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching contributions by company | 100.00% | ||
Contributions by employer per employee's compensation | 5.00% | ||
Employee's compensation | 4.00% | ||
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching contributions by company | 50.00% | ||
Contributions by employer per employee's compensation | 3.00% | ||
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, Plan asset percentage | 75.00% | 75.00% | |
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, Plan asset percentage | 25.00% | 25.00% | |
Yield Curve Technique [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Increase decrease in the discount rate | 1.00% | 1.00% | |
Decrease increase pension expense | $ 240,000 | $ 248,000 | |
Yield Curve Technique [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Par amount outstanding | $ 250,000,000 |
Retirement Benefits - Summary o
Retirement Benefits - Summary of Change in Projected Benefit Obligations and Change in Fair Value of Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |||
Accumulated Benefit Obligation, April 30 | $ 21,313 | $ 21,156 | |
Change in Projected Benefit Obligations | |||
Projected benefit obligations, beginning of year | 21,156 | 22,441 | |
Interest cost | 927 | 912 | $ 893 |
Actuarial (gain) loss | 299 | (1,155) | |
Actual benefits paid | (1,069) | (1,042) | |
Projected benefit obligations, end of year | 21,313 | 21,156 | 22,441 |
Change in Plan Assets | |||
Fair value of plan assets, beginning of year | 15,817 | 17,094 | |
Actual (loss) return on plan assets | 1,895 | (299) | |
Employer contributions | 555 | 64 | |
Actual benefits paid | (1,069) | (1,042) | |
Fair value of plan assets, end of year | 17,198 | 15,817 | $ 17,094 |
Funded status - under | (4,115) | (5,339) | |
Amounts Recognized in the Consolidated Balance Sheets consist of: | |||
Noncurrent liabilities | (4,115) | (5,339) | |
Amounts recognized in accumulated other comprehensive income (loss) consist of: | |||
Net actual loss | 8,686 | 10,295 | |
Deferred tax benefit | (3,223) | (3,850) | |
After-tax actuarial loss | $ 5,463 | $ 6,445 | |
Weighted-Average Assumptions Used to Determine Benefit Obligations at April 30 | |||
Discount rate | 4.10% | 4.50% | |
Rate of compensation increase | 0.00% | 0.00% | |
Mortality table | Apr 30, 2017 RP-2014 and Apr 30,2016 RP-2014 | ||
Projection scale | Apr 30, 2017 MP-2016 and Apr 30, 2016 MP-2015 | ||
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended April 30 | |||
Discount rate | 4.50% | 4.20% | |
Expected long-term return on plan assets | 8.00% | 8.25% | |
Rate of compensation increase | 0.00% | 0.00% |
Retirement Benefits - Summary54
Retirement Benefits - Summary of Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |||
Interest cost | $ 927 | $ 912 | $ 893 |
Expected return on plan assets | (1,244) | (1,363) | (1,324) |
Recognition of net loss | 1,257 | 1,223 | 934 |
Net periodic pension cost | $ 940 | $ 772 | $ 503 |
Retirement Benefits - Summary55
Retirement Benefits - Summary of Expected Benefit Payments (Detail) $ in Thousands | Apr. 30, 2017USD ($) |
Compensation and Retirement Disclosure [Abstract] | |
2,018 | $ 1,250 |
2,019 | 1,270 |
2,020 | 1,310 |
2,021 | 1,360 |
2,022 | 1,370 |
2023-2027 | $ 7,010 |
Retirement Benefits - Summary56
Retirement Benefits - Summary of Plan Assets by Asset Categories (Detail) - USD ($) $ in Thousands | Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, Plan asset | $ 17,198 | $ 15,817 | $ 17,094 |
Defined benefit plan, Plan asset percentage | 100.00% | 100.00% | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, Plan asset | $ 10,611 | $ 11,851 | |
Defined benefit plan, Plan asset percentage | 62.00% | 75.00% | |
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, Plan asset | $ 6,466 | $ 3,917 | |
Defined benefit plan, Plan asset percentage | 37.00% | 25.00% | |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, Plan asset | $ 121 | $ 49 | |
Defined benefit plan, Plan asset percentage | 1.00% |
Retirement Benefits - Summary57
Retirement Benefits - Summary of Fair Value Assets in Defined Benefit Pension Plans (Detail) - USD ($) $ in Thousands | Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 17,198 | $ 15,817 | $ 17,094 |
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,466 | 3,917 | |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 121 | 49 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17,198 | 15,817 | |
Level 1 [Member] | Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,060 | 7,946 | |
Level 1 [Member] | Small/Mid Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,728 | 2,586 | |
Level 1 [Member] | International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 823 | 1,319 | |
Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,466 | 3,917 | |
Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 121 | $ 49 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Apr. 30, 2017Segment | |
Segment Reporting [Abstract] | |
Number of business segment | 2 |
Segment Information - Segment I
Segment Information - Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 138,558 | $ 128,626 | $ 118,828 | ||||||||
Depreciation | 2,702 | 2,592 | 2,615 | ||||||||
Earnings (loss) before income taxes | 6,746 | 5,739 | 5,385 | ||||||||
Income tax expense (benefit) | 2,126 | 1,862 | 1,745 | ||||||||
Net earnings attributable to noncontrolling interest | $ 7 | $ 17 | $ 51 | $ 30 | $ 22 | $ 18 | $ 12 | $ 23 | 105 | 75 | 111 |
Net earnings (loss) attributable to Kewaunee Scientific Corporation | 1,388 | $ 341 | $ 1,486 | $ 1,300 | 1,337 | $ 830 | $ 695 | $ 940 | 4,515 | 3,802 | 3,529 |
Segment assets | 80,916 | 72,405 | 80,916 | 72,405 | 69,490 | ||||||
Expenditures for segment assets | 2,611 | 2,187 | 2,568 | ||||||||
Non-US [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 27,045 | 27,373 | 26,899 | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment revenues | (8,154) | (6,921) | (3,852) | ||||||||
Earnings (loss) before income taxes | (4,982) | (4,470) | (3,498) | ||||||||
Income tax expense (benefit) | (1,595) | (1,076) | (1,141) | ||||||||
Net earnings (loss) attributable to Kewaunee Scientific Corporation | (3,387) | (3,394) | (2,357) | ||||||||
Domestic [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 113,081 | 103,047 | 93,098 | ||||||||
Intersegment revenues | 4,463 | 3,612 | 1,433 | ||||||||
Depreciation | 2,478 | 2,375 | 2,399 | ||||||||
Earnings (loss) before income taxes | 8,221 | 7,471 | 5,810 | ||||||||
Income tax expense (benefit) | 2,522 | 1,834 | 1,794 | ||||||||
Net earnings (loss) attributable to Kewaunee Scientific Corporation | 5,699 | 5,637 | 4,016 | ||||||||
Segment assets | 57,246 | 54,030 | 57,246 | 54,030 | 52,723 | ||||||
Expenditures for segment assets | 2,572 | 1,995 | 2,259 | ||||||||
Domestic [Member] | Operating Segments [Member] | Non-US [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,568 | 1,794 | 1,169 | ||||||||
International [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 25,477 | 25,579 | 25,730 | ||||||||
Intersegment revenues | 3,691 | 3,309 | 2,419 | ||||||||
Depreciation | 224 | 217 | 216 | ||||||||
Earnings (loss) before income taxes | 3,507 | 2,738 | 3,073 | ||||||||
Income tax expense (benefit) | 1,199 | 1,104 | 1,092 | ||||||||
Net earnings attributable to noncontrolling interest | 105 | 75 | 111 | ||||||||
Net earnings (loss) attributable to Kewaunee Scientific Corporation | 2,203 | 1,559 | 1,870 | ||||||||
Segment assets | $ 23,670 | $ 18,375 | 23,670 | 18,375 | 16,767 | ||||||
Expenditures for segment assets | 39 | 192 | 309 | ||||||||
International [Member] | Operating Segments [Member] | Non-US [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 25,477 | $ 25,579 | $ 25,730 |
Purchase of Noncontrolling In60
Purchase of Noncontrolling Interest - Additional Information (Detail) - USD ($) | Jun. 24, 2013 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2017 |
Noncontrolling Interest [Line Items] | ||||
Cash paid to minority stock holders | $ 888,000 | $ 888,000 | ||
Kewaunee Labway Asia Pte. Ltd. [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Minority ownership percentage | 49.00% | 100.00% | ||
Total purchase price of minority ownership | $ 3,555,000 | |||
Cash paid to minority stock holders | 1,780,000 | |||
Increase in other current accrued expenses | 887,500 | |||
Increase in other non current liabilities | 887,500 | |||
Kewaunee Labway Asia Pte. Ltd. [Member] | Retained Earnings [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Reduction in retained earnings | 1,874,000 | |||
Kewaunee Labway Asia Pte. Ltd. [Member] | Noncontrolling Interest [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Reduction in noncontrolling interest | 1,681,000 | |||
Kewaunee Labway Asia Pte. Ltd. [Member] | Final Installment [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Remaining amount to be paid to Stockholders | 887,500 | |||
Kewaunee Labway Asia Pte. Ltd. [Member] | Second Installment [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Remaining amount to be paid to Stockholders | $ 887,500 |
Consolidated Quarterly Data (61
Consolidated Quarterly Data (Unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 34,579 | $ 30,371 | $ 36,329 | $ 37,279 | $ 34,090 | $ 32,410 | $ 31,037 | $ 31,089 | $ 138,558 | $ 128,626 | $ 118,828 |
Gross profit | 7,332 | 5,032 | 7,104 | 7,139 | 6,845 | 5,488 | 5,532 | 5,843 | 26,607 | 23,708 | 21,766 |
Net earnings | 1,395 | 358 | 1,537 | 1,330 | 1,359 | 848 | 707 | 963 | 4,620 | 3,877 | 3,640 |
Less: net earnings attributable to the noncontrolling interest | 7 | 17 | 51 | 30 | 22 | 18 | 12 | 23 | 105 | 75 | 111 |
Net earnings attributable to Kewaunee Scientific Corporation | 1,388 | 341 | 1,486 | 1,300 | 1,337 | 830 | 695 | 940 | 4,515 | 3,802 | 3,529 |
Net earnings per share attributable to Kewaunee Scientific Corporation | |||||||||||
Net sales | 34,579 | 30,371 | 36,329 | 37,279 | 34,090 | 32,410 | 31,037 | 31,089 | 138,558 | 128,626 | 118,828 |
Gross profit | 7,332 | 5,032 | 7,104 | 7,139 | 6,845 | 5,488 | 5,532 | 5,843 | 26,607 | 23,708 | 21,766 |
Net earnings | 1,395 | 358 | 1,537 | 1,330 | 1,359 | 848 | 707 | 963 | 4,620 | 3,877 | 3,640 |
Less: net earnings attributable to the noncontrolling interest | 7 | 17 | 51 | 30 | 22 | 18 | 12 | 23 | 105 | 75 | 111 |
Net earnings attributable to Kewaunee Scientific Corporation | $ 1,388 | $ 341 | $ 1,486 | $ 1,300 | $ 1,337 | $ 830 | $ 695 | $ 940 | $ 4,515 | $ 3,802 | $ 3,529 |
Basic | $ 0.51 | $ 0.13 | $ 0.55 | $ 0.48 | $ 0.50 | $ 0.31 | $ 0.26 | $ 0.36 | $ 1.67 | $ 1.43 | $ 1.34 |
Diluted | 0.51 | 0.13 | 0.54 | 0.48 | 0.50 | 0.31 | 0.26 | 0.35 | 1.66 | 1.42 | 1.33 |
Cash dividends paid per share | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.12 | $ 0.58 | $ 0.51 | $ 0.47 |