Company: KEQU
Filing Date: 2025-07-02
Form Type: 10-K
Source: 0000055529-25-000026
Chunk: 224

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-07-02
Form: 10-K
Item: Item 8
Chunk 224
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, such as the forecasted revenues and cash flows, attrition rate, discount rate, and market-based royalty rate used by management, by performing procedures that included, but were not limited to, comparisons to industry and historical performance data, and sensitivity analysis to assess their reasonableness. 

•Utilizing internal valuation specialists, we evaluated the significant assumptions and methods used in developing the fair value estimates of customer relationships and trade names and trademarks, including:

◦We evaluated the appropriateness of the valuation models and methodologies used by management in making the estimate.  

◦We evaluated the reasonableness of the key assumptions used by management related to the revenue and cash flow projections and attrition. 

◦We developed an independent calculation of the discount rate for comparison with the rate used by management. 

◦We reperformed the calculation of the fair value of customer relationships and trade names and trademarks to test the accuracy of management’s valuation models.

/s/ Forvis Mazars, LLP

We have served as the Company's auditor since 2020.

Atlanta, Georgia

July 2, 2025

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CONSOLIDATED STATEMENTS OF OPERATIONS

Years Ended April 30Kewaunee Scientific Corporation$ and shares in thousands, except per share amounts20252024Net sales$240,472 $203,755 Cost of products sold171,615 151,704 Gross profit68,857 52,051 Operating expenses51,098 33,770 Operating earnings17,759 18,281 Pension expense— (4,177)Other income, net240 814 Interest expense(3,214)(1,799)Earnings before income taxes14,785 13,119 Income tax expense (benefit)3,202 (5,938)Net earnings11,583 19,057 Less: net earnings attributable to the non-controlling interest178 304 Net earnings attributable to Kewaunee Scientific Corporation$11,405 $18,753 Net earnings per share attributable to Kewaunee Scientific Corporation stockholdersBasic$3.98 $6.51 Diluted$3.83 $6.38 Weighted average number of common shares outstandingBasic2,862 2,879 Diluted2,979 2,938 

The accompanying Notes are an integral part of these Consolidated Financial Statements.

24

CONSOLID