Company: KEQU
Filing Date: 2025-07-02
Form Type: 10-K
Source: 0000055529-25-000026
Chunk: 218

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-07-02
Form: 10-K
Item: Item 7
Chunk 218
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 Item 8 of this Annual Report for additional information concerning our credit facility. In fiscal year 2022, we executed a Sale-Leaseback financing transaction with respect to our manufacturing and corporate facilities in Statesville, North Carolina to provide additional liquidity. See Note 7, Sale-Leaseback Financing Transaction for more information. We did not have any off balance sheet arrangements at April 30, 2025 or 2024.

The following table summarizes the cash payment obligations for our lease and financing arrangements as of April 30, 2025: 

PAYMENTS DUE BY PERIOD

($ in thousands)

Contractual Cash ObligationsTotal1 Year2-3 Years4-5 YearsAfter 5 yearsOperating Lease Obligations$13,660 $3,903 $5,844 $3,749 $164 Financing Lease Obligations293 113 80 80 20 Sale-Leaseback Financing Transaction40,016 2,009 4,139 4,307 29,561 Term Loan13,750 3,000 6,000 4,750 — Seller Note(1)23,000 — 23,000 — — Total Contractual Cash Obligations$90,719 $9,025 $39,063 $12,886 $29,745 

(1)Excludes accrued PIK Interest of $935,000 as of April 30, 2025. All unpaid accrued PIK Interest will become due and payable on November 1, 2027, along with the outstanding principal balance.

The Company's operating activities provided cash of $14,783,000 in fiscal year 2025. Excluding the impacts of the Nu Aire acquisition, net cash provided by operating activities was primarily from operations and decreases in inventories of $3,351,000, increases in deferred revenue of $765,000, increases in accounts payable and accrued expenses of $583,000, and the change in other, net of $20,000, partially offset by increases in receivables of $6,738,000. Operating activities provided cash of $19,564,000 in fiscal year 2024, primarily from operations and decreases in receivables of $741,000, decreases in inventories of $1,210,000, increases in accounts payable and accrued expenses of $691,000, and increases in deferred revenue of