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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549



---



FORM 10-K



|x |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- |  | ------------------------------------------------------------------------------------



For the fiscal year ended April 30, 2003



OR





| ̈ |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- |  | ----------------------------------------------------------------------------------------



For the transition period from
to



Commission file number 0-5286



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KEWAUNEE SCIENTIFIC CORPORATION

(Exact name of registrant as specified in its charter)



|Delaware                                                       |  | 38-0715562                       
|-------------------------------------------------------------- |  | ---------------------------------
|(State or other jurisdiction of incorporation or organization) |  | (IRS Employer Identification No.)



|2700 West Front Street Statesville, North Carolina |  | 28677-2927
|-------------------------------------------------- |  | ----------
|(Address of principal executive offices)           |  | (Zip Code)



Registrants
telephone number, including area code: (704) 873-7202



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Securities registered pursuant to Section 12(b) of the Act:



None



Securities registered pursuant to Section 12(g) of the Act:



Common Stock $2.50 par value

(Title of Class)



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Indicate by check mark whether the Registrant (1) has
filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes  x     No ̈



Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.   x



The aggregate market value of shares of voting stock held by non-affiliates of the Registrant was approximately $16,269,597 based on the last reported sale price of the Registrants Common Stock on October 31,
2002, the last business day of the Registrants most recently completed second fiscal quarter. (Only shares beneficially owned by directors of the Registrant (excluding shares subject to options) were excluded as shares held by affiliates. By
including or excluding shares owned by anyone, the Registrant does not admit for any other purpose that any person is or is not an affiliate of the Registrant.)



As of July 3, 2003, the Registrant had outstanding 2,482,745 shares of Common Stock.



DOCUMENTS INCORPORATED BY REFERENCE:



Those portions of Kewaunee Scientific Corporations annual report to stockholders for the fiscal year ended April 30,
2003, and of the proxy statement for use in connection with Kewaunee Scientific Corporations annual meeting of stockholders to be held on August 27, 2003, indicated in this report are incorporated by reference into Parts I, II and III hereof.



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##### Table of Contents

|               |  | Table of Contents |  | Page or Reference                                                                    
|-------------- |  | ----------------- |  | -------------------------------------------------------------------------------------
|               |  |                   | 
|PART I         |  |                   |  |                                                                                      
|               |  |                   | 
|               |  | Item 1.           |  | Business                                                                             
|               |  |                   | 
|               |  | Item 2.           |  | Properties                                                                           
|               |  |                   | 
|               |  | Item 3.           |  | Legal Proceedings                                                                    
|               |  |                   | 
|               |  | Item 4            |  | Submission of Matters to a Vote of Security Holders                                  
|               |  |                   | 
|PART II        |  |                   |  |                                                                                      
|               |  |                   | 
|               |  | Item 5.           |  | Market for Registrants Common Equity and Related Stockholder Matters                
|               |  |                   | 
|               |  | Item 6.           |  | Selected Financial Data                                                              
|               |  |                   | 
|               |  | Item 7.           |  | Managements Discussion and Analysis of Financial Condition and Results of Operations
|               |  |                   | 
|               |  | Item 7A.          |  | Quantitative and Qualitative Disclosures About Market Risk                           
|               |  |                   | 
|               |  | Item 8.           |  | Financial Statements and Supplementary Data                                          
|               |  |                   | 
|               |  | Item 9.           |  | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 
|               |  |                   | 
|PART III       |  |                   |  |                                                                                      
|               |  |                   | 
|               |  | Item 10.          |  | Directors and Executive Officers of the Registrant                                   
|               |  |                   | 
|               |  | Item 11.          |  | Executive Compensation                                                               
|               |  |                   | 
|               |  | Item 12.          |  | Security Ownership of Certain Beneficial Owners and Management                       
|               |  |                   | 
|               |  | Item 13.          |  | Certain Relationships and Related Transactions                                       
|               |  |                   | 
|               |  | Item 14.          |  | Controls and Procedures                                                              
|               |  |                   | 
|PART IV        |  |                   |  |                                                                                      
|               |  |                   | 
|               |  | Item 15.          |  | Exhibits, Financial Statement Schedules, and Reports on Form 8-K                     
|               |  |                   | 
|SIGNATURES     |  |                   |  |                                                                                      
|               |  |                   | 
|CERTIFICATIONS |  |                   |  |                                                                                      
|               |  |                   | 
|EXHIBIT INDEX  |  |                   |  |                                                                                      





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PART I



|Item  1. |  | Business
|-------- |  | --------



General



The principal business of the Registrant is the design,
manufacture and installation of scientific and technical furniture. These products are primarily sold through purchase orders and contracts submitted by customers, through the Registrants dealers and commissioned agents, a national
distributor, and through competitive bids submitted by the Registrant, and subsidiaries located in Singapore and Bangalore, India.



The Companys operations are classified into two business segments: laboratory products and technical products. The laboratory products segment
principally designs, manufactures, and installs steel and wood laboratory cabinetry, fume hoods, flexible systems and worksurfaces. Laboratory products are sold principally to pharmaceutical, biotechnology, industrial, chemical and commercial
research laboratories, educational institutions, health care institutions, and governmental entities. The technical products segment principally manufactures and sells technical furniture including network metal cabinetry, network storage systems,
workstations, workbenches, and computer enclosures. Technical products are sold principally to manufacturing facilities and users of computer and networking furniture. Financial information pertaining to each of the Registrants business
segments is presented in Note 9, Segment Information, at page 24 of the Registrants annual report to stockholders for the year ended April 30, 2003, which Note is incorporated herein by reference.



It is common in the laboratory furniture industry for customer orders to
require delivery at extended future dates, because the products are frequently to be installed in buildings yet to be constructed. Changes or delays in building construction may cause delays in delivery of the orders. Since prices are normally
quoted on a firm basis in the industry, the Registrant bears the burden of possible increases in labor and material costs between receipt of an order and delivery of the product.



The need for working capital and the credit practices of the Registrant are comparable to those of other companies
manufacturing and selling similar products in similar markets. Payments for the Registrants laboratory products are received over longer periods of time than payments for many other types of manufactured products, thus requiring increased
working capital. In addition, payment terms associated with certain projects provide for a retention amount until completion of the project, thus also increasing required working capital.



The principal raw materials and products manufactured by others used by the Registrant in its products are cold-rolled
carbon and stainless steel, hardwood lumber and plywood, paint, chemicals, resins, hardware, plumbing and electrical fittings. Such materials and products are purchased from multiple suppliers and are readily available.



The Registrant holds various patents and patent rights but does not consider
that its success or growth is dependent upon its patents or patent rights. The Registrants business is not dependent upon licenses, franchises or concessions.



The Registrants business is not cyclical, although sales are sometimes lower during the Registrants third
quarter because of slower construction activity in certain areas of the country during the winter months. The Registrants business is not dependent on any one or a few customers; however, sales to VWR International represented 14 percent, 12
percent, and 13 percent of the Registrants total sales in fiscal years 2003, 2002 and 2001, respectively.



The Registrants order backlog at April 30, 2003 was $51.5 million, as compared to $34.2 million at April 30, 2002 and $35.5 million at April 30,
2001. All but $947,000 of the backlog at April 30, 2003 was scheduled for shipment during fiscal year 2004; however, it may reasonably be expected that



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delays in shipments will occur because of customer rescheduling or delay in completion of projects which involve the
installation of the Registrants products. Based on past experience, the Registrant expects that more than 90 percent of its order backlog at April 30, 2003 will be shipped during fiscal year 2004.



Competition



The Registrant considers the industries in which it competes to be highly competitive and believes that the principal
competitive factors are price, product performance, and customer service. A significant portion of the business of the Registrant is based upon competitive public bidding.



Research and Development



The amount spent during the fiscal year ended April 30, 2003 on company-sponsored research and development activities related to new products or services
or improvement of existing products or services was $721,571. The amounts spent for similar purposes in the fiscal years ended April 30, 2002 and 2001 were $618,273 and $742,860, respectively.



Environmental Compliance



In the last three fiscal years, compliance with federal, state or local
provisions enacted or adopted regulating the discharge of materials into the environment has had no material effect on the Registrant. There are no material capital expenditures anticipated for such purposes, and no material effect therefrom is
anticipated on the earnings or competitive position of the Registrant.



Employees



The number of persons employed by
the Registrant at April 30, 2003 was 543.



Safe Harbor Statement under the
Private Securities Litigation Reform Act of 1995



Certain
statements included and referenced in this report, including Managements Discussion and Analysis of Financial Condition and Results of Operations, constitute forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 (the Reform Act). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could significantly impact results or achievements expressed or implied by such
forward-looking statements. These factors include, but are not limited to, economic, competitive, governmental, and technological factors affecting the Companys operations, markets, products, services, and prices. The cautionary statements
made pursuant to the Reform Act herein and elsewhere by the Company should not be construed as exhaustive. The Company cannot always predict what factors would cause actual results to differ materially from those indicated by the forward-looking
statements. In addition, readers are urged to consider statements that include the terms believes, belief, expects, plans, objectives, anticipates, intends or the
like to be uncertain and forward-looking.



|Item  2. |  | Properties
|-------- |  | ----------



The
Registrant owns and operates three plants in Statesville, North Carolina. The plants are involved in the production of the Registrants products. The plants are located in three separate adjacent buildings, which contain manufacturing
facilities and warehouse space. Sales and marketing, administration, engineering and drafting personnel and facilities are also located in each of the three buildings. The Registrants corporate offices are located in the largest building. The
plant buildings together comprise approximately 382,000 square feet and are located on approximately 20 acres of land. In addition, at April 30, 2003, the Registrant leased warehouse facilities totaling 132,000 square feet in Statesville, North
Carolina.



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The Company also owns and has for sale two vacant buildings which together comprise approximately 129,000
square feet located on 30 acres in Lockhart, Texas. This property was the site of the Companys technical products business until this business was relocated to Statesville in fiscal year 2003.



All of the facilities which the Registrant owns are held free and clear of
any encumbrances. The Registrant believes its facilities are suitable for their respective uses and are adequate for its current needs.



|Item  3. |  | Legal Proceedings
|-------- |  | -----------------



The Company is involved in a legal dispute with Bernards Bros. Inc., a former customer of the Company. The dispute was the subject of lengthy arbitration proceedings completed in December 2000. In fiscal year 2001, the Company recorded a
charge of $391,000, including an estimated liability of $134,000 for final settlement of the matter, based on its interpretation of the Arbitrators award. In June 2003, a judgment was entered in the case against the Company and two other
defendants identifying the responsibility for the payment of the Arbitrators award. The Company continues to analyze the judgment; however, the Company believes its ultimate liability under the judgment approximates the amount previously
recorded in the financial statements.



In fiscal year 1998, the
Company filed a Complaint against a general contractor to recover certain costs incurred by the Company outside of the scope of a construction contract. On April 28, 2003, an agreement was reached between the Company and the Assistant Attorney
General responsible for the New York State University Construction Fund (the Fund) for the resolution of this claim. The agreement includes the immediate payment of approximately $500,000 to the Company, with a reservation of the
Companys right to seek additional interest on the agreed upon costs recovered by the Company under the settlement. The agreement remains unenforceable until approval by the Board of Directors of the Fund and additional representatives of the
New York State Attorney Generals Office. The Company has been informed orally that such approvals were obtained in the first quarter of fiscal year 2004 and payment of the settlement amount is expected to be received in the first or second
quarter of such year. When the settlement is paid, the Company expects to recognize a gain of approximately $300,000 after deducting legal costs in the matter.



From time to time, the Registrant is involved in certain other disputes and litigation relating to claims arising out of its operations in the ordinary
course of business. Further, the Registrant periodically is subject to government audits and inspections. The Registrant believes that any such matters presently pending will not, individually or in the aggregate, have a material adverse effect on
the Registrants results of operations or financial condition.



|Item  4. |  | Submission of Matters to a Vote of Security Holders
|-------- |  | ---------------------------------------------------



Not Applicable.



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PART II



|Item 5. |  | Market for Registrants Common Equity and Related Stockholder Matters
|------- |  | ---------------------------------------------------------------------



Incorporated by reference from the Registrants annual report to stockholders for the fiscal year ended April 30, 2003, page 27, sections entitled
Range of Market Prices and Quarterly Financial Data. As of July 3, 2003, the Registrant estimates there were approximately 1,004 stockholders of the Registrants common shares, of which 273 were stockholders of record.





|Item 6. |  | Selected Financial Data
|------- |  | -----------------------



Incorporated by reference from the Registrants annual report to stockholders for the fiscal year ended April 30, 2003, page 26, section entitled Summary of Selected Financial Data.





|Item 7. |  | Managements Discussion and Analysis of Financial Condition and Results of Operations
|------- |  | -------------------------------------------------------------------------------------



Incorporated by reference from the Registrants annual report to stockholders for the fiscal year ended April 30, 2003, pages 8-11, section entitled
Managements Discussion and Analysis.





|Item 7A. |  | Quantitative and Qualitative Disclosures About Market Risk
|-------- |  | ----------------------------------------------------------



The Registrant is exposed to market risk in the area of interest rates. This exposure is associated with amounts outstanding under a bank note, certain
lease obligations for production machinery, and any future advances under the revolving credit loan, all of which are priced on a floating rate basis. The Registrant believes that this exposure to market risk is not material. The Registrant entered
into an interest swap agreement in fiscal year 2002, whereby $1.5 million of the outstanding principal amount of the bank note effectively converted to a fixed rate of 6.37%, beginning May 1, 2002. The notional amount of this interest rate hedge is
reduced in the same proportion as the principal balance of the bank note over the remaining term of the bank note.





|Item 8. |  | Financial Statements and Supplementary Data
|------- |  | -------------------------------------------



Incorporated by reference from the Registrants annual report to stockholders for the fiscal year ended April 30, 2003, pages 12-24.





|Item 9. |  | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|------- |  | ------------------------------------------------------------------------------------



Not Applicable.



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PART III



|Item 10. |  | Directors and Executive Officers of the Registrant
|-------- |  | --------------------------------------------------



(a) Incorporated by reference from the Registrants proxy statement for use in connection with its annual meeting of stockholders to be held on
August 27, 2003, pages 1-4, section entitled Election of Directors.



(b) The names and ages of the Registrants executive officers and their business experience during the past five years are set forth below:



Executive Officers of the Registrant



|Name                |  | Age |  | Position                                                                        
|------------------- |  | --- |  | --------------------------------------------------------------------------------
|William A. Shumaker |  | 55  |  | President and Chief Executive Officer                                           
|                    |  |    
|D. Michael Parker   |  | 51  |  | Senior Vice President, Finance, Chief Financial Officer, Treasurer and Secretary
|                    |  |    
|Roger L. Eggena     |  | 62  |  | Vice President, Manufacturing                                                   
|                    |  |    
|James J. Rossi      |  | 61  |  | Vice President, Human Resources                                                 
|                    |  |    
|Kurt P. Rindoks     |  | 45  |  | Vice President, Engineering and Product Development                             
|                    |  |    
|Kenneth E. Sparks   |  | 40  |  | Vice President, General Manager Technical Furniture Group                       



William A.
Shumaker has served as President of the Registrant since August 1999 and Chief Executive Officer since September 2000. He was elected a director of the Registrant in February 2000. He served as the Chief Operating Officer from August 1998, when
he was also elected as Executive Vice President, until September 2000. Mr. Shumaker served as Vice President and General Manager of the Laboratory Products Group from February 1998 to August 1998. He joined the Registrant in December 1993 as Vice
President of Sales and Marketing.



D. Michael Parker
joined the Registrant in November 1990 as Director of Financial Reporting and Accounting and was promoted to Corporate Controller in November 1991. Mr. Parker has served as Chief Financial Officer, Treasurer and Secretary since August 1995. He was
elected Vice President of Finance in August 1995 and Senior Vice President of Finance in August 2000.



Roger L. Eggena joined the Registrant in August 1997 as a plant manager and was promoted to Director of Manufacturing in January 1998. He was
elected a Vice President of the Registrant in August 2000. Prior to joining the Registrant, Mr. Eggena was Vice President of Manufacturing with MDT Corporation from 1992 to 1996 and a consultant with Phillips Resource Group from 1996 to 1997.



James J. Rossi joined the Registrant in March 1984 as
Corporate Director of Human Resources and has served as Vice President of Human Resources since January 1996.



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Kurt P. Rindoks joined the Registrant in July 1985 as an engineer. He was promoted to Director of
Product Development in August 1991 and assumed the additional responsibilities of Director of Engineering in July 1995. He has served as Vice President of Engineering and Product Development since September 1996. Additionally, from May 1998 through
October 2001, he served as General Manager of the Companys Resin Materials Division.



Kenneth E. Sparks joined the Registrant in December 1997 as Director of Sales and Marketing of the Technical Furniture Group and was named General Manager of the Technical Furniture Group in August 1999. He was
elected a Vice President in February 2001. Prior to joining the Registrant, Mr. Sparks was Vice President of Customer Satisfaction with AllSteel, Inc. from 1996 to 1997 and held various leadership positions in sales and marketing with The HON
Company from 1986 to 1996.





|Item 11. |  | Executive Compensation
|-------- |  | ----------------------



Incorporated by reference from the Registrants proxy statement for use in connection with its annual meeting of stockholders to be held on August 27, 2003, pages 5-7, section entitled Executive Compensation, pages 8-9,
section entitled Compensation Committee Report on Executive Compensation, and page 12, section entitled Agreements with Certain Executives.





|Item 12. |  | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|-------- |  | ----------------------------------------------------------------------------------------------



Information regarding the security ownership of certain beneficial owners and management is incorporated by reference from the Registrants proxy
statement for use in connection with its annual meeting of stockholders to be held on August 27, 2003, pages 13-14, sections entitled Security Ownership of Directors and Executive Officers and Security Ownership of Certain
Beneficial Owners.



The following table sets forth
certain information as of April 30, 2003 with respect to compensation plans under which our equity securities are authorized for issuance:



|Plan Category                                               |  | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) |  | Weighted average exercise price of outstanding options, warrants and rights (b) |  | Number of securities remaining available for future issuance underequity compensation plans (excluding securities reflected in column (a)) (c)
|----------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------
|Equity Compensation Plans approved by Security Holders:     |  |                                                                                                 |  |                                                                                 |  |                                                                                                                                               
|1991 Key Employee Stock Option Plan                         |  | 129,325                                                                                         |  | $9.83                                                                           |  | -0-                                                                                                                                           
|1993 Stock Option Plan for Directors                        |  | 5,000                                                                                           |  | $9.95                                                                           |  | -0-                                                                                                                                           
|2000 Key Employee Stock Option Plan                         |  | 79,528                                                                                          |  | $9.33                                                                           |  | 20,472                                                                                                                                        
|Equity Compensation Plans not approved by Security Holders: |  |                                                                                                |  |                                                                                |  |                                                                                                                                              





|Item 13. |  | Certain Relationships and Related Transactions
|-------- |  | ----------------------------------------------



Incorporated by reference from the Registrants proxy statement for use in connection with its annual meeting of stockholders to be held on August 27, 2003, pages 1-4, section entitled Election of
Directors and page 12, section entitled Agreements with Certain Executives.



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|Item 14. |  | Controls and Procedures
|-------- |  | -----------------------



We maintain disclosure controls and procedures that are intended to ensure that the information required to be disclosed in our Exchange Act filings is properly and timely recorded, processed, summarized and reported. The Companys
management, including the Chief Executive Officer and Chief Financial Officer, has conducted an evaluation of the effectiveness of disclosure controls and procedures as of April 30, 2003. Based on that evaluation, the Chief Executive Officer and
Chief Financial Officer concluded that the disclosure controls and procedures were effective for fiscal year 2003 covered by this Form 10-K. In designing disclosure controls and procedures, the Companys management recognizes that any controls
and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving desired control objectives, and that management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of
possible controls and procedures. Nevertheless, management believes that the Companys disclosure controls and procedures are effective.



There have been no significant changes in internal controls, or in factors that could significantly affect internal controls, subsequent to the date of
their evaluation.



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PART IV



|Item 15. |  | Exhibits, Financial Statement Schedules and Reports on Form 8-K
|-------- |  | ---------------------------------------------------------------



The following documents are filed or incorporated by reference as part of this report:



|(a)(1) |  | Financial Statements                                                                                                                                                                                                                      |  | Page or Reference
|------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -----------------
|       |  | Consolidated Statements of Operations Years ended April 30, 2003, 2002 and 2001                                                                                                                                                           |  | 12*              
|       |  |                                                                                                                                                                                                                                          
|       |  | Consolidated Statements of Stockholders Equity Years ended April 30, 2003, 2002 and 2001                                                                                                                                                 |  | 12*              
|       |  |                                                                                                                                                                                                                                          
|       |  | Consolidated Balance Sheets  April 30, 2003 and 2002                                                                                                                                                                                     |  | 13*              
|       |  |                                                                                                                                                                                                                                          
|       |  | Consolidated Statements of Cash Flows  Years ended April 30, 2003, 2002 and 2001                                                                                                                                                         |  | 14*              
|       |  |                                                                                                                                                                                                                                          
|       |  | Notes to Financial Statements                                                                                                                                                                                                             |  | 15-24*           
|       |  |                                                                                                                                                                                                                                          
|       |  | Report of Independent Accountants                                                                                                                                                                                                         |  | 25*              
|       |  |                                                                                                                                                                                                                                          
|(a)(2) |  | Financial Statement Schedule                                                                                                                                                                                                              |  |                  
|       |  |                                                                                                                                                                                                                                          
|       |  | Report of Independent Accountants on Financial Statement Schedules                                                                                                                                                                        |  | 11               
|       |  |                                                                                                                                                                                                                                          
|       |  | Schedule I  Valuation and Qualifying Accounts                                                                                                                                                                                            |  | 12               
|       | 
|       |  | All other schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related
instructions or are inapplicable and, therefore, have been omitted.
|       |  |                                                                                                                                                                                                                                          
|(a)(3) |  | Exhibits                                                                                                                                                                                                                                  |  |                  
|       | 
|       |  | Exhibits required by Item 601 of Regulation S-K are listed in the Exhibit Index, which is attached hereto at pages 16 through 19 and which is incorporated herein by
reference.                                                          
|       |  |                                                                                                                                                                                                                                          
|(b)    |  | Reports on Form 8-K                                                                                                                                                                                                                       |  |                  
|       | 
|       |  | No reports on Form 8-K were filed during the Registrants fiscal year ended April 30, 2003.                                                                                                                                              

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|* |  | Matters incorporated by reference to the page numbers shown in the Registrants annual report to stockholders for the year ended April 30, 2003.
|- |  | ------------------------------------------------------------------------------------------------------------------------------------------------



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REPORT OF INDEPENDENT ACCOUNTANTS ON CONSOLIDATED FINANCIAL STATEMENT SCHEDULES



To the Stockholders and Board of Directors of Kewaunee Scientific Corporation



Our audits of the financial statements referred to in our report dated June 4, 2003 appearing
in the 2003 Annual Report to Shareholders of Kewaunee Scientific Corporation (which report and financial statements are incorporated by reference in this Annual Report on Form 10-K) also included an audit of the Financial Statement Schedule listed
in Item 14(a)(2) of this Form 10-K. In our opinion, Page 1 of this Financial Statement Schedule related to fiscal years ended April 30, 2003, 2002, and 2001 presents fairly, in all material respects, the information set forth therein when read in
conjunction with the related financial statements.



PRICEWATERHOUSECOOPERS LLP

Charlotte, North Carolina

June 4, 2003



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Schedule I, Page 1



Kewaunee Scientific Corporation

Valuation
and Qualifying Accounts

($ in thousands)



|Description                     |  | Balance atBeginningof Period |     | Bad DebtExpense |   | Deductions* |  |   | Balance atEnd of Period
|------------------------------- |  | ---------------------------- | --- | --------------- | - | ----------- |  | - | -----------------------
|Year ended April 30, 2003       |  |                              |     |                 |   |             |  |   |                        
|Allowance for doubtful accounts |  | $                            | 597 |                 | $ | 258         |  | $ | (361                   
|                                |  |                              |     |                 |   |             |  |   |                        
|Year ended April 30, 2002       |  |                              |     |                 |   |             |  |   |                        
|Allowance for doubtful accounts |  | $                            | 389 |                 | $ | 155         |  | $ | 53                     
|                                |  |                              |     |                 |   |             |  |   |                        
|Year ended April 30, 2001       |  |                              |     |                 |   |             |  |   |                        
|Allowance for doubtful accounts |  | $                            | 490 |                 | $ | 144         |  | $ | (245                   
|                                |  |                              |     |                 |   |             |  |   |                        



|* |  | Uncollectible accounts written off, net of recoveries.
|- |  | ------------------------------------------------------



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SIGNATURES



Pursuant to the
requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



KEWAUNEE SCIENTIFIC CORPORATIONBy:

/s/    WILLIAM A. SHUMAKERWilliam A. Shumaker President and Chief Executive Officer




Date: July 23, 2003



Pursuant to the requirements of
the Securities Exchange Act of 1934, the following persons on behalf of the Registrant and in the capacities and on the dates indicated have signed this report below.



|(i)                                                 |  | Principal Executive Officer                                                                                              |  |                                               |  |  |  |       |  | )              
|--------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------ |  | --------------------------------------------- |  |  |  | ----- |  | ---------------
|                                                    |  |                                                                                                                          |  |                                               |  |  |  |       |  | )              
|                                                    |  | /s/    WILLIAM A.
SHUMAKERWilliam A. Shumaker
President and Chief Executive Officer                                      |  |                                               |  |  |  |       |  | ) ) )          
|                                                    |  |                                                                                                                          |  |                                               |  |  |  |       |  | )              
|(ii)                                                |  | Principal Financial and Accounting Officer                                                                               |  |                                               |  |  |  |       |  | )              
|                                                    |  |                                                                                                                          |  |                                               |  |  |  |       |  | )              
|                                                    |  | /s/    D. MICHAEL
PARKERD. Michael Parker Senior Vice President, Finance Chief Financial
Officer Treasurer and Secretary |  |                                               |  |  |  |       |  | ) ) ) ) )      
|                                                    |  |                                                                                                                          |  |                                               |  |  |  |       |  | )              
|(iii)                                               |  | A majority of the Board of Directors:                                                                                    |  |                                               |  |  |  |       |  | ) July 23, 2003
|                                                    |  |                                                                                                                          |  |                                               |  |  |  |       |  | )              
|/s/    MARGARET BARR
BRUEMMERMargaret Barr
Bruemmer |  |                                                                                                                          |  | /s/    SILAS
KEEHNSilas Keehn                 |  |  |  | ) ) )
|                                                    |  |                                                                                                                          |  |                                               |  |  |  | )    
|/s/    JOHN C. CAMPBELL,
JR.John C. Campbell, Jr.   |  |                                                                                                                          |  | /s/    ELI MANCHESTER,
JR.Eli Manchester, Jr. |  |  |  | ) ) )
|                                                    |  |                                                                                                                          |  |                                               |  |  |  | )    
|/s/    WILEY N.
CALDWELLWiley N.
Caldwell           |  |                                                                                                                          |  | /s/    JAMES T.
RHINDJames T. Rhind           |  |  |  | ) )  
|                                                    |  |                                                                                                                          |  |                                               |  |  |  | )    
|/s/    WILLIAM A.
SHUMAKER                          |  |                                                                                                                          |  |                                               |  |  |  | ) )  
|William A. Shumaker                                 |  |                                                                                                                          |  |                                               |  |  |  | )    





13



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##### Table of Contents

CERTIFICATIONS



I, William A. Shumaker, certify that:



|1. |  | I have reviewed this annual report on Form 10-K of Kewaunee Scientific Corporation;
|-- |  | -----------------------------------------------------------------------------------



|2. |  | Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3. |  | Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. |  | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and
15d-14) for the registrant and have:
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a) |  | designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this annual report is being prepared;
| | -- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b) |  | evaluated the effectiveness of the registrants disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the
Evaluation Date); and
| | -- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | c) |  | presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;
| | -- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5. |  | The registrants other certifying officer and I have disclosed, based on our most recent evaluation, to the registrants auditors and the audit committee of
registrants board of directors (or persons performing the equivalent functions):
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a) |  | all significant deficiencies in the design or operation of internal controls which could adversely affect the registrants ability to record, process, summarize and report
financial data and have identified for the registrants auditors any material weaknesses in internal controls; and
| | -- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b) |  | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal controls; and
| | -- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------



|6. |  | The registrants other certifying officer and I have indicated in this annual report whether or not there were significant changes in internal controls or in other factors that
could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
|-- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                                         
|---------------------------------------------------------
|/s/    WILLIAM A.
SHUMAKER                               
|William A. Shumaker President and Chief Executive Officer



Date:
July 23, 2003



14



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##### Table of Contents

CERTIFICATIONS



I, D. Michael Parker, certify that:



|1. |  | I have reviewed this annual report on Form 10-K of Kewaunee Scientific Corporation;
|-- |  | -----------------------------------------------------------------------------------



|2. |  | Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3. |  | Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. |  | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and
15d-14) for the registrant and have:
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a) |  | designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this annual report is being prepared;
| | -- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b) |  | evaluated the effectiveness of the registrants disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the
Evaluation Date); and
| | -- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | c) |  | presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;
| | -- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5. |  | The registrants other certifying officer and I have disclosed, based on our most recent evaluation, to the registrants auditors and the audit committee of
registrants board of directors (or persons performing the equivalent functions):
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a) |  | all significant deficiencies in the design or operation of internal controls which could adversely affect the registrants ability to record, process, summarize and report
financial data and have identified for the registrants auditors any material weaknesses in internal controls; and
| | -- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b) |  | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal controls; and
| | -- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------



|6. |  | The registrants other certifying officer and I have indicated in this annual report whether or not there were significant changes in internal controls or in other factors that
could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
|-- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                                                        
|------------------------------------------------------------------------
|/s/    D. MICHAEL
PARKER                                                
|D. Michael Parker Senior Vice President, Finance Chief Financial Officer



Date:
July 23, 2003



15



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##### Table of Contents

KEWAUNEE SCIENTIFIC CORPORATION



Exhibit Index



|   |  |                                       |  |                                                                                                                                                                                   |  | Page Number (or Reference)
|-- |  | ------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------
|   |  |                                      
|3  |  | Articles of incorporation and by-laws |  |                                                                                                                                                                                  
|   |  |                                       | 
|   |  | 3.1                                   |  | Restated Certificate of incorporation (as amended)                                                                                                                                |  | (2)                       
|   |  |                                       | 
|   |  | 3.2                                   |  | By-Laws (as amended as of May 22, 2002)                                                                                                                                           |  | (15)                      
|   |  |                                      
|10 |  | Material Contracts                    |  |                                                                                                                                                                                  
|   |  |                                       | 
|   |  | 10.1                                  |  | Re-Established Retirement Plan for Salaried Employees of Kewaunee Scientific Corporation (as Amended and Restated Effective as of May 1, 2001)                                    |  | (1)                       
|   |  |                                       | 
|   |  | 10.2                                  |  | Kewaunee Scientific Corporation 1985 Re-Established Retirement Plan for Hourly Employees of Kewaunee Scientific Corporation (as Amended and Restated Effective as of May 1,
2001) |  | (1)                       
|   |  |                                       | 
|   |  | 10.2A                                 |  | First Amendment to the Re-Established Retirement Plan for Hourly Employees of Kewaunee Scientific Corporation                                                                     |  | (1)                       
|   |  |                                       | 
|   |  | 10.3                                  |  | Kewaunee Scientific Corporation Supplemental Retirement Plan                                                                                                                      |  | (3)                       
|   |  |                                       | 
|   |  | 10.19                                 |  | Kewaunee Scientific Corporation 1991 Key Employee Stock Option Plan                                                                                                               |  | (4)                       
|   |  |                                       | 
|   |  | 10.19A                                |  | First Amendment dated August 28, 1996 to the Kewaunee Scientific Corporation Key Employee Stock Option Plan                                                                       |  | (8)                       
|   |  |                                       | 
|   |  | 10.19B                                |  | Second Amendment dated August 26, 1998 to the Kewaunee Scientific Corporation Key Employee Stock Option Plan                                                                      |  | (10)                      
|   |  |                                       | 
|   |  | 10.21                                 |  | Kewaunee Scientific Corporation Executive Deferred Compensation Plan                                                                                                              |  | (5)                       
|   |  |                                       | 
|   |  | 10.21A                                |  | Second Amendment dated June 17, 1997 to the Kewaunee Scientific Corporation Executive Deferred Compensation Plan                                                                  |  | (9)                       
|   |  |                                       | 
|   |  | 10.21B                                |  | Third Amendment dated June 17, 1997 to the Kewaunee Scientific Corporation Executive Deferred Compensation Plan                                                                   |  | (9)                       



16



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##### Table of Contents

| |  |        |  |                                                                                                                                                   |  | Page Number(or Reference)
| |  | ------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------
| |  |        | 
| |  | 10.21C |  | Fourth Amendment dated December 1, 1998 to the Kewaunee Scientific Corporation Executive Deferred Compensation Plan                               |  | (10)                     
| |  |        | 
| |  | 10.21D |  | Fifth Amendment dated December 5, 2001 to the Kewaunee Scientific Corporation Executive Deferred Compensation Plan                                |  | (15)                     
| |  |        | 
| |  | 10.21E |  | Sixth Amendment dated December 17, 2002 to the Kewaunee Scientific Corporation Executive Deferred Compensation Plan                               |  | (1)                      
| |  |        | 
| |  | 10.21F |  | Seventh Amendment dated February 28, 2002 to the Kewaunee Scientific Corporation Executive Deferred Compensation Plan                             |  | (1)                      
| |  |        | 
| |  | 10.26  |  | Kewaunee Scientific Corporation Stock Option Plan for Directors                                                                                   |  | (6)                      
| |  |        | 
| |  | 10.34  |  | 401(K) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation                                                |  | (7)                      
| |  |        | 
| |  | 10.34A |  | Amendments (2) dated June 17, 1997 to the 401(K) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation      |  | (9)                      
| |  |        | 
| |  | 10.34B |  | Amendments (12) dated December 17, 2002 to the 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation |  | (1)                      
| |  |        | 
| |  | 10.38  |  | Change of Control agreement dated as of November 12, 1999 between William A. Shumaker and the Registrant.                                         |  | (11)                     
| |  |        | 
| |  | 10.38A |  | Change of Control agreement extension dated as of June 25, 2002 between William A. Shumaker and the Registrant.                                   |  | (15)                     
| |  |        | 
| |  | 10.39  |  | Change of Control agreement dated as of November 12, 1999 between D. Michael Parker and the Registrant.                                           |  | (11)                     
| |  |        | 
| |  | 10.39A |  | Change of Control agreement extension dated as of June 25, 2002 between D. Michael Parker and the Registrant.                                     |  | (15)                     
| |  |        | 
| |  | 10.40  |  | Change of Control agreement dated as of November 12, 1999 between James J. Rossi and the Registrant.                                              |  | (11)                     
| |  |        | 
| |  | 10.40A |  | Change of Control agreement extension dated as of June 25, 2002 between James J. Rossi and the Registrant.                                        |  | (15)                     



17



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##### Table of Contents

|   |  |                                                                                                                                                                                                                                                                                                        |  |                                                                                                                                                       |  | Page Number (or Reference)
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------
|   |  |                                                                                                                                                                                                                                                                                                        | 
|   |  | 10.41                                                                                                                                                                                                                                                                                                  |  | Change of Control agreement dated as of January 20, 2000 between Kurt P. Rindoks and the Registrant.                                                  |  | (11)                      
|   |  |                                                                                                                                                                                                                                                                                                        | 
|   |  | 10.41A                                                                                                                                                                                                                                                                                                 |  | Change of Control agreement extension dated as of June 25, 2002 between Kurt P. Rindoks and the Registrant.                                           |  | (15)                      
|   |  |                                                                                                                                                                                                                                                                                                        | 
|   |  | 10.42                                                                                                                                                                                                                                                                                                  |  | Kewaunee Scientific Corporation Pension Equalization Plan                                                                                             |  | (12)                      
|   |  |                                                                                                                                                                                                                                                                                                        | 
|   |  | 10.42A                                                                                                                                                                                                                                                                                                 |  | First Amendment dated May 27, 1999 to the Kewaunee Scientific Corporation Pension Equalization Plan                                                   |  | (12)                      
|   |  |                                                                                                                                                                                                                                                                                                        | 
|   |  | 10.43                                                                                                                                                                                                                                                                                                  |  | Letter Agreement dated as of July 18, 1997 between Roger L. Eggena and the Registrant                                                                 |  | (14)                      
|   |  |                                                                                                                                                                                                                                                                                                        | 
|   |  | 10.44                                                                                                                                                                                                                                                                                                  |  | Change of Control agreement dated as of February 23, 2003 between Kenneth E. Sparks and the Registrant                                                |  | (1)                       
|   |  |                                                                                                                                                                                                                                                                                                        | 
|   |  | 10.45                                                                                                                                                                                                                                                                                                  |  | Kewaunee Scientific Corporation 2000 Key Employee Stock Option Plan                                                                                   |  | (13)                      
|   |  |                                                                                                                                                                                                                                                                                                        | 
|   |  | 10.46                                                                                                                                                                                                                                                                                                  |  | Fiscal Year 2004 Incentive Bonus Plan                                                                                                                 |  | (1)                       
|   |  |                                                                                                                                                                                                                                                                                                       
|13 |  | Annual Reports to Stockholders for the fiscal year ended April 30, 2003 (Such Report, except to the extentincorporated herein by reference, is being furnished for the
information of the Securities and ExchangeCommission only and is not deemed filed as a part of this annual report on Form 10-K) |  | (1)                                                                                                                                                  
|   |  |                                                                                                                                                                                                                                                                                                       
|23 |  | Consent of PricewaterhouseCoopers LLP                                                                                                                                                                                                                                                                  |  | (1)                                                                                                                                                  
|   |  |                                                                                                                                                                                                                                                                                                       
|99 |  | Additional Exhibits                                                                                                                                                                                                                                                                                    |  |                                                                                                                                                      
|   |  |                                                                                                                                                                                                                                                                                                        | 
|   |  | 99.1                                                                                                                                                                                                                                                                                                   |  | Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |  | (1)                       
|   |  |                                                                                                                                                                                                                                                                                                        | 
|   |  | 99.2                                                                                                                                                                                                                                                                                                   |  | Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |  | (1)                       



(All other exhibits are either
inapplicable or not required.)



18



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##### Table of Contents

Footnotes



|(1) |  | Filed with this Form 10-K with the Securities and Exchange Commission.
|--- |  | ----------------------------------------------------------------------



|(2) |  | Filed as an exhibit to the Kewaunee Scientific Corporation Annual Report to the Securities and Exchange Commission on Form 10-K (Commission File No. 0-5286) for the fiscal year
ended April 30, 1985, and incorporated herein by reference.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(3) |  | Filed as an exhibit to the Kewaunee Scientific Corporation Annual Report to the Securities and Exchange Commission on Form 10-K (Commission File No. 0-5286) for the fiscal year
ended April 30, 1985, and incorporated herein by reference.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(4) |  | Filed as an exhibit to the Kewaunee Scientific Corporation Proxy Statement dated July 26, 1991, and incorporated herein by reference.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------



|(5) |  | Filed as an exhibit to the Kewaunee Scientific Corporation Annual Report to the Securities and Exchange Commission on Form 10-K (Commission File No. 0-5286) for the fiscal year
ended April 30, 1992, and incorporated herein by reference.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(6) |  | Filed as an exhibit to the Kewaunee Scientific Corporation Proxy Statement dated July 23, 1993, and incorporated herein by reference.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------



|(7) |  | Filed as an exhibit to the Kewaunee Scientific Corporation Annual Report to the Securities and Exchange Commission on Form 10-K (Commission File No. 0-5286) for the fiscal year
ended April 30, 1996, and incorporated herein by reference.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(8) |  | Filed as an exhibit to the Kewaunee Scientific Corporation Proxy Statement dated July 31, 1996, and incorporated herein by reference.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------



|(9) |  | Filed as an exhibit to the Kewaunee Scientific Corporation Annual Report to the Securities and Exchange Commission on Form 10-K (Commission File No. 0-5286) for the fiscal year
ended April 30, 1998, and incorporated herein by reference.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(10) |  | Filed as an exhibit to the Kewaunee Scientific Corporation Annual Report to the Securities and Exchange Commission on Form 10-K (Commission File No. 0-5286) for the fiscal year
ended April 30, 1999, and incorporated herein by reference.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(11) |  | Filed as an exhibit to the Kewaunee Scientific Corporation Quarterly Report to the Securities and Exchange Commission on Form 10-Q (Commission File No. 0-5286) for the quarterly
period ended January 31, 2000, and incorporated herein by reference.
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(12) |  | Filed as an exhibit to the Kewaunee Scientific Corporation Annual Report to the Securities and Exchange Commission on Form 10-K (Commission File No. 0-5286) for the fiscal year
ended April 30, 2000, and incorporated herein by reference.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(13) |  | Filed as an exhibit to the Kewaunee Scientific Corporation Proxy Statement dated July 20, 2000 and incorporated herein by reference.
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------



|(14) |  | Filed as an exhibit to the Kewaunee Scientific Corporation Annual Report to the Securities and Exchange Commission on Form 10-K (Commission File No. 0-5286) for the fiscal year
ended April 30, 2001, and incorporated herein by reference.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(15) |  | Filed as an exhibit to the Kewaunee Scientific Corporation Annual Report to the Securities and Exchange Commission on Form 10-K (Commission File No. 0-5286) for the fiscal year
ended April 30, 2002, and incorporated herein by reference.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



19