<PAGE>
 
               UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC  20549

                                   FORM 10-Q

[X]  Quarterly Report Pursuant to Section 13 or 15(d) of the
     Securities Exchange Act of 1934

For the quarterly period ended January 31, 1997

[_]  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


                        KEWAUNEE SCIENTIFIC CORPORATION
                        -------------------------------
            (Exact name of registrant as specified in its charter)

          Delaware                                               38-0715562
------------------------------                              --------------------

(State or other jurisdiction of                             (I.R.S. Employer
 incorporation or organization)                              Identification No.)

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

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

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
                                         -------     -------

As of February 28, 1997, the Registrant had outstanding 2,365,921 shares of 
Common Stock.

Pages: This report, including exhibits, contains 16 pages numbered sequentially 
from this cover page.
<PAGE>
 
                        KEWAUNEE SCIENTIFIC CORPORATION

                              INDEX TO FORM 10-Q

                FOR THE QUARTERLY PERIOD ENDED January 31, 1997


                                                                           Page
                                                                          Number
                                                                          ------

PART I.  FINANCIAL INFORMATION
------------------------------

Item 1.  Financial Statements

         Condensed Statements of Operations -
          Three and nine months ended January 31, 1997 and 1996             3

         Condensed Balance Sheets - January 31, 1997                        4
          and April 30, 1996

         Condensed Statements of Cash Flows -
          Nine months ended January 31, 1997 and 1996                       5

         Notes to Condensed Financial Statements                            6


Item 2.  Management's Discussion and Analysis of Financial                  8
         Condition and Results of Operations

Review by Independent Accountants                                          13

Independent Accountants' Review Report                                     14


PART II.  OTHER INFORMATION
---------------------------

Item 6. Exhibits and Reports on Form 8-K                                   15


SIGNATURE
---------                                                                  16

                                       2
<PAGE>
 
               Part 1. Financial Information

Item 1. Financial Statements

                        Kewaunee Scientific Corporation
                        Condensed Statements of Income
                                  (Unaudited)


                                        Three months ended     Nine months ended
                                            January 31             January 31
                                        ------------------     -----------------
                                          1997      1996         1997     1996
                                        --------  --------     -------  --------
                                        ($ in thousands, except per share data)

Net sales                               $14,837   $12,719      $47,045  $43,652

Cost of products sold                    11,353    10,291       36,532   35,555
                                        -------   -------      -------  -------
Gross profit                              3,484     2,428       10,513    8,097

Operating expenses                        2,918     2,377        8,756    7,472
                                        -------   -------      -------  -------
Operating profit                            566        51        1,757      625

Interest expense                            (68)     (155)        (311)    (550)

Other income, net                            12       191           31      230
                                        -------   -------      -------  -------
Income before income taxes                  510        87        1,477      305

Income tax benefit                          (35)        -         (365)       -
                                        -------   -------      -------  -------

Net income                                 $545       $87       $1,842     $305
                                        =======   =======      =======  =======

Per share data:
 Net income per common share              $0.23     $0.04        $0.78    $0.13

 Average number of common shares
 outstanding (in thousands)               2,366     2,367        2,366    2,367



See accompanying notes to condensed financial statements.


                                       3
<PAGE>
 

                        Kewaunee Scientific Corporation
                           Condensed Balance Sheets
                                ($ in thousands)

                                                         January 31     April 30
                                                            1997          1996
                                                         ----------     --------
                                                               (Unaudited)
Assets
------
Current assets:
 Cash                                                        $6            $16
 Receivables                                             12,299         13,212
 Inventories                                              2,698          1,213
 Prepaid expenses and
  other current assets                                    1,283          1,205
                                                        -------        -------
Total current assets                                     16,286         15,646
                                                        -------        -------

Property, plant and equipment, at cost                   27,040         25,840
Accumulated depreciation                                (16,709)       (15,532)
                                                        -------        -------
Net property, plant and equipment                        10,331         10,308
                                                         -------        -------

Other assets                                                529            550
                                                        -------        -------

                                                        $27,146        $26,504
                                                        =======        =======

Liabilities and Stockholders' Equity
------------------------------------
Current liabilities:
 Short-term borrowings                                   $1,147         $2,320
 Current portion of long-term debt                          180            180
 Accounts payable                                         4,560          4,505
 Other current liabilities                                3,956          3,594
                                                        -------        -------
Total current liabilities                                 9,843         10,599
                                                        -------        -------

Long-term debt                                              287            328
                                                        -------        -------
Deferred income taxes and other
 non-current liabilities                                    758          1,062
                                                        -------        -------

Stockholders' equity:
 Common stock                                             6,550          6,550
 Additional paid-in capital                                 116            116
 Retained earnings                                       11,108          9,361
 Common stock in treasury, at cost                       (1,516)        (1,512)
                                                        -------        -------
Total stockholders' equity                               16,258         14,515
                                                        -------        -------

                                                        $27,146        $26,504
                                                        =======        =======



See accompanying notes to condensed financial statements.


                                       4
<PAGE>
 
                        Kewaunee Scientific Corporation
                      Condensed Statements of Cash Flows
                                  (Unaudited)
 
                                                       Nine months ended
                                                           January 31,
                                                      -------------------
                                                        1997       1996
                                                      --------   --------
                                                        ($ in thousands)
Cash flows from operating activities                 
Net income                                             $1,842      $305
Adjustments to reconcile net income to net           
cash provided by operating activities:               
 Depreciation and amortization                          1,269     1,213
 Provision for bad debts                                  194        45
 Decrease in receivables                                  719     2,311
 Increase in inventories                               (1,485)     (819)
 Increase (decrease) in accounts payable             
  and other current liabilities                           417    (1,676)
 Other, net                                              (365)     (183)
                                                      -------    ------
Net cash provided by operating activities               2,591     1,196
                                                      -------    ------
                                                     
Cash flows from investing activities                 
 Capital expenditures                                  (1,292)     (478)
 Decrease in short-term investments                         -       350
                                                      -------    ------
Net cash used in investing activities                  (1,292)     (128)
                                                      -------    ------
                                                     
Cash flows from financing activities                 
 Net decrease in short-term borrowings                 (1,173)     (996)
 Repayment of long-term debt                              (41)     (105)
 Dividends paid                                           (95)        -
                                                      -------    ------
Net cash used in financing activities                  (1,309)   (1,101)
                                                      -------    ------
                                                     
Decrease in cash and cash equivalents                     (10)      (33)
                                                                   
Cash and cash equivalents, beginning of period             16        58
                                                      -------    ------
                                                     
Cash and cash equivalents, end of period                   $6       $25
                                                      =======    ======
                                                     
Supplemental disclosure of cash flow information         
 Interest paid                                           $275      $471
 Income tax paid                                          $12        $4 
                                                     
Supplemental disclosure of non-cash financing        
 activities                                          
 Equipment acquired under financing arrangements            -      $338


See accompanying notes to condensed financial statements.
 

                                       5
<PAGE>
 
                       Kewaunee Scientific Corporation 

                    Notes to Condensed Financial Statements
                                  (unaudited)




A.  Financial Information
-------------------------

The unaudited interim condensed financial statements of Kewaunee Scientific
Corporation (the "Company" or "Kewaunee") have been prepared pursuant to the
rules and regulations of the Securities and Exchange Commission (the
"Commission").  Accordingly, certain information and footnote disclosures
normally included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted. These interim
condensed financial statements should be read in conjunction with the financial
statements and notes included in the Company's 1996 Annual Report to
Stockholders.

In the opinion of management, the interim condensed financial statements reflect
all adjustments (consisting only of normal recurring adjustments) necessary for 
a fair presentation of the interim periods.  The results of operations for the 
interim periods are not necessarily indicative of the results of operations to 
be expected for the full year.

B.  Inventories
---------------

Inventories consisted of the following (in thousands):


                                  January 31, 1997    April 30, 1996
                                  ----------------    --------------
Finished products                     $  580              $  253
Work-in-process                          742                 280
Raw materials                          1,376                 680
                                      ------              ------
                                      $2,698              $1,213
                                      ======              ======            


C.  Balance Sheet
-----------------

The Company's April 30, 1996 condensed balance sheet as presented herein is 
derived from audited financial statements, but does not include all disclosures 
required by generally accepted accounting principles.


                                       6
<PAGE>
 
D.  Financing Arrangements
--------------------------

In September 1996, the Company amended and renewed its revolving credit
facility. The facility allows the company to borrow up to the lesser of $8.5
million or the amount available under certain eligibility formulas using
qualifying receivables and inventories, as defined under the credit arrangement.
Under the facility, the Company makes monthly interest payments at a rate of the
greater of 6% or the lender's prime rate (8.25% at January 31, 1997), calculated
on the average loan balance outstanding during each month. The Company's
receivables and inventories continue to be pledged to the lender as collateral
securing borrowings under the facility, but other collateral has been released.
The facility extends through January 7, 1999.



                                       7
<PAGE>
 
Item 2.  Management's Discussion and Analysis of Financial 
         Condition and Results of Operations


The Company's 1996 Annual Report to Stockholders contains management's 
discussion and analysis of financial condition and results of operations at and 
for the year ended April 30, 1996.  The following discussion and analysis 
describes material changes in the Company's financial condition since April 30, 
1996.  The analysis of results of operations compares the three months and nine 
months ended January 31, 1997 with the comparable periods of the prior fiscal 
year.

Results of Operations
---------------------

The Company recorded sales of $14.8 million for the three months ended January 
31, 1997, up 16.7% from sales of $12.7 million for the comparable period of 
the prior year.  Sales for the nine months ended January 31, 1997 were $47.0 
million, up 7.8% from sales of $43.7 million in the comparable period of the 
prior year.  The sales increases for the three months and nine months ended 
January 31, 1997 were primarily attributable to increased sales of end user 
products, partially offset by decreased sales of contract-bid laboratory 
furniture.

The Company's gross profit margins for the three months and nine months ended 
January 31, 1997 were 23.5% and 22.3%, respectively, compared with 19.1% and 
18.5% for the comparable periods of the prior fiscal year. Current year gross 
profit margins were favorably affected by an improved product sales mix, higher
selling prices, and lower manufacturing costs.

Operating expenses for the three months and nine months ended January 31, 1997 
were $2.9 million and $8.8 million, or 19.7% and 18.6% of sales, respectively.  
This compares to operating expenses of $2.4 million and $7.5 million, or 18.7% 
and 17.1% of sales, respectively, for the comparable periods of the prior fiscal
year.  The increases in operating expenses for the three months and nine months 
ended January 31, 1997 were primarily attributable to increased sales and 
marketing expenses and expenses associated with incentive compensation programs.

                                       8

<PAGE>
 
Operating profits of $566,000 and $1,757,000 were recorded for the three months 
and nine months ended January 31, 1997.  This compares to operating profits of 
$51,000 and $625,000, respectively, for the comparable periods of the prior 
fiscal year.

Other income was $12,000 and $31,000 for the three months and nine months ended 
January 31, 1997, respectively, compared to other income of $191,000 and 
$230,000 for the comparable periods of the prior fiscal year.  Other income for 
each of the prior year periods included $180,000 of life insurance proceeds 
received in connection with one of the Company's employee benefit plans.

Interest expense was $68,000 and $311,000 for the three months and nine months 
ended January 31, 1997, respectively, compared to interest expense of $155,000 
and $550,000 for the comparable periods of the prior fiscal year.  The decreases
in interest expense for the current year resulted from lower levels of debt
under the Company's revolving credit facility, assisted by lower interest rates
paid.

Income tax benefits of $35,000 and $365,000, respectively, resulting from 
reductions to the Company's valuation allowance on deferred tax assets, were 
recorded for the three months and nine months ended January 31, 1997.  At 
January 31, 1997, the Company's valuation allowance on deferred tax assets was 
substantially eliminated, and as a result, income in future periods is expected 
to result in a more normal income tax expense.  No income tax expense or 
benefit was recorded for the three and nine months ended January 31, 1996.  The 
effective tax rate for each of these periods differs from the related statutory 
rates due to adjustments to the deferred tax valuation allowance.

Net income for the three months ended January 31, 1997 was $545,000, or 23 
cents per share, including an income tax benefit of $35,000.  Net income for the
nine months ended January 31, 1997 was $1.8 million, or 78 cents per share, 
including income tax benefits of $365,000.  This compares to net income of 
$87,000 and $305,000, or 4 cents per share and 13 cents per share, respectively,
for the comparable periods of the prior fiscal year.

                                       9
<PAGE>
 
Liquidity and Capital Resources
--------------------------------

Historically, the Company's principal sources of liquidity have been funds 
generated from operations, supplemented as needed by short-term borrowings.  The
Company believes that these sources will be sufficient to support ongoing 
business levels.

The Company had working capital of $6.4 million on January 31, 1997, as compared
to $5.0 million at April 30, 1996.  The ratio of current assets to current 
liabilities was 1.7-to-1 at January 31, 1997 as compared to 1.5-to-1 at April 
30, 1996.  The debt-to-equity ratio was .10-to-1 at January 31, 1997, as 
compared to .19-to-1 at April 30, 1996.  The Company had unused credit available
under a revolving credit facility of $6.9 million at January 31, 1997, as
compared to unused credit available under this facility of $4.0 million at April
30, 1996.

The Company's operations provided cash of $2.6 million during the nine months 
ended January 31, 1997, primarily from operating income and a decrease 
in customer receivables, partially offset by an increase in inventory.  The 
Company's operations generated cash of $1.2 million during the nine months ended
January 31, 1996, primarily from operating earnings and a decrease in customer 
receivables, offset by decreases in accounts payable and other accrued 
liabilities.

In September 1996, the Company amended and renewed its revolving credit
facility. The facility allows the Company to borrow up to the lesser of $8.5
million or the amount available under certain eligibility formulas using
qualifying receivables and inventories, as defined under the credit arrangement.
Under the facility, the Company makes monthly interest payments at a rate of the
greater of 6% or the lender's prime rate, calculated on the average loan balance
outstanding during each month. The Company's receivables and inventories
continue to be pledged to the lender as collateral securing borrowings under the
facility, but the other collateral has been released.

                                      10

<PAGE>
 
The Company used cash of $1.3 million for capital expenditures during the nine 
months ended January 31, 1997, and used cash of $478,000 for such expenditures 
during the comparable period of the prior fiscal year, in both instances 
primarily for the purchase of production machinery.  The Company does not 
anticipate an abnormal level of capital expenditures for the remainder of the 
current fiscal year.

The Company decreased its short-term borrowings by $1.2 million and $1.0 million
during the nine months ended January 31, 1997, and January 31, 1996, 
respectively, using cash provided by operating activities.  The Company used 
cash of $41,000 for scheduled principal payments on long-term debt during the 
nine months ended January 31, 1997.  The Company used cash of $105,000 for 
principal payments on long-term debt during the nine months ended January 31, 
1996.

Cash dividends of $95,000 were paid on the Company's common stock during the 
three months and nine months ended January 31, 1997.  No cash dividends were 
paid during the three months and nine months ended January 31, 1996.

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

Certain information included in the Liquidity and Capital Resources section 
contains forward-looking statements and involves risks and uncertainties that 
could significantly impact the results of operations of the Company.  These 
factors include, but are not limited to, general economic, competitive, 
governmental, and technological factors affecting the Company's operations, 
markets, products, services, and prices.

                                      11
<PAGE>
 
Recent Accounting Standards
---------------------------

In October 1995, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards (SFAS) No. 123, "Accounting for Stock-Based
Compensation," which was effective for the Company beginning May 1, 1996. SFAS
No. 123 requires expanded disclosure of stock-based compensation arrangements
with employees and encourages (but does not require) compensation cost to be
measured based on the fair value of the equity instrument awarded. Companies are
permitted, however, to continue to apply APB Opinion No. 25, which recognizes
compensation cost based on the intrinsic value of the equity instrument
awarded. The Company will continue to apply APB Opinion No. 25 to its stock-
based compensation awards to employees and will disclose the required pro forma
effect in net income and earnings per share in its year-end financial
statements.

                                      12

<PAGE>
 
                       REVIEW BY INDEPENDENT ACCOUNTANTS

A review of the interim financial information included in this Quarterly Report
on Form 10-Q for the three months and nine months ended January 31, 1997 has 
been performed by Deloitte & Touche LLP, the Company's independent accountants.
Their report on the interim financial information follows. There have been no 
adjustments or disclosures proposed by Deloitte & Touche LLP which have not been
reflected in the interim financial information.

                                      13

<PAGE>
 
                      [DELOITTE & TOUCHE LLP LETTERHEAD]

INDEPENDENT ACCOUNTANTS' REPORT

To the Board of Directors and Stockholders of
 Kewaunee Scientific Corporation
Statesville, North Carolina

We have reviewed the accompanying condensed balance sheet of Kewaunee Scientific
Corporation (the Company) as of January 31, 1997, and the related condensed 
statements of operations for the three-month and nine-month periods ended 
January 31, 1997 and 1996 and the condensed statements of cash flows for the 
nine-month periods ended January 31, 1997 and 1996.  These financial statements 
are the responsibility of the Company's management.

We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants.  A review of interim financial 
information consists principally of applying analytical procedures to financial 
data and of making inquiries of persons responsible for financial and accounting
matters.  It is substantially less in scope than an audit conducted in 
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statements taken as a 
whole.  Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should 
be made to such condensed financial statements for them to be in conformity with
generally accepted accounting principles.

We have previously audited, in accordance with generally accepted auditing 
standards, the balance sheet of Kewaunee Scientific Corporation as of April 30, 
1996, and the related statements of operations and retained earnings and of cash
flows for the year then ended (not presented herein); and in our report dated 
May 31, 1996, we expressed an unqualified opinion on those financial statements.
In our opinion, the information set forth in the accompanying condensed balance 
sheet as of April 30, 1996 is fairly stated, in all material respects, in 
relation to the balance sheet from which it has been derived.


/s/ Deloitte & Touche LLP

February 13, 1997


                                      14


<PAGE>
 
                          PART II. OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K

        (a) Exhibits

            10.1  Amendment dated September 26, 1996 to the Financing and 
                  Security Agreements dated January 6, 1995 between The CIT
                  Group/Business Credit, Inc. and the Registrant.

            27.1  Financial Data Schedule            

        (b) Reports on Form 8-K

            No reports on Form 8-K were filed with the Commission during the
            three months ended January 31, 1997.


                                      15