Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock is traded on the NASDAQ Global Market, under the symbol KEQU. The following table sets forth the quarterly high and low prices reported on the NASDAQ Global Market for our stock over the last two fiscal years.
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
2020
High
$23.00
$18.20
$19.57
$12.80
Low
$16.18
$15.06
$12.30
$6.96
Close
$18.25
$16.09
$12.56
$10.23
2019
High
$38.80
$35.05
$34.84
$32.70
Low
$30.50
$25.97
$22.00
$20.21
Close
$31.60
$29.21
$32.16
$22.63
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As of July 6, 2020, we estimate there were approximately 1,345 stockholders of our common shares, of which 128 were stockholders of record. We paid cash dividends per share of $0.38 and $0.74 for fiscal years 2020 and 2019, respectively. On December 16, 2019, the Company announced that the Board of Directors had elected to suspend the Company's dividend.The declaration and payment of any future dividends will be at the discretion of the Board of Directors and will depend upon many factors, including the Company’s earnings, capital requirements, investment and growth strategies, financial conditions, the terms of the Company’s indebtedness, which currently contains provisions that could limit the payment of dividends in certain circumstances, and other factors that the Board of Directors may deem to be relevant.
SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS
See Item 12 in this Form 10-K for a discussion of securities authorized for issuance under our equity compensation plans.
Item 6. Selected Financial Data
The following tables set forth selected historical consolidated financial and other data for the periods indicated. The consolidated financial data should be read in conjunction with Item 8, Financial Statements and Supplementary Data, and with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.
$ and shares in thousands, except per share amounts
2020
2019
OPERATING STATEMENT DATA:
Net sales
$
147,540
$
146,550
Cost of products sold
124,113
121,231
Gross profit
23,427
25,319
Operating expenses
25,772
23,207
Operating earnings (loss)
(2,345
)
2,112
Pension expense
(454
)
(295
)
Other income (expense), net
426
684
Interest expense
(493
)
(367
)
Earnings (loss) before income taxes
(2,866
)
2,134
Income tax expense
1,758
446
Net earnings (loss)
(4,624
)
1,688
Less: net earnings attributable to noncontrolling interest
63
159
Net earnings (loss) attributable to Kewaunee Scientific Corporation
$
(4,687
)
$
1,529
Weighted average shares outstanding:
Basic
2,750
2,742
Diluted
2,750
2,794
PER SHARE DATA:
Net earnings (loss) attributable to Kewaunee Scientific Corporation stockholders
Basic
$
(1.70
)
$
0.56
Diluted
$
(1.70
)
$
0.55
Cash dividends
$
0.38
$
0.74
Year-end book value
$
13.97
$
17.15
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As of April 30
$ in thousands
2020
2019
BALANCE SHEET DATA:
Current assets
$
54,231
$
65,357
Current liabilities
27,060
32,733
Net working capital
27,171
32,624
Net property, plant and equipment
16,272
16,462
Total assets
83,929
87,223
Total borrowings/long-term debt
13,913
10,926
Kewaunee Scientific Corporation stockholders’ equity
$
38,415
$
47,100
OTHER DATA:
Capital expenditures
$
2,465
$
4,213
Year-end stockholders of record
125
128
Year-end full-time employees (Domestic)
623
593
Year-end full-time employees (International)
289
263