Financial Analysis

"Nu Aire Acquisition On November 1, 2024 (the ""Closing Date""), the Company completed the acquisition of Nu Aire, Inc. (""Nu Aire""), a leading manufacturer of equipment for a diverse range of laboratory and pharmacy environments, by acquiring all of the Nu Aire capital stock that was issued and outstanding as of the date of acquisition (the ""Transaction""). The Transaction expanded the Company's capabilities, allowing the combined organization to better meet the needs of end-users in laboratory furnishings and accelerating the Company's vision of becoming the market leader in the design and manufacturing of laboratory furniture and technical products essential for outfitting laboratories. The Company purchased all the outstanding stock of Nu Aire for $55.0 million, subject to certain adjustments for debt, cash, transaction expenses, and net working capital resulting in aggregate acquisition consideration of $53.0 million as shown in the table below. $23.0 million of the purchase price payable at closing of the Transaction was funded pursuant to subordinated seller notes. The remaining purchase price payable at closing of the Transaction was paid in cash, which cash was funded, in part, through the Revolving Credit Facility (as defined in Note 6 , Long-term Debt and Other Credit Arrangements ), and Term Loan (as defined in Note 6 , Long-term Debt and Other Credit Arrangements ), provided to the Company by PNC Bank, National Association (""PNC""). The following table summari …

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"Leases, Commitments and Contingencies The Company recognizes lease assets and lease liabilities with respect to the rights and obligations created by leased assets previously classified as operating leases. The Company elected to: Record the impact of adoption using a modified retrospective method with any cumulative effect as an adjustment to retained earnings (accumulated deficit) as opposed to restating comparative periods to reflect the effects of applying the new standard. Elect the package of three transition practical expedients which alleviate the requirements to reassess embedded leases, lease classification and initial direct costs for leases that commenced prior to the adoption date. Elected to use the short-term lease recognition exemption for all asset classes. This means, for those leases that qualify, the Company will not recognize right-of-use (""ROU"") assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets. The Company has operating type leases for real estate and equipment in both the U.S. and internationally and financing leases for equipment in the United States. ROU assets totaled $10,791,000 and $12,965,000 at April 30, 2026 and 2025, respectively. Operating cash paid to settle lease liabilities was $4,452,000 and $3,394,000 for the fiscal year ended April 30, 2026 and 2025, respectively. The Company's leases have remaining lease terms of up to 6 years. In addition, s …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Long-term Debt and Other Credit Arrangements The components of the Company's long-term debt, excluding lease, deferred financing costs of $0.4 million and $0.8 million related to the debt, and sale-leaseback related activity, as presented on the Consolidated Balance Sheet as of April 30, 2026 and 2025, respectively, were as follows: ($ in thousands) April 30, 2026 April 30, 2025 Seller Notes $ $ 23,935 Term Loan 10,750 13,750 First Amendment Term Loan 9,333 Total outstanding balance under Amended Loan Agreement 20,083 13,750 Total long-term debt $ 20,083 $ 37,685 Current portion of Term Loan $ 3,000 $ 3,000 Current portion of First Amendment Term Loan 2,000 Current portion of Amended Loan Agreement balance 5,000 3,000 Total current portion of long-term debt 5,000 3,000 Seller Notes 23,935 Non-current portion of Term Loan 7,750 10,750 Non-current portion of First Amendment Term Loan 7,333 Non-current portion of Amended Loan Agreement balance 15,083 10,750 Total non-current portion of long-term debt 15,083 34,685 Total long-term debt $ 20,083 $ 37,685 See Note 12 , Leases, Commitments and Contingencies , for more information on any long-term debt related to the Company's lease portfolio and Note 7 , Sale-Leaseback Financing Transaction , for more information on any long-term debt related to the Company's sale-leaseback financing transaction. PNC Loan Agreement As noted in Note 4 , Nu Aire Acquisition , the Company entered into a Loan Agreement (the ""Loan Agreement"") with PNC …

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A summary of net sales transferred to customers at a point in time and over time for the twelve months ended April 30 is as follows (in thousands): 2026 LPG International Total Over Time $ 129,853 $ 67,113 $ 196,966 Point in Time 85,033 85,033 Total Revenue $ 214,886 $ 67,113 $ 281,999 2025 LPG International Total Over Time $ 132,723 $ 61,074 $ 193,797 Point in Time 46,675 46,675 Total Revenue $ 179,398 $ 61,074 $ 240,472 …

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Goodwill & Other Intangible Assets In connection with the Nu Aire Acquisition, on November 1, 2024, the Company recorded goodwill of $14.2 million on its Consolidated Balance Sheet. See Note 4 , Nu Aire Acquisition for additional information. No impairment losses on goodwill were recorded during the twelve months ended April 30, 2026 or 2025. The ending balance of goodwill at April 30, 2026 was approximately $12.5 million after the impact of the measurement adjustment discussed in Note 4 , Nu Aire Acquisition . See Note 4 , Nu Aire Acquisition , for further information. Also in connection with the Nu Aire Acquisition, the Company recorded other intangible assets on November 1, 2024 of $18.6 million on its Consolidated Balance Sheet. See Note 4 , Nu Aire Acquisition for additional information. The gross carrying amount and accumulated amortization of the Company's intangible assets other than goodwill as of April 30, 2026 and April 30, 2025, respectively, were as follows: April 30, 2026 ($ in thousands) Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships 10 years $ 9,800 $ (1,470) $ 8,330 Trade names and trademarks Indefinite 4,900 4,900 Developed technology 7 years 3,900 (836) 3,064 Total $ 18,600 $ (2,306) $ 16,294 April 30, 2025 ($ in thousands) Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships 10 years $ 9,800 $ (490) $ 9,310 Trade names and tradema …

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"Income Taxes Effective August 1, 2019, the Company elected to revoke the indefinite reinvestment of foreign unremitted earnings position set forth by ASC 740-30-25-17 for multiple foreign subsidiaries. As a result of this election, the Company recorded a tax withholding expense imposed by the India Income Tax Department of $437,000 and $416,000 for the years ended April 30, 2026 and 2025, respectively. The Company's accounting policy with respect to the Global Intangible Low-Taxed Income (""GILTI"") tax rules is that GILTI will be treated as a periodic charge in the year in which it arises. The domestic and foreign components of earnings before income taxes for the years ended April 30, 2026 and 2025, respectively, consisted of the following: $ in thousands 2026 2025 Earnings before income taxes United States $ 6,812 $ 10,073 Foreign 6,921 4,712 Total earnings before income tax expense $ 13,733 $ 14,785 Income tax (benefit) expense for the years ended April 30, 2026 and 2025, respectively, consisted of the following: $ in thousands 2026 2025 Current tax (benefit) expense: Federal $ 581 $ 3,042 State and local 471 610 Foreign 2,236 1,752 Total current tax expense 3,288 5,404 Deferred tax (benefit) expense: Federal 77 (1,432) State and local 88 (650) Foreign (185) (120) Total deferred tax (benefit) expense (20) (2,202) Net income tax (benefit) expense $ 3,268 $ 3,202 The domestic and foreign components of the Company's income taxes paid, net of refunds received, for the years …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"New Accounting Standards In December 2023, the FASB issued ASU 2023-09, "" Income Taxes (Topic 740) - Improvements for Income Tax Disclosures ,"" which requires public business entities to, on an annual basis, (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. This ASU also provides for additional disclosure requirements to provide clarity for investors related to income tax disclosures. This guidance is effective for annual periods beginning after December 15, 2024. The Company adopted this standard for its annual reporting in fiscal year 2026. The adoption of this standard did not have a significant impact on the Company's consolidated financial position or results of operations. In November 2024, the FASB issued ASU 2024-03, "" Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) ,"" which requires public business entities to provide disclosure of additional information about certain identified costs and expenses on both an interim and annual basis. In January 2025, the FASB issued ASU 2025-01, "" Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40); Clarifying the Effective Date ,"" which provided clarification regarding the effective dates of annual and interim disclosure requirements presented in ASU 2024-03. Upon consideration of the clarification in 2025-01, th …

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Retirement Benefits The Company has two defined contribution plans covering substantially all domestic salaried and hourly employees. These plans provides benefits to all employees who meet minimum age and service requirements. The Company's plans provide for matching contributions based on a percentage of the employee's eligible contributions. Total matching contributions made by the Company for these plans were $1,634,000 and $1,177,000 for the years ending April 30, 2026 and 2025. The Company's international subsidiaries also have a defined contribution plan for qualifying employees. Under the international plan, employer contributions are made in accordance with plan rules. Total contributions made by the Company for its International plan was $232,000 and $247,000 for the years ending April 30, 2026 and 2025.

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"Revenue Recognition The Company recognizes revenue when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. The majority of the Company's revenues are recognized over time as the customer receives control as the Company performs work under a contract. However, a portion of the Company's revenues are recognized at a point-in-time as control is transferred at a distinct point in time per the terms of a contract. Performance Obligations A performance obligation is a distinct good or service or bundle of goods and services that is distinct or a series of distinct goods or services that are substantially the same and have the same pattern of transfer. The Company identifies performance obligations at the inception of a contract and allocates the transaction price to individual performance obligations to reasonably reflect the Company's performance in transferring control of the promised goods or services to the customer. The Company has elected to treat shipping and handling as a fulfillment activity instead of a separate performance obligation. The following are the primary performance obligations identified by the Company: Laboratory Furniture The Company principally generates revenue from the manufacture of custom laboratory, healthcare, and technical furniture and …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Segment Information In accordance with ASC 280, Segment Reporting , the Company's operations are classified into two business segments: Lab Products Group (""LPG"") and International. The LPG business segment principally designs, manufactures, and installs scientific and technical furniture, including steel and wood laboratory cabinetry, fume hoods, flexible systems, worksurfaces, workstations, workbenches, and computer enclosures. On November 1, 2024, the Company completed its acquisition of Nu Aire, whose operating results are reflected in the LPG operations segment, expanding the Company's capabilities through its manufacturing of biological safety cabinets, CO2 incubators, ultralow freezers, and other essential laboratory products. See Note 4 , Nu Aire Acquisition , for further information. The International business segment, which consists of the foreign subsidiaries identified in Note 1 , Summary of Significant Accounting Policies , provides the Company's products and services, including facility design, detailed engineering, construction, and project management from the planning stage through testing and commissioning of laboratories. During the fourth quarter of fiscal year 2026, the Company changed the name of the Domestic reportable segment to Lab Products Group. This change better aligns with the segment's business activities, structure, and strategy. The segment name change had no impact on the composition of the Company's reportable segments or on previously rep …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Summary of Significant Accounting Policies Kewaunee Scientific Corporation and subsidiaries (collectively the ""Company"") design, manufacture, and install laboratory, healthcare, and technical furniture and infrastructure products. The Company's products include steel and wood casework, fume hoods, adaptable modular systems, moveable workstations, stand-alone benches, biological safety cabinets, and epoxy resin work surfaces and sinks. The Company's acquisition of Nu Aire, Inc. complements Kewaunee's portfolio through Nu Aire's biological safety cabinets, CO2 incubators, ultralow freezers, and other essential laboratory products. The Company's sales are made through purchase orders and contracts submitted by customers directly or through its dealers, its subsidiaries in Singapore and India, and a national stocking distributor. The majority of the Company's products are sold to customers located in North America, primarily within the United States. The Company's laboratory products are used in chemistry, physics, biology and other general science laboratories in the pharmaceutical, biotechnology, industrial, chemical, commercial, educational, government and health care markets. Technical products are used in facilities manufacturing computers and light electronics and by users of computer and networking furniture. Principles of Consolidation The Company's consolidated financial statements include the accounts of Kewaunee Scientific Corporation and its subsidiaries. A brief d …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"Stockholder's Equity Common Stock The Company is authorized to issue 5,000,000 shares of Common Stock, par value of $2.50 per share. Holders of the Company's Common Stock are entitled to 1 vote per share. At April 30, 2026, and April 30, 2025, there were approximately 2,866,000 and 2,839,000 shares, respectively, of Common Stock outstanding. The Company has not declared or paid any dividends with respect to its Common Stock during the fiscal year ended April 30, 2026. The declaration and payment of any future dividends is 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 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. Share Repurchase Program On August 31, 2023, the Board of Directors of the Company adopted a share repurchase program with authorization to repurchase up to 100,000 shares. There is no expiration date and currently, management has no plans to terminate this program. On March 12, 2025, the Board of Directors amended the existing share repurchase program to authorize the repurchase of up to an additional 100,000 shares of the Company's common stock (as amended, the ""Program""). The Program does not have a specified expiration date and the timing and amount of any repur …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

"Long-term Debt and Other Credit Arrangements The components of the Company's long-term debt at July 31, 2026 and April 30, 2026, excluding lease, deferred financing costs of $0.4 million and $0.4 million related to the debt at each respective date, and sale-leaseback-related activity, as presented on the Condensed Consolidated Balance Sheet were as follows: ($ in thousands) July 31, 2026 April 30, 2026 Term Loan $ 10,000 $ 10,750 First Amendment Term Loan 8,833 9,333 Total outstanding balance under Amended Loan Agreement 18,833 20,083 Total long-term debt $ 18,833 $ 20,083 Current portion of Term Loan $ 3,000 $ 3,000 Current portion of First Amendment Term Loan 2,000 2,000 Current portion of Amended Loan Agreement balance 5,000 5,000 Total current portion of long-term debt 5,000 5,000 Non-current portion of Term Loan 7,000 7,750 Non-current portion of First Amendment Term Loan 6,833 7,333 Non-current portion of Amended Loan Agreement balance 13,833 15,083 Total non-current portion of long-term debt 13,833 15,083 Total long-term debt $ 18,833 $ 20,083 See Note I , Leases , for more information on any long-term debt related to the Company's lease portfolio and Note H , Sale-Leaseback Financing Transaction , for more information on any long-term debt related to the Company's sale-leaseback financing transaction. PNC Loan Agreement The Company entered into a Loan Agreement (the Loan Agreement) with PNC on November 1, 2024. The loans governed by the Loan Agreement include (i) a $ …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

A summary of net sales transferred to customers over time and at a point in time for the periods ended July 31, 2026 and July 31, 2025 is as follows (in thousands): Three Months Ended July 31, 2026 July 31, 2025 LPG International Total LPG International Total Over Time $ 31,107 $ 15,452 $ 46,559 $ 32,713 $ 16,752 $ 49,465 Point in Time 19,761 19,761 21,639 21,639 Total $ 50,868 $ 15,452 $ 66,320 $ 54,352 $ 16,752 $ 71,104 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Fair Value of Financial Instruments The Company's financial instruments consist primarily of cash and equivalents, mutual funds, a sale-leaseback financing liability, term loans, and short-term borrowings. The carrying value of these assets and liabilities approximates their fair value. The following tables summarize the Company's fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of July 31, 2026 and April 30, 2026 (in thousands): July 31, 2026 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 3,026 $ $ 3,026 Cash surrender value of life insurance policies (1) 1,591 1,591 Total $ 3,026 $ 1,591 $ 4,617 Financial Liabilities Non-qualified compensation plans (2) $ $ 5,165 $ 5,165 Total $ $ 5,165 $ 5,165 April 30, 2026 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 2,720 $ $ 2,720 Cash surrender value of life insurance policies (1) 1,587 1,587 Total $ 2,720 $ 1,587 $ 4,307 Financial Liabilities Non-qualified compensation plans (2) $ $ 4,807 $ 4,807 Total $ $ 4,807 $ 4,807 (1) The Company maintains two non-qualified compensation plans which include investment assets in a rabbi trust. These assets consist of marketable securities, which are valued using quoted market prices multiplied by the number of shares owned, and life insurance policies, which are valued at their cash surrender value. (2) Plan liabilities a …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Goodwill and Other Intangible Assets On November 1, 2024, the Company recorded goodwill of $14.2 million on its Condensed Consolidated Balance Sheet in connection with its acquisition (the ""Nu Aire Acquisition"") of Nu Aire, Inc. (""Nu Aire""). During the year ended April 30, 2025, the Company recorded a $1.8 million measurement period adjustment to increase inventory as a result of revised capitalized variances related to work-in-progress as of the acquisition date, with a corresponding decrease to Goodwill, net of the tax impact. See Note 4 , Nu Aire Acquisition included in the Company's 2026 Annual Report on Form 10-K for additional information. No impairment losses on goodwill were recorded during the three months ended July 31, 2026. The ending balance of goodwill at July 31, 2026 and April 30, 2026 was approximately $12.5 million. Also in connection with the Nu Aire Acquisition, the Company recorded other intangible assets on November 1, 2024 of $18.6 million on its Condensed Consolidated Balance Sheet. See Note 4 , Nu Aire Acquisition included in the Company's 2026 Annual Report on Form 10-K for additional information. The gross carrying amount and accumulated amortization of the Company's intangible assets other than goodwill as of July 31, 2026 and April 30, 2026 were as follows: July 31, 2026 ($ in thousands) Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Book Value Customer relationships 10 years $ 9,800 $ (1,715) $ 8,085 Trade names and …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes Income tax expense of $717,000 and $761,000 was recorded for the three months ended July 31, 2026 and 2025, respectively. The effective tax rate was 28.0% for the three months ended July 31, 2026 compared to 19.4% for the three months ended July 31, 2025. The effective tax rate for the current three month period reflects the mix of domestic and foreign earnings, which are subject to different tax rates, a discrete benefit resulting from the vesting of restricted stock units, and additional expense associated with the Company's indefinite reinvestment assertion for Kewaunee Labway India Pvt. Ltd. In August 2019, the Company revoked its indefinite reinvestment assertion with respect to the unremitted earnings of its Singapore and Kewaunee Labway India Pvt. Ltd. subsidiaries in accordance with ASC 740 Income Taxes . As a result, the Company has a deferred tax liability of $1,449,000 and $1,376,000 as of July 31, 2026 and April 30, 2026, respectively, related to withholding taxes on the unremitted earnings of Kewaunee Labway India Pvt. Ltd.

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Leases The Company recognizes lease assets and lease liabilities reflecting the rights and obligations created by operating type leases for real estate and equipment in both the U.S. and internationally and financing leases for vehicles and IT equipment in the U.S. At July 31, 2026 and April 30, 2026, right-of-use assets totaled $10,277,000 and $10,791,000, respectively. Operating cash paid to settle lease liabilities was $1,208,000 and $1,040,000 for the three months ended July 31, 2026 and July 31, 2025, respectively. The Company's leases have remaining lease terms of up to six years. In addition, some of the leases may include options to extend the leases for up to five years or options to terminate the leases within one year. Operating lease expense was $1,619,000 for the three months ended July 31, 2026, inclusive of period cost for short-term leases, not included in lease liabilities, of $411,000. Operating lease expense was $1,458,000 for the three months ended July 31, 2025, inclusive of period cost for short-term leases, not included in lease liabilities, of $418,000. At July 31, 2026, the weighted average remaining lease term for the capitalized operating leases was 2.9 years and the weighted average discount rate was 6.1%. For the financing leases, the weighted average remaining lease term was 4.2 years and the weighted average discount rate was 7.6%. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate ba …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"In November 2024, the FASB issued ASU 2024-03, ""Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40),"" which requires public business entities to provide disclosure of additional information about certain identified costs and expenses on both an interim and annual basis. In January 2025, the FASB issued ASU 2025-01, ""Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40); Clarifying the Effective Date,"" which provided clarification regarding the effective dates of annual and interim disclosure requirements presented in ASU 2024-03. Upon consideration of the clarification in 2025-01, the guidance in ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning within annual reporting periods beginning after December 15, 2027. The Company will adopt this standard in fiscal year 2028 for annual disclosures and fiscal year 2029 for interim disclosures. The Company is evaluating the full extent of the potential impact of the adoption of this standard but does not expect the adoption of this standard to have a significant impact on the Company's consolidated financial position or results of operations."

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"Revenue Recognition The Company recognizes revenue when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. The majority of the Company's revenues are recognized over time as the customer receives control as the Company performs work under a contract. However, a portion of the Company's revenues are recognized at a point-in-time as control is transferred at a distinct point in time per the terms of a contract. Disaggregated Revenue During fiscal year 2026, the Company renamed its Domestic reportable segment to Lab Products Group (""LPG"") to better align with the segment's expanded business activities, organizational structure, and strategic direction. This segment name change had no impact on the composition of the Company's reportable segments or on previously reported financial position, results of operations, cash flows, or segment operating results. A summary of net sales transferred to customers over time and at a point in time for the periods ended July 31, 2026 and July 31, 2025 is as follows (in thousands): Three Months Ended July 31, 2026 July 31, 2025 LPG International Total LPG International Total Over Time $ 31,107 $ 15,452 $ 46,559 $ 32,713 $ 16,752 $ 49,465 Point in Time 19,761 19,761 21,639 21,639 Total $ 50,868 $ 15,452 $ 66,320 $ 54,352 $ 16,752 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Segment Information In accordance with ASC 280, Segment Reporting , the Company's operations are classified into two business segments: Lab Products Group (""LPG"") and International. During fiscal year 2026, the Company renamed its Domestic reportable segment to Lab Products Group to better align with the segment's expanded business activities, organizational structure, and strategic direction. This segment name change had no impact on the composition of the Company's reportable segments or on previously reported financial position, results of operations, cash flows, or segment operating results. The LPG business segment principally designs, manufactures, and installs scientific and technical furniture, including steel and wood laboratory cabinetry, fume hoods, flexible systems, worksurfaces, workstations, workbenches, and computer enclosures. On November 1, 2024, the Company completed its acquisition of Nu Aire, whose operating results are reflected in the LPG segment, expanding the Company's LPG capabilities through its manufacturing of biological safety cabinets, CO2 incubators, ultralow freezers, and other essential laboratory products. See Note 4 , Nu Aire Acquisition included in the Company's 2026 Annual Report on Form 10-K for additional information. The International business segment, which consists of the Company's foreign subsidiaries, provides products and services, including facility design, detailed engineering, construction, and project management from the pla …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Stockholders' Equity Common Stock The Company is authorized to issue 5,000,000 shares of Common Stock, par value of $2.50 per share. Holders of the Company's Common Stock are entitled to one vote per share. As of July 31, 2026 and April 30, 2026, there were approximately 2,895,000 and 2,866,000 shares, respectively, of Common Stock outstanding. The Company has not declared or paid any dividends with respect to its Common Stock during the three months ended July 31, 2026. The declaration and payment of any future dividends is 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 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. Share Repurchase Program On August 31, 2023, the Board of Directors of the Company adopted a share repurchase program with authorization to repurchase up to 100,000 shares. There is no expiration date and currently, management has no plans to terminate this program. On March 12, 2025, the Board of Directors amended the existing share repurchase program to authorize the repurchase of up to an additional 100,000 shares of the Company's common stock (as amended, the ""Program""). The Program does not have a specified expiration date and the timing and amount of any re …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing