SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported)      June 18, 2003

 

 

 

Item 7.                                                           Financial Statements and Exhibits.

 

	(c)		Exhibits
			Exhibit 99 - Press Release dated June 18, 2003.

 

Item 9.                                                           Regulation FD Disclosure.

 

The following information is furnished pursuant to Item 12, “Results of Operations and Financial Condition.”

 

On June 18, 2003, Hawkins, Inc. (“Hawkins”) issued a press release announcing Hawkins’ financial results for the quarter and fiscal year ended March 30, 2003.  A copy of the press release is furnished as Exhibit 99 hereto and incorporated by reference into this Current Report on Form 8-K.

 

2

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	HAWKINS, INC.
Date:  June 19, 2003	By	/s/ Marvin E. Dee
		Marvin E. Dee
		Vice President, Chief Financial Officer, Secretary and Treasurer

 

3

Exhibit 99

 

FOR IMMEDIATE RELEASE

 

Contacts:

 

Marvin E. Dee

Chief Financial Officer

612/617-8571

marvin.dee@hawkinsinc.com

 

Jennifer A. Weichert

Weichert Financial Relations, Inc.

651/686-9751

weichertfr@aol.com

 

HAWKINS, INC. REPORTS IMPROVED EARNINGS FOR FISCAL 2003

 

Minneapolis, MN, June 18, 2003 – Hawkins, Inc.  (Nasdaq:  HWKN) today announced results for the 2003 fiscal year and fourth quarter ended March 30, 2003.  Net income for fiscal 2003 rose 10.7% to $8.4 million, equal to $0.83 per share, on sales of $104.0 million. These results compare with net income of $7.6 million and earnings per share of $0.74, on sales of $107.4 million for the comparable period a year ago. Hawkins changed its fiscal year end in 2002 to better align reporting sequences with business cycles.

 

For the fourth quarter ended March 30, 2003, Hawkins had net income of $1.3 million and earnings per share of $0.14 on sales of $24.8 million versus net income of $1.5 million and earnings per share of $0.14 on sales of $24.7 million for the comparable period a year ago.

 

Chairman and Chief Executive Officer, John R. Hawkins, commented, “During the past year we continued to build a strong foundation for growth based on improving earnings, positive cash flow, higher returns and a strengthened balance sheet.  The investment in operations and sales over the past several years, coupled with favorable product mix sales and better efficiencies, increased profitability.” Hawkins noted that overall gross margins for the fiscal year ended March 30, 2003 rose to 26.9% versus 23.6% in the comparable period last year.

 

“Sales were off slightly due to the cyclical nature of commodity chemical prices; that situation was exasperated by the ongoing economic pressures in the telecommunications and circuit board industries,” Hawkins commented. “While we do not control the pricing of commodity products, we are committed to maintaining and when possible enhancing our gross margins on those products.”

 

“Our strong liquidity and capital position are key contributors to our success,” Hawkins stated. “We ended Fiscal 2003 with approximately $24.3 million in cash and marketable securities, strong, predictable cash flow and no debt.”

 

 

Hawkins, Inc. is a highly focused regional company, which provides a full range of bulk industrial products complemented with the technical competence and ingenuity to formulate and blend specialty chemicals. The Company sells and services related products and equipment to safely dispense chemicals in highly controlled environments.

 

The industries in which Hawkins’ customers participate include chemical processing, electronics, energy, environmental services, food processing, metal finishing, pharmaceutical, medical devices, pulp and paper, and water treatment.

 

The Company strives to operate in concert with the environment. Its products and services are geared to improve the environment and insure the safe handling of chemicals.

 

Hawkins is headquartered in Minneapolis, Minnesota. The Company operates fourteen facilities in Iowa, Illinois, Minnesota, Montana, Nebraska, South and North Dakota and Wisconsin and services customers in Upper Michigan, Kansas and Wyoming as well.

 

The discussion above contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements give Hawkins’ current expectations or forecasts of future events and generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expected,” “intend,” “estimate,” “anticipate,” “believe,” “project,” or “continue,” or the negative thereof or similar words.  These statements by their nature involve substantial risks and uncertainties as described by Hawkins’ periodic filings with the Securities and Exchange Commission (SEC).  Actual results may differ materially depending on a variety of factors, including, but not limited to, the following:  the cyclical nature of commodity chemical prices, unforeseen liabilities, changes in governmental regulation, increased competition and changes in customer demand.  Additional information with respect to the risks and uncertainties faced by Hawkins may be found in, and the prior discussion is qualified in its entirety by, the risk factors contained in the Company’s filings with the Securities and Exchange Commission including Hawkins’ Report on Form 10-KT for the six-month transitional period ended March 31, 2002, Forms 10-Q, and other SEC filings.

 

2

 

HAWKINS, INC.

CONDENSED STATEMENTS OF INCOME

(unaudited)

 

		Quarters Ended						Fiscal Years Ended
		March 30, 2003			March 31, 2002			March 30, 2003			March 31, 2002
Sales		$	24,753,448		$	24,657,548		$	104,004,611		$	107,390,209
Cost of sales		18,799,858			19,081,217			76,046,759			82,000,674
Gross margin		5,953,590			5,576,331			27,957,852			25,389,535
Selling, general and administrative expenses		3,990,708			3,414,656			15,260,640			14,526,396
Income from operations		1,962,882			2,161,675			12,697,212			10,863,139
Interest income, net		212,421			97,885			732,960			468,455
Income before income taxes		2,175,303			2,259,560			13,430,172			11,331,594
Provision for income taxes		836,000			796,393			5,000,000			3,718,913
Net income		$	1,339,303		$	1,463,167		$	8,430,172		$	7,612,681
Weighted average number of shares outstanding		10,216,688			10,216,688			10,216,688			10,262,635
Earnings per share - basic and diluted		$	0.14		$	0.14		$	0.83		$	0.74

 

#   #   #   #

 

3