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) August 5, 2004
Hawkins, Inc.
(Exact name of registrant as specified in its charter)
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Minnesota |
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0-7647 |
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41-0771293 |
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(State of Incorporation) |
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(Commission File Number) |
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(IRS Employer |
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3100 East Hennepin Avenue |
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55413 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s Telephone Number, Including Area Code (612) 331-6910
Item 7. Financial Statements and Exhibits.
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(c) |
Exhibits |
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Exhibit 99 - Press Release, dated August 5, 2004, announcing financial results of Hawkins, Inc. for its fiscal first quarter ended June 30, 2004. |
Item 12. Results of Operations and Financial Condition.
On August 5, 2004, Hawkins, Inc. issued a press release announcing financial results for its first quarter ended June 30, 2004. A copy of the press release issued by the Registrant is furnished herewith as Exhibit 99 hereto and is incorporated herein by reference.
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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.
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HAWKINS, INC. |
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Date: August 5, 2004 |
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/s/ Marvin E. Dee |
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Marvin E. Dee |
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Vice President, Chief Financial Officer, |
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Secretary and Treasurer |
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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 POSITIVE
FISCAL 2005 FIRST QUARTER RESULTS
Minneapolis, MN, August 5, 2004 – Hawkins, Inc. (Nasdaq: HWKN) today announced sales of $30.0 million for its first quarter ended June 30, 2004, an increase of 3.1% over the $29.1 million in sales for last year’s first quarter. Net income for the first quarter of fiscal 2005 was $2.9 million, or $0.29 per share, compared with net income of $2.8 million, or $0.27 per share, earned in the same period of fiscal 2004.
Chairman and Chief Executive Officer, John R. Hawkins, commented, “The Water Treatment segment has maintained a steady growth trend, with sales increasing by 5.4% and gross margins improving to 35.9%, versus 35.7% in the first quarter a year ago. A favorable product mix, and to a lesser extent, volume increases, positively impacted results.”
Mr. Hawkins noted that Industrial segment sales were flat despite more volume of caustic soda, which was offset by lower selling prices. As a result of these and other factors, overall gross margins were 28.7%, compared to 29.0% a year ago.
Although selling, general and administrative expenses were relatively stable during the quarter as compared to the prior year, the Company expects a significant increase through the end of fiscal 2005 in expenses associated with the Company’s implementation of a new Enterprise Resource Planning system and to meet the requirements of the Sarbanes-Oxley Act.
“We end our first quarter of fiscal 2005 in excellent financial health with approximately $25.5 million in cash and marketable securities, strong, predictable cash flow and no debt,” Hawkins
stated. Mr. Hawkins also commented, “During the first quarter of fiscal 2005, the Company opened a new distribution facility in Eldridge, Iowa, paving the way for further growth.”
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 fifteen 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. These statements by their nature involve substantial risks and uncertainties as described by Hawkins’ periodic filings. Actual results may differ materially depending on a variety of factors, including, but not limited to the following: the achievement of Hawkins’ projected operating results, the achievement of efficient volume production and related sales revenue, and the ability of Hawkins to identify and successfully pursue other business opportunities. 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-K for the period ended March 28, 2004, Forms 10-Q, and other SEC filings.
HAWKINS, INC.
CONDENSED STATEMENTS OF INCOME
(unaudited)
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Quarters Ended |
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June 30, |
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June 30, |
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Sales |
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$ |
29,955,818 |
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$ |
29,066,867 |
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Cost of sales |
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21,370,342 |
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20,630,734 |
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Gross margin |
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8,585,476 |
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8,436,133 |
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Selling, general and administrative expenses |
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4,204,845 |
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4,192,655 |
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Income from operations |
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4,380,631 |
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4,243,478 |
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Investment income |
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196,173 |
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222,538 |
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Income before income taxes |
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4,576,804 |
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4,466,016 |
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Provision for income taxes |
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1,647,500 |
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1,674,000 |
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Net income |
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$ |
2,929,304 |
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$ |
2,792,016 |
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Weighted average number of shares outstanding |
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10,216,688 |
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10,216,688 |
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Earnings per share - basic and diluted |
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$ |
0.29 |
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$ |
0.27 |
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