hawkins102717_8k.htm - Generated by SEC Publisher for SEC Filing

UNITED STATES
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 1, 2010

 


Hawkins, Inc.

(Exact name of registrant as specified in its charter)

 

Minnesota

0-7647

41-0771293

(State of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

3100 East Hennepin Avenue

Minneapolis, MN

 

55413

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code   (612) 331-6910

 


            Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

            o         Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

            o         Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

            o         Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

            o         Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 




 

Item 2.02.       Results of Operations and Financial Condition.

 

On June 1, 2010, Hawkins, Inc. issued a press release announcing financial results for its fiscal year ended March 28, 2010.  A copy of the press release issued by the Registrant is furnished herewith as Exhibit 99 hereto and is incorporated herein by reference.

 

Item 9.01.       Financial Statements and Exhibits.

 

(d)

Exhibit.

 

Exhibit 99 - Press Release, dated June 1, 2010, announcing financial results of Hawkins, Inc. for its fiscal year ended March 28, 2010.

 

 

 

 

 

 

 

 

 

 


 

 

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 1, 2010

By: 

/s/ Kathleen P. Pepski

 

 

 

 

 

Kathleen P. Pepski

 

 

Vice President, Chief Financial Officer,
and Treasurer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Index to Exhibits

 

Exhibit

No.

 

Description

 

Method of Filing

 

 

 

 

 

99

 

Press Release, dated June 1, 2010, announcing financial results of Hawkins, Inc. for its fiscal year ended March 28, 2010.

 

Electronic Transmission

 

 

 

 

 

 

 

 

 

 


hawkins102717_ex99.htm - Generated by SEC Publisher for SEC Filing

 

Exhibit 99

 

FOR IMMEDIATE RELEASE

 

June 1, 2010

Hawkins, Inc.

3100 East Hennepin Avenue

Minneapolis, MN  55413

Contacts:        

John R. Hawkins

Chief Executive Officer

612/617-8532

John.Hawkins@HawkinsInc.com

 

Kathleen P. Pepski

Chief Financial Officer

612/617-8571

Kathleen.Pepski@HawkinsInc.com

 

HAWKINS, INC. REPORTS

FOURTH QUARTER, FISCAL 2010 RESULTS

 

Minneapolis, MN, June 1, 2010 – Hawkins, Inc. (Nasdaq: HWKN) today announced fourth quarter and full-year results for its fiscal year 2010 ended March 28, 2010. Sales of $257.1 million for fiscal 2010 represented a decrease of 9.6% from $284.4 million in sales for the prior fiscal year.  Net income for fiscal 2010 was $23.8 million, or $2.32 per share, the same as fiscal 2009 levels. LIFO inventory adjustments positively impacted income from operations for fiscal 2010 by $12.6 million (approximately $7.6 million, or $0.74 per share, after tax), whereas LIFO inventory adjustments negatively impacted income from operations for fiscal 2009, by $10.0 million (approximately $6.2 million, or $0.61 per share, after tax).

 

For the fourth quarter ended March 28, 2010, the Company reported sales of $57.9 million and net income of $5.5 million, or $0.54 per share, fully diluted, as compared to sales of $67.8 million and net income of $5.1 million, or $0.50 per share, fully diluted, for the same period in the prior year. LIFO inventory adjustments positively impacted income from operations for the quarter by $3.5 million (approximately $2.1 million, or $0.20 per share, after tax), whereas LIFO inventory adjustments negatively impacted results for the same period in the prior year by $3.0 million (approximately $2.0 million, or $0.19 per share, after tax).

 

Chief Executive Officer, John R. Hawkins, commented, “We were able to match fiscal 2009 profitability levels due to continued growth in our Water Treatment business.  The Water Treatment Group’s unique route sales business model, which provides a high level of service to our customers, has continued to serve as a growth engine for us.  We intend to continue to invest to grow our market share in current and new territories for this group.  The volatile market conditions of fiscal 2009 and fiscal 2010 negatively impacted our Industrial Group’s profitability comparison, but this group did an outstanding job of retaining business gained in fiscal 2009 and growing volumes in higher-margin specialty and manufactured products.” 

 

For fiscal 2010, Industrial segment sales were $174.9 million, a decrease of 13.2% from fiscal 2009 sales of $201.6 million. The sales decrease was primarily attributable to lower selling prices for commodity bulk chemicals due to lower commodity chemical costs in fiscal 2010 compared to the prior year.  This was partially offset by higher sales of manufactured and specialty chemical products. Water Treatment segment sales for fiscal 2010 were $82.2 million, a decrease of 0.7% from fiscal 2009 sales of $82.8 million. Increased sales of manufactured and specialty chemical products were offset by decreases in selling prices for commodity chemicals due to lower commodity chemical costs in fiscal 2010 compared to the prior year.

 

 

-more-

 

 


 

 

 

HAWKINS, INC. REPORTS

RESULTS FOR FISCAL 2010

June 1, 2010

Page Two.

 

 

Company-wide gross profit for fiscal 2010 was $64.4 million, or 25.1% of sales, compared to $62.4 million, or 22.0% of sales, for fiscal 2009.  The increase in gross profit as a percentage of sales was primarily driven by our ability to maintain relatively stable margin dollars on lower selling prices compared to the prior year in addition to an increase in sales of higher margin manufactured and specialty chemical products and the LIFO reserve adjustments. Gross profit for the Industrial segment was $37.3 million, or 21.3% of sales, for fiscal 2010, as compared to $41.5 million, or 20.6% of sales, for fiscal 2009. Gross profit for the Water Treatment segment was $27.2 million, or 33.0% of sales, for fiscal 2010, as compared to $21.0 millio n, or 25.3% of sales, for fiscal 2009.

 

SG&A expenses increased by $0.5 million in fiscal 2010 as compared to fiscal 2009. The increase in SG&A expenses was primarily the result of higher equity incentive plan, variable pay plan and medical insurance costs partially offset by lower bad debt expense.

Hawkins, Inc. distributes, blends, and manufactures bulk and specialty chemicals for its customers in a wide variety of industries.  Headquartered in Minneapolis, Minnesota, and with 20 facilities in 11 states, the Company creates value for its customers through superb customer service and support, quality products and personalized applications.

 

 

-more-

 

 


 

HAWKINS, INC. REPORTS

RESULTS FOR FISCAL 2010

June 1, 2010

Page Three.

 

HAWKINS, INC.

CONDENSED STATEMENTS OF INCOME

In thousands, except share and per share data

(unaudited)

 

 

Quarters Ended

Fiscal Years Ended

 

March 28,
2010

March 29,
2009

March 28,
2010

March 29,
2009

 

 

 

 

 

Sales

 

$

57,910

$

67,784

$

257,099

$

284,356

 

 

 

 

 

Cost of sales

 

 

(42,592

)

 

(54,227

)

 

(192,654

)

 

(221,936

)

 

 

 

 

 

Gross profit

 

 

15,318

 

13,557

 

64,445

 

62,420

 

 

 

 

 

Selling, general and administrative expenses

 

 

(6,235

)

 

(6,078

)

 

(25,605

)

 

(25,083

)

 

 

 

 

 

Operating income

 

 

9,083

 

7,479

 

38,840

 

37,337

 

 

 

 

 

Investment income

 

 

98

 

 

286

 

338

 

 

 

 

 

Income from continuing operations before income taxes

 

 

9,181

 

7,479

 

39,126

 

37,675

 

 

 

 

 

Provision for income taxes

 

 

(3,647

)

 

(2,594

)

 

(15,388

)

 

(14,251

)

 

 

 

 

 

Income from continuing operations

 

 

5,534

 

4,885

 

23,738

 

23,424

 

 

 

 

 

Income from discontinued operations,  net of tax

 

 

 

207

 

109

 

340

 

 

 

 

 

Net income

 

$

5,534

$

5,092

$

23,847

$

23,764

 

 

 

 

 

Weighted average number of shares outstanding – basic

 

 

10,253,458

 

10,246,458

 

10,250,978

 

10,243,970

 

 

 

 

 

Weighted average number of shares outstanding – diluted

 

 

10,288,857

 

10,256,350

 

10,282,993

 

10,249,027

 

 

 

 

 

Basic net income per share

 

 

 

 

 

Net income from continuing operations per share

 

$

0.54

$

0.48

$

2.32

$

2.29

Net income from discontinued operations  per share

 

 

 

0.02

 

0.01

 

0.03

Net income per share

 

$

0.54

$

0.50

$

2.33

$

2.32

 

 

 

 

 

Diluted net income per share

 

 

 

 

 

Net income from continuing operations per share

 

$

0.54

$

0.48

$

2.31

$

2.29

Net income from discontinued operations per share

 

 

 

0.02

 

0.01

 

0.03

Net income per share

 

$

0.54

$

0.50

$

2.32

$

2.32

 

 

 

 

 

Cash dividends declared per common share

 

$

0.28

$

0.26

$

0.66

$

0.52

 

 

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